What changed in Cincinnati Financial's 2025 10-K compared to 2024?

Across the narrative sections we track, Cincinnati Financial (CINF) added 662 paragraphs, removed 699, and edited 615 between the 2024 and 2025 10-K filings. The biggest movers are Item 1C. Cybersecurity (+662/−699).

Did Cincinnati Financial update its Cybersecurity disclosure (Item 1C) in 2025?

Item 1C Cybersecurity has 662 paragraph-level changes between the 2024 and 2025 filings.

Where does this CINF 10-K diff come from?

The source filings are Cincinnati Financial's official 2024 and 2025 Form 10-K annual reports from SEC EDGAR. 10q10k.net parses each filing, aligns paragraphs by section (Item 1, 1A, 1C, 2, 3, 7, 7A), and highlights every added, removed and edited sentence side-by-side.

What changed in Cincinnati Financial's 10-K — 2024 vs 2025

Paragraph-level year-over-year comparison of Cincinnati Financial's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+662 added−699 removedSource: 10-K (2026-02-23) vs 10-K (2025-02-24)

Top changes in Cincinnati Financial's 2025 10-K

662 paragraphs added · 699 removed · 615 edited across 1 sections

Item 1C. Cybersecurity+662 / −699 · 615 edited

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

615 edited+47 added−84 removed386 unchanged

2024 filing

2025 filing

Biggest changeFactors that could cause or contribute to such differences include, but are not limited to: • Effects of any future pandemic that could affect results for reasons such as: • Securities market disruption or volatility and related effects such as decreased economic activity and continued supply chain disruptions that affect our investment portfolio and book value • An unusually high level of claims in our insurance or reinsurance operations that increase litigation-related expenses • An unusually high level of insurance losses, including risk of court decisions extending business interruption insurance in commercial property coverage forms to cover claims for pure economic loss related to such pandemic • Decreased premium revenue and cash flow from disruption to our distribution channel of independent agents, consumer self-isolation, travel limitations, business restrictions and decreased economic activity • Inability of our workforce, agencies or vendors to perform necessary business functions • Unusually high levels of catastrophe losses due to risk concentrations, changes in weather patterns (whether as a result of climate change or otherwise), environmental events, war or political unrest, terrorism incidents, cyberattacks, civil unrest or other causes and our ability to manage catastrophe risk due to inaccurate catastrophe models or incomplete data • Increased frequency and/or severity of claims or development of claims that are unforeseen at the time of policy issuance, due to inflationary trends or other causes • Inadequate estimates or assumptions, or reliance on third-party data used for critical accounting estimates • Declines in overall stock market values negatively affecting our equity portfolio and book value • Interest rate fluctuations or other factors that could significantly affect: • Our ability to generate growth in investment income • Values of our fixed-maturity investments, including accounts in which we hold bank-owned life insurance contract assets • Our traditional life policy reserves • Domestic and global events, such as the wars in Ukraine and in the Middle East and disruptions in the banking and financial services industry, resulting in insurance losses, capital market or credit market uncertainty, followed by prolonged periods of economic instability or recession, that lead to: • Significant or prolonged decline in the fair value of a particular security or group of securities and impairment of the asset(s) • Significant decline in investment income due to reduced or eliminated dividend payouts from a particular security or group of securities • Significant rise in losses from surety or director and officer policies written for financial institutions or other insured entities or in losses from policies written by Cincinnati Re or Cincinnati Global • Our inability to manage business opportunities, growth prospects, and expenses for our ongoing operations • Recession, prolonged elevated inflation or other economic conditions resulting in lower demand for insurance products or increased payment delinquencies • Ineffective information technology systems or discontinuing to develop and implement improvements in technology may impact our success and profitability • Difficulties with technology or data security breaches, including cyberattacks, that could negatively affect our or our agents’ ability to conduct business; disrupt our relationships with agents, policyholders and others; cause reputational damage, mitigation expenses and data loss and expose us to liability • Difficulties with our operations and technology that may negatively impact our ability to conduct business, including cloud-based data information storage, data security, cyberattacks, remote working capabilities, and/or outsourcing relationships and third-party operations and data security Cincinnati Financial Corporation - 2024 10-K - Page 109 Table of Contents • Disruption of the insurance market caused by technology innovations such as driverless cars that could decrease consumer demand for insurance products • Delays, inadequate data developed internally or from third parties, or performance inadequacies from ongoing development and implementation of underwriting and pricing methods, including telematics and other usage-based insurance methods, or technology projects and enhancements expected to increase our pricing accuracy, underwriting profit and competitiveness • Intense competition, and the impact of innovation, artificial intelligence and changing customer preferences on the insurance industry and the markets in which we operate, could harm our ability to maintain or increase our business volumes and profitability • Changing consumer insurance-buying habits • Mergers, acquisitions and other consolidations of agencies that result in a concentration of a significant amount of premium in one agency or agency group and/or alter our competitive advantages • Inability to obtain adequate ceded reinsurance on acceptable terms, amount of reinsurance coverage purchased, financial strength of reinsurers and the potential for nonpayment or delay in payment by reinsurers • Inability to defer policy acquisition costs for any business segment if pricing and loss trends would lead management to conclude that segment could not achieve sustainable profitability • Inability of our subsidiaries to pay dividends consistent with current or past levels • Events or conditions that could weaken or harm our relationships with our independent agencies and hamper opportunities to add new agencies, resulting in limitations on our opportunities for growth, such as: • Downgrades of our financial strength ratings • Concerns that doing business with us is too difficult • Perceptions that our level of service, particularly claims service, is no longer a distinguishing characteristic in the marketplace • Inability or unwillingness to nimbly develop and introduce coverage product updates and innovations that our competitors offer and consumers expect to find in the marketplace • Actions of insurance departments, state attorneys general or other regulatory agencies, including a change to a federal system of regulation from a state-based system, that: • Impose new obligations on us that increase our expenses or change the assumptions underlying our critical accounting estimates • Place the insurance industry under greater regulatory scrutiny or result in new statutes, rules and regulations • Restrict our ability to exit or reduce writings of unprofitable coverages or lines of business • Add assessments for guaranty funds, other insurance‑related assessments or mandatory reinsurance arrangements; or that impair our ability to recover such assessments through future surcharges or other rate changes • Increase our provision for federal income taxes due to changes in tax law • Increase our other expenses • Limit our ability to set fair, adequate and reasonable rates • Place us at a disadvantage in the marketplace • Restrict our ability to execute our business model, including the way we compensate agents • Adverse outcomes from litigation or administrative proceedings, including effects of social inflation and third-party litigation funding on the size of litigation awards • Events or actions, including unauthorized intentional circumvention of controls, that reduce our future ability to maintain effective internal control over financial reporting under the Sarbanes-Oxley Act of 2002 • Unforeseen departure of certain executive officers or other key employees due to retirement, health or other causes that could interrupt progress toward important strategic goals or diminish the effectiveness of certain longstanding relationships with insurance agents and others • Our inability, or the inability of our independent agents, to attract and retain personnel in a competitive labor market Cincinnati Financial Corporation - 2024 10-K - Page 110 Table of Contents • Events, such as an epidemic, natural catastrophe or terrorism, that could hamper our ability to assemble our workforce at our headquarters location or work effectively in a remote environment Further, our insurance businesses are subject to the effects of changing social, global, economic and regulatory environments.

