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


	First Quarter
	2025			2024
Investment gains (losses):
Equity securities:
Increase (decrease) in unrealized investment gains during the period on securities held at the end of the period	$	(6,775	)	$	3,982
Investment gains (losses) on securities sold during the period		371			(2,104	)
		(6,404	)		1,878
Fixed maturity securities:
Gross realized gains		8			13
Gross realized losses		(47	)		(12	)
Other		8			(3	)
	$	(6,435	)	$	1,876

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. Our proceeds from sales of equity securities were approximately $4.7 billion in the first quarter of 2025 and $20.0 billion in 2024. 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 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 $3.1 billion in the first quarter of 2025 and taxable gains of $14.2 billion in 2024.