Investment gains (losses) in the first quarter of 2024 and 2023 are summarized as follows (in millions).


	First Quarter
	2024			2023
Investment gains (losses):
Equity securities:
Change in unrealized investment gains (losses) during the period on securities held at the end of the period	$	3,982		$	31,317
Investment gains (losses) on securities sold during the period		(2,104	)		370
		1,878			31,687
Fixed maturity securities:
Gross realized gains		13			124
Gross realized losses		(12	)		(52	)
Other		(3	)		2,999
	$	1,876		$	34,758

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. Our proceeds from sales of equity securities were approximately $20.0 billion in the first quarter of 2024 and $13.3 billion in 2023. 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 acquisition date. Taxable gains and losses on equity securities sold are generally the difference between the proceeds from sales and cost. Our sales of equity securities produced taxable gains in the first quarter of $14.2 billion in 2024 and $2.2 billion in 2023. Other investment gains in the first quarter of 2023 included a non-cash gain of approximately $3.0 billion from the remeasurement of our pre-existing 38.6% interest in Pilot through the application of acquisition accounting under GAAP.