Biggest changeFactors that could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements include, but are not limited to: Insurance-Related Risks • Risks and uncertainties associated with our loss reserves or actual claim costs exceeding reserves • Increased frequency and/or severity of claims or development of claims that are unforeseen at the time of policy issuance • Unusually high levels of catastrophe losses due to risk concentrations or changes in weather patterns, environmental events, war or political unrest, terrorism incidents, cyberattacks, civil unrest or other causes; and our ability to manage catastrophe risk • Risks associated with analytical models in key areas such as underwriting, pricing, capital management, reserving, investments, reinsurance, and catastrophe risk management • Inadequate estimates or assumptions, or reliance on third-party data used for critical accounting estimates • Events or conditions that could weaken or harm our relationships with our independent agencies and hamper opportunities to add new agencies, resulting in limitations on our opportunities for growth • Mergers, acquisitions, and other consolidations of agencies that result in a concentration of a significant amount of premium in one agency or agency group and/or alter our competitive advantages • Our inability to manage business opportunities, growth prospects, and expenses for our ongoing operations • Changing consumer insurance-buying habits • The inability to obtain adequate ceded reinsurance on acceptable terms, for acceptable amounts, and from financially strong reinsurers; and the potential for nonpayment or delay in payment by reinsurers • Domestic and global events, such as the wars in Ukraine and in the Middle East, future pandemics, inflationary trends, changes in U.S. trade and tariff policy, and disruptions in the banking and financial services industry, resulting in insurance losses, capital market or credit market uncertainty, followed by prolonged periods of economic instability or recession, that lead to: ◦ Securities market disruption or volatility and related effects such as decreased economic activity and continued supply chain disruptions that affect our investment portfolio and book value ◦ Significant or prolonged decline in the fair value of securities and impairment of the assets ◦ Significant decline in investment income due to reduced or eliminated dividend payouts from securities ◦ Significant rise in losses from surety or director and officer policies written for financial institutions or other insured entities or in losses from policies written by Cincinnati Re or Cincinnati Global ◦ An unusually high level of claims in our insurance or reinsurance operations that increase litigation-related expenses ◦ Decreased premium revenue and cash flow from disruption to our distribution channel of independent agents, consumer self-isolation, travel limitations, business restrictions and decreased economic activity ◦ The inability of our workforce, agencies, or vendors to perform necessary business functions Financial, Economic, and Investment Risks • Declines in overall stock market values negatively affecting our equity portfolio and book value • Downgrades in our financial strength ratings • Interest rate fluctuations or other factors that could significantly affect: ◦ Our ability to generate growth in investment income Cincinnati Financial Corporation - 2025 10-K - Page 106 Table of Contents ◦ Values of our fixed-maturity investments and accounts in which we hold bank-owned life insurance contract assets ◦ Our traditional life policy reserves • Economic volatility and illiquidity associated with our alternative investments in private equity, private credit, real property, and limited partnerships • Failure to comply with covenants and other requirements under our credit facilities, senior debt, and other debt obligations • Recession, prolonged elevated inflation, or other economic conditions resulting in lower demand for insurance products or increased payment delinquencies • The inability of our subsidiaries to pay dividends consistent with current or past levels impacting our ability to pay shareholder dividends or repurchase shares General Business, Technology, and Operational Risks • Ineffective information technology systems or failing to develop and implement improvements in technology • Difficulties with technology or data security breaches, including cyberattacks, could negatively affect our, or our agents’, ability to conduct business; disrupt our relationships with agents, policyholders, and others; cause reputational damage, mitigation expenses, data loss, and expose us to liability • Difficulties with our operations and technology that may negatively impact our ability to conduct business, including cloud-based data information storage, data security, remote working capabilities, and/or outsourcing relationships and third-party operations and data security • Disruption of the insurance market caused by technology innovations - such as driverless cars - that could decrease consumer demand for insurance products • Delays, inadequate data developed internally or from third parties, or performance inadequacies from ongoing development and implementation of underwriting and pricing models and methods, including usage-based insurance methods, automation, artificial intelligence, or technology projects and enhancements expected to increase our efficiency, pricing accuracy, underwriting profit, and competitiveness • Intense competition, and the impact of innovation, emerging technologies, artificial intelligence and changing customer preferences on the insurance industry and the markets in which we operate, could harm our ability to maintain or increase our business volumes and profitability • Inability to defer policy acquisition costs for any business segment if pricing and loss trends would lead management to conclude that the segment could not achieve sustainable profitability • Unforeseen departure of certain executive officers or other key employees that could interrupt progress toward important strategic goals or diminish the effectiveness of certain longstanding relationships with insurance agents and others • Our inability, or the inability of our independent agents, to attract and retain personnel • Events, such as a pandemic, an epidemic, natural catastrophe, or terrorism, which could hamper our ability to assemble our workforce, work effectively in a remote environment, or other failures of business continuity or disaster recovery programs Regulatory, Compliance, and Legal Risks • Actions of insurance departments, state attorneys general or other regulatory agencies, including a change to a federal system of regulation from a state-based system, that: ◦ Impose new obligations on us that increase our expenses or change the assumptions underlying our critical accounting estimates ◦ Place the insurance industry under greater regulatory scrutiny or result in new statutes, rules, and regulations ◦ Restrict our ability to exit or reduce writings of unprofitable coverages or lines of business ◦ Increase assessments for guaranty funds, other insurance‑related assessments, or mandatory reinsurance arrangements; or that impair our ability to recover such assessments through future surcharges or other rate changes Cincinnati Financial Corporation - 2025 10-K - Page 107 Table of Contents ◦ Increase our provision for federal income taxes due to changes in tax laws, regulations, or interpretations ◦ Increase other expenses ◦ Limit our ability to set fair, adequate, and reasonable rates ◦ Restrict our ability to cancel policies ◦ Impose new underwriting standards ◦ Place us at a disadvantage in the marketplace ◦ Restrict our ability to execute our business model, including the way we compensate agents • Adverse outcomes from litigation, environmental claims, mass torts or administrative proceedings, including effects of social inflation and third-party litigation funding on the size and frequency of litigation awards • Events or actions, including unauthorized intentional circumvention of controls, which reduce our future ability to maintain effective internal control over financial reporting under the Sarbanes-Oxley Act of 2002 • Effects of changing social, global, economic, and regulatory environments • Additional measures affecting corporate financial reporting and governance that can affect the market value of our common stock Risks and uncertainties are further discussed in Item 1A, Risk Factors.

An available for sale fixed maturity is impaired if the fair value of the security is below amortized cost. The impaired loss is charged to net income when we have the intent to sell the security or it is more likely than not we will be required to sell the security before recovery of the amortized cost.

An available for sale fixed-maturity security is impaired if the fair value of the security is below amortized cost. The impaired loss is charged to net income when we have the intent to sell the security or it is more likely than not we will be required to sell the security before recovery of the amortized cost.

Investments held by the parent company and the investment portfolios for the insurance subsidiaries are managed and reported as the investments segment, separate from our underwriting business. Net investment income and net investment gains and losses for our investment portfolios are discussed in the Investments Results.

We believe the inherent volatility of aggregate loss experience for our portfolio of larger policies is greater than that of our portfolio of smaller policies, and we continue to monitor the volatility in addition to general inflationary trends in loss costs.

For impaired securities we intend to hold, an allowance for credit related losses is recorded in investment losses when the company determines a credit loss has been incurred based on certain factors such as adverse conditions, credit rating downgrades or failure of the issuer to make scheduled principal or interest payments.

A credit loss is determined using a discounted cash flow analysis by comparing the present value of expected cash flows with the amortized cost basis, limited to the difference between fair value and amortized cost. Noncredit losses are recognized in other comprehensive income as a change in unrealized gains and losses on investments.

We establish reserves for our universal life, deferred annuity and other investment contracts equal to the cumulative account balances, which include premium deposits plus credited interest less charges and withdrawals. Some of our universal life insurance policies contain no-lapse guarantee provisions.

Average yields in the investment income table below are based on the average invested asset and cash amounts indicated in the table using fixed-maturity securities valued at amortized cost and all other securities at fair value. • Investment gains and losses – We reported an investment gain in 2024 and 2023, primarily due to favorable changes in fair values of equity securities even though we continue to hold the securities or as otherwise required by GAAP.

Average yields in the investment income table below are based on the average invested asset and cash amounts indicated in the table using fixed-maturity securities valued at amortized cost and all other securities at fair value. • Investment gains and losses – We reported an investment gain in 2025, 2024 and 2023, primarily due to favorable changes in fair values of equity securities even though we continue to hold the securities or as otherwise required by GAAP.

After considering all positive and negative evidence of taxable income in the carryback and carryforward periods as permitted by law, we believe it is more likely than not that all of the deferred tax assets of Cincinnati Global will be realized. As a result, we had no valuation allowance at December 31, 2024 or 2023.

The final, less significant risk is our exposure to credit risk for a portion of the tax-exempt portfolio that has support from corporate entities. Examples are bonds insured by corporate bond insurers or bonds with interest payments made by a corporate entity through a municipal conduit or authority. Our decisions regarding these investments primarily consider the underlying municipal situation.

A less significant risk is our exposure to credit risk for a portion of the tax-exempt portfolio that has support from corporate entities. Examples are bonds insured by corporate bond insurers or bonds with interest payments made by a corporate entity through a municipal conduit or authority. Our decisions regarding these investments primarily consider the underlying municipal situation.

Primary components of our ceded reinsurance include a property per risk treaty, property excess treaty, casualty per occurrence treaty, casualty excess treaty, property catastrophe treaty and retrocessions on our reinsurance assumed operations. Management’s decisions about the appropriate level of risk retention are affected by various factors, including changes in our underwriting practices, capacity to retain risks and reinsurance market conditions.

Primary components of our ceded reinsurance include a property per risk treaty, property excess treaty, casualty per occurrence treaty, casualty excess treaty, property catastrophe treaties and retrocessions on our reinsurance assumed operations. Management’s decisions about the appropriate level of risk retention are affected by various factors, including changes in our underwriting practices, capacity to retain risks and reinsurance market conditions.

