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Income Taxes
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The differences between the 21% statutory federal income tax rate and our effective income tax rate were as follows:
(Dollars in millions)Three months ended September 30,Nine months ended September 30,
2025202420252024
Tax at statutory rate:$296 21.0 %$219 21.0 %$449 21.0 %$500 21.0 %
Increase (decrease) resulting from:        
Tax-exempt income from municipal bonds(6)(0.4)(5)(0.5)(17)(0.8)(16)(0.7)
Dividend received exclusion(5)(0.4)(6)(0.6)(16)(0.7)(16)(0.7)
Other6 0.4 12 1.3 7 0.3 24 1.1 
Provision for income taxes$291 20.6 %$220 21.2 %$423 19.8 %$492 20.7 %
 
The provision for federal income taxes is based upon filing a consolidated income tax return for the company and its domestic subsidiaries.

The One Big Beautiful Bill Act (the “Tax Act”) was enacted on July 4, 2025, and makes permanent several provisions from the 2017 Tax Cuts and Jobs Act. Applicable impacts of the Tax Act have been reflected in the tax provision
at September 30, 2025, and do not have a material impact on our consolidated financial statements.

We continue to believe that after considering all positive and negative evidence of taxable income in the carryback and carryforward periods as permitted by law, it is more likely than not that all of the deferred tax assets on our U.S. domestic operations and those related to Cincinnati Global Underwriting Ltd.SM (Cincinnati Global) will be realized. As a result, we have no valuation allowance for our U.S. domestic operations or Cincinnati Global at both September 30, 2025, and December 31, 2024.

Cincinnati Global
Cincinnati Global had no operating loss carryforwards in the United States and $50 million and $78 million in the United Kingdom at September 30, 2025, and December 31, 2024, respectively. These Cincinnati Global losses can only be utilized within the Cincinnati Global group.