CINCINNATI FINANCIAL CORP

What we report as Other includes the noninvestment operations of the parent company and its noninsurer subsidiary, CFC Investment Company. At year-end 2025, this subsidiary had $146 million in receivables related to its commercial leasing and financing services, compared with $120 million in receivables at year-end 2024.

We also report as Other the results of Cincinnati Re, which has contracts, also referred to as treaties, with other insurance or reinsurance companies to assume a portion of their insured risk in exchange for a portion of premiums from insurance policies covering those risks. The treaties and their exposure to losses are diverse in nature, including various lines of business and geographies for the reinsured risks. Some of our treaties reflect a type of contract commonly referred to as participating or proportional, typically sharing premiums and losses between the reinsured entity and us, as reinsurer, on a pro rata basis. Some are a contract type commonly referred to as excess of loss, where we indemnify the reinsured entity only for losses exceeding a predetermined amount.

Net written premiums for Cincinnati Re totaled $591 million in 2025, compared with $597 million in 2024. Approximately 34% of 2025 net written premiums was for property exposures that include risk of loss from natural catastrophes and approximately 50% was for casualty exposures from various liability risks. The remainder of approximately 16% was a combination of what we consider to be more specialized coverages that include, but are not limited to, credit risk transfer related to residential mortgages, marine and energy risks and cyber risks.

Also reported as Other are the results of Cincinnati Global, our London-based global specialty underwriter for Lloyd's Syndicate 318. We provide capability for appointed independent agencies to offer their clients insurance solutions in the Lloyd’s market through our insurance brokerage, CSU Producer Resources. Cincinnati Global and CSU Producer Resources partner by offering a variety of products through a binder authority agreement, enhancing our ability to serve more of our agent’s clients and bring quality business to Cincinnati Global.

Net written premiums for Cincinnati Global totaled $334 million in 2025, compared with $303 million in 2024. We continued to diversify its premiums to reduce underwriting profit volatility effects of property insurance. A significant portion of the 2025 premiums were for U.S. and international property exposures that include risk of loss from natural catastrophes, including approximately 33% classified as direct and facultative and 15% as binder, where binding authority has been granted to various coverholders. The coverholders are mostly in the U.S., and we believe they have the ability to successfully underwrite and manage risks. The remainder, approximately 52%, was for other classes of business that include trade credit, terrorism, political violence, consortia, specie coverage for high-value portable property and contingency insurance with coverage for film and entertainment risks or event cancellation.

Cincinnati Financial Corporation - 2025 10-K - Page 25