The company said net income for Q3 2026 decreased $663 million from a year earlier, and after-tax investment gains and losses fell $657 million. Net income for the first 9 months of 2026 increased $271 million.

1. 01

   The company said net income for Q3 2026 decreased $663 million from a year earlier, and after-tax investment gains and losses fell $657 million. Net income for the first 9 months of 2026 increased $271 million.

2. 02

   The company said property casualty underwriting profit for Q3 2026 was $240 million, and for the first 9 months it was $337 million. The GAAP combined ratio for the first 9 months was 95.8%, including 12.2 percentage points of current accident year catastrophe losses.

3. 03

   Cincinnati Financial said pretax investment income for the first 9 months of 2026 was $962 million, up 12% from the same period a year earlier. Interest income rose $25 million in Q3 and $80 million over the first 9 months.

4. 04

   The company said its value creation ratio for the first 9 months of 2026 was 5.8%, compared with 13.8% for the same period a year earlier, and its debt-to-total-capital ratio was 4.8% as of September 30, 2026. The company cited a decrease in overall net gains from its investment portfolio as the reason for the lower value creation ratio.

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

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