NOTE 13. INCOME FROM INVESTMENTS

Net Investment Income for the years ended December 31, 2016, 2015 and 2014 was:



DOLLARS IN MILLIONS	2016			2015		2014
Investment Income (Loss):
Interest and Dividends on Fixed Maturities	$	242.7		$	236.2	$	227.4
Dividends on Equity Securities Excluding Alternative Investments	11.8			14.8		19.2
Alternative Investments:
Equity Method Limited Liability Investments	7.5			19.0		9.0
Fair Value Option Investments	(1.9		)	0.2		(0.7		)
Limited Liability Investments Included in Equity Securities	22.0			17.6		40.7
Total Alternative Investments	27.6			36.8		49.0
Short-term Investments	0.5			0.4		0.6
Loans to Policyholders	21.6			21.1		20.5
Real Estate	11.8			11.9		12.1
Other	0.3			—		0.1
Total Investment Income	316.3			321.2		328.9
Investment Expenses:
Real Estate	11.0			11.3		11.3
Other Investment Expenses	7.0			7.3		8.5
Total Investment Expenses	18.0			18.6		19.8
Net Investment Income	$	298.3		$	302.6	$	309.1

Other Receivables includes accrued investment income of $70.8 million and $68.5 million at December 31, 2016 and 2015, respectively.

NOTE 13. INCOME FROM INVESTMENTS (Continued)

The components of Net Realized Gains on Sales of Investments for the years ended December 31, 2016, 2015 and 2014 were:



DOLLARS IN MILLIONS	2016			2015			2014
Fixed Maturities:
Gains on Sales	$	17.0		$	16.1		$	7.0
Losses on Sales	(4.6		)	(1.1		)	(0.2		)
Equity Securities:
Gains on Sales	19.9			39.2			33.1
Losses on Sales	(0.3		)	(1.6		)	(2.0		)
Real Estate:
Gains on Sales	1.1			—			—
Losses on Sales	—			(0.2		)	(0.2		)
Other Investments:
Gain on Sale of Subsidiary	—			—			1.6
Losses on Sales	(0.2		)	—			(0.1		)
Net Gains (Losses) on Trading Securities	0.2			(0.3		)	(0.1		)
Net Realized Gains on Sales of Investments	$	33.1		$	52.1		$	39.1
Gross Gains on Sales	$	38.0		$	55.3		$	41.7
Gross Losses on Sales	(5.1		)	(2.9		)	(2.5		)
Net Gains (Losses) on Trading Securities	0.2			(0.3		)	(0.1		)
Net Realized Gains on Sales of Investments	$	33.1		$	52.1		$	39.1

The components of Net Impairment Losses Recognized in Earnings reported in the Consolidated Statements of Income for the years ended December 31, 2016, 2015 and 2014 were:



DOLLARS IN MILLIONS	2016			2015			2014
Fixed Maturities	$	(26.6	)	$	(11.5	)	$	(5.7	)
Equity Securities	(5.6		)	(15.7		)	(7.1		)
Real Estate	(0.5		)	—			(2.4		)
Net Impairment Losses Recognized in Earnings	$	(32.7	)	$	(27.2	)	$	(15.2	)