9. Shareholders’ Equity and Dividend Restrictions

Our insurance subsidiary declared dividends to the parent company of $300 million in 2012, $180 million in 2011 and $220 million in 2010. 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 policyholder 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 2013, the total that our insurance subsidiary, which is the parent of all other insurance subsidiaries, may declare in dividends is approximately $391 million.

As of December 31, 2012, 9.3 million shares of common stock were available for future equity award grants.

Declared cash dividends per share were $1.62, $1.605 and $1.59 for the years ended December 31, 2012, 2011 and 2010, respectively.

Accumulated Other Comprehensive Income

The change in AOCI includes changes in unrealized gains and losses on investments and pension obligations as follows:



(In millions)	Years ended December 31,
		2012						2011						2010
		Before		Income				Before		Income				Before		Income
		tax		tax		Net		tax		tax		Net		tax		tax		Net
Accumulated unrealized gains on investments available for sale and other at January 1	$	1,460	$	502	$	958	$	1,232	$	422	$	810	$	1,012	$	345	$	667

Increase in unrealized gains		428		152		276		309		108		201		383		136		247

Reclassification adjustment for (gains) losses included in net income		(42)		(15)		(27)		(70)		(25)		(45)		(159)		(56)		(103)
Adjustment to deferred acquisition costs and life policy reserves and other		(21)		(9)		(12)		(11)		(3)		(8)		(4)		(3)		(1)
Effect on other comprehensive income		365		128		237		228		80		148		220		77		143
Accumulated unrealized gains on investments available for sale and other at December 31	$	1,825	$	630	$	1,195	$	1,460	$	502	$	958	$	1,232	$	422	$	810

Accumulated unrealized losses for pension obligations at January 1	$	(88)	$	(31)	$	(57)	$	(63)	$	(22)	$	(41)	$	(66)	$	(23)	$	(43)

Change in pension obligations		(13)		(4)		(9)		(25)		(9)		(16)		3		1		2
Accumulated unrealized losses for pension obligations at December 31	$	(101)	$	(35)	$	(66)	$	(88)	$	(31)	$	(57)	$	(63)	$	(22)	$	(41)

Accumulated other comprehensive income at January 1	$	1,372	$	471	$	901	$	1,169	$	400	$	769	$	946	$	322	$	624
Unrealized investment gains and losses and other adjustments		365		128		237		228		80		148		220		77		143
Change in pension obligations		(13)		(4)		(9)		(25)		(9)		(16)		3		1		2
Accumulated other comprehensive income at December 31	$	1,724	$	595	$	1,129	$	1,372	$	471	$	901	$	1,169	$	400	$	769