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Investment and derivative contract gains (losses)
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Investment and derivative contract gains (losses)
(6)
Investment and derivative contract gains (losses)

Investment and derivative contract gains (losses) for each of the three years ending December 31, 2022 are summarized as follows (in millions).

 

 

 

2022

 

 

2021

 

 

2020

 

Investment gains (losses):

 

 

 

 

 

 

 

 

 

Equity securities:

 

 

 

 

 

 

 

 

 

Change in unrealized investment gains (losses) during the year on
   securities held at the end of the year

 

$

(63,120

)

 

$

76,375

 

 

$

54,951

 

Investment gains (losses) during the year on securities sold

 

 

(3,927

)

 

 

997

 

 

 

(14,036

)

 

 

 

(67,047

)

 

 

77,372

 

 

 

40,915

 

Fixed maturity securities:

 

 

 

 

 

 

 

 

 

Gross realized gains

 

 

134

 

 

 

85

 

 

 

56

 

Gross realized losses

 

 

(684

)

 

 

(29

)

 

 

(27

)

Other

 

 

(26

)

 

 

148

 

 

 

(39

)

Investment gains (losses)

 

 

(67,623

)

 

 

77,576

 

 

 

40,905

 

Derivative contract gains (losses)

 

 

(276

)

 

 

966

 

 

 

(159

)

 

 

$

(67,899

)

 

$

78,542

 

 

$

40,746

 

 

Notes to Consolidated Financial Statements (Continued)

(6)
Investment and derivative contract gains (losses) (Continued)

Equity securities gains and losses include unrealized gains and losses from changes in fair values during the year on equity securities we still own, as well as gains and losses on securities we sold during the year. As reflected in the Consolidated Statements of Cash Flows, we received proceeds of approximately $33.7 billion in 2022, $15.8 billion in 2021 and $38.8 billion in 2020 from sales of equity securities. In the preceding table, investment gains and losses on equity securities sold during the year represent the difference between the sales proceeds and the fair value of the equity securities sold at the beginning of the applicable year or, if later, the purchase date. Our taxable gains and losses on equity securities sold are generally the difference between the proceeds from sales and original cost. Equity securities sold produced taxable gains of $769 million in 2022, $3.6 billion in 2021 and $6.2 billion in 2020.

Our derivative contract gains and losses derived from equity index put option contracts. As of December 31, 2022, we had three open contracts, one of which has since expired. Our exposure to losses in the future is insignificant.