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Shareholders' Equity And Dividend Restrictions | 12 Months Ended
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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) |  | 2023 |  |  | 2022 |  |  | 2021
|  | Before tax |  | Income tax |  | Net |  |  | Before tax |  | Income tax |  | Net |  |  | Before 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 income |  | 255 |  |  | 55 |  |  | 200 |  |  |  | (1,642) |  |  | (347) |  |  | (1,295) |  |  |  | (204) |  |  | (44) |  |  | (160) |
Investment gains and losses, net, recognized in net income |  | 22 |  |  | 4 |  |  | 18 |  |  |  | 3 |  |  | — |  |  | 3 |  |  |  | (30) |  |  | (6) |  |  | (24) |
OCI |  | 277 |  |  | 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 income |  | 2 |  |  | 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 1 |  | 29 |  |  | 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 OCI |  | 277 |  |  | 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 OCI |  | 229 |  |  | 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.

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- Definition Shareholders' Equity And Accumulated Other Comprehensive Income + References No definition available. + Details
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- Definition Shareholder's Equity And Dividend Restrictions [Abstract]. + References No definition available. + Details
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