Investment gains/losses

3 Months Ended

Mar. 31, 2017

Investments, Debt and Equity Securities [Abstract]

Investment gains/losses

Note 9. Investment gains/losses

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

	First Quarter
	2017			2016
Fixed maturity securities—
Gross gains from sales and other disposals		$      11		$	19
Gross losses from sales and other disposals		(6	)		(3	)
Equity securities—
Gross gains from sales and redemptions		425			1,807
Gross losses from sales and redemptions		(125	)		(10	)
Other		10			37
		$    315			$  1,850

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. Investment gains and losses are recognized when we sell or otherwise dispose such securities. Gains from sales and redemptions of equity securities in the first quarter of 2016 included approximately $1.1 billion from the exchange of our P&G common stock in the acquisition of Duracell.