CINCINNATI, July 26, 2016 /PRNewswire/ -- Cincinnati Financial Corporation (Nasdaq: CINF) today reported:


    --  Second-quarter 2016 net income of $123 million, or 74 cents per share,
        compared with $176 million, or $1.06 per share, in the second quarter of
        2015.
    --  $43 million decrease in operating income* to $95 million, or 57 cents
        per share, down from $138 million, or 83 cents per share, in the second
        quarter of last year.
    --  $53 million decrease in second-quarter 2016 net income, reflecting the
        after-tax net effect of two primary items: $47 million reduction in the
        contribution from property casualty underwriting, including an
        unfavorable effect from natural catastrophe losses that were $56 million
        more for second-quarter 2016 compared with the same quarter a year ago;
        and a $10 million decrease in net realized investment gains.
    --  $42.37 book value per share at June 30, 2016, a record-high amount and
        up $3.17 or 8 percent since December 31, 2015.
    --  10.5 percent value creation ratio for the first six months of 2016,
        compared with 0.9 percent for the same period of 2015.


    Financial Highlights
    --------------------

    (Dollars in millions except per share data)         Three months ended June 30,                Six months ended June 30,
    ------------------------------------------

                                                   2016                 2015              % Change                           2016            2015 % Change
                                                   ----                 ----              --------                           ----            ---- --------

    Revenue Data

       Earned premiums                                               $1,173                         $1,111                           6            $2,327               $2,205    6

       Investment income, net of expenses                     149                     140                             6             294               279            5

       Total revenues                                       1,371                   1,316                             4           2,735             2,601            5

    Income Statement Data

       Net income                                                      $123                           $176                        (30)             $311                 $304    2

       Realized investment gains, net                          28                      38                          (26)             68                69          (1)
                                                              ---                     ---

       Operating income*                                                $95                           $138                        (31)             $243                 $235    3
                                                                        ===                           ====                                         ====                 ====

    Per Share Data (diluted)

       Net income                                                     $0.74                          $1.06                        (30)            $1.87                $1.84    2

       Realized investment gains, net                        0.17                    0.23                          (26)           0.41              0.42          (2)

       Operating income*                                              $0.57                          $0.83                        (31)            $1.46                $1.42    3
                                                                      =====                          =====                                        =====                =====


       Book value                                                                                                                     $42.37               $39.60             7

       Cash dividend declared                                         $0.48                          $0.46                           4             $0.96                $0.92    4

       Diluted weighted average shares outstanding          166.5                   165.5                             1           166.3             165.5            0
       -------------------------------------------          -----                   -----                           ---           -----             -----          ---

* The Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures 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.

Insurance Operations Second-Quarter Highlights


    --  99.3 percent second-quarter 2016 property casualty combined ratio, up
        from 92.4 percent for second-quarter 2015.
    --  5 percent growth in second-quarter net written premiums, largely
        reflecting premium growth initiatives.
    --  $143 million second-quarter 2016 property casualty new business written
        premiums, up 4 percent. Agencies appointed since the beginning of 2015
        contributed $10 million or 7 percent of total new business written
        premiums.
    --  13 percent growth in second-quarter life insurance earned premiums, with
        steady progress in life insurance operations and financial contribution.

Investment and Balance Sheet Highlights


    --  6 percent or $9 million increase in second-quarter 2016 pretax
        investment income, including 17 percent growth for stock portfolio
        dividends and 4 percent growth for bond interest income.
    --  Three-month increase of 4 percent in fair value of total investments at
        June 30, 2016, including a 6 percent increase for the stock portfolio
        and a 3 percent increase for the bond portfolio.
    --  $1.919 billion parent company cash and marketable securities at June 30,
        2016, up 10 percent from year-end 2015.

Investments Bolster Performance
Steven J. Johnston, president and chief executive officer, commented: "Investment income led our second-quarter profits, supported by a 17 percent increase in dividends from our stock portfolio and a 4 percent rise in interest from our bond portfolio. Cash and invested assets reached $16 billion, reflecting higher valuations and new securities purchased with the cash flow from our growing insurance operations. For the first time, total assets exceeded $20 billion at June 30, 2016."

Core Insurance Operations Maintain Improving Trend
"As previously announced, the impact of catastrophe losses this quarter was similar to our 10-year second-quarter average of 13.4 points. Weather-related natural catastrophes accounted for 14.8 points of our 99.3 percent second-quarter combined ratio and 9.0 points of our 95.4 percent six-month combined ratio.

"To evaluate the health of our insurance business beyond this stormy spring, we look at our core underwriting results as measured by our six-month combined ratio before catastrophe losses and before development of reserves for prior accident years. At a satisfactory 91.1 percent, that ratio improved 1.9 points over the same period last year."

Growth Plans on Track
"Our plans remain on track to profitably grow our insurance business with consolidated property casualty net written premiums reaching $2.3 billion in the first half of 2016 - an increase of 6 percent compared with the same period in 2015.

"We're continuing to appoint new agencies and to further refine our skills in pricing precision and policy segmentation. Investments in reinsurance assumed and high net worth personal lines insurance are paying off as these initiatives maintain their positive momentum.

"Cincinnati Re, our reinsurance assumed operation, contributed 2 percentage points to the premium growth we've experienced through June.

"Our high net worth product suite, Executive Capstone(TM), continues to be met with enthusiasm. For the first half of 2016, new business written premiums from our agencies' high net worth clients totaled nearly $14 million. As we begin building relationships with agents who write high net worth accounts in California and Colorado later this year, we're optimistic that we'll reach our 2016 goal of $25 million in new high net worth business."

Creating Value for Shareholders
"Our value creation ratio, which considers changes to our book value and the dividends we pay to shareholders, is our main measure for evaluating the value we are creating as a company over time. The board increased our dividend rate in January, and so far this year our book value has grown 8 percent to a record high $42.37. These actions contribute to our six-month value creation ratio of 10.5 percent - reaching our 10 percent or better average annual target for this measure."


