NOTE 13. INCOME FROM INVESTMENTS

Net Investment Income for the years ended December 31, 2017, 2016 and 2015 was:



DOLLARS IN MILLIONS	2017		2016			2015
Investment Income (Loss):
Interest and Dividends on Fixed Maturities	$	246.6	$	242.7		$	236.2
Dividends on Equity Securities Excluding Alternative Investments	9.3		11.8			14.8
Alternative Investments:
Equity Method Limited Liability Investments	24.8		7.5			19.0
Fair Value Option Investments	1.3		(1.9		)	0.2
Limited Liability Investments Included in Equity Securities	28.6		22.0			17.6
Total Alternative Investments	54.7		27.6			36.8
Short-term Investments	1.6		0.5			0.4
Loans to Policyholders	21.6		21.6			21.1
Real Estate	10.7		11.8			11.9
Other	0.5		0.3			—
Total Investment Income	345.0		316.3			321.2
Investment Expenses:
Real Estate	10.5		11.0			11.3
Other Investment Expenses	7.3		7.0			7.3
Total Investment Expenses	17.8		18.0			18.6
Net Investment Income	$	327.2	$	298.3		$	302.6

NOTE 13. INCOME FROM INVESTMENTS (Continued)

Other Receivables includes accrued investment income of $72.8 million and $70.8 million at December 31, 2017 and 2016, respectively.

The components of Net Realized Gains on Sales of Investments for the years ended December 31, 2017, 2016 and 2015 were:



DOLLARS IN MILLIONS	2017			2016			2015
Fixed Maturities:
Gains on Sales	$	8.4		$	17.0		$	16.1
Losses on Sales	(0.9		)	(4.6		)	(1.1		)
Equity Securities:
Gains on Sales	42.0			19.9			39.2
Losses on Sales	—			(0.3		)	(1.6		)
Real Estate:
Gains on Sales	6.4			1.1			—
Losses on Sales	—			—			(0.2		)
Other Investments:
Gains on Other Sales	0.1			—			—
Losses on Sales	(0.1		)	(0.2		)	—
Net Gains (Losses) on Trading Securities	0.6			0.2			(0.3		)
Net Realized Gains on Sales of Investments	$	56.5		$	33.1		$	52.1

Gross Gains on Sales	$	56.9		$	38.0		$	55.3
Gross Losses on Sales	(1.0		)	(5.1		)	(2.9		)
Net Gains (Losses) on Trading Securities	0.6			0.2			(0.3		)
Net Realized Gains on Sales of Investments	$	56.5		$	33.1		$	52.1

The components of Net Impairment Losses Recognized in Earnings reported in the Consolidated Statements of Income for the years ended December 31, 2017, 2016 and 2015 were:



DOLLARS IN MILLIONS	2017			2016			2015
Fixed Maturities	$	(12.1	)	$	(26.6	)	$	(11.5	)
Equity Securities	(2.2		)	(5.6		)	(15.7		)
Real Estate	—			(0.5		)	—
Net Impairment Losses Recognized in Earnings	$	(14.3	)	$	(32.7	)	$	(27.2	)