Note 7. Investment gains/losses

Investment gains/losses, including other-than-temporary impairment (“OTTI”) losses, are summarized below (in millions).


	Third Quarter						First Nine Months
	2013			2012			2013			2012
Fixed maturity securities —
Gross gains from sales and other disposals	$	727		$	77		$	809		$	168
Gross losses from sales and other disposals		(55	)		—			(147	)		(345	)
Equity securities —
Gross gains from sales and other disposals		548			645			918			1,218
Gross losses from sales and other disposals		(37	)		(4	)		(57	)		(11	)
OTTI losses		(143	)		—			(228	)		(337	)
Other		674			199			1,416			243

	$	1,714		$	917		$	2,711		$	936

Investment gains/losses are reflected in the Consolidated Statements of Earnings as follows (in millions).


	Third Quarter				First Nine Months
	2013		2012		2013		2012
Insurance and other	$	1,640	$	725	$	2,529	$	720
Finance and financial products		74		192		182		216

	$	1,714	$	917	$	2,711	$	936

We record investments in equity and fixed maturity securities that are classified as available-for-sale at fair value with the difference between fair value and cost recorded in other comprehensive income. OTTI losses recognized in earnings represent reductions in the cost basis of the investment, but not the fair value. Accordingly, the OTTI losses that are included in earnings are generally offset by a corresponding credit to other comprehensive income and therefore have no net effect on shareholders’ equity as of the balance sheet date. In the first nine months of 2013 and 2012, the OTTI losses related to bonds issued by Texas Competitive Electric Holdings. Other investment gains/losses in 2013 primarily consisted of gains related to the valuations of the GS and GE warrants.