                                                                                          Insurance Operations Highlights

    Consolidated Property Casualty Insurance Results
    ------------------------------------------------

    (Dollars in millions)                                       Three months ended June 30,                                       Six months ended June 30,

                                                          2016                 2015                 % Change                 2016                  2015                 % Change
                                                          ----                 ----                 --------                 ----                  ----                 --------

    Earned premiums                                            $1,114                                           $1,059                               5                             $2,210              $2,100    5

    Fee revenues                                             2                                2                                 0                                  4                     4          0
                                                           ---                              ---                                                                 ---                   ---

       Total revenues                                    1,116                            1,061                                 5                              2,214                 2,104          5


    Loss and loss expenses                                 759                              654                                16                              1,420                 1,343          6

    Underwriting expenses                                  347                              324                                 7                                688                   651          6

       Underwriting profit                                        $10                                              $83                            (88)                              $106                $110  (4)
                                                                  ===                                              ===                                                              ====                ====


    Ratios as a percent of earned premiums:                                                      Pt. Change                                                         Pt. Change
                                                                                                 ----------                                                         ----------

         Loss and loss expenses                          68.2%                           61.8%                              6.4                              64.2%                63.9%       0.3

         Underwriting expenses                            31.1                             30.6                               0.5                               31.2                  31.0        0.2
                                                          ----                             ----                               ---                               ----                  ----        ---

               Combined ratio                            99.3%                           92.4%                              6.9                              95.4%                94.9%       0.5
                                                          ====                             ====                               ===                               ====                  ====        ===


                                                                                                 % Change                                                           % Change

    Agency renewal written premiums                            $1,057                                           $1,018                               4                             $2,085              $2,001    4

    Agency new business written premiums                   143                              138                                 4                                268                   254          6

    Cincinnati Re net written premiums                      16                                -                               nm                                35                     -        nm

    Other written premiums                                (22)                            (14)                             (57)                              (47)                 (47)         0

       Net written premiums                                    $1,194                                           $1,142                               5                             $2,341              $2,208    6
                                                               ======                                           ======                                                            ======              ======


    Ratios as a percent of earned premiums:                                                      Pt. Change                                                         Pt. Change

         Current accident year before catastrophe losses 57.8%                           60.9%                            (3.1)                             59.9%                62.0%     (2.1)

         Current accident year catastrophe losses         14.8                              7.5                               7.3                                9.3                   6.3        3.0

         Prior accident years before catastrophe losses  (4.4)                           (6.6)                              2.2                              (4.7)                (3.9)     (0.8)

         Prior accident years catastrophe losses           0.0                              0.0                               0.0                              (0.3)                (0.5)       0.2

               Loss and loss expense ratio               68.2%                           61.8%                              6.4                              64.2%                63.9%       0.3
                                                          ====                             ====                               ===                               ====                  ====        ===


    Current accident year combined ratio before          88.9%                           91.5%                            (2.6)                             91.1%                93.0%     (1.9)

       catastrophe losses

    --  $52 million or 5 percent growth of second-quarter 2016 property casualty
        net written premiums and six-month growth of 6 percent, with Cincinnati
        Re contributing 1 and 2 percentage points for the respective periods.
        The growth also reflected other growth initiatives, price increases and
        a higher level of insured exposures.
    --  $5 million or 4 percent increase in second-quarter 2016 new business
        premiums written by agencies and six-month growth of 6 percent,
        primarily due to contributions from new agency appointments.
    --  1,576 agency relationships in 2,032 reporting locations marketing
        property casualty insurance products at June 30, 2016, compared with
        1,526 agency relationships in 1,956 reporting locations at year-end
        2015. During the first six months of 2016, 44 new agency appointments
        were made for agencies that offer most or all of our property casualty
        insurance products.
    --  6.9 and 0.5 percentage-point second-quarter and first-half 2016 combined
        ratio increases, reflecting increases of 7.3 and 3.2 points for losses
        from natural catastrophes.
    --  4.4 percentage-point second-quarter 2016 benefit from favorable prior
        accident year reserve development of $49 million, compared with 6.6
        points or $70 million for second-quarter 2015.
    --  5.0 percentage-point six-month 2016 benefit from favorable prior
        accident year reserve development, compared with 4.4 points for the 2015
        period.
    --  2.1 percentage-point improvement, to 59.9 percent, for the six-month
        2016 ratio of current accident year losses and loss expenses before
        catastrophes, including an increase of 0.4 points in the ratio for
        current accident year losses of $1 million or more per claim.
    --  0.2 percentage-point increase in the first-half 2016 underwriting
        expense ratio, as higher earned premiums and ongoing expense management
        efforts were slightly offset by strategic investments that include
        enhancement of underwriting expertise.


    Commercial Lines Insurance Results

    (Dollars in millions)                                Three months ended June 30,                              Six months ended June 30,

                                                              2016                   2015           % Change           2016                  2015              % Change
                                                              ----                   ----           --------           ----                  ----              --------

    Earned premiums                                                    $771                                  $745                              3                          $1,531              $1,478     4

    Fee revenues                                                 1                             1                          0                              2                      2          0
                                                               ---                           ---                                                      ---                    ---

       Total revenues                                          772                           746                          3                          1,533                  1,480          4


    Loss and loss expenses                                     500                           417                         20                            969                    891          9

    Underwriting expenses                                      246                           232                          6                            488                    466          5
                                                               ---                           ---                                                      ---                    ---

       Underwriting profit                                              $26                                   $97                           (73)                            $76                $123  (38)
                                                                        ===                                   ===                                                           ===                ====


    Ratios as a percent of earned premiums:                                                      Pt. Change                                               Pt. Change

         Loss and loss expenses                              64.9%                        56.0%                       8.9                          63.3%                 60.3%       3.0

         Underwriting expenses                                31.9                          31.2                        0.7                           31.9                   31.6        0.3

               Combined ratio                                96.8%                        87.2%                       9.6                          95.2%                 91.9%       3.3
                                                              ====                          ====                        ===                           ====                   ====        ===


