Investment gains/losses and other-than-temporary investment losses (Tables)

12 Months Ended

Dec. 31, 2011

Investment gains/losses and other-than-temporary investment losses

Investment gains/losses for each of the three years ending December 31, 2011 are summarized below (in millions).

	2011			2010			2009
Fixed maturity securities —
Gross gains from sales and other disposals	$	310		$	720		$	357
Gross losses from sales and other disposals		(10	)		(16	)		(54	)
Equity securities and other investments —
Gross gains from sales and other disposals		1,889			2,603			701
Gross losses from sales and other disposals		(36	)		(266	)		(617	)
Other		29			1,017			(69	)
	$	2,182		$	4,058		$	318

Investment gains from equity securities and other investments in 2011 included $1,775 million with respect to the redemptions of our GS and GE Preferred investments and $1.3 billion in 2010 from the redemption of the Swiss Re perpetual capital instrument. In 2010, other gains included a one-time holding gain of $979 million related to our BNSF acquisition.

Net investment gains/losses for each of the three years ending December 31, 2011 are reflected in our Consolidated Statements of Earnings as follows (in millions).

	2011		2010		2009
Insurance and other	$	1,973	$	4,044	$	358
Finance and financial products		209		14		(40	)
	$	2,182	$	4,058	$	318

Other-than-temporary investment (“OTTI”) losses for each of the three years ending December 31, 2011 were as follows (in millions).

	2011		2010		2009
Equity securities	$	506	$	953	$	3,127
Fixed maturity securities		402		1,020		28
	$	908	$	1,973	$	3,155