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Shareholders' Equity And Dividend Restrictions
 12 Months Ended
Dec. 31, 2023
Shareholders Equity And Dividend Restrictions [Abstract]  
Shareholders' Equity And Dividend Restrictions Shareholders’ Equity and Dividend Restrictions
Declared cash dividends per share were $3.00, $2.76 and $2.52 for the years ended December 31, 2023, 2022 and 2021, respectively.

Our lead insurance subsidiary, The Cincinnati Insurance Company, paid dividends to the parent company of $526 million, $729 million and $583 million in 2023, 2022 and 2021, respectively. 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 2024, the total that our lead insurance subsidiary may pay in dividends is approximately $729 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 2023, 2022 or 2021.
 
Accumulated Other Comprehensive Income
The adoption of ASU 2018-12 on January 1, 2023 resulted in restatement of certain amounts below. See Note 1, Summary of Significant Accounting Policies, for further discussion. The table below shows beginning and end of year accumulated other comprehensive income (AOCI) for investments, pension obligations, life policy reserves, reinsurance recoverable 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)202320222021
Before
tax		Income
tax		NetBefore
tax		Income
tax		NetBefore
tax		Income
tax		Net
Investments:
AOCI, January 1$(847)$(182)$(665)$792 $165 $627 $1,026 $215 $811 
OCI before investment gains and losses, net, recognized in net income255 55 200 (1,642)(347)(1,295)(204)(44)(160)
Investment gains and losses, net, recognized in net income22 4 18 3 — 3 (30)(6)(24)
OCI277 59 218 (1,639)(347)(1,292)(234)(50)(184)
AOCI, December 31$(570)$(123)$(447)$(847)$(182)$(665)$792 $165 $627 
Pension obligations:
AOCI, January 1$36 $9 $27 $27 $7 $20 $(41)$(7)$(34)
OCI excluding amortization recognized in net income2 1 1 12 2 10 62 12 50 
Amortization recognized in net income(8)(2)(6)(3)— (3)6 2 4 
OCI(6)(1)(5)9 2 7 68 14 54 
AOCI, December 31$30 $8 $22 $36 $9 $27 $27 $7 $20 
Life policy reserves, reinsurance recoverable and other:
AOCI, January 1$29 $5 $24 $(444)$(94)$(350)$(10)$(2)$(8)
Cumulative effect of change in accounting for long duration insurance contracts— — — — — — (550)(116)(434)
Adjusted AOCI, January 129 5 24 (444)(94)(350)(560)(118)(442)
OCI before investment gains and losses, net, recognized in net income(42)(8)(34)473 99 374 116 24 92 
Investment gains and losses, net, recognized in net income— — — — — — — — — 
OCI(42)(8)(34)473 99 374 116 24 92 
AOCI, December 31$(13)$(3)$(10)$29 $5 $24 $(444)$(94)$(350)
Summary of AOCI:
AOCI, January 1$(782)$(168)$(614)$375 $78 $297 $975 $206 $769 
Cumulative effect of change in accounting for long duration insurance contracts— — — — — — (550)(116)(434)
Adjusted AOCI, January 1(782)(168)(614)375 78 297 425 90 335 
Investments OCI277 59 218 (1,639)(347)(1,292)(234)(50)(184)
Pension obligations OCI(6)(1)(5)9 2 7 68 14 54 
Life policy reserves, reinsurance recoverable and other OCI(42)(8)(34)473 99 374 116 24 92 
Total OCI229 50 179 (1,157)(246)(911)(50)(12)(38)
AOCI, December 31$(553)$(118)$(435)$(782)$(168)$(614)$375 $78 $297 

Investment gains and losses, net, 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.