                                                                                                  % Change                                                 % Change
                                                                                                  --------                                                 --------

    Agency renewal written premiums                                    $718                                  $699                              3                          $1,476              $1,429     3

    Agency new business written premiums                        93                            93                          0                            180                    172          5

    Other written premiums                                    (14)                          (5)                     (180)                          (32)                  (31)       (3)

       Net written premiums                                            $797                                  $787                              1                          $1,624              $1,570     3
                                                                       ====                                  ====                                                        ======              ======


    Ratios as a percent of earned premiums:                                                      Pt. Change                                               Pt. Change

         Current accident year before catastrophe losses     55.7%                        58.7%                     (3.0)                         58.6%                 59.9%     (1.3)

         Current accident year catastrophe losses             16.8                           5.8                       11.0                           10.4                    5.6        4.8

         Prior accident years before catastrophe losses      (7.4)                        (8.6)                       1.2                          (5.3)                 (4.6)     (0.7)

         Prior accident years catastrophe losses             (0.2)                          0.1                      (0.3)                         (0.4)                 (0.6)       0.2

               Loss and loss expense ratio                   64.9%                        56.0%                       8.9                          63.3%                 60.3%       3.0
                                                              ====                          ====                        ===                           ====                   ====        ===


    Current accident year combined ratio before              87.6%                        89.9%                     (2.3)                         90.5%                 91.5%     (1.0)

       catastrophe losses

    --  $10 million or 1 percent increase in second-quarter 2016 commercial
        lines net written premiums, driven by higher renewal written premiums.
        Three percent increase in six-month net written premiums.
    --  $19 million or 3 percent rise in second-quarter renewal written premiums
        with commercial lines renewal pricing increases averaging in the
        low-single-digit percent range.
    --  Less than $1 million increase in second-quarter 2016 new business
        written by agencies, reflecting underwriting and pricing discipline in a
        competitive market environment. For the six-month period, the increase
        was 5 percent.
    --  9.6 and 3.3 percentage-point increase in second-quarter and first-half
        2016 combined ratio, including increases of 10.7 and 5.0 points for
        losses from natural catastrophes.
    --  7.6 percentage-point second-quarter 2016 benefit from favorable prior
        accident year reserve development of $58 million, compared with 8.5
        points or $63 million for second-quarter 2015.
    --  5.7 percentage-point six-month 2016 benefit from favorable prior
        accident year reserve development, compared with a six-month 2015
        benefit of 5.2 points.
    --  1.3 percentage-point improvement, to 58.6 percent, for the six-month
        2016 ratio of current accident year losses and loss expenses before
        catastrophes, including an increase of 1.7 points in the ratio for
        current accident year losses of $1 million or more per claim.


    Personal Lines Insurance Results

    (Dollars in millions)                                Three months ended June 30,                                 Six months ended June 30,

                                                              2016                   2015            % Change             2016                   2015              % Change
                                                              ----                   ----            --------             ----                   ----              --------

    Earned premiums                                                    $288                                     $272                               6                             $571                $540    6

    Fee revenues                                                 1                              -                          nm                              2                       1        100
                                                               ---                            ---                                                        ---                     ---

       Total revenues                                          289                            272                            6                             573                     541          6


    Loss and loss expenses                                     224                            216                            4                             397                     407        (2)

    Underwriting expenses                                       85                             81                            5                             168                     162          4
                                                               ---                            ---                                                         ---                     ---

       Underwriting profit (loss)                                     $(20)                                   $(25)                           (20)                              $8               $(28)    nm
                                                                       ====                                     ====                                                             ===                ====


    Ratios as a percent of earned premiums:                                                       Pt. Change                                                  Pt. Change

         Loss and loss expenses                              78.0%                         79.6%                       (1.6)                          69.5%                  75.3%     (5.8)

         Underwriting expenses                                29.5                           29.6                        (0.1)                           29.4                    30.0      (0.6)

               Combined ratio                               107.5%                        109.2%                       (1.7)                          98.9%                 105.3%     (6.4)
                                                             =====                          =====                         ====                            ====                   =====       ====


                                                                                                   % Change                                                    % Change

    Agency renewal written premiums                                    $302                                     $285                               6                             $538                $508    6

    Agency new business written premiums                        34                             30                           13                              59                      54          9

    Other written premiums                                     (6)                           (6)                           0                            (11)                   (12)         8

       Net written premiums                                            $330                                     $309                               7                             $586                $550    7
                                                                       ====                                     ====                                                            ====                ====


    Ratios as a percent of earned premiums:                                                       Pt. Change                                                  Pt. Change

         Current accident year before catastrophe losses     62.5%                         65.9%                       (3.4)                          63.0%                  66.3%     (3.3)

         Current accident year catastrophe losses             12.1                           12.8                        (0.7)                            7.9                     9.2      (1.3)

         Prior accident years before catastrophe losses        3.1                            1.1                          2.0                           (1.2)                    0.2      (1.4)

         Prior accident years catastrophe losses               0.3                          (0.2)                         0.5                           (0.2)                  (0.4)       0.2

               Loss and loss expense ratio                   78.0%                         79.6%                       (1.6)                          69.5%                  75.3%     (5.8)
                                                              ====                           ====                         ====                            ====                    ====       ====


    Current accident year combined ratio before              92.0%                         95.5%                       (3.5)                          92.4%                  96.3%     (3.9)

       catastrophe losses

    --  $21 million or 7 percent increase in second-quarter 2016 personal lines
        net written premiums, including growth in new business and higher
        renewal written premiums that benefited from rate increases. Seven
        percent increase in six-month net written premiums.
    --  $4 million or 13 percent growth in second-quarter new business written
        by agencies, raising the six-month growth rate to 9 percent. The growth
        was driven by an increase of approximately $6 million from agencies'
        high net worth clients during the first six months of 2016.
    --  1.7 and 6.4 percentage-point second-quarter and first-half 2016 combined
        ratio improvement, including decreases of 0.2 and 1.1 points for losses
        from natural catastrophes.
    --  3.4 percentage-point second-quarter 2016 unfavorable prior accident year
        reserve development of $10 million, compared with an unfavorable effect
        of 0.9 points from adverse reserve development of $2 million for
        second-quarter 2015.
    --  1.4 percentage-point six-month 2016 benefit from favorable prior
        accident year reserve development, compared with a six-month 2015
        benefit of 0.2 points.
    --  3.3 percentage-point improvement, to 63.0 percent, for the six-month
        2016 ratio of current accident year losses and loss expenses before
        catastrophes, reflecting a decrease of 3.2 points in the ratio for
        current accident year losses of $1 million or more per claim.


