Note 8. Investment gains/losses

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


	Second Quarter						First Six Months
	2014			2013			2014			2013
Fixed maturity securities —
Gross gains from sales and other disposals	$	39		$	67		$	229		$	82
Gross losses from sales and other disposals		(19	)		(38	)		(48	)		(92	)
Equity securities —
Gross gains from sales and other disposals		2,391			261			3,395			370
Gross losses from sales and other disposals		(3	)		(19	)		(3	)		(20	)
Other-than-temporary impairments		—			—			(19	)		(85	)
Other		(42	)		221			(57	)		742

	$	2,366		$	492		$	3,497		$	997

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


	Second Quarter				First Six Months
	2014		2013		2014		2013
Insurance and other	$	2,366	$	455	$	3,425	$	889
Finance and financial products		—		37		72		108

	$	2,366	$	492	$	3,497	$	997

Gains from disposals of equity securities in 2014 included non-cash holding gains of approximately $1.1 billion in the second quarter and $2.1 billion in the first six months from the exchange of PSX common stock in connection with the acquisition of PSPI, and the exchange of GHC common stock for WPLG. The PSX/PSPI exchange was completed February 25, 2014 and the GHC/WPLG exchange was completed on June 30, 2014. The holding gains represented the excess of the respective fair value of the net assets of PSPI and WPLG received over the respective cost basis of the PSX and GHC shares exchanged.