Our reporting segments are: • Commercial lines insurance • Personal lines insurance • Excess and surplus lines insurance • Life insurance • Investments We report as Other the noninvestment operations of the parent company and its noninsurer subsidiary, CFC Investment Company. We also report as Other the underwriting results of Cincinnati Re and Cincinnati Global.

Our five reporting segments are: • Commercial lines insurance • Personal lines insurance • Excess and surplus lines insurance • Life insurance • Investments We report as Other the noninvestment operations of the parent company and its noninsurer subsidiary, CFC Investment Company. We also report as Other the underwriting results of Cincinnati Re and Cincinnati Global.

To determine the fair value, we made the following significant assumptions: (1) the discount rates used to calculate the present value of expected payments are the risk-free spot rates plus an A3 rated bond spread for financial issuers at December 31, 2024 and 2023, to account for nonperformance risk; (2) the rate of interest credited to policyholders is the portfolio net earned interest rate less a spread for expenses and profit; and (3) additional lapses occur when the credited interest rate is exceeded by an assumed competitor credited rate, which is a function of the risk-free rate of the economic scenario being modeled.

To determine the fair value, we made the following significant assumptions: (1) the discount rates used to calculate the present value of expected payments are the risk-free spot rates plus an A3 rated bond spread for financial issuers at December 31, 2025 and 2024, to account for nonperformance risk; (2) the rate of interest credited to policyholders is the portfolio net earned interest rate less a spread for expenses and profit; and (3) additional lapses occur when the credited interest rate is exceeded by an assumed competitor credited rate, which is a function of the risk-free rate of the economic scenario being modeled.

We have no exposure to asbestos and environmental claims related to our acquisition of Cincinnati Global. We continue to monitor our claims for evidence of material exposure to other mass tort classes but have found no such credible evidence to date.

We have no exposure to asbestos and environmental claims related to Cincinnati Global. We continue to monitor our claims for evidence of material exposure to other mass tort classes but have found no such credible evidence to date.

Write-downs represent noncash charges to income and are reported as investment losses. The application of our noninvested assets impairment policy did not have a material effect on our financial condition in 2024 or 2023. Our internal investment portfolio managers monitor their assigned portfolios. If a fixed-maturity security is valued below amortized cost, the portfolio managers undertake additional reviews.

Write-downs represent noncash charges to income and are reported as investment losses. The application of our noninvested assets impairment policy did not have a material effect on our financial condition in 2025 or 2024. Our internal investment portfolio managers monitor their assigned portfolios. If a fixed-maturity security is valued below amortized cost, the portfolio managers undertake additional reviews.

Gains or losses are generally recognized from changes in market values of equity securities without a sale or when invested assets are sold or become impaired. Cincinnati Financial Corporation - 2024 10-K - Page 45 Table of Contents Executive Summary Our value creation ratio, defined above, is our primary performance target. VCR trends are shown in the table below.

Gains or losses are generally recognized from changes in market values of equity securities without a sale or when invested assets are sold or become impaired. Cincinnati Financial Corporation - 2025 10-K - Page 45 Table of Contents Executive Summary Our value creation ratio, defined above, is our primary performance target. VCR trends are shown in the table below.

An allowance for credit losses on uncollectible life insurance premiums is updated and reviewed on a quarterly basis. At December 31, 2024, 2023 and 2022, the allowance, including changes in the amount for each period, was immaterial. Separate Accounts We have issued universal life contracts with guaranteed minimum returns, referred to as bank-owned life insurance contracts (BOLIs).

An allowance for credit losses on uncollectible life insurance premiums is updated and reviewed on a quarterly basis. At December 31, 2025, 2024 and 2023, the allowance, including changes in the amount for each period, was immaterial. Separate Accounts We have issued universal life contracts with guaranteed minimum returns, referred to as bank-owned life insurance contracts (BOLIs).

The Cincinnati Insurance Company owns the CFC Winton Center used for multiple operations with approximately 48,000 square feet of total space, located approximately six miles from our headquarters. The property, including land, is recorded in our financial statements at $7 million at December 31, 2024, and is classified as Land, building and equipment, net, for company use.

The Cincinnati Insurance Company owns the CFC Winton Center used for multiple operations with approximately 48,000 square feet of total space, located approximately six miles from our headquarters. The property, including land, is recorded in our financial statements at $7 million at December 31, 2025, and is classified as Land, building and equipment, net, for company use.

Certain assumptions, including the mortality, lapse and long-term interest rate reversion targets, were updated in 2024 as part of our annual assumption unlocking. See Note 5, Life Policy and Investment Contract Reserves, for further detail regarding the measurement impact on traditional long-duration contract reserves due to changes in the inputs, judgments and assumptions during the period.

Certain assumptions, including the mortality, lapse and long-term interest rate reversion targets, were updated in 2025 as part of our annual assumption unlocking. See Note 5, Life Policy and Investment Contract Reserves, for further detail regarding the measurement impact on traditional long-duration contract reserves due to changes in the inputs, judgments and assumptions during the period.

We are even more proactive when these declines in valuation are greater than might be anticipated when viewed in the context of overall economic and market conditions. We provide detailed information about fixed-maturity securities fair valued in a continuous loss position at year-end 2024 in Item 7A, Quantitative and Qualitative Disclosures About Market Risk.

We are even more proactive when these declines in valuation are greater than might be anticipated when viewed in the context of overall economic and market conditions. We provide detailed information about fixed-maturity securities fair valued in a continuous loss position at year-end 2025 in Item 7A, Quantitative and Qualitative Disclosures About Market Risk.

Property casualty insurance premiums generally are received before losses are paid under the policies purchased with those premiums. Cash outflows are primarily loss and loss expenses, commissions, salaries, taxes, operating expenses and investment purchases. Over the three-year period ended December 31, 2024, premium receipts and investment income have been more than sufficient to pay claims and operating expenses.

Property casualty insurance premiums generally are received before losses are paid under the policies purchased with those premiums. Cash outflows are primarily loss and loss expenses, commissions, salaries, taxes, operating expenses and investment purchases. Over the three-year period ended December 31, 2025, premium receipts and investment income have been more than sufficient to pay claims and operating expenses.

Indicators of potential impairments may include a significant decrease in the fair values of the assets, considerable cost overruns on projects, a change in legal factors or business climate or other factors that indicate that the carrying amount may not be recoverable or useful. There were no recorded land, building and equipment impairments for 2024, 2023 or 2022.

We record income as other revenues over the financing term using the effective interest method in the consolidated statements of income. An allowance for credit losses on finance receivables is updated and reviewed on a quarterly basis. At December 31, 2024, 2023 and 2022, the allowance, including changes in the amount for each period, was immaterial.

We record income as other revenues over the financing term using the effective interest method in the consolidated statements of income. An allowance for credit losses on finance receivables is updated and reviewed on a quarterly basis. At December 31, 2025, 2024 and 2023, the allowance, including changes in the amount for each period, was immaterial.

The following graph depicts $100 invested on December 31, 2019, in stock or index, including reinvestment of dividends. The years shown represent each respective fiscal year ending December 31. Comparison of Five-Year Cumulative Total Return The S&P 500 Index includes a representative sample of 500 leading companies in a cross section of industries of the U.S. economy.

The following graph depicts $100 invested on December 31, 2020, in stock or index, including reinvestment of dividends. The years shown represent each respective fiscal year ending December 31. Comparison of Five-Year Cumulative Total Return The S&P 500 Index includes a representative sample of 500 leading companies in a cross section of industries of the U.S. economy.

Fair values for structured settlements were calculated based on internally developed models which assume the discount rates used to calculate the present value of expected payments are the risk-free spot rates plus an A3 rated bond spread for financial issuers at December 31, 2024 and 2023, to account for nonperformance risk.

Cincinnati Global operates in the United Kingdom and as such, is subject to tax in that jurisdiction. The statute of limitations for tax return review by His Majesty’s Revenue and Customs (HMRC) has closed for tax returns with a submission deadline ended December 31, 2022, and earlier. There are currently no tax returns under review by HMRC.

Cincinnati Global operates in the United Kingdom and as such, is subject to tax in that jurisdiction. The statute of limitations for tax return review by His Majesty’s Revenue and Customs (HMRC) has closed for tax returns with a submission deadline ended December 31, 2023, and earlier. There are currently no tax returns under review by HMRC.

We have performance-based awards that vest on the first day of March after a three -calendar-year performance period. These awards vest according to the level of three -year total shareholder return achieved compared with a peer group over a three -year performance period with payouts ranging from 0% to 200% for awards granted in 2024, 2023 and 2022.

