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Investment and derivative contract gains (losses) | 12 Months Ended
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Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract] |
Investment and derivative contract gains (losses) | (6) Investment and derivative contract gains (losses) Investment and derivative contract gains (losses) for each of the three years ending December 31, 2023 are summarized as follows (in millions).
|  | 2023 |  |  | 2022 |  |  | 2021 |
Investment gains (losses): |  |  |  |  |  |  |  |  |
Equity securities: |  |  |  |  |  |  |  |  |
Change in unrealized investment gains (losses) during the year on securities held at the end of the year |  | $ | 69,144 |  |  | $ | (63,120 | ) |  | $ | 76,375 |
Investment gains (losses) during the year on securities sold |  |  | 2,698 |  |  |  | (3,927 | ) |  |  | 997 |
|  |  | 71,842 |  |  |  | (67,047 | ) |  |  | 77,372 |
Fixed maturity securities: |  |  |  |  |  |  |  |  |
Gross realized gains |  |  | 139 |  |  |  | 134 |  |  |  | 85 |
Gross realized losses |  |  | (86 | ) |  |  | (684 | ) |  |  | (29 | )
Other |  |  | 2,960 |  |  |  | (26 | ) |  |  | 148 |
Investment gains (losses) |  |  | 74,855 |  |  |  | (67,623 | ) |  |  | 77,576 |
Derivative contract gains (losses) |  |  | — |  |  |  | (276 | ) |  |  | 966 |
|  | $ | 74,855 |  |  | $ | (67,899 | ) |  | $ | 78,542 |
Equity securities gains and losses include unrealized gains and losses from changes in fair values during the year on equity securities we still own, as well as gains and losses on securities we sold during the year. As shown in the Consolidated Statements of Cash Flows, our proceeds from sales of equity securities were approximately $40.6 billion in 2023, $33.7 billion in 2022 and $15.8 billion in 2021. In the preceding table, investment gains and losses on equity securities sold during the year represent the difference between the sales proceeds and the fair value of the equity securities sold at the beginning of the applicable year or, if later, the purchase date. Our taxable gains and losses on equity securities sold are generally the difference between the proceeds from sales and cost at the acquisition date. Equity securities sold produced taxable gains of $5.0 billion in 2023, $769 million in 2022 and $3.6 billion in 2021. Other investment gains included approximately $3.0 billion in 2023 from the remeasurement of our pre-existing 38.6% interest in PTC through the application of acquisition accounting under GAAP.

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