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

	Second Quarter						First Six Months
	2019			2018			2019			2018
Equity securities:
Unrealized investment gains (losses) on securities held at the end of the period	$	9,827		$	5,585		$	29,192		$	(2,146	)
Investment gains (losses) during the period		5			357			194			41
		9,832			5,942			29,386			(2,105	)
Fixed maturity securities:
Gross realized gains		7			48			12			407
Gross realized losses		(6	)		(4	)		(16	)		(142	)
Other		2			4			5			21
	$	9,835		$	5,990		$	29,387		$	(1,819	)

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 six months of 2019 and 2018, as reflected in the Consolidated Statements of Cash Flows, we received proceeds of approximately $4.5 billion and $9.0 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 are generally the difference between the proceeds from sales and original cost. Taxable gains in the second quarter and first six months of 2019 were $832 million and $1,350 million, respectively, and $629 million and $1,359 million, respectively, in the second quarter and first six months of 2018.