There could be additional obligations for our insurance operations due to increasing severity or frequency of noncatastrophe claims. To address the risk of unusually large insurance loss obligations, including catastrophe events, we maintain property casualty reinsurance contracts with highly rated reinsurers, as discussed under 2025 Reinsurance Ceded Programs.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

When work with a vendor is evaluated, we consider, among other items, the availability of system and organization control reports, the use of artificial intelligence, interactions with our systems, the data involved and its level of sensitivity, the amount of data the vendor will process, where the data will be stored, what they will do with the data and destruction of data.

When work with a vendor is evaluated, we consider, among other items, the availability of system and organization control reports, the use of artificial intelligence, interactions with our systems, the data involved and its level of sensitivity, the amount of data the vendor will process, where the data will be stored, how the data will be protected, what they will do with the data and destruction of data.

Cincinnati Financial Corporation - 2024 10-K - Page 41 Table of Contents Associates involved in this area stay informed of industry trends and evolving threats using various resources including government authorities, peers, continuous education, industry publications, news outlets and other external parties that provide pertinent information.

Cincinnati Financial Corporation - 2025 10-K - Page 41 Table of Contents Associates involved in this area stay informed of industry trends and evolving threats using various resources including government authorities, peers, continuous education, industry publications, news outlets and other external parties that provide pertinent information.

The board regularly evaluates relevant factors in dividend-related decisions, and the 2024 increase to the regular dividend reflected confidence in our outstanding capital, liquidity and financial flexibility, as well as progress of our initiatives to improve earnings performance while growing insurance premium revenues. We discuss our financial position in more detail in Liquidity and Capital Resources.

The board regularly evaluates relevant factors in dividend-related decisions, and the 2025 increase to the regular dividend reflected confidence in our outstanding capital, liquidity and financial flexibility, as well as progress of our initiatives to improve earnings performance while growing insurance premium revenues. We discuss our financial position in more detail in Liquidity and Capital Resources.

The increase in agency renewal written premiums in 2024 also included a higher level of insured exposures and other factors such as changes in policy deductibles or mix of business. Part of the insured exposure increase reflects our response to inflation effects that increase the cost of building materials to repair damaged homes.

The increase in agency renewal written premiums in 2025 also included a higher level of insured exposures and other factors such as changes in policy deductibles or mix of business. Part of the insured exposure increase reflects our response to inflation effects that increase the cost of building materials to repair damaged homes.

We continue to monitor activity for various commercial casualty coverages so we can detect changes in trends on a timely basis. • Workers’ compensation – We experienced favorable reserve development again during 2024, for all prior accident years in aggregate, as claim frequencies continued to decline more than we expected.

We continue to monitor activity for various commercial casualty coverages so we can detect changes in trends on a timely basis. • Workers’ compensation – We experienced favorable reserve development again during 2025, for all prior accident years in aggregate, as claim frequencies continued to decline more than we expected.

Those effects are on a standalone basis and represent a single hurricane event and include the effects of income taxes, estimated reinstatement premiums and applicable reinsurance ceded, including any retrocessions for reinsurance assumed, and estimated reinstatement premiums. They are based on probable maximum loss estimates from the Verisk Touchstone version 10.0 catastrophe model.

A 100-basis-point movement in interest rates would result in an approximately 5.1% change in the fair value of the fixed-maturity portfolio. Generally speaking, the higher a bond is rated, the more directly correlated movements in its fair value are to changes in the general level of interest rates, exclusive of call features.

A 100-basis-point movement in interest rates would result in an approximately 5.9% change in the fair value of the fixed-maturity portfolio. Generally speaking, the higher a bond is rated, the more directly correlated movements in its fair value are to changes in the general level of interest rates, exclusive of call features.

Determination of fair value for structured settlements assumes the discount rates used to calculate the present value of expected payments are the risk-free spot rates plus an A3 rated bond spread for financial issuers at December 31, 2024, to account for nonperformance risk. See Note 3, Fair Value Measurements, for further details.

Determination of fair value for structured settlements assumes the discount rates used to calculate the present value of expected payments are the risk-free spot rates plus an A3 rated bond spread for financial issuers at December 31, 2025, to account for nonperformance risk. See Note 3, Fair Value Measurements, for further details.

The company performed its annual impairment test on goodwill and intangibles at September 30, which did not result in the recognition of an impairment los s. Within Cincinnati Global, and included in Other, the company held goodwill of $30 million and intangible assets with an indefinite life of $31 million at December 31, 2024 and 2023, respectively.

When various inputs for measurement fall within different levels of the fair value hierarchy, the lowest observable input that has a significant impact on fair value measurement is used. Our valuation techniques have not changed from those used at December 31, 2023, and ultimately management determines fair value.

When various inputs for measurement fall within different levels of the fair value hierarchy, the lowest observable input that has a significant impact on fair value measurement is used. Our valuation techniques have not changed from those used at December 31, 2024, and ultimately management determines fair value.

Loss emergence for general liability claims rose more than anticipated and reflected economic or other forms of inflation. Due to increased uncertainty regarding ultimate losses, we intend to remain prudent in reserving for estimated ultimate losses until longer-term loss cost trends become more clear.

Loss emergence for general liability and commercial umbrella claims rose more than anticipated and reflected economic or other forms of inflation. Due to increased uncertainty regarding ultimate losses, we intend to remain prudent in reserving for estimated ultimate losses until longer-term loss cost trends become more clear.

The modeled losses according to Verisk in the table are based on its Touchstone ® version 10.0 catastrophe model and use a long-term methodology. The Verisk and RMS storm catalogs include decades of documented weather events used in simulations for probable maximum loss projections.

The modeled losses according to Verisk in the table are based on its Touchstone ® version 12.0 catastrophe model and use a long-term methodology. The Verisk and RMS storm catalogs include decades of documented weather events used in simulations for probable maximum loss projections.

Management’s assessment was based on the criteria established in the Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and was designed to provide reasonable assurance that the company maintained effective internal control over financial reporting as of December 31, 2024.

The assessment led management to conclude that, as of December 31, 2024, the company’s internal control over financial reporting was effective based on those criteria. The company’s independent registered public accounting firm has issued an audit report on our internal control over financial reporting as of December 31, 2024. /S/ Stephen M. Spray Stephen M.

The assessment led management to conclude that, as of December 31, 2025, the company’s internal control over financial reporting was effective based on those criteria. The company’s independent registered public accounting firm has issued an audit report on our internal control over financial reporting as of December 31, 2025. /S/ Stephen M. Spray Stephen M.

Our largest single agency relationship accounted for approximately 0.5% of our total property casualty earned premiums in 2024. No aggregate agency relationship locations under a single ownership structure accounted for more than 8% of our total property casualty earned premiums in 2024. We record revenues for installment charges as fee revenues in the consolidated statements of income.

Our largest single agency relationship accounted for approximately 0.5% of our total property casualty earned premiums in 2025. No aggregate agency relationship locations under a single ownership structure accounted for more than 8% of our total property casualty earned premiums in 2025. We record revenues for installment charges as fee revenues in the consolidated statements of income.

We also grant performance-based restricted stock units that vest if certain market conditions are attained. In 2024, the CFC compensation committee approved share-based awards including incentive stock options, nonqualified stock options, service-based restricted and performance-based restricted stock units. See Note 17, Share-Based Associate Compensation Plans, for further details.

We also grant performance-based restricted stock units that vest if certain market conditions are attained. In 2025, the CFC compensation committee approved share-based awards including incentive stock options, nonqualified stock options, service-based restricted and performance-based restricted stock units. See Note 17, Share-Based Associate Compensation Plans, for further details.

In addition to our IRS filings, we file income tax returns with immaterial amounts in various state jurisdictions and record these amounts in our provision for income taxes for both current and deferred taxes. The statute of limitations for state income tax purposes has closed for tax years ended December 31, 2020 and earlier.

The board's decision in January 2025 to increase the dividend demonstrated confidence in the company’s strong capital, liquidity, financial flexibility and initiatives to grow earnings. • Common stock repurchase – Generally, our board believes that share repurchases can help fulfill our commitment to enhancing shareholder value.

The board's decision in January 2026 to increase the dividend demonstrated confidence in the company’s strong capital, liquidity, financial flexibility and initiatives to grow earnings. • Common stock repurchase – Generally, our board believes that share repurchases can help fulfill our commitment to enhancing shareholder value.

The models are proprietary in nature, and the vendors that provide them periodically update the models, sometimes resulting in significant changes to their estimate of probable maximum loss. As of the end of 2024, both models indicated that a hurricane event represents our largest amount of exposure to losses.

