NOTE 12. INCOME FROM INVESTMENTS

Net Investment Income for the years ended December 31, 2014, 2013 and 2012 was:



DOLLARS IN MILLIONS	2014			2013		2012
Investment Income (Loss):
Interest and Dividends on Fixed Maturities	$	227.4		$	235.5	$	246.1
Dividends on Equity Securities	59.9			38.0		25.7
Equity Method Limited Liability Investments	9.0			26.4		9.3
Fair Value Option Investments	(0.7		)	—		—
Short-term Investments	0.6			0.1		0.2
Real Estate	12.1			20.8		27.4
Loans to Policyholders	20.5			19.8		18.9
Other	0.1			—		0.1
Total Investment Income	328.9			340.6		327.7
Investment Expenses:
Real Estate	11.3			18.3		26.1
Other Investment Expenses	8.5			7.6		5.7
Total Investment Expenses	19.8			25.9		31.8
Net Investment Income	$	309.1		$	314.7	$	295.9

Other Receivables includes accrued investment income of $65.5 million and $66.7 million at December 31, 2014 and 2013, respectively.

NOTE 12. INCOME FROM INVESTMENTS (Continued)

The components of Net Realized Gains on Sales of Investments for the years ended December 31, 2014, 2013 and 2012 were:



DOLLARS IN MILLIONS	2014			2013			2012
Fixed Maturities:
Gains on Sales	$	7.0		$	30.9		$	56.9
Losses on Sales	(0.2		)	(0.4		)	(0.1		)
Equity Securities:
Gains on Sales	33.1			21.8			8.3
Losses on Sales	(2.0		)	(0.5		)	(0.2		)
Equity Method Limited Liability Investments:
Gains on Sales	—			2.5			—
Real Estate:
Gains on Sales	—			44.2			0.2
Losses on Sales	(0.2		)	—			—
Other Investments:
Gain on Sale of Subsidiary	1.6			—			—
Gains on Other Sales	—			0.1			—
Losses on Sales	(0.1		)	(0.1		)	—
Net Gains (Losses) on Trading Securities	(0.1		)	0.6			0.3
Net Realized Gains on Sales of Investments	$	39.1		$	99.1		$	65.4
Gross Gains on Sales	$	41.7		$	99.5		$	65.4
Gross Losses on Sales	(2.5		)	(1.0		)	(0.3		)
Net Gains (Losses) on Trading Securities	(0.1		)	0.6			0.3
Net Realized Gains on Sales of Investments	$	39.1		$	99.1		$	65.4

The components of Net Impairment Losses Recognized in Earnings reported in the Consolidated Statements of Income for the years ended December 31, 2014, 2013 and 2012 were:



DOLLARS IN MILLIONS	2014			2013			2012
Fixed Maturities	$	(5.7	)	$	(10.3	)	$	(1.9	)
Equity Securities	(7.1		)	(3.6		)	(1.9		)
Real Estate	(2.4		)	—			(3.1		)
Net Impairment Losses Recognized in Earnings	$	(15.2	)	$	(13.9	)	$	(6.9	)