Investment and derivative contract gains (losses) in the first quarter of 2023 and 2022 are summarized as follows (in millions).


	First Quarter
	2023			2022
Investment gains (losses):
Equity securities:
Change in unrealized investment gains (losses) during the period on securities held at the end of the period	$	31,317		$	(1,775	)
Investment gains on securities sold during the period		370			89
		31,687			(1,686	)
Fixed maturity securities:
Gross realized gains		124			6
Gross realized losses		(52	)		(49	)
Other		2,999			(6	)
Investment gains (losses)		34,758			(1,735	)
Derivative contract gains (losses)		—			(243	)
	$	34,758		$	(1,978	)

Equity securities gains and losses include unrealized gains and losses from changes in fair values during the period on equity securities we still own, as well as gains and losses on securities we sold during the period. As reflected in the Consolidated Statements of Cash Flows, we received proceeds from sales of equity securities of approximately $13.3 billion in the first quarter of 2023 and $9.7 billion in the first quarter of 2022. In the preceding table, investment gains and losses on equity securities sold during the period represent the difference between the sales proceeds and the fair value of the equity securities sold at the beginning of the applicable period or, if later, the purchase date. 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 $2.2 billion in the first quarter of 2023 compared to taxable losses of $739 million in 2022.

Other investment gains in the first quarter of 2023 included approximately $3 billion from the remeasurement of our pre-existing 38.6% interest in Pilot through the application of acquisition accounting under GAAP. See Note 3. As of March 31, 2023, our exposure to losses in the future under our two outstanding equity index put option contracts is insignificant.