The models are proprietary in nature, and the vendors that provide them periodically update the models, sometimes resulting in significant changes to their estimate of probable maximum loss. As of the end of 2025, both models indicated that a hurricane event represents our largest amount of exposure to losses.

Financial Statements and Supplementary Data Responsibility for Financial Statements We have prepared the consolidated financial statements of Cincinnati Financial Corporation and our subsidiaries for the year ended December 31, 2024, in accordance with accounting principles generally accepted in the United States of America (GAAP). We are responsible for the integrity and objectivity of these financial statements.

Financial Statements and Supplementary Data Responsibility for Financial Statements We have prepared the consolidated financial statements of Cincinnati Financial Corporation and our subsidiaries for the year ended December 31, 2025, in accordance with accounting principles generally accepted in the United States of America (GAAP). We are responsible for the integrity and objectivity of these financial statements.

During 2024, we continued to further segment our commercial lines policies, emphasizing identification and retention of policies we believed had relatively stronger price adequacy. Conversely, we continued to seek more aggressive renewal terms and conditions on policies we believed had relatively weaker pricing, in turn retaining fewer of those policies.

During 2025, we continued to further segment our commercial lines policies, emphasizing identification and retention of policies we believed had relatively stronger price adequacy. Conversely, we continued to seek more aggressive renewal terms and conditions on policies we believed had relatively weaker pricing, in turn retaining fewer of those policies.

The ranges reflect our assessment of the most likely unpaid loss and loss expenses at year-end 2024 and 2023. However, actual unpaid loss and loss expenses could nonetheless fall outside of the indicated ranges. Management’s best estimate of total loss and loss expense reserves as of year-end 2024 and 2023 was consistent with the corresponding actuarial best estimate.

The ranges reflect our assessment of the most likely unpaid loss and loss expenses at year-end 2025 and 2024. However, actual unpaid loss and loss expenses could nonetheless fall outside of the indicated ranges. Management’s best estimate of total loss and loss expense reserves as of year-end 2025 and 2024 was consistent with the corresponding actuarial best estimate.

Due to increased uncertainty regarding ultimate losses, we intend to remain prudent in reserving for estimated ultimate losses until longer-term loss cost trends become more clear. • Commercial property and homeowner – Loss emergence was less than anticipated for both 2024 and 2023.

Best insurer financial strength ratings as of the end of the two most recent years are also shown for each of those reinsurers that have an applicable rating. (Dollars in millions) 2024 2023 Name of reinsurer Total receivable A.M. Best Rating Total receivable A.M.

Best insurer financial strength ratings as of the end of the two most recent years are also shown for each of those reinsurers that have an applicable rating. (Dollars in millions) 2025 2024 Name of reinsurer Total receivable A.M. Best Rating Total receivable A.M.

Our property catastrophe program is subscribed through a broker by reinsurers from the U.S., Bermuda, London and the European markets. The largest participant in our property catastrophe program, representing approximately 16% of total participation, is the Lloyd's of London placement that features numerous syndicates.

Our property catastrophe program is subscribed through a broker by reinsurers from the U.S., Bermuda, London and the European markets. The largest participant in our property catastrophe program, representing approximately 15% of total participation, is the Lloyd's of London placement that features numerous syndicates.

Cincinnati Financial Corporation - 2024 10-K - Page 158 Table of Contents NOTE 8 – Long-Term Debt and Lease Obligations This table summarizes the principal amounts of our long-term debt excluding unamortized discounts, none of which are encumbered by rating triggers: (Dollars in millions) Book value Principal amount Interest rate Year of issue At December 31, At December 31, 2024 2023 2024 2023 6.900% 1998 Senior debentures, due 2028 $ 27 $ 27 $ 28 $ 28 6.920% 2005 Senior debentures, due 2028 391 391 391 391 6.125% 2004 Senior notes, due 2034 372 372 374 374 Total $ 790 $ 790 $ 793 $ 793 The finance lease term for equipment and autos is three to six years while the operating lease term for real estate properties is typically five years.

Cincinnati Financial Corporation - 2025 10-K - Page 154 Table of Contents NOTE 8 – Long-Term Debt and Lease Obligations This table summarizes the principal amounts of our long-term debt excluding unamortized discounts, none of which are encumbered by rating triggers: (Dollars in millions) Book value Principal amount Interest rate Year of issue At December 31, At December 31, 2025 2024 2025 2024 6.900% 1998 Senior debentures, due 2028 $ 27 $ 27 $ 28 $ 28 6.920% 2005 Senior debentures, due 2028 391 391 391 391 6.125% 2004 Senior notes, due 2034 372 372 374 374 Total $ 790 $ 790 $ 793 $ 793 The finance lease term for equipment and autos is generally three to six years while the operating lease term for real estate properties is typically five years.

Exhibit Description 10.13 Form of Nonqualified Stock Option Agreement for the 2006 Stock Compensation Plan (incorporated by reference to Exhibit 10.4 filed with the company’s Current Report on Form 8-K filed on October 26, 2006) 10.14 Form of Incentive Stock Option Agreement for the Cincinnati Financial Corporation 2012 Stock Compensation Plan (incorporated by reference to Exhibit 10.1 filed with the company’s Current Report on Form 8-K filed on February 21, 2013) 10.15 Form of Nonqualified Stock Option Agreement for the Cincinnati Financial Corporation 2012 Stock Compensation Plan (incorporated by reference to Exhibit 10.2 filed with the company’s Current Report on Form 8-K filed on February 21, 2013 ) 10.16 Form of Incentive Compensation Agreement for the Cincinnati Financial Corporation Annual Incentive Compensation Plan of 2009 (as amended January 31, 2014) (incorporated by reference to Exhibit 10.1 filed with the company’s Current Report on Form 8-K filed on January 30, 2017) 10.17 Form of Incentive Compensation Agreement for the Cincinnati Financial Corporation Annual Incentive Compensation Plan of 2009, Amended and Restated on January 29, 2022 (incorporated by reference to Exhibit 10.1 filed with the company’s Current Report on Form 8-K filed on January 29, 2024) 10.18 Form of Incentive Stock Option Agreement for the Cincinnati Financial Corporation 2012 Stock Compensation Plan (incorporated by reference to Exhibit 10.2 filed with the company’s Current Report on Form 8-K filed on January 30, 2017) 10.19 Form of Nonqualified Stock Option Agreement for the Cincinnati Financial Corporation 2012 Stock Compensation Plan (incorporated by reference to Exhibit 10.3 filed with the company’s Current Report on Form 8-K filed on January 30, 2017) 10.20 Form of Incentive Stock Option Agreement for the Cincinnati Financial Corporation 2016 Stock Compensation Plan (incorporated by reference to Exhibit 10.7 filed with the company’s Current Report on Form 8-K filed on January 30, 2017) 10.21 Form of Nonqualified Stock Option Agreement for the Cincinnati Financial Corporation 2016 Stock Compensation Plan (incorporated by reference to Exhibit 10.8 filed with the company’s Current Report on Form 8-K filed on January 30, 2017) 10.22 Form of Restricted Stock Unit Agreement (service based/cliff) for the Cincinnati Financial Corporation 2016 Stock Compensation Plan (incorporated by reference to Exhibit 10.9 filed with the company’s Current Report on Form 8-K filed on January 30, 2017) 10.23 Form of Restricted Stock Unit Agreement (service based/cliff) for the Cincinnati Financial Corporation 2016 Stock Compensation Plan (incorporated by referenced to Exhibit 10.2 filed with the company’s Current Report on Form 8-K filed on January 29, 2024) 10.24 Form of Restricted Stock Unit Agreement (service based/ratable) for the Cincinnati Financial Corporation 2016 Stock Compensation Plan (incorporated by reference to Exhibit 10.10 filed with the company’s Current Report on Form 8-K filed on January 30, 2017) 10.25 Form of Restricted Stock Unit Agreement (service based/ratable) for the Cincinnati Financial Corporation 2016 Stock Compensation Plan (incorporated by referenced to Exhibit 10.3 filed with the company’s Current Report on Form 8-K filed on January 29, 2024) 10.26 Form of Restricted Stock Unit Agreement (performance based) for the Cincinnati Financial Corporation 2016 Stock Compensation Plan (incorporated by reference to Exhibit 10.11 filed with the company’s Current Report on Form 8-K filed on January 30, 2017) 10.27 Form of Restricted Stock Unit Agreement (performance based) for the Cincinnati Financial Corporation 2016 Stock Compensation Plan (incorporated by referenced to Exhibit 10.4 filed with the company’s Current Report on Form 8-K filed on January 29, 2024) 10.28 Form of Incentive Stock Option Agreement for the Cincinnati Financial Corporation 2024 Stock Compensation Plan (incorporated by reference to Exhibit 10.1 filed with the company's Current Report on Form 8-K filed on January 31, 2025) 10.29 Form of Nonqualified Stock Option Agreement for the Cincinnati Financial Corporation 2024 Stock Compensation Plan (incorporated by reference to Exhibit 10.2 filed with the company's Current Report on Form 8-K filed on January 31, 2025) 10.30 Form of Restricted Stock Option Agreement (service based/cliff) for the Cincinnati Financial Corporation 2024 Stock Compensation Plan (incorporated by reference to Exhibit 10.3 filed with the company's Current Report on Form 8-K filed on January 31, 2025) 10.31 Form of Restricted Stock Unit Agreement (service based/ratable) for the Cincinnati Financial Corporation 2024 Stock Compensation Plan (incorporated by reference to Exhibit 10.4 filed with the company's Current Report on Form 8-K filed on January 31, 2025) Cincinnati Financial Corporation - 2024 10-K - Page 197 Table of Contents Exhibit No.

