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Shareholders' Equity And Dividend Restrictions
 12 Months Ended
Dec. 31, 2018
Shareholders Equity And Dividend Restrictions [Abstract]  
Shareholders' Equity And Dividend Restrictions
Shareholders’ Equity and Dividend Restrictions
Declared cash dividends per share were $2.12, $2.50 and $1.92 for the years ended December 31, 2018, 2017 and 2016, respectively.

Our insurance subsidiary declared dividends to the parent company of $500 million in 2018, $465 million in 2017 and $475 million in 2016. State regulatory requirements restrict the dividends insurance subsidiaries can pay. 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 2019, the total that our insurance subsidiary, which is the parent of all other insurance subsidiaries, may declare in dividends is approximately $626 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)
 
2018
 
 
2017
 
 
2016
 
 
Before
tax
 
Income
tax
 
Net
 
 
Before
tax
 
Income
tax
 
Net
 
 
Before
tax
 
Income
tax
 
Net
Investments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
AOCI, January 1
 
$
3,540

 
$
733

 
$
2,807

 
 
$
2,625

 
$
908

 
$
1,717

 
 
$
2,094

 
$
722

 
$
1,372

Cumulative effect of change in accounting for equity securities as of January 1, 2018
 
(3,155
)
 
(652
)
 
(2,503
)
 
 
—

 
—

 
—

 
 
—

 
—

 
—

Adjusted AOCI, beginning of period
 
385

 
81

 
304

 
 
2,625

 
908

 
1,717

 
 
2,094

 
722

 
1,372

OCI before investment gains and losses, net, recognized in net income
 
(334
)
 
(71
)
 
(263
)
 
 
1,054

 
366

 
688

 
 
653

 
229

 
424

Investment gains and losses, net, recognized in net income

 
(5
)
 
(1
)
 
(4
)
 
 
(139
)
 
(49
)
 
(90
)
 
 
(122
)
 
(43
)
 
(79
)
OCI
 
(339
)
 
(72
)
 
(267
)
 
 
915

 
317

 
598

 
 
531

 
186

 
345

Adjustment to reclassify certain tax effects from AOCI
 
—

 
—

 
—

 
 
—

 
(492
)
 
492

 
 
—

 
—

 
—

AOCI, December 31
 
$
46

 
$
9

 
$
37

 
 
$
3,540

 
$
733

 
$
2,807

 
 
$
2,625

 
$
908

 
$
1,717

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pension obligations:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
AOCI, January 1
 
$
(12
)
 
$
(1
)
 
$
(11
)
 
 
$
(26
)
 
$
(8
)
 
$
(18
)
 
 
$
(42
)
 
$
(14
)
 
$
(28
)
OCI excluding amortization recognized in net income
 
(5
)
 
(1
)
 
(4
)
 
 
12

 
6

 
6

 
 
13

 
5

 
8

Amortization recognized in net income
 
1

 
—

 
1

 
 
2

 
1

 
1

 
 
3

 
1

 
2

OCI
 
(4
)
 
(1
)
 
(3
)
 
 
14

 
7

 
7

 
 
16

 
6

 
10

AOCI, December 31
 
$
(16
)
 
$
(2
)
 
$
(14
)
 
 
$
(12
)
 
$
(1
)
 
$
(11
)
 
 
$
(26
)
 
$
(8
)
 
$
(18
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Life deferred acquisition costs, life policy reserves and other:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
AOCI, January 1
 
$
(10
)
 
$
(2
)
 
$
(8
)
 
 
$
(9
)
 
$
(3
)
 
$
(6
)
 
 
$
1

 
$
1

 
$
—

OCI before investment gains and losses, net, recognized in net income

 
(3
)
 
(1
)
 
(2
)
 
 
8

 
5

 
3

 
 
(8
)
 
(3
)
 
(5
)
Investment gains and losses, net, recognized in net income
 
12

 
3

 
9

 
 
(9
)
 
(4
)
 
(5
)
 
 
(2
)
 
(1
)
 
(1
)
OCI
 
9

 
2

 
7

 
 
(1
)
 
1

 
(2
)
 
 
(10
)
 
(4
)
 
(6
)
AOCI, December 31
 
$
(1
)
 
$
—

 
$
(1
)
 
 
$
(10
)
 
$
(2
)
 
$
(8
)
 
 
$
(9
)
 
$
(3
)
 
$
(6
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Summary of AOCI:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
AOCI, January 1
 
$
3,518

 
$
730

 
$
2,788

 
 
$
2,590

 
$
897

 
$
1,693

 
 
$
2,053

 
$
709

 
$
1,344

Cumulative effect of change in accounting for equity securities as of January 1, 2018
 
(3,155
)
 
(652
)
 
(2,503
)
 
 
—

 
—

 
—

 
 
—

 
—

 
—

Adjusted AOCI, beginning of period
 
363

 
78

 
285

 
 
2,590

 
897

 
1,693

 
 
2,053

 
709

 
1,344

Investments OCI
 
(339
)
 
(72
)
 
(267
)
 
 
915

 
317

 
598

 
 
531

 
186

 
345

Pension obligations OCI
 
(4
)
 
(1
)
 
(3
)
 
 
14

 
7

 
7

 
 
16

 
6

 
10

Life deferred acquisition costs, life policy reserves and other OCI
 
9

 
2

 
7

 
 
(1
)
 
1

 
(2
)
 
 
(10
)
 
(4
)
 
(6
)
Total OCI
 
(334
)
 
(71
)
 
(263
)
 
 
928

 
325

 
603

 
 
537

 
188

 
349

Adjustment to reclassify certain tax effects from AOCI
 
—

 
—

 
—

 
 
—

 
(492
)
 
492

 
 
—

 
—

 
—

AOCI, December 31
 
$
29

 
$
7

 
$
22

 
 
$
3,518

 
$
730

 
$
2,788

 
 
$
2,590

 
$
897

 
$
1,693

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Investments gains and losses, net, and life deferred acquisition costs, life policy reserves and other investment gains and losses, net, are recorded in the investment gains and losses, 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 line items in the consolidated statements of income.