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Shareholders' Equity And Dividend Restrictions
 12 Months Ended
Dec. 31, 2020
Shareholders Equity And Dividend Restrictions [Abstract]  
Shareholders' Equity And Dividend Restrictions Shareholders’ Equity and Dividend Restrictions
Declared cash dividends per share were $2.40, $2.24 and $2.12 for the years ended December 31, 2020, 2019 and 2018, respectively.

Our lead insurance subsidiary, The Cincinnati Insurance Company, paid dividends to the parent company of $550 million in 2020, $625 million in 2019 and $500 million in 2018. State regulatory requirements restrict the dividends insurance subsidiaries can pay. Generally, the most our lead insurance subsidiary can pay without prior regulatory approval is the greater of 10% of statutory capital and surplus or 100% 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 2021, the total that our lead insurance subsidiary may pay in dividends is approximately $583 million.

Dividend payments from Cincinnati Global to the parent company are subject to regulation by U.K. law. Cincinnati Global paid no dividends to the parent company in either 2020 or 2019.
 
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)202020192018
Before
tax		Income
tax		NetBefore
tax		Income
tax		NetBefore
tax		Income
tax		Net
Investments:
AOCI, January 1$590 $123 $467 $46 $9 $37 $3,540 $733 $2,807 
Cumulative effect of change in accounting for equity securities as of January 1, 2018— — — — — — (3,155)(652)(2,503)
Adjusted AOCI, beginning of period590 123 467 46 9 37 385 81 304 
OCI before investment gains and losses, net, recognized in net income371 78 293 545 115 430 (334)(71)(263)
Investment gains and losses, net, recognized in net income65 14 51 (1)(1)— (5)(1)(4)
OCI436 92 344 544 114 430 (339)(72)(267)
AOCI, December 31$1,026 $215 $811 $590 $123 $467 $46 $9 $37 
Pension obligations:
AOCI, January 1$(9)$— $(9)$(16)$(2)$(14)$(12)$(1)$(11)
OCI excluding amortization recognized in net income(35)(7)(28)6 2 4 (5)(1)(4)
Amortization recognized in net income3 — 3 1 — 1 1 — 1 
OCI(32)(7)(25)7 2 5 (4)(1)(3)
AOCI, December 31$(41)$(7)$(34)$(9)$— $(9)$(16)$(2)$(14)
Life deferred acquisition costs, life policy reserves and other:
AOCI, January 1$(13)$(3)$(10)$(1)$— $(1)$(10)$(2)$(8)
OCI before investment gains and losses, net, recognized in net income3 1 2 (15)(3)(12)(3)(1)(2)
Investment gains and losses, net, recognized in net income— — — 3 — 3 12 3 9 
OCI3 1 2 (12)(3)(9)9 2 7 
AOCI, December 31$(10)$(2)$(8)$(13)$(3)$(10)$(1)$— $(1)
Summary of AOCI:
AOCI, January 1$568 $120 $448 $29 $7 $22 $3,518 $730 $2,788 
Cumulative effect of change in accounting for equity securities as of January 1, 2018— — — — — — (3,155)(652)(2,503)
Adjusted AOCI, beginning of period568 120 448 29 7 22 363 78 285 
Investments OCI436 92 344 544 114 430 (339)(72)(267)
Pension obligations OCI(32)(7)(25)7 2 5 (4)(1)(3)
Life deferred acquisition costs, life policy reserves and other OCI3 1 2 (12)(3)(9)9 2 7 
Total OCI407 86 321 539 113 426 (334)(71)(263)
AOCI, December 31$975 $206 $769 $568 $120 $448 $29 $7 $22 

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.