Exhibit Description 10.13 Form of Incentive Stock Option Agreement for the Cincinnati Financial Corporation 2012 Stock Compensation Plan (incorporated by reference to Exhibit 10.1 filed with the company’s Current Report on Form 8-K filed on February 21, 2013) 10.14 Form of Nonqualified Stock Option Agreement for the Cincinnati Financial Corporation 2012 Stock Compensation Plan (incorporated by reference to Exhibit 10.2 filed with the company’s Current Report on Form 8-K filed on February 21, 2013 ) 10.15 Form of Incentive Compensation Agreement for the Cincinnati Financial Corporation Annual Incentive Compensation Plan of 2009 (as amended January 31, 2014) (incorporated by reference to Exhibit 10.1 filed with the company’s Current Report on Form 8-K filed on January 30, 2017) 10.16 Form of Incentive Compensation Agreement for the Cincinnati Financial Corporation Annual Incentive Compensation Plan of 2009, Amended and Restated on January 29, 2022 (incorporated by reference to Exhibit 10.1 filed with the company’s Current Report on Form 8-K filed on January 29, 2024) 10.17 Form of Incentive Stock Option Agreement for the Cincinnati Financial Corporation 2012 Stock Compensation Plan (incorporated by reference to Exhibit 10.2 filed with the company’s Current Report on Form 8-K filed on January 30, 2017) 10.18 Form of Nonqualified Stock Option Agreement for the Cincinnati Financial Corporation 2012 Stock Compensation Plan (incorporated by reference to Exhibit 10.3 filed with the company’s Current Report on Form 8-K filed on January 30, 2017) 10.19 Form of Incentive Stock Option Agreement for the Cincinnati Financial Corporation 2016 Stock Compensation Plan (incorporated by reference to Exhibit 10.7 filed with the company’s Current Report on Form 8-K filed on January 30, 2017) 10.20 Form of Nonqualified Stock Option Agreement for the Cincinnati Financial Corporation 2016 Stock Compensation Plan (incorporated by reference to Exhibit 10.8 filed with the company’s Current Report on Form 8-K filed on January 30, 2017) 10.21 Form of Restricted Stock Unit Agreement (service based/cliff) for the Cincinnati Financial Corporation 2016 Stock Compensation Plan (incorporated by reference to Exhibit 10.9 filed with the company’s Current Report on Form 8-K filed on January 30, 2017) 10.22 Form of Restricted Stock Unit Agreement (service based/cliff) for the Cincinnati Financial Corporation 2016 Stock Compensation Plan (incorporated by referenced to Exhibit 10.2 filed with the company’s Current Report on Form 8-K filed on January 29, 2024) 10.23 Form of Restricted Stock Unit Agreement (service based/ratable) for the Cincinnati Financial Corporation 2016 Stock Compensation Plan (incorporated by reference to Exhibit 10.10 filed with the company’s Current Report on Form 8-K filed on January 30, 2017) 10.24 Form of Restricted Stock Unit Agreement (service based/ratable) for the Cincinnati Financial Corporation 2016 Stock Compensation Plan (incorporated by referenced to Exhibit 10.3 filed with the company’s Current Report on Form 8-K filed on January 29, 2024) 10.25 Form of Restricted Stock Unit Agreement (performance based) for the Cincinnati Financial Corporation 2016 Stock Compensation Plan (incorporated by reference to Exhibit 10.11 filed with the company’s Current Report on Form 8-K filed on January 30, 2017) 10.26 Form of Restricted Stock Unit Agreement (performance based) for the Cincinnati Financial Corporation 2016 Stock Compensation Plan (incorporated by referenced to Exhibit 10.4 filed with the company’s Current Report on Form 8-K filed on January 29, 2024) 10.27 Form of Incentive Stock Option Agreement for the Cincinnati Financial Corporation 2024 Stock Compensation Plan (incorporated by reference to Exhibit 10.1 filed with the company's Current Report on Form 8-K filed on January 31, 2025) 10.28 Form of Nonqualified Stock Option Agreement for the Cincinnati Financial Corporation 2024 Stock Compensation Plan (incorporated by reference to Exhibit 10.2 filed with the company's Current Report on Form 8-K filed on January 31, 2025) 10.29 Form of Restricted Stock Unit Agreement (service based/cliff) for the Cincinnati Financial Corporation 2024 Stock Compensation Plan (incorporated by reference to Exhibit 10.3 filed with the company's Current Report on Form 8-K filed on January 31, 2025) 10.30 Form of Restricted Stock Unit Agreement (service based/ratable) for the Cincinnati Financial Corporation 2024 Stock Compensation Plan (incorporated by reference to Exhibit 10.4 filed with the company's Current Report on Form 8-K filed on January 31, 2025) 10.31 Form of Restricted Stock Unit Agreement (performance based) for the Cincinnati Financial Corporation 2024 Stock Compensation Plan (incorporated by reference to Exhibit 10.5 filed with the company's Current Report on Form 8-K filed on January 31, 2025) Cincinnati Financial Corporation - 2025 10-K - Page 193 Table of Contents Exhibit No.

The ratio for 2023 decreased slightly compared with 2022, as earned premiums rose at a faster pace than commission expenses. Other underwriting expenses as a percent of earned premiums in 2024 decreased, compared with 2023, reflecting ongoing expense management efforts, as premium growth outpaced growth in other underwriting expenses.

The ratio for 2024 decreased slightly compared with 2023, as earned premiums rose at a faster pace than commission expenses. Other underwriting expenses as a percent of earned premiums in 2025 decreased, compared with 2024, reflecting ongoing expense management efforts, as premium growth outpaced growth in other underwriting expenses.

The table below summarizes estimated probabilities and the corresponding probable maximum loss from a single hurricane event occurring in a one-year period and indicates the effect of such losses on consolidated shareholders’ equity at December 31, 2024.

An allowance for credit losses on uncollectible reinsurance premiums and recoverable assets is updated and reviewed on a quarterly basis. At December 31, 2024, 2023 and 2022, the allowances, including changes in the amount for each period, were immaterial.

An allowance for credit losses on uncollectible reinsurance premiums and recoverable assets is updated and reviewed on a quarterly basis. At December 31, 2025, 2024 and 2023, the allowances, including changes in the amount for each period, were immaterial.

Service costs and non-service costs (benefit) are allocated in the same proportion primarily to underwriting, acquisition and insurance expenses line item with the remainder allocated to the insurance losses and contract holders' benefits line item on the consolidated statements of income for 2024, 2023 and 2022.

As of December 31, 2024, we had $44 million of unrecognized total compensation cost related to nonvested stock options and restricted stock unit awards. That cost will be recognized over a weighted-average period of 1.7 years.

As of December 31, 2025, we had $44 million of unrecognized total compensation cost related to nonvested stock options and restricted stock unit awards. That cost will be recognized over a weighted-average period of 1.7 years.

I TEM 6. [Reserved] Cincinnati Financial Corporation - 2024 10-K - Page 44 Table of Contents I TEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Introduction The purpose of Management’s Discussion and Analysis is to provide an understanding of Cincinnati Financial Corporation’s consolidated results of operations and financial condition.

I TEM 6. [Reserved] Cincinnati Financial Corporation - 2025 10-K - Page 44 Table of Contents I TEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Introduction The purpose of Management’s Discussion and Analysis is to provide an understanding of Cincinnati Financial Corporation’s consolidated results of operations and financial condition.

Deloitte & Touche LLP, our independent registered public accounting firm, audited the consolidated financial statements of Cincinnati Financial Corporation and subsidiaries for the year ended December 31, 2024. Deloitte & Touche LLP met with our audit committee to discuss the results of its audit.

