Business Description

5 Our Business and Our Strategy 6 Our Segments 14 Other 25 Regulation 26 Item 1A. Risk Factors 30 Item 1B. Unresolved Staff Comments 41 Item 1C. Cybersecurity 41 Item 2. Properties 42 Item 3. Legal Proceedings 42 Item 4. Mine Safety Disclosures 42 Part II 43 Item 5. Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 43 Item 6. [Reserved] 44 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 45 Introduction 45 Executive Summary 46 Critical Accounting Estimates 49 Recent Accounting Pronouncements 56 Financial Results 57 Liquidity and Capital Resources 89 Safe Harbor Statement 106 Item 7A. Quantitative and Qualitative Disclosures About Market Risk 109 Item 8. Financial Statements and Supplementary Data 115 Responsibility for Financial Statements 115 Management’s Annual Report on Internal Control Over Financial Reporting 116 Report of Independent Registered Public Accounting Firm (PCAOB ID No. 34 ) 117 Consolidated Balance Sheets 119 Consolidated Statements of Income 120 Consolidated Statements of Comprehensive Income 121 Consolidated Statements of Shareholders’ Equity 122 Consolidated Statements of Cash Flows 123 Notes to Consolidated Financial Statements 124 Cincinnati Financial Corporation - 2025 10-K - Page 3 Table of Contents Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 175 Item 9A. Controls and Procedures 175 Item 9B. Other Information 175 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 175 Part III 176 Item 10. Directors, Executive Officers and Corporate Governance 176 Item 11. Executive Compensation 178 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 178 Item 13. Certain Relationships and Related Transactions, and Director Independence 179 Item 14. Principal Accounting Fees and Services 179 Part IV 180 Item 15. Exhibit and Financial Statement Schedules 180 Item 16. Form 10-K Summary 180 Cincinnati Financial Corporation - 2025 10-K - Page 4 Table of Contents Part I I TEM 1. Business Cincinnati Financial Corporation – Introduction We are an Ohio corporation formed in 1968. Our lead subsidiary, The Cincinnati Insurance Company, was founded in 1950. Our main business is property casualty insurance marketed through independent insurance agencies in 46 states. Our headquarters is in Fairfield, Ohio. Cincinnati Financial Corporation owns 100% of four subsidiaries: The Cincinnati Insurance Company (Cincinnati Insurance), Cincinnati Global Underwriting Ltd. SM (Cincinnati Global), CSU Producer Resources Inc. and CFC Investment Company. In addition, the parent company has an investment portfolio, owns the headquarters property and is responsible for corporate borrowings and shareholder dividends. The Cincinnati Insurance Company owns 100% of four additional insurance subsidiaries. Our standard market property casualty insurance group includes two of those subsidiaries – The Cincinnati Casualty Company and The Cincinnati Indemnity Company. This group writes a broad range of business, homeowner and auto policies. The Cincinnati Insurance Company also conducts the business of our reinsurance assumed operations, known as Cincinnati Re ® . Other subsidiaries of The Cincinnati Insurance Company include: The Cincinnati Life Insurance Company (Cincinnati Life), which provides life insurance policies and fixed annuities; and The Cincinnati Specialty Underwriters Insurance Company (Cincinnati Specialty Underwriters), which offers excess and surplus lines insurance products. In this report and elsewhere we often refer to any or all of these five companies as The Cincinnati Insurance Companies. Cincinnati Global owns 100% of Cincinnati Global Underwriting Agency Ltd. SM , a London-based, global specialty underwriter for Lloyd's Syndicate 318, and Cincinnati Global Dedicated No. 2 Ltd. SM , a Lloyd’s corporate member and vehicle through which capital is provided by Cincinnati Financial Corporation and third-party names at Lloyd’s.…