    Excess and Surplus Lines Insurance Results

    (Dollars in millions)                                Three months ended June 30,                             Six months ended June 30,

                                                              2016                  2015            % Change          2016                  2015              % Change
                                                              ----                  ----            --------          ----                  ----              --------

    Earned premiums                                                    $45                                   $42                              7                             $88               $82   7

    Fee revenues                                                 -                            1                     (100)                             -                     1       (100)
                                                               ---                          ---                                                     ---                   ---

       Total revenues                                           45                            43                         5                             88                     83           6


    Loss and loss expenses                                      27                            21                        29                             40                     45        (11)

    Underwriting expenses                                       13                            11                        18                             26                     23          13
                                                               ---                           ---                                                     ---                    ---

       Underwriting profit                                              $5                                   $11                           (55)                            $22               $15  47
                                                                       ===                                   ===                                                           ===               ===


    Ratios as a percent of earned premiums:                                                      Pt. Change                                              Pt. Change
                                                                                                 ----------                                              ----------

         Loss and loss expenses                              58.0%                        49.6%                      8.4                          45.2%                 54.4%      (9.2)

         Underwriting expenses                                29.4                          26.4                       3.0                           29.4                   27.7         1.7
                                                              ----                          ----                       ---                           ----                   ----         ---

               Combined ratio                                87.4%                        76.0%                     11.4                          74.6%                 82.1%      (7.5)
                                                              ====                          ====                      ====                           ====                   ====        ====


                                                                                                  % Change                                                % Change

    Agency renewal written premiums                                    $37                                   $34                              9                             $71               $64  11

    Agency new business written premiums                        16                            15                         7                             29                     28           4

    Other written premiums                                     (2)                          (3)                       33                            (4)                   (4)          0

       Net written premiums                                            $51                                   $46                             11                             $96               $88   9
                                                                       ===                                   ===                                                           ===               ===


    Ratios as a percent of earned premiums:                                                      Pt. Change                                              Pt. Change
                                                                                                 ----------                                              ----------

         Current accident year before catastrophe losses     56.7%                        69.3%                   (12.6)                         59.8%                 70.7%     (10.9)

         Current accident year catastrophe losses              3.2                           0.6                       2.6                            1.9                    0.9         1.0

         Prior accident years before catastrophe losses      (1.9)                       (20.2)                     18.3                         (16.4)                (17.0)         0.6

         Prior accident years catastrophe losses               0.0                         (0.1)                      0.1                          (0.1)                 (0.2)        0.1

               Loss and loss expense ratio                   58.0%                        49.6%                      8.4                          45.2%                 54.4%      (9.2)
                                                              ====                          ====                       ===                           ====                   ====        ====


    Current accident year combined ratio before              86.1%                        95.7%                    (9.6)                         89.2%                 98.4%      (9.2)

       catastrophe losses

    --  $5 million or 11 percent increase in second-quarter 2016 excess and
        surplus lines net written premiums, reflecting higher renewal written
        premiums that benefited from rate increases averaging near the high end
        of the low-single-digit range. Nine percent increase in six-month net
        written premiums.
    --  $1 million or 7 percent increase in second-quarter new business written
        by agencies, raising the six-month growth rate to 4 percent and
        reflecting careful underwriting in a highly competitive market.
    --  11.4 percentage-point second-quarter 2016 combined ratio increase driven
        by less favorable prior accident year reserve development. For the
        six-month 2016 period, the combined ratio improved 7.5 percentage
        points, primarily due to lower ratios for current accident year loss
        experience.
    --  1.9 percentage-point second-quarter 2016 benefit from favorable prior
        accident year reserve development of $1 million, compared with 20.3
        points or $9 million for second-quarter 2015.
    --  16.5 percentage-point six-month 2016 benefit from favorable prior
        accident year reserve development, compared with a six-month 2015
        benefit of 17.2 points.
    --  10.9 percentage-point improvement, to 59.8 percent, for the six-month
        2016 ratio of current accident year losses and loss expenses before
        catastrophes, including an increase of 0.6 points in the ratio for
        current accident year losses of $1 million or more per claim.


    Life Insurance Subsidiary Results

    (Dollars in millions)                                     Three months ended June 30,               Six months ended June 30,
    --------------------

                                                         2016                2015         % Change 2016                  2015       % Change
                                                         ----                ----         -------- ----                  ----       --------

    Term life insurance                                                      $38                   $35                            9           $75          $69  9

    Universal life insurance                                          10                         9            11                          21    19     11

    Other life insurance, annuity, and disability income              11                         8            38                          21    17     24

       products


        Earned premiums                                               59                        52            13                         117   105     11

    Investment income, net of expenses                                39                        37             5                          77    74      4

    Realized investment gains, net                                     -                        1         (100)                          1     2   (50)

    Other income                                                       1                         1             0                           2     2      0
                                                                     ---                       ---                                      ---   ---

    Total revenues                                                    99                        91             9                         197   183      8
                                                                     ---                       ---

    Contract holders' benefits incurred                               62                        58             7                         125   118      6

    Underwriting expenses incurred                                    19                        16            19                          38    34     12
                                                                     ---                       ---                                      ---   ---

        Total benefits and expenses                                   81                        74             9                         163   152      7
                                                                     ---                       ---                                      ---   ---

    Net income before income tax                                      18                        17             6                          34    31     10

    Income tax                                                         6                         6             0                          12    11      9

    Net income of the life insurance subsidiary                              $12                   $11                            9           $22          $20 10
                                                                             ===                   ===                                       ===          ===

    --  $7 million or 13 percent increase in second-quarter 2016 earned
        premiums, including a 9 percent increase for term life insurance, our
        largest life insurance product line. Three- and six-month growth rates
        for term life were similar.
    --  $2 million improvement in six-month 2016 life insurance subsidiary net
        income, primarily due to revenue growth for both earned premiums and
        investment income.
    --  $90 million or 10 percent six-month 2016 increase to $962 million in
        GAAP shareholders' equity for the life insurance subsidiary, largely
        reflecting an increase in fair value of the fixed-maturity portfolio due
        to the effects of lower interest rates.


