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


	Third Quarter						First Nine Months
	2022			2021			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	$	(12,902	)	$	4,759		$	(80,496	)	$	36,163
Investment gains (losses) on securities sold during the period		(165	)		75			(1,085	)		889
		(13,067	)		4,834			(81,581	)		37,052
Fixed maturity securities:
Gross realized gains		6			24			18			59
Gross realized losses		(433	)		(7	)		(509	)		(20	)
Other		(6	)		—			(17	)		144
Investment gains (losses)		(13,500	)		4,851			(82,089	)		37,235
Derivative contract gains (losses)		35			70			(273	)		780
	$	(13,465	)	$	4,921		$	(82,362	)	$	38,015

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 $17.3 billion in the first nine months of 2022 and $12.0 billion in the first nine 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. Taxable gains/losses on equity securities sold are generally the difference between the proceeds from sales and original cost. Equity securities sold produced taxable gains of $3 million in the third quarter and taxable losses of $660 million in the first nine months of 2022 compared to taxable gains of $941 million in the third quarter and $2.9 billion in the first nine months of 2021.

Our derivative contract gains and losses derive from equity index put option contracts. As of September 30, 2022, we had four open contracts, which had an aggregate fair value liability of less than $1 million and an aggregate notional value of $1.6 billion.