(6)

Investment gains/losses

Investment gains/losses for each of the three years ending December 31, 2018 are summarized below (in millions).


	2018		2017		2016
Equity securities:
Unrealized investment gains/losses on securities held at the end of the period	$	(22,729)	$	—	$	—
Investment gains/losses during 2018 on securities sold in 2018		291		—		—
Gross realized gains		—		2,237		7,853
Gross realized losses		—		(919)		(415)

		(22,438)		1,318		7,438

Fixed maturity securities:
Gross realized gains		480		103		58
Gross realized losses		(227)		(22)		(51)
Other		30		11		108

	$	(22,155)	$	1,410	$	7,553

Prior to 2018, we recognized investment gains and losses in earnings when we sold or otherwise disposed of equity securities based on the difference between the proceeds from the sale and the cost of the securities and also when we recognized other-than-temporary impairment losses. Beginning in 2018, equity securities gains and losses include unrealized gains and losses from changes in fair values during the period on equity securities we still own. See Note 1(w). Prior to 2018, we recorded the changes in unrealized gains and losses on our investments in equity securities in other comprehensive income.

During 2018, as reflected in the Consolidated Statement of Cash Flows, we received proceeds of approximately $18.8 billion from sales of equity securities. In the preceding table, investment gains/losses on equity securities sold during 2018 reflect the difference between proceeds from sales and the fair value of the equity security sold at the beginning of the period or the purchase date, if later. Our taxable gains on equity securities sold during 2018, which are generally the difference between the proceeds from sales and our original cost, were $3.3 billion.

Net gains from equity securities in 2017 included approximately $1.0 billion 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.