    Investment and Balance Sheet Highlights

    Investments Results

    (Dollars in millions)                                         Three months ended June 30,                   Six months ended June 30,
    --------------------

                                                      2016           2015                 % Change     2016                    2015              % Change
                                                      ----           ----                 --------     ----                    ----              --------

    Investment income, net of expenses                              $149                              $140                         6                                 $294             $279  5

    Investment interest credited to contract holders'       (22)                             (22)            0                            (44)                     (43)      (2)

    Realized investment gains, net                            44                                60          (27)                            105                       107       (2)

          Investments profit                                        $171                              $178                       (4)                                $355             $343  3
                                                                    ====                              ====                                                          ====             ====


    Investment income:

       Interest                                                     $110                              $106                         4                                 $219             $211  4

       Dividends                                              41                                35            17                              78                        71        10

       Other                                                   -                                1            nm                              1                         1         0

       Less investment expenses                                2                                 2             0                               4                         4         0
                                                             ---                               ---                                          ---                       ---

          Investment income, pretax                          149                               140             6                             294                       279         5

          Less income taxes                                   35                                33             6                              70                        66         6
                                                             ---                               ---                                          ---                       ---

          Total investment income, after-tax                        $114                              $107                         7                                 $224             $213  5
                                                                    ====                              ====                                                          ====             ====


    Investment returns:

          Effective tax rate                               23.9%                            23.9%                            23.8%                        23.7%

     Average invested assets plus cash and cash                  $15,223                           $14,534                                                $15,014          $14,488

       equivalents

          Average yield pretax                             3.92%                            3.85%                            3.92%                        3.85%

          Average yield after-tax                           3.00                              2.94                              2.98                          2.94

    Fixed-maturity returns:

    Effective tax rate                                     27.3%                            27.2%                            27.3%                        27.1%

    Average amortized cost                                        $9,480                            $9,143                                                 $9,421           $9,085

    Average yield pretax                                   4.64%                            4.64%                            4.65%                        4.65%

    Average yield after-tax                                 3.38                              3.38                              3.38                          3.39

    --  $9 million or 6 percent rise in second-quarter 2016 pretax investment
        income, including 17 percent growth in equity portfolio dividends and 4
        percent growth in interest income.
    --  $289 million or 12 percent second-quarter 2016 increase in pretax net
        unrealized investment portfolio gains, including a $111 million increase
        for the equity portfolio. The total increase included the offsetting
        effect of $42 million of pretax net realized gains from investment
        portfolio security sales or called bonds during the second quarter of
        2016, including $38 million from the equity portfolio.


    Balance Sheet
     Highlights

    (Dollars in
     millions
     except share
     data)                At June 30,          At December 31,
    -------------

                     2016                 2015
                     ----                 ----

       Total
        investments                   $15,459                         $14,423

       Total assets            20,151                          18,888

       Short-term
        debt                       28                              35

       Long-term
        debt                      786                             786

       Shareholders'
        equity                  6,971                           6,427

       Book value
        per share               42.37                           39.20

       Debt-to-
        total-
        capital
        ratio                   10.5%                          11.3%
       --------                  ----                            ----

    --  $16.006 billion in consolidated cash and total investments at June 30,
        2016, up 7 percent from $14.967 billion at year-end 2015.
    --  $10.138 billion bond portfolio at June 30, 2016, with an average rating
        of A3/A. Fair value increased $254 million or 3 percent during the
        second quarter of 2016, including $26 million in net purchases of
        fixed-maturity securities.
    --  $5.242 billion equity portfolio was 34.1 percent of total investments,
        including $2.053 billion in pretax net unrealized gains at June 30,
        2016. Second-quarter 2016 increase in fair value of $301 million or 6
        percent.
    --  $4.600 billion of statutory surplus for the property casualty insurance
        group at June 30, 2016, up $187 million from $4.413 billion at year-end
        2015, after declaring $200 million in dividends to the parent company.
        For the 12 months ended June 30, 2016, the ratio of net written premiums
        to surplus was 1.0-to-1, matching year-end 2015.
    --  $1.41 three-month 2016 increase in book value per share, including
        additions of $0.58 from net income before realized gains and $1.31 from
        investment portfolio realized gains and changes in unrealized gains that
        were partially offset by deductions of $0.48 from dividends declared to
        shareholders.
    --  Value creation ratio of 10.5 percent for the first six months of 2016,
        reflecting 3.8 percent from net income before net realized investment
        gains, which includes underwriting and investment income, and 6.9
        percent from investment portfolio realized gains and changes in
        unrealized gains.

For additional information or to register for our conference call webcast, please visit cinfin.com/investors.

About Cincinnati Financial
Cincinnati Financial Corporation offers business, home and auto insurance, our main business, through The Cincinnati Insurance Company and its two standard market property casualty companies. The same local independent insurance agencies that market those policies may offer products of our other subsidiaries, including life and disability income insurance, fixed annuities and surplus lines property and casualty insurance. For additional information about the company, please visit cinfin.com.


    Mailing Address:               Street Address:

    P.O. Box 145496                6200 South Gilmore Road

    Cincinnati, Ohio 45250-5496     Fairfield, Ohio
                                    45014-5141

Safe Harbor Statement
This is our "Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995. Our business is subject to certain risks and uncertainties that may cause actual results to differ materially from those suggested by the forward-looking statements in this report. Some of those risks and uncertainties are discussed in our 2015 Annual Report on Form 10-K, Item 1A, Risk Factors, Page 26.

