Note 9. Investment gains/losses

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


	Third Quarter				First Nine Months
	2016		2015		2016		2015
Fixed maturity securities—
Gross gains from sales and redemptions	$	5	$	6	$	44	$	88
Gross losses from sales and redemptions		(24)		(44)		(41)		(128)
Equity securities—
Gross gains from sales and redemptions		3,173		8,407		5,720		8,855
Gross losses from sales and redemptions		(13)		(75)		(76)		(95)
Other-than-temporary impairment losses		—		(26)		(63)		(26)
Other		9		(2)		59		31

	$	3,150	$	8,266	$	5,643	$	8,725

Gains from sales and redemptions of equity securities in 2016 included gains of approximately $2.4 billion from the disposition of our investment in Wrigley preferred stock in the third quarter, and in the first nine months also included $610 million from the redemption of our investment in Kraft Heinz Preferred Stock and a non-cash holding gain of approximately $1.1 billion from the exchange of our P&G common stock in connection with the acquisition of Duracell. The non-cash gain from the P&G/Duracell exchange represented the excess of the fair value of net assets of Duracell over the cost basis of the P&G stock exchanged. Gains from sales and redemptions of equity securities in the third quarter and first nine months of 2015 included a non-cash holding gain of approximately $6.8 billion in connection with our investment in Kraft Heinz common stock.

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 losses recognized in earnings represent reductions in the cost basis of the investment, but not the fair value. Accordingly, such losses that are included in earnings are generally offset by a credit to other comprehensive income, producing no net effect on shareholders’ equity as of the balance sheet date.