Cincinnati Financial (CINF) Investor presentation summary

Strategy overview

• Focus on agent relationships, financial strength, and local decision-making to drive competitive advantage.

• 65 consecutive years of shareholder dividend increases and over 30 years of favorable reserve development.

• Common stocks comprise about 39% of the investment portfolio.

Long-term value creation

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

• VCR averaged 13.8% from 2021 to 2025, driven by premium growth, strong combined ratios, and investment income.

• Equity portfolio returns exceeded the S&P 500 over the five-year period.

Financial and operational performance

• 1Q26 VCR was 0.2%, below the long-term target, but P&C net written premiums grew 7% YTD.

• Combined ratio at 95.6% and investment income up 14% YTD 3-31-26.

• Operating cash flow more than doubled to $656 million in 1Q26.