Factors that could cause or contribute to such differences include, but are not limited to:


    --  Unusually high levels of catastrophe losses due to risk concentrations,
        changes in weather patterns, environmental events, terrorism incidents
        or other causes
    --  Increased frequency and/or severity of claims or development of claims
        that are unforeseen at the time of policy issuance
    --  Inadequate estimates, assumptions or reliance on third-party data used
        for critical accounting estimates
    --  Declines in overall stock market values negatively affecting the
        company's equity portfolio and book value
    --  Domestic and global events resulting in 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 and director and officer
            policies written for financial institutions or other insured
            entities

    --  Prolonged low interest rate environment or other factors that limit the
        company's ability to generate growth in investment income or interest
        rate fluctuations that result in declining values of fixed-maturity
        investments, including declines in accounts in which we hold bank-owned
        life insurance contract assets
    --  Recession or other economic conditions resulting in lower demand for
        insurance products or increased payment delinquencies
    --  Difficulties with technology or data security breaches, including
        cyberattacks, that could negatively affect our ability to conduct
        business and our relationships with agents, policyholders and others
    --  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
    --  Increased competition that could result in a significant reduction in
        the company's premium volume
    --  Changing consumer insurance-buying habits and consolidation of
        independent insurance agencies that could 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 the company's
        relationships with its independent agencies and hamper opportunities to
        add new agencies, resulting in limitations on the company's
        opportunities for growth, such as:
        --  Downgrades of the company's financial strength ratings
        --  Concerns that doing business with the company is too difficult
        --  Perceptions that the company's 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
    --  Events or actions, including unauthorized intentional circumvention of
        controls, that reduce the company's 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
    --  Events, such as an epidemic, natural catastrophe or terrorism, that
        could hamper our ability to assemble our workforce at our headquarters
        location

Further, the company's insurance businesses are subject to the effects of changing social, global, economic and regulatory environments. Public and regulatory initiatives have included efforts to adversely influence and restrict premium rates, restrict the ability to cancel policies, impose underwriting standards and expand overall regulation. The company also is subject to public and regulatory initiatives that can affect the market value for its common stock, such as measures affecting corporate financial reporting and governance. The ultimate changes and eventual effects, if any, of these initiatives are uncertain.

* * *



                                                                             Cincinnati Financial Corporation

                                                        Condensed Consolidated Balance Sheets and Statements of Income (unaudited)

    (Dollars in millions)                                                                                          June 30,              December 31,

                                                                                                                        2016                      2015
                                                                                                                        ----                      ----

    Assets

     Investments                                                                                                               $15,459                            $14,423

     Cash and cash equivalents                                                                                           547                                  544

     Premiums receivable                                                                                               1,529                                1,431

     Reinsurance recoverable                                                                                             557                                  542

    Deferred policy acquisition costs                                                                                    624                                  616

      Other assets                                                                                                     1,435                                1,332

    Total assets                                                                                                               $20,151                            $18,888
                                                                                                                               =======                            =======


    Liabilities

       Insurance reserves                                                                                                       $7,594                             $7,301

       Unearned premiums                                                                                               2,349                                2,201

       Deferred income tax                                                                                               844                                  638

       Long-term debt and capital lease obligations                                                                      825                                  821

       Other liabilities                                                                                               1,568                                1,500

    Total liabilities                                                                                                 13,180                               12,461
                                                                                                                      ------                               ------


    Shareholders' Equity

       Common stock and paid-in capital                                                                                1,634                                1,629

       Retained earnings                                                                                               4,915                                4,762

       Accumulated other comprehensive income                                                                          1,714                                1,344

       Treasury stock                                                                                                (1,292)                             (1,308)
                                                                                                                      ------                               ------

    Total shareholders' equity                                                                                         6,971                                6,427
                                                                                                                       -----                                -----

    Total liabilities and shareholders' equity                                                                                 $20,151                            $18,888
                                                                                                                               =======                            =======


    (Dollars in millions except per share data)                     Three months ended June 30,                       Six months ended June 30,

                                                                          2016                  2015                      2016                      2015
                                                                          ----                  ----                      ----                      ----

    Revenues

       Earned premiums                                                            $1,173                                         $1,111                             $2,327  $2,205

       Investment income, net of expenses                                  149                               140                                    294                 279

       Realized investment gains, net                                       44                                60                                    105                 107

       Other revenues                                                        5                                 5                                      9                  10

          Total revenues                                                 1,371                             1,316                                  2,735               2,601
                                                                         -----                             -----                                  -----               -----


    Benefits and Expenses

       Insurance losses and contract holders' benefits                     821                               712                                  1,545               1,461

       Underwriting, acquisition and insurance expenses                    366                               340                                    726                 685

       Interest expense                                                     13                                13                                     26                  26

       Other operating expenses                                              5                                 3                                      7                   7
                                                                           ---                               ---                                    ---                 ---

          Total benefits and expenses                                    1,205                             1,068                                  2,304               2,179
                                                                         -----                             -----                                  -----               -----


    Income Before Income Taxes                                             166                               248                                    431                 422
                                                                           ---                               ---                                    ---                 ---


    Provision for Income Taxes                                              43                                72                                    120                 118
                                                                           ---                               ---                                    ---                 ---


    Net Income                                                                      $123                                           $176                               $311    $304
                                                                                    ====                                           ====                               ====    ====


    Per Common Share:

       Net income-basic                                                            $0.75                                          $1.07                              $1.89   $1.85

       Net income-diluted                                                 0.74                              1.06                                   1.87                1.84
       ------------------                                                 ----                              ----                                   ----                ----


Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures
(See attached tables for reconciliations; additional prior-period reconciliations available at cinfin.com/investors.)

Cincinnati Financial Corporation prepares its public financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP). Statutory data is prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners' (NAIC) Accounting Practices and Procedures Manual, and therefore is not reconciled to GAAP data.