Deloitte & Touche LLP, our independent registered public accounting firm, audited the consolidated financial statements of Cincinnati Financial Corporation and subsidiaries for the year ended December 31, 2025. Deloitte & Touche LLP met with our audit committee to discuss the results of its audit.

Directors, Executive Officers and Corporate Governance a) The following sections of our Proxy Statement for our 2025 Annual Meeting of Shareholders to be held May 3, 2025, are incorporated herein by reference: “Delinquent Section 16(a) Reports,” under the principal heading "Security Ownership of Principal Shareholders and Management", “Information about the Board of Directors,” and “Governance of Your Company.” b) Information about the “Code of Ethics for Senior Financial Officers” appeared in the 2004 Proxy Statement as an appendix and is available at investors.cinfin.com .

Directors, Executive Officers and Corporate Governance a) The following sections of our Proxy Statement for our 2026 Annual Meeting of Shareholders to be held May 2, 2026, are incorporated herein by reference: “Delinquent Section 16(a) Reports,” under the principal heading "Security Ownership of Principal Shareholders and Management", “Information about the Board of Directors,” and “Governance of Your Company.” b) Information about the “Code of Ethics for Senior Financial Officers” appeared in the 2004 Proxy Statement as an appendix and is available at investors.cinfin.com .

Performance highlights for this segment include: • Premiums – Earned premiums and net written premiums continued to grow during 2024, primarily due to higher renewal written premiums that included average renewal estimated price increases in the high-single-digit range.

Performance highlights for this segment include: • Premiums – Earned premiums and net written premiums continued to grow during 2025, primarily due to higher renewal written premiums that included average renewal estimated price increases in the high-single-digit range.

We also have audited the Company’s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

We also have audited the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

No premium deficiencies were recorded in the consolidated statements of income in 2024, 2023 and 2022, as the sum of the anticipated loss and loss expenses, policyholder dividends and unamortized deferred acquisition expenses did not exceed the related unearned premiums and anticipated investment income.

No premium deficiencies were recorded in the consolidated statements of income in 2025, 2024 and 2023, as the sum of the anticipated loss and loss expenses, policyholder dividends and unamortized deferred acquisition expenses did not exceed the related unearned premiums and anticipated investment income.

Investments in securities are valued based on the fair value hierarchy outlined in Note 3, Fair Value Measurements. The pension plan did not have any liabilities carried at fair value during the years ended December 31, 2024 and 2023.

Drivers of significant reserve development typically reflect loss emergence on known claims that was more favorable or less favorable than previously anticipated for various lines of business and are discussed below. • Commercial casualty – During 2024 and 2023, we experienced unfavorable development on prior accident years in aggregate, driven by general liability coverages.

Drivers of significant reserve development typically reflect loss emergence on known claims that was more favorable or less favorable than previously anticipated for various lines of business and are discussed below. • Commercial casualty – During 2025 and 2024, we experienced unfavorable development on prior accident years in aggregate, driven by general liability and commercial umbrella coverages.

The total principal amount of our long-term debt at December 31, 2024, was $793 million and included: • $28 million aggregate principal amount of 6.900% senior debentures due 2028. • $391 million aggregate principal amount of 6.920% senior debentures due 2028. • $374 million aggregate principal amount of 6.125% senior debentures due 2034.

The total principal amount of our long-term debt at December 31, 2025, was $793 million and included: • $28 million aggregate principal amount of 6.900% senior debentures due 2028. • $391 million aggregate principal amount of 6.920% senior debentures due 2028. • $374 million aggregate principal amount of 6.125% senior debentures due 2034.

Also, in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.

Also, in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.

Exhibit Description 3.1 Amended and Restated Articles of Incorporation of Cincinnati Financial Corporation (incorporated by reference to Exhibit 3.1 filed with the company’s Quarterly Report on Form 10-Q filed on October 26, 2017) 3.2 Amended and Restated Code of Regulations of Cincinnati Financial Corporation, as of May 6, 2023 (incorporated by reference to Exhibit 3.1 filed with the company’s Current Report on Form 8-K filed on May 9, 2023) 4.1 Indenture with The Bank of New York Trust Company (incorporated by reference to the company’s Current Report on Form 8-K filed on November 2, 2004, filed with respect to the issuance of the company’s 6.125% Senior Notes due November 1, 2034) 4.2 Supplemental Indenture with The Bank of New York Trust Company (incorporated by reference to Exhibit 4.1 filed with the company’s Current Report on Form 8-K filed on November 2, 2004, filed with respect to the issuance of the company’s 6.125% Senior Notes due November 1, 2034) 4.3 Second Supplemental Indenture with The Bank of New York Trust Company (incorporated by reference to Exhibit 4.2 filed with the company’s Current Report on Form 8-K filed on May 9, 2005, filed with respect to the completion of the company’s exchange offer and rescission offer for its 6.90% senior debentures due 2028) 4.4 Form of 6.125% Exchange Note Due 2034 (included in Exhibit 4.2) 4.5 Form of 6.92% Debentures Due 2028 (included in Exhibit 4.3) 4.6 Indenture with the First National Bank of Chicago (subsequently assigned to The Bank of New York Trust Company) (incorporated by reference to the company’s registration statement on Form S-3 filed on May 20, 1998 (File No. 333-51677)) 4.7 Form of 6.90% Debentures Due 2028 (included in Exhibit 4.6) 4.8 Description of Registered Securities (incorporated by reference to Exhibit 4.8 filed with the company's Annual Report on Form 10-K filed on February 26, 2024) 10.1 Cincinnati Financial Corporation Nonemployee Director Stock Plan of 2018 (incorporated by reference to the company’s definitive Proxy Statement dated March 21, 2018) 10.2 First Amendment to Cincinnati Financial Corporation Nonemployee Director Stock Plan of 2018 (incorporated by reference to Exhibit 10.2 filed with the company’s Annual Report on Form 10-K filed on February 25, 2021) 10.3 Cincinnati Financial Corporation Nonemployee Director Deferred Compensation Plan (incorporated by reference to Exhibit 10.3 filed with the company’s Annual Report on Form 10-K filed on February 25, 2021) 10.4 Cincinnati Financial Corporation Annual Incentive Compensation Plan of 2009, Amended and Restated on January 29, 2021 (incorporated by reference to Exhibit 10.6 filed with the company's Annual Report on Form 10-K filed on February 25, 2021) 10.5 Cincinnati Financial Corporation Annual Incentive Compensation Plan of 2009, Amended and Restated on January 28, 2022 (incorporated by reference to the company’s Exhibit 10.6 filed with the company’s Annual Report on Form 10-K filed on February 24, 2022) 10.6 Cincinnati Financial Corporation 2006 Stock Compensation Plan (incorporated by reference to the company’s definitive Proxy Statement dated March 30, 2006, Appendix B) 10.7 Cincinnati Financial Corporation 2012 Stock Compensation Plan (incorporated by reference to the company’s definitive Proxy Statement dated March 16, 2012, Appendix A) 10.8 Cincinnati Financial Corporation 2016 Stock Compensation Plan (incorporated by reference to the company’s Definitive Proxy Statement dated March 16, 2016, Appendix B) 10.9 First Amendment of Cincinnati Financial Corporation 2016 Stock Compensation Plan (incorporated by reference to Exhibit 99.1 filed with the Company’s current report on Form 8-K filed on April 11, 2016) 10.10 Cincinnati Financial Corporation 2024 Stock Compensation Plan (incorporated by reference to the company's definitive Proxy Statement dated March 20, 2024, Appendix B) 10.11 Amended and Restated Cincinnati Financial Corporation Supplemental Retirement Plan dated January 1, 2009 (incorporated by reference to Exhibit 10.7 filed with the company’s Annual Report on Form 10-K dated February 27, 2013) 10.12 Form of Incentive Stock Option Agreement for the 2006 Stock Compensation Plan (incorporated by reference to Exhibit 10.3 filed with the company’s Current Report on Form 8-K filed on October 26, 2006) Cincinnati Financial Corporation - 2024 10-K - Page 196 Table of Contents Exhibit No.

