Investment gains (losses) for each of the three years ending December 31, 2024 are summarized as follows (in millions).


	2024			2023			2022
Investment gains (losses):
Equity securities:
Change in unrealized investment gains (losses) during the year on securities held at the end of the year	$	49,297		$	69,144		$	(63,120	)
Investment gains (losses) during the year on securities sold		3,523			2,698			(3,927	)
		52,820			71,842			(67,047	)
Fixed maturity securities:
Gross realized gains		28			139			134
Gross realized losses		(71	)		(86	)		(684	)
Other		22			2,960			(302	)
	$	52,799		$	74,855		$	(67,899	)

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 $143.4 billion in 2024, $40.6 billion in 2023 and $33.7 billion in 2022. 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 $101.1 billion in 2024, $5.0 billion in 2023 and $769.0 million in 2022. Other investment gains included approximately $3.0 billion in 2023 from the remeasurement of our pre-existing 38.6% interest in Pilot through the application of acquisition accounting under GAAP.