Investment gains (losses) are summarized as follows (in millions).


	Third Quarter						First Nine Months
	2025			2024			2025			2024
Investment gains (losses):
Equity securities:
Increase in unrealized investment gains during the period on securities held at the end of the period	$	20,555		$	18,643		$	23,559		$	45,053
Investment gains (losses) on securities sold during the period		1,365			1,868			(820	)		1,221
		21,920			20,511			22,739			46,274
Fixed maturity securities:
Gross realized gains		27			23			43			37
Gross realized losses		(13	)		(17	)		(68	)		(57	)
Other		5			(3	)		(846	)		(7	)
	$	21,939		$	20,514		$	21,868		$	46,247

Equity securities gains and losses include unrealized gains and losses from changes in fair values during the period on equity securities we owned at the end of the period, as well as gains and losses on securities we sold during the period. 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.

Proceeds from sales of equity securities were approximately $24.0 billion in the first nine months of 2025 and $133.2 billion in 2024. 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 $10.4 billion in the third quarter and $18.7 billion in the first nine months of 2025 compared to gains of $23.4 billion in the third quarter and $97.1 billion in the first nine months of 2024.