Exhibit Description 3.1 Amended and Restated Articles of Incorporation of Cincinnati Financial Corporation as of May 29, 2025, (incorporated by reference to Exhibit 3.1 filed with the company’s Quarterly Report on Form 10-Q filed on July 28, 2025) 3.2 Amended and Restated Code of Regulations of Cincinnati Financial Corporation, as of May 6, 2023 (incorporated by reference to Exhibit 3.1 filed with the company’s Current Report on Form 8-K filed on May 9, 2023) 4.1 Indenture with The Bank of New York Trust Company (incorporated by reference to Exhibit 4.1 filed with the company’s Current Report on Form 8-K filed on November 2, 2004, filed with respect to the issuance of the company’s 6.125% Senior Notes due November 1, 2034) 4.2 Supplemental Indenture with The Bank of New York Trust Company (incorporated by reference to Exhibit 4.2 filed with the company’s Current Report on Form 8-K filed on November 2, 2004, filed with respect to the issuance of the company’s 6.125% Senior Notes due November 1, 2034) 4.3 Second Supplemental Indenture with The Bank of New York Trust Company (incorporated by reference to Exhibit 4.2 filed with the company’s Current Report on Form 8-K filed on May 9, 2005, filed with respect to the completion of the company’s exchange offer and rescission offer for its 6.90% senior debentures due 2028) 4.4 Form of 6.125% Exchange Note Due 2034 (included in Exhibit 4.2) 4.5 Form of 6.92% Debentures Due 2028 (included in Exhibit 4.3) 4.6 Indenture with the First National Bank of Chicago (subsequently assigned to The Bank of New York Trust Company) (incorporated by reference to the company’s registration statement on Form S-3 filed on May 20, 1998 (File No. 333-51677)) 4.7 Form of 6.90% Debentures Due 2028 (included in Exhibit 4.6) 4.8 Description of Registered Securities (incorporated by reference to Exhibit 4.8 filed with the company's Annual Report on Form 10-K filed on February 26, 2024) 10.1 Cincinnati Financial Corporation Nonemployee Director Stock Plan of 2018 (incorporated by reference to the company’s definitive Proxy Statement dated March 21, 2018, Appendix C) 10.2 First Amendment to the Cincinnati Financial Corporation Nonemployee Director Stock Plan of 2018 (incorporated by reference to Exhibit 10.2 filed with the company’s Annual Report on Form 10-K filed on February 25, 2021) 10.3 Cincinnati Financial Corporation Nonemployee Director Deferred Compensation Plan (incorporated by reference to Exhibit 10.3 filed with the company’s Annual Report on Form 10-K filed on February 25, 2021) 10.4 Cincinnati Financial Corporation Annual Incentive Compensation Plan of 2009, Amended and Restated on January 28, 2022 (incorporated by reference to the company’s Exhibit 10.6 filed with the company’s Annual Report on Form 10-K filed on February 24, 2022) 10.5 Cincinnati Financial Corporation 2006 Stock Compensation Plan (incorporated by reference to the company’s definitive Proxy Statement dated March 30, 2006, Appendix B) 10.6 Cincinnati Financial Corporation 2012 Stock Compensation Plan (incorporated by reference to the company’s definitive Proxy Statement dated March 16, 2012, Appendix A) 10.7 Cincinnati Financial Corporation 2016 Stock Compensation Plan (incorporated by reference to the company’s Definitive Proxy Statement dated March 16, 2016, Appendix B) 10.8 First Amendment of Cincinnati Financial Corporation 2016 Stock Compensation Plan (incorporated by reference to Exhibit 99.1 filed with the Company’s current report on Form 8-K filed on April 11, 2016) 10.9 Cincinnati Financial Corporation 2024 Stock Compensation Plan (incorporated by reference to the company's definitive Proxy Statement dated March 20, 2024, Appendix B) 10.10 Amended and Restated Cincinnati Financial Corporation Supplemental Retirement Plan dated October 1, 2025. 10.11 Form of Incentive Stock Option Agreement for the 2006 Stock Compensation Plan (incorporated by reference to Exhibit 10.3 filed with the company’s Current Report on Form 8-K filed on October 26, 2006) 10.12 Form of Nonqualified Stock Option Agreement for the 2006 Stock Compensation Plan (incorporated by reference to Exhibit 10.4 filed with the company’s Current Report on Form 8-K filed on October 26, 2006) Cincinnati Financial Corporation - 2025 10-K - Page 192 Table of Contents Exhibit No.

Changes in Internal Control over Financial Reporting – During the three months ended December 31, 2024, there were no changes in our internal controls over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Changes in Internal Control over Financial Reporting – During the three months ended December 31, 2025, there were no changes in our internal controls over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Change Current accident year before catastrophe losses 64.2 % 65.9 % 65.7 % (1.7) 0.2 Current accident year catastrophe losses 1.3 0.7 1.0 0.6 (0.3) Prior accident years before catastrophe losses 1.4 (2.0) (1.7) 3.4 (0.3) Prior accident years catastrophe losses (0.0) (0.1) (0.2) 0.1 0.1 Loss and loss expenses 66.9 64.5 64.8 2.4 (0.3) Underwriting expenses 27.1 26.1 25.6 1.0 0.5 Combined ratio 94.0 % 90.6 % 90.4 % 3.4 0.2 Combined ratio: 94.0 % 90.6 % 90.4 % 3.4 0.2 Contribution from catastrophe losses and prior years reserve development 2.7 (1.4) (0.9) 4.1 (0.5) Combined ratio before catastrophe losses and prior years reserve development 91.3 % 92.0 % 91.3 % (0.7) 0.7 Our excess and surplus lines insurance segment includes results of The Cincinnati Specialty Underwriters Insurance Company and CSU Producer Resources Inc.

Change Current accident year before catastrophe losses 63.1 % 64.2 % 65.9 % (1.1) (1.7) Current accident year catastrophe losses 0.5 1.3 0.7 (0.8) 0.6 Prior accident years before catastrophe losses (2.5) 1.4 (2.0) (3.9) 3.4 Prior accident years catastrophe losses (0.2) 0.0 (0.1) (0.2) 0.1 Loss and loss expenses 60.9 66.9 64.5 (6.0) 2.4 Underwriting expenses 27.5 27.1 26.1 0.4 1.0 Combined ratio 88.4 % 94.0 % 90.6 % (5.6) 3.4 Combined ratio: 88.4 % 94.0 % 90.6 % (5.6) 3.4 Contribution from catastrophe losses and prior years reserve development (2.2) 2.7 (1.4) (4.9) 4.1 Combined ratio before catastrophe losses and prior years reserve development 90.6 % 91.3 % 92.0 % (0.7) (0.7) Our excess and surplus lines insurance segment includes results of The Cincinnati Specialty Underwriters Insurance Company and CSU Producer Resources Inc.

According to these models, probable maximum loss estimates from a single hurricane event that combine the effects of property casualty insurance written on a direct basis by The Cincinnati Insurance Companies, the Cincinnati Re reinsurance portfolio and risks insured by Cincinnati Global include the following amounts, net of amounts recoverable through reinsurance ceded and also income taxes, and including the effects of estimated reinstatement premiums: $625 million for a once-in-a-100-year event and $949 million for a once-in-a-250-year event.

According to these models, probable maximum loss estimates from a single hurricane event that combine the effects of property casualty insurance written on a direct basis by The Cincinnati Insurance Companies, the Cincinnati Re reinsurance portfolio and risks insured by Cincinnati Global include the following amounts, net of amounts recoverable through reinsurance ceded and also income taxes, and including the effects of estimated reinstatement premiums: $632 million for a once-in-a-100-year event and $987 million for a once-in-a-250-year event.

Regardless of the fluctuations in fair value, the outstanding principal amount of our long-term debt was $793 million at December 31, 2024 and 2023. None of the long-term debt is encumbered by rating triggers.

Regardless of the fluctuations in fair value, the outstanding principal amount of our long-term debt was $793 million at December 31, 2025 and 2024. None of the long-term debt is encumbered by rating triggers.

Initiatives to improve our combined ratio are discussed in Item 1, Our Business and Our Strategy, Strategic Initiatives. In 2024, 2023 and 2022, favorable development on reserves for claims that occurred in prior accident years helped offset other incurred losses and loss expenses. Reserve development is discussed further in Property Casualty Loss and Loss Expense Obligations and Reserves.

Initiatives to improve our combined ratio are discussed in Item 1, Our Business and Our Strategy. In 2025, 2024 and 2023, favorable development on reserves for claims that occurred in prior accident years helped offset other incurred losses and loss expenses. Reserve development is discussed further in Property Casualty Loss and Loss Expense Obligations and Reserves.

Service-based restricted stock units generally cliff vest three years after the date of grant. We also grant restricted stock units which vest on a three year ratable vesting schedule. Service-based restricted stock units vested during the year had an intrinsic value of $23 million, $22 million and $32 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Service-based restricted stock units generally cliff vest three years after the date of grant. We also grant restricted stock units which vest on a three year ratable vesting schedule. Service-based restricted stock units vested during the year had an intrinsic value of $23 million, $23 million and $22 million for the years ended December 31, 2025, 2024 and 2023, respectively.

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Top changes in Cincinnati Financial's 2025 10-K

Item 1C. Cybersecurity

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