Page 1

CINCINNATI FINANCIAL CORPORATION The Cincinnati Insurance Company The Cincinnati Indemnity Company The Cincinnati Casualty Company The Cincinnati Specialty Underwriters Insurance Company The Cincinnati Life Insurance Company CFC Investment Company CSU Producer Resources Inc. Cincinnati Global Underwriting Ltd. ■ Cincinnati Global Underwriting Agency Ltd. Investor Contact : Dennis E. McDaniel , 513-870-2768 CINF-IR@cinfin.com Media Contact : Betsy E. Ertel , 513-603-5323 Media Inquiries@cinfin.com Cincinnati Financial Reports First - Quarter 2021 Results • Cincinnati , April 28 , 2021 - Cincinnati Financial Corporation ( Nasdaq : CINF ) today reported : First - quarter 2021 net income of $ 620 million , or $ 3.82 per share , compared with a net loss of $ 1.226 billion , or $ 7.56 per share , in the first quarter of 2020 , after recognizing a $ 385 million first - quarter 2021 after - tax increase in the fair value of equity securities still held . • • $ 85 million or 62 % increase in non - GAAP operating income * to $ 222 million , or $ 1.37 per share , compared with $ 137 million , or 84 cents per share , in the first quarter of last year . $ 1.846 billion increase in first - quarter 2021 net income , primarily due to the after - tax net effect of a $ 1.761 billion increase in net investment gains and an $ 86 million increase in after - tax property casualty underwriting income . $ 69.16 book value per share at March 31 , 2021 , up $ 2.12 since year - end . 4.1 % value creation ratio for the first three months of 2021 , compared with negative 16.4 % for the same period of 2020 . Financial Highlights ( Dollars in millions , except per share data ) Revenue Data Earned premiums Investment income , net of expenses Total revenues Income Statement Data Net income ( loss ) Investment gains and losses , after - tax Non - GAAP operating income * Per Share Data ( diluted ) Net income ( loss ) Investment gains and losses , after - tax Non - GAAP operating income * Book value Cash dividend declared Diluted weighted average shares outstanding 2020 Three months ended March 31 , 2021 % Change $ 1,544 $ 1,456 174 2,227 6 165 5 ( 99 ) nm $ 620 $ ( 1,226 ) nm 398 ( 1,363 ) nm $ 222 $ 137 62 $ 3.82 $ ( 7.56 ) 2.45 nm ( 8.40 ) nm $ 1.37 $ 0.84 63 $ 69.16 $ 50.02 $ 162.5 0.63 $ 0.60 162.2 850 38 The Definitions of Non - GAAP Information and Reconciliation to Comparable GAAP Measures section defines and reconciles measures presented in this release that are not based on U.S. Generally Accepted Accounting Principles . Forward - looking statements and related assumptions are subject to the risks outlined in the company's safe harbor statement . CINF 1Q21 Release 1