Cincinnati Financial (CINF) Investor presentation summary

Strategy overview

• Competitive advantages include strong agent relationships, financial strength, and local decision-making.

• 65 years of consecutive shareholder dividend increases.

• Common stocks make up about 40% of the investment portfolio.

• Over 30 years of favorable reserve development.

Long-term value creation and performance

• Targeting a value creation ratio (VCR) of 10–13% over the next five years.

• VCR averaged 13.0% from 2020–2024, with 13.8% annualized YTD 9-30-25.

• Premium growth, combined ratio, and investment income are key performance drivers.

• 10% YTD premium growth outpaced the industry’s 6%.

• Combined ratio at 98.4% YTD, slightly above the long-term target.

Financial and operational highlights

• EPS for 3Q25 was $7.11, up from $5.20 in 3Q24.

• Non-GAAP operating income more than doubled year-over-year in 3Q25.

• Investment income rose 14% in 3Q25; interest income up 21%.

• Combined ratio improved to 88.2% in 3Q25, 9.2 points lower than 3Q24.

• Operating cash flow increased, with $2.165 billion net cash flow YTD 9-30-25.