Change in unrealized gain (loss) on securities

  
Schedule II (continued)

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Cincinnati Financial Corporation (parent company only) |
| Condensed Statements of Income and Comprehensive Income |
| (Dollars in millions) |  | Years ended December 31, |
|   |  | 2021 |  | 2020 |  | 2019 |
| Revenues |  |   |  |   |  |   |
| Investment income, net of expenses |  | $ | 91  |  |  | $ | 81  |  |  | $ | 75  |  |
| Investment gains and losses, net |  | 1,058  |  |  | 556  |  |  | 728  |  |
| Other revenue |  | 15  |  |  | 15  |  |  | 15  |  |
| Total revenues |  | 1,164  |  |  | 652  |  |  | 818  |  |
| Expenses |  |   |  |   |  |   |
| Interest expense |  | 53  |  |  | 54  |  |  | 52  |  |
| Other expenses |  | 32  |  |  | 34  |  |  | 37  |  |
| Total expenses |  | 85  |  |  | 88  |  |  | 89  |  |
| Income Before Income Taxes and Earnings of Subsidiaries |  | 1,079  |  |  | 564  |  |  | 729  |  |
| Provision for Income Taxes |  | 217  |  |  | 111  |  |  | 146  |  |
| Net Income Before Earnings of Subsidiaries |  | 862  |  |  | 453  |  |  | 583  |  |
| Increase in equity of subsidiaries |  | 2,084  |  |  | 763  |  |  | 1,414  |  |
| Net Income |  | $ | 2,946  |  |  | $ | 1,216  |  |  | $ | 1,997  |  |
| Other Comprehensive Income (Loss), Net of Taxes |  |  |  |  |  |  |
| Change in unrealized gain on securities |  | 1  |  |  | —  |  |  | —  |  |
| Amortization of pension actuarial gains (losses) and prior service costs |  | 54  |  |  | (25) |  |  | 5  |  |
| Other Comprehensive Income (Loss), Net of Taxes Before Other Comprehensive Income    of Subsidiaries |  | 55  |  |  | (25) |  |  | 5  |  |
| Other comprehensive income (loss) of subsidiaries |  | (176) |  |  | 346  |  |  | 421  |  |
| Other comprehensive income (loss)  |  | (121) |  |  | 321  |  |  | 426  |  |
| Comprehensive Income |  | $ | 2,825  |  |  | $ | 1,537  |  |  | $ | 2,423  |  |
|  |  |  |  |  |  |  |

This condensed financial information should be read in conjunction with the Consolidated Financial Statements and Notes included in Part II, Item 8.  
Cincinnati Financial Corporation - 2021 10-K - Page 183
