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Full: For 120...264...300 seconds, your animal companion gains 1...3...3 Health regeneration, and half of all damage dealt to your animal companion is redirected to you.
Concise: (120...264...300 seconds.) Your pet has +1...3...3 Health regeneration. Half of all damage dealt to your pet is redirected to you.
This redirection happens after AL from the pet, but before reduction by Call of Protection.
The redirected damage is untyped.
Combine with casting Balthazar's Spirit on yourself to gain Energy whenever your pet takes damage. This will also stack with Life Bond cast on your pet, resulting in gaining 2 energy whenever your pet takes damage.
Beware - since it is a shout, you cannot end it prematurely if you are taking too much damage.