Note 8. Investment gains/losses

Investment gains/losses are summarized below (in millions).


	First Quarter
	2014			2013
Fixed maturity securities —
Gross gains from sales and other disposals	$	190		$	15
Gross losses from sales and other disposals		(29	)		(54	)
Equity securities —
Gross gains from sales and other disposals		1,004			109
Gross losses from sales and other disposals		—			(1	)
Other-than-temporary impairments		(19	)		(85	)
Other		(15	)		521

	$	1,131		$	505

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


Insurance and other	$	1,059	$	434
Finance and financial products		72		71

	$	1,131	$	505

Gains from disposals of equity securities in the first quarter of 2014 included a non-cash holding gain of $949 million realized on the exchange of PSX common stock in connection with the acquisition of PSPI, which was completed February 25, 2014. The holding gain represents the excess of the fair value of the PSX stock exchanged over its cost basis. See Note 3.

We record investments in equity and fixed maturity securities classified as available-for-sale at fair value and record the difference between fair value and cost in other comprehensive income. Other-than-temporary impairment charges recognized in earnings with respect to such investments represent reductions in the cost basis of the investments, but not the carrying values. Accordingly, these charges are offset by a corresponding credit to other comprehensive income and therefore have no net effect on shareholders’ equity as of the balance sheet date.