Note 8. Investment gains/losses

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


	Third Quarter						First Nine Months
	2014			2013			2014			2013
Fixed maturity securities —
Gross gains from sales and other disposals	$	4		$	727		$	233		$	809
Gross losses from sales and other disposals		(25	)		(55	)		(73	)		(147	)
Equity securities —
Gross gains from sales and other disposals		354			548			3,749			918
Gross losses from sales and other disposals		(38	)		(37	)		(41	)		(57	)
Other-than-temporary impairments		(678	)		(143	)		(697	)		(228	)
Other		7			674			(50	)		1,416

	$	(376	)	$	1,714		$	3,121		$	2,711

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


	Third Quarter					First Nine Months
	2014			2013		2014		2013
Insurance and other	$	(376	)	$	1,640	$	3,049	$	2,529
Finance and financial products		—			74		72		182

	$	(376	)	$	1,714	$	3,121	$	2,711

Gains from disposals of equity securities in 2014 included non-cash holding gains of approximately $2.1 billion in the first nine 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.

In the third quarter of 2014, we recorded an other-than-temporary impairment (“OTTI”) charge of $678 million related to our investment in equity securities of Tesco PLC. In the first nine months of 2013, the other-than-temporary impairment charge related to bonds issued by Texas Competitive Electric Holdings. Other investment gains/losses in 2013 primarily consisted of gains related to the valuations of Goldman Sachs Warrants and General Electric Warrants.