Investment gains/losses

12 Months Ended

Dec. 31, 2020

Investments Debt And Equity Securities [Abstract]

Investment gains/losses

Notes to Consolidated Financial Statements (Continued)

(6) Investment gains/losses

Investment gains/losses for each of the three years ending December 31, 2020 are summarized below (in millions).

	2020			2019			2018
Equity securities:
Change in unrealized investment gains/losses during the year on    securities held at the end of the period	$	54,951		$	69,581		$	(22,729	)
Investment gains/losses during the year on securities sold		(14,036	)		1,585			291
		40,915			71,166			(22,438	)
Fixed maturity securities:
Gross realized gains		56			87			480
Gross realized losses		(27	)		(25	)		(227	)
Other		(39	)		(105	)		30
	$	40,905		$	71,123		$	(22,155	)

Equity securities gains and losses include unrealized gains and losses from changes in fair values during the period on equity securities we still own, as well as gains and losses on securities we sold during the period. As reflected in the Consolidated Statements of Cash Flows, we received proceeds of approximately $38.8 billion in 2020, $14.3 billion in 2019 and $18.8 billion in 2018 from sales of equity securities. In the preceding table, investment gains/losses on equity securities sold 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 the year, which are generally the difference between the proceeds from sales and our original cost, were $6.2 billion in 2020, $3.2 billion in 2019 and $3.3 billion in 2018.