Investment and derivative contract gains/losses in the first quarter of 2022 and 2021 are summarized as follows (in millions).

	First Quarter
	2022			2021
Investment gains (losses):
Equity securities:
Change in unrealized investment gains (losses) during the period on securities held at the end of the period	$	(1,775	)	$	4,630
Investment gains (losses) on securities sold during the period		89			430
		(1,686	)		5,060
Fixed maturity securities:
Gross realized gains		6			20
Gross realized losses		(49	)		(1	)
Other		(6	)		132
Investment gains (losses)		(1,735	)		5,211
Derivative contract gains (losses)		(243	)		489
	$	(1,978	)	$	5,700

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 from sales of equity securities of approximately $9.7 billion in the first three months of 2022 and $6.5 billion in the first three months of 2021. In the preceding table, investment gains and losses on equity securities sold during the period represent the difference between the sales proceeds and the fair value of the equity securities sold at the beginning of the applicable period or, if later, the purchase date. Our taxable gains/losses on equity securities sold are generally the difference between the proceeds from sales and original cost. Taxable losses in the first quarter of 2022 were $739 million and taxable gains in 2021 were $1.8 billion.

Our derivative contract gains and losses derive from equity index put option contracts written prior to March 2008 on four major equity indexes. As of March 31, 2022, we had six open contracts, which had an aggregate fair value liability of $121 million and an aggregate notional value of $2.6 billion.