Note 9. Investment gains/losses

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


	Third Quarter						First Nine Months
	2017			2016			2017			2016
Fixed maturity securities—
Gross gains	$	56		$	5		$	82		$	44
Gross losses		(2	)		(24	)		(16	)		(41	)
Equity securities—
Gross gains		1,011			3,173			1,795			5,720
Gross losses		(419	)		(13	)		(626	)		(76	)
Other-than-temporary impairment losses		—			—			—			(63	)
Other		11			9			27			59

	$	657		$	3,150		$	1,262		$	5,643

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. We recognize investment gains and losses when we sell or otherwise dispose such securities. We realized a pre-tax gain of approximately $1.0 billion in the third quarter of 2017 related to the surrender of substantially all of our BAC Preferred as described in Note 7. Gains from equity securities in the third quarter of 2016 included approximately $2.4 billion from the disposition of our investment in Wrigley preferred stock. In the first nine months of 2016, gains from equity securities 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.