Management uses certain non-GAAP and non-statutory financial measures to evaluate its primary business areas - property casualty insurance, life insurance and investments. Management uses these measures when analyzing both GAAP and non-GAAP measures to improve its understanding of trends in the underlying business and to help avoid incorrect or misleading assumptions and conclusions about the success or failure of company strategies. Management adjustments to GAAP measures generally: apply to non-recurring events that are unrelated to business performance and distort short-term results; involve values that fluctuate based on events outside of management's control; supplement reporting segment disclosures with disclosures for a subsidiary company or for a combination of subsidiaries or reporting segments; or relate to accounting refinements that affect comparability between periods, creating a need to analyze data on the same basis.



    --  Operating income: Operating income is calculated by excluding net
        realized investment gains and losses (defined as realized investment
        gains and losses after applicable federal and state income taxes) from
        net income. Management evaluates operating income to measure the success
        of pricing, rate and underwriting strategies. While realized investment
        gains (or losses) are integral to the company's insurance operations
        over the long term, the determination to realize investment gains or
        losses in any period may be subject to management's discretion and is
        independent of the insurance underwriting process. Also, under
        applicable GAAP accounting requirements, gains and losses can be
        recognized from certain changes in market values of securities without
        actual realization. Management believes that the level of realized
        investment gains or losses for any particular period, while it may be
        material, may not fully indicate the performance of ongoing underlying
        business operations in that period.For these reasons, many investors and
        shareholders consider operating income to be one of the more meaningful
        measures for evaluating insurance company performance. Equity analysts
        who report on the insurance industry and the company generally focus on
        this metric in their analyses. The company presents operating income so
        that all investors have what management believes to be a useful
        supplement to GAAP information.
    --  Value creation ratio: This is a measure of shareholder value creation
        that management believes captures the contribution of the company's
        insurance operations, the success of its investment strategy and the
        importance placed on paying cash dividends to shareholders. The value
        creation ratio measure is made up of two primary components: (1) rate of
        growth in book value per share plus (2) the ratio of dividends declared
        per share to beginning book value per share. Management believes this
        non-GAAP measure is a useful supplement to GAAP information, providing a
        meaningful measure of long-term progress in creating shareholder value.
        It is intended to be all-inclusive regarding changes in book value per
        share, and uses originally reported book value per share in cases where
        book value per share has been adjusted, such as adoption of Accounting
        Standards Updates with a cumulative effect of a change in accounting.
    --  Consolidated property casualty insurance results: To supplement
        reporting segment disclosures related to our property casualty insurance
        operations, we also evaluate results for those operations on a basis
        that includes results for our property casualty insurance and brokerage
        services subsidiaries. That is the total of our commercial lines,
        personal lines and our excess and surplus lines segment plus our
        reinsurance assumed operations.
    --  Life insurance subsidiary results: To supplement life insurance
        reporting segment disclosures related to our life insurance operation,
        we also evaluate results for that operation on a basis that includes
        life insurance subsidiary investment income, or investment income plus
        net realized investment gains, that are also included in our investments
        reporting segment. We recognize that assets under management, capital
        appreciation and investment income are integral to evaluating the
        success of the life insurance segment because of the long duration of
        life products.
    --  Statutory accounting rules: For public reporting, insurance companies
        prepare financial statements in accordance with GAAP. However, insurers
        also must calculate certain data according to statutory accounting rules
        as defined in the NAIC's Accounting Practices and Procedures Manual,
        which may be, and has been, modified by various state insurance
        departments. Statutory data is publicly available, and various
        organizations use it to calculate aggregate industry data, study
        industry trends and compare insurance companies.
    --  Written premium: Under statutory accounting rules, property casualty
        written premium is the amount recorded for policies issued and
        recognized on an annualized basis at the effective date of the policy.
        Management analyzes trends in written premium to assess business
        efforts. Earned premium, used in both statutory and GAAP accounting, is
        calculated ratably over the policy term. The difference between written
        and earned premium is unearned premium.


                                                                                     Cincinnati Financial Corporation

                                                                                       Balance Sheet Reconciliation

    (Dollars are per share)                                                              Three months ended June 30,             Six months ended June 30,
    ----------------------

                                                                                            2016                    2015             2016                    2015
                                                                                            ----                    ----             ----                    ----

    Value creation ratio:

       End of period book value                                                                     $42.37                                  $39.60                  $42.37  $39.60

       Less beginning of period book value                                                 40.96                           40.22                           39.20      40.14
                                                                                           -----                           -----                           -----      -----

       Change in book value                                                                 1.41                          (0.62)                           3.17     (0.54)

       Dividend declared to shareholders                                                    0.48                            0.46                            0.96       0.92
                                                                                                                                                          ----       ----

       Total value creation                                                                          $1.89                                 $(0.16)                  $4.13   $0.38
                                                                                                     =====                                  ======                   =====   =====


    Value creation ratio from change in book value*                                         3.4%                         (1.5)%                           8.1%    (1.4)%

    Value creation ratio from dividends declared to shareholders**                           1.2                             1.1                             2.4        2.3
                                                                                             ---                             ---                             ---        ---

    Value creation ratio                                                                    4.6%                         (0.4)%                          10.5%      0.9%
                                                                                             ===                           =====                            ====        ===


    *    Change in book value divided by the beginning of period book value

    **   Dividend declared to shareholders divided by beginning of period book value


                                                  Net Income Reconciliation


    (Dollars in millions except per share data)   Three months ended June 30,            Six months ended June 30,

                                                      2016                  2015              2016                  2015
                                                      ----                  ----              ----                  ----

       Net income                                              $123                                   $176                         $311         $304

       Realized investment gains, net                   28                            38                             68               69
                                                       ---                           ---                            ---              ---

       Operating income                                 95                           138                            243              235

       Less catastrophe losses                       (107)                         (51)                         (129)            (79)

       Operating income before catastrophe losses      202                           189                                  $372            $314
                                                       ===                           ===                                  ====            ====


