(6)

Investment gains/losses

Investment gains/losses for each of the three years ending December 31, 2017 are summarized below (in millions).


	2017			2016			2015
Fixed maturity securities—
Gross gains	$	103		$	58		$	104
Gross losses		(22	)		(51	)		(171	)
Equity securities—
Gross gains		2,237			7,853			9,526
Gross losses		(919	)		(415	)		(129	)
Other		11			108			43

	$	1,410		$	7,553		$	9,373

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 of such securities. Gross gains from equity securities of approximately $1.0 billion in 2017 related to the surrender of substantially all of our BAC Preferred as described in Note 4. Gross gains from equity securities in 2016 included approximately $4.2 billion from the redemptions of our investments in Wm. Wrigley Jr. Company and Kraft Heinz preferred stock and from the sale of Dow Chemical Company common stock received in the conversion of our Dow Chemical preferred stock investment. In 2016, we also recorded a non-cash holding gain of approximately $1.1 billion from the exchange of P&G common stock in connection with the acquisition of Duracell. See Note 2. Gross gains from equity securities in 2015 included a non-cash holding gain of approximately $6.8 billion in connection with our investment in Kraft Heinz common stock. See Note 5.