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Total realized and unrealized investment gains and net investment income
 12 Months Ended
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Total realized and unrealized investment gains and net investment income
9. Total realized and unrealized investment gains and net investment income
Total realized and unrealized investment gains and net investment income for the years ended December 31, 2021, 2020 and 2019 consisted of the following:
202120202019
Debt securities$(4.9)$72.7 $9.2 
Short-term investments1.6 — — 
Equity securities(2.5)— — 
Other long-term investments 35.2 — — 
Net realized and unrealized investment gains from related party investment funds304.0 195.0 249.6 
Realized and unrealized investment gains and net investment income before other investment expenses and investment income (loss) on cash and cash equivalents333.4 267.7 258.8 
Other investment expenses(11.6)(1.1)(1.0)
Net investment income (loss) on cash and cash equivalents(9.3)12.3 24.7 
Total realized and unrealized investment gains and net investment income$312.5 $278.9 $282.5 
Net realized and unrealized gains (losses) on investments
Net realized and unrealized investment gains (losses) for the years ended December 31, 2021, 2020 and 2019 consisted of the following:
202120202019
Gross realized gains$40.4 $64.3 $9.1 
Gross realized losses(9.6)(15.9)(9.0)
Net realized gains on investments30.8 48.4 0.1 
Net unrealized gains (losses) on investments(47.7)20.8 15.2 
Net realized and unrealized gains (losses) on investments (1) (2)$(16.9)$69.2 $15.3 
(1)Excludes realized and unrealized gains on the Company’s investments in related party investment funds.
(2)Includes net realized and unrealized gains (losses) of $12.9 million and $(5.8) million, respectively, from related party investments included in other long-term investments for the year ended December 31, 2021 (2020 - $nil and 2019 - $nil).
Net realized investment gains
Net realized investment gains for the years ended December 31, 2021, 2020 and 2019 consisted of the following:
202120202019
Debt securities$12.3 $46.4 $(5.9)
Short-term investments(0.1)— — 
Equity securities(0.1)— — 
Other long-term investments14.1 — (0.1)
Net investment income on cash and cash equivalents4.6 2.0 6.1 
Net realized investment gains (1)$30.8 $48.4 $0.1 
(1)Includes realized gains due to foreign currency of $4.5 million for the year ended December 31, 2021 (2020 - $1.6 million and 2019 - $(0.7) million).
Net unrealized investment gains (losses)
Net unrealized investment gains (losses) for the years ended December 31, 2021, 2020 and 2019 consisted of the following:
202120202019
Debt securities (1)$(40.2)$14.9 $8.4 
Short-term investments1.4 — — 
Equity securities(2.5)— — 
Other long-term investments11.2 — 0.1 
Net investment income (loss) on cash and cash equivalents(17.6)5.9 6.7 
Net unrealized investment gains (losses) (2)$(47.7)$20.8 $15.2 
(1)Includes unrealized losses, excluding foreign currency, of $23.9 million for the year ended December 31, 2021.
(2)Includes unrealized gains (losses) due to foreign currency of $(32.8) million for the year ended December 31, 2021, respectively (2020 - $6.0 million and 2019 - $6.9 million).
The following table summarizes the amount of total gains (losses) included in earnings attributable to unrealized investment gains (losses) – Level 3 investments for the years ended December 31, 2021, 2020 and 2019:
202120202019
Other long-term investments$(5.7)$— $— 
Total unrealized investment gains (losses) – Level 3 investments$(5.7)$— $—