    Diluted per share data:

       Net income                                             $0.74                                  $1.06                        $1.87        $1.84

       Realized investment gains, net                 0.17                          0.23                           0.41             0.42
                                                      ----                          ----                           ----             ----

       Operating income                               0.57                          0.83                           1.46             1.42

       Less catastrophe losses                      (0.64)                       (0.31)                        (0.78)          (0.48)

       Operating income before catastrophe losses     1.21                          1.14                                 $2.24           $1.90
                                                      ====                          ====                                 =====           =====


                                                   Life Insurance Reconciliation


    (Dollars in millions)                             Three months ended June 30,         Six months ended June 30,

                                                          2016                 2015            2016                 2015
                                                          ----                 ----            ----                 ----

       Net income of the life insurance subsidiary                 $12                                 $11                      $22    $20

       Realized investment gains, net (after-tax)            -                         1                             1            2
                                                           ---                       ---                           ---          ---

       Operating income                                     12                         10                            21           18

       Investment income, net of expenses (pretax)        (39)                      (37)                         (77)        (74)

       Investment income credited to contract               22                         22                            44           43

         holders' (pretax)

    Income tax                                               6                          6                            12           11
                                                           ---                        ---                           ---          ---

    Life insurance segment profit (loss)                            $1                                  $1                 $      -  $(2)
                                                                   ===                                 ===               ===    ===   ===


                                                                                                                                                               Cincinnati Financial Corporation

                                                                                                                                                          Property Casualty Insurance Reconciliation


    (Dollars in millions)                                                                                                                                       Three months ended June 30, 2016

                                                                                                                         Consolidated              Commercial                Personal                E&S              Cincinnati Re
                                                                                                                         ------------              ----------                --------                ---              -------------

    Premiums:

       Written premiums                                                                                                           $1,194                                                        $797                                $330                 $51  $16

       Unearned premiums change                                                                                           (80)                                          (26)                               (42)                             (6)       (6)
                                                                                                                           ---                                            ---                                 ---                              ---

       Earned premiums                                                                                                            $1,114                                                        $771                                $288                 $45  $10
                                                                                                                                  ======                                                        ====                                ====                 ===  ===


    Statutory ratios:

       Combined ratio                                                                                                    97.9%                                         95.8%                             105.2%                           87.9%    107.5%

       Contribution from catastrophe losses                                                                               14.8                                           16.6                                12.4                              3.2        0.0

       Combined ratio excluding catastrophe losses                                                                       83.1%                                         79.2%                              92.8%                           84.7%    107.5%
                                                                                                                          ====                                           ====                                ====                             ====      =====


       Commission expense ratio                                                                                          18.1%                                         17.9%                              16.9%                           26.5%     20.4%

       Other underwriting expense ratio                                                                                   11.6                                           13.0                                10.3                              3.4        6.6
                                                                                                                                                                                                                                                      ---

       Total expense ratio                                                                                               29.7%                                         30.9%                              27.2%                           29.9%     27.0%
                                                                                                                          ====                                           ====                                ====                             ====       ====


    GAAP ratios:

       Combined ratio                                                                                                    99.3%                                         96.8%                             107.5%                           87.4%    109.0%

       Contribution from catastrophe losses                                                                               14.8                                           16.6                                12.4                              3.2        0.0

       Prior accident years before catastrophe losses                                                                    (4.4)                                         (7.4)                                3.1                            (1.9)     (2.9)

    Current accident year combined ratio before                                                                          88.9%                                         87.6%                              92.0%                           86.1%    111.9%

       catastrophe losses



    (Dollars in millions)                                                                                                                                     Six months ended June 30, 2016

                                                                                                                       Consolidated           Commercial             Personal                E&S          Cincinnati Re
                                                                                                                       ------------           ----------             --------                ---          -------------

    Premiums:

       Written premiums                                                                                                           $2,341                                                      $1,624                                $586                 $96      $35

       Unearned premiums change                                                                                          (131)                                          (93)                               (15)                             (8)      (15)
                                                                                                                          ----                                            ---                                 ---                              ---        ---

       Earned premiums                                                                                                            $2,210                                                      $1,531                                $571                 $88      $20
                                                                                                                                  ======                                                      ======                                ====                 ===      ===


    Statutory ratios:

       Combined ratio                                                                                                    94.1%                                         93.6%                              98.4%                           75.3%     94.8%

       Contribution from catastrophe losses                                                                                9.0                                           10.0                                 7.7                              1.8        0.0

       Combined ratio excluding catastrophe losses                                                                       85.1%                                         83.6%                              90.7%                           73.5%     94.8%
                                                                                                                          ====                                           ====                                ====                             ====       ====


       Commission expense ratio                                                                                          18.0%                                         17.5%                              17.9%                           27.2%     18.4%

       Other underwriting expense ratio                                                                                   11.9                                           12.8                                11.0                              2.9        6.4
                                                                                                                                                                                                                                                      ---

       Total expense ratio                                                                                               29.9%                                         30.3%                              28.9%                           30.1%     24.8%
                                                                                                                          ====                                           ====                                ====                             ====       ====


    GAAP ratios:

       Combined ratio                                                                                                    95.4%                                         95.2%                              98.9%                           74.6%    100.3%

       Contribution from catastrophe losses                                                                                9.0                                           10.0                                 7.7                              1.8        0.0

       Prior accident years before catastrophe losses                                                                    (4.7)                                         (5.3)                              (1.2)                          (16.4)     (7.4)
                                                                                                                          ----                                           ----                                ----                            -----       ----

    Current accident year combined ratio before                                                                          91.1%                                         90.5%                              92.4%                           89.2%    107.7%

       catastrophe losses



    Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on dollar amounts in thousands.

http://photos.prnewswire.com/prnvar/20110824/CL57087LOGO

Logo - http://photos.prnewswire.com/prnh/20110824/CL57087LOGO

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/cincinnati-financial-reports-second-quarter-2016-results-300304248.html

SOURCE Cincinnati Financial Corporation