Shareholders’ Equity and Dividend Restrictions

Declared cash dividends per share were $1.92, $2.30 and $1.76 for the years ended December 31, 2016, 2015 and 2014, respectively.

Our insurance subsidiary declared dividends to the parent company of $475 million in 2016, $447 million in 2015 and $400 million in 2014. State regulatory requirements restrict the dividends insurance subsidiaries can pay. Dividends must be paid within 30 days of declaration. Generally, the most our insurance subsidiary can pay without prior regulatory approval is the greater of 10 percent of statutory capital and surplus or 100 percent of statutory net income for the prior calendar year. Dividends exceeding these limitations may be paid only with approval of the insurance department of the domiciliary state. During 2017, the total that our insurance subsidiary, which is the parent of all other insurance subsidiaries, may declare in dividends is approximately $469 million.

Accumulated Other Comprehensive Income

The table below shows beginning and end of year accumulated other comprehensive income (AOCI) for investments, pension obligations, life deferred acquisition costs, life policy reserves and other. The changes from the beginning of year to the end of year are the result of changes to other comprehensive income or loss (OCI).



(Dollars in millions)	2016									2015									2014
	Before tax			Income tax			Net			Before tax			Income tax			Net			Before tax			Income tax			Net
Investments:
AOCI, January 1	$	2,094		$	722		$	1,372		$	2,719		$	942		$	1,777		$	2,335		$	808		$	1,527
OCI before realized gains recognized in net income	653			229			424			(556		)	(196		)	(360		)	514			181			333
Realized gains recognized in net income	(122		)	(43		)	(79		)	(69		)	(24		)	(45		)	(130		)	(47		)	(83		)
OCI	531			186			345			(625		)	(220		)	(405		)	384			134			250
AOCI, December 31	$	2,625		$	908		$	1,717		$	2,094		$	722		$	1,372		$	2,719		$	942		$	1,777

Pension obligations:
AOCI, January 1	$	(42	)	$	(14	)	$	(28	)	$	(36	)	$	(12	)	$	(24	)	$	(18	)	$	(6	)	$	(12	)
OCI excluding amortization recognized in net income	13			5			8			(12		)	(5		)	(7		)	(21		)	(7		)	(14		)
Amortization recognized in net income	3			1			2			6			3			3			3			1			2
OCI	16			6			10			(6		)	(2		)	(4		)	(18		)	(6		)	(12		)
AOCI, December 31	$	(26	)	$	(8	)	$	(18	)	$	(42	)	$	(14	)	$	(28	)	$	(36	)	$	(12	)	$	(24	)

Life deferred acquisition costs, life policy reserves and other:
AOCI, January 1	$	1		$	1		$	—		$	(12	)	$	(3	)	$	(9	)	$	(16	)	$	(5	)	$	(11	)
OCI before realized gains recognized in net income	(8		)	(3		)	(5		)	14			5			9			7			3			4
Realized gains recognized in net income	(2		)	(1		)	(1		)	(1		)	(1		)	—			(3		)	(1		)	(2		)
OCI	(10		)	(4		)	(6		)	13			4			9			4			2			2
AOCI, December 31	$	(9	)	$	(3	)	$	(6	)	$	1		$	1		$	—		$	(12	)	$	(3	)	$	(9	)

Summary of AOCI:
AOCI, January 1	$	2,053		$	709		$	1,344		$	2,671		$	927		$	1,744		$	2,301		$	797		$	1,504
Investments OCI	531			186			345			(625		)	(220		)	(405		)	384			134			250
Pension obligations OCI	16			6			10			(6		)	(2		)	(4		)	(18		)	(6		)	(12		)
Life deferred acquisition costs, life policy reserves and other OCI	(10		)	(4		)	(6		)	13			4			9			4			2			2
Total OCI	537			188			349			(618		)	(218		)	(400		)	370			130			240
AOCI, December 31	$	2,590		$	897		$	1,693		$	2,053		$	709		$	1,344		$	2,671		$	927		$	1,744

Investments realized gains and life deferred acquisition costs, life policy reserves and other realized gains are recorded in the realized investment gains, net, line item in the consolidated statements of income. Amortization on pension obligations is recorded in the insurance losses and contract holders' benefits and underwriting, acquisition and insurance expenses in the consolidated statements of income.