Investment gains/losses

3 Months Ended

Mar. 31, 2020

Investments Debt And Equity Securities [Abstract]

Investment gains/losses

Notes to Consolidated Financial Statements (Continued)

Note 6. Investment gains/losses

Investment gains/losses in the first quarter of 2020 and 2019 are summarized as follows (in millions).

	First Quarter
	2020			2019
Equity securities:
Unrealized investment gains (losses) on securities    held at the end of the period	$	(68,482	)	$	19,393
Investment gains (losses) during the period		(410	)		161
		(68,892	)		19,554
Fixed maturity securities:
Gross realized gains		16			5
Gross realized losses		(6	)		(10	)
Other		—			3
	$	(68,882	)	$	19,552

Equity securities gains and losses include unrealized gains and losses from changes in fair values during the period on equity securities we still own. The investment losses in the first quarter of 2020 were predominantly related to a significant decline in equity securities prices on securities we held at March 31, 2020.

In the first three months of 2020 and 2019, as reflected in the Consolidated Statements of Cash Flows, we received proceeds of approximately $2.2 billion and $2.1 billion, respectively, from sales of equity securities. In the preceding table, investment gains/losses on equity securities sold in each period reflect the difference between proceeds from sales and the fair value of the equity securities sold at the beginning of the period or the purchase date, if later. Our taxable gains on equity securities sold are generally the difference between the proceeds from sales and original cost. Taxable gains in the first quarter of 2020 and 2019 were $1,211 million and $518 million, respectively.