Note 6. Investment gains/losses

Investment gains/losses in the first quarter of 2019 and 2018 are summarized as follows (in millions).


	2019			2018
Equity securities:
Unrealized investment gains (losses) on securities held at the end of the period	$	19,393		$	(7,807	)
Investment gains (losses) during the period		161			(240	)

		19,554			(8,047	)
Fixed maturity securities:
Gross realized gains		5			359
Gross realized losses		(10	)		(138	)
Other		3			17

	$	19,552		$	(7,809	)

Prior to 2018, we recognized investment gains and losses in earnings when we sold equity securities based on the difference between the proceeds from the sale and the cost of the securities and also when we recognized other-than-temporary impairment losses. Beginning in 2018, equity securities gains and losses include unrealized gains and losses from changes in fair values during the period on equity securities we still own. Prior to 2018, we recorded the changes in unrealized gains and losses on our investments in equity securities in other comprehensive income.

In the first quarter of 2019 and 2018, as reflected in the Consolidated Statements of Cash Flows, we received proceeds of approximately $2.1 billion and $4.2 billion, respectively, from sales of equity securities. In the preceding table, investment gains/losses on equity securities sold in each period reflect the difference between proceeds from sales and the fair value of the equity security sold at the beginning of the period or the purchase date, if later. Our taxable gains on equity securities sold during the first quarter of 2019 and 2018, which are generally the difference between the proceeds from sales and our original cost, were $518 million and $727 million, respectively.