NOTE 13. INCOME FROM INVESTMENTS

Net Investment Income for the years ended December 31, 2013, 2012 and 2011 was:



DOLLARS IN MILLIONS	2013		2012		2011
Investment Income:
Interest and Dividends on Fixed Maturities	$	235.5	$	246.1	$	246.6
Dividends on Equity Securities	38.0		25.7		25.2
Equity Method Limited Liability Investments	26.4		9.3		9.6
Short-term Investments	0.1		0.2		0.1
Real Estate	20.8		27.4		26.0
Loans to Policyholders	19.8		18.9		17.7
Other	—		0.1		0.3
Total Investment Income	340.6		327.7		325.5
Investment Expenses:
Real Estate	18.3		26.1		25.9
Other Investment Expenses	7.6		5.7		1.6
Total Investment Expenses	25.9		31.8		27.5
Net Investment Income	$	314.7	$	295.9	$	298.0

Other Receivables includes accrued investment income of $66.7 million and $72.4 million at December 31, 2013 and 2012, respectively.

NOTE 13. INCOME FROM INVESTMENTS (Continued)

The components of Net Realized Gains on Sales of Investments for the years ended December 31, 2013, 2012 and 2011 were:



DOLLARS IN MILLIONS	2013			2012			2011
Fixed Maturities:
Gains on Sales	$	30.9		$	56.9		$	14.2
Losses on Sales	(0.4		)	(0.1		)	(0.1		)
Equity Securities:
Gains on Sales	21.8			8.3			34.0
Losses on Sales	(0.5		)	(0.2		)	(13.5		)
Equity Method Limited Liability Investments:
Gains on Sales	2.5			—			—
Real Estate:
Gains on Sales	44.2			0.2			0.1
Other Investments:
Gains on Sales	0.1			—			—
Losses on Sales	(0.1		)	—			(0.1		)
Net Gains (Losses) on Trading Securities	0.6			0.3			(0.9		)
Net Realized Gains on Sales of Investments	$	99.1		$	65.4		$	33.7

Gross Gains on Sales	$	99.5		$	65.4		$	48.3
Gross Losses on Sales	(1.0		)	(0.3		)	(13.7		)
Net Gains (Losses) on Trading Securities	0.6			0.3			(0.9		)
Net Realized Gains on Sales of Investments	$	99.1		$	65.4		$	33.7

The components of Net Impairment Losses Recognized in Earnings reported in the Consolidated Statements of Income for the years ended December 31, 2013, 2012 and 2011 were:



DOLLARS IN MILLIONS	2013			2012			2011
Fixed Maturities	$	(10.3	)	$	(1.9	)	$	(2.2	)
Equity Securities	(3.6		)	(1.9		)	(1.9		)
Real Estate	—			(3.1		)	(7.2		)
Net Impairment Losses Recognized in Earnings	$	(13.9	)	$	(6.9	)	$	(11.3	)