NOTE 13. INCOME FROM INVESTMENTS

Net Investment Income for the years ended December 31, 2018, 2017 and 2016 was:



DOLLARS IN MILLIONS	2018		2017		2016
Investment Income:
Interest on Fixed Income Securities	$	268.9	$	246.6	$	242.7
Dividends on Equity Securities Excluding Alternative Investments	13.6		9.3		11.8
Alternative Investments:
Equity Method Limited Liability Investments	11.0		24.8		7.5
Fair Value Option Investments	—		1.3		(1.9		)
Limited Liability Investments Included in Equity Securities	26.4		28.6		22.0
Total Alternative Investments	37.4		54.7		27.6
Short-term Investments	7.0		1.6		0.5
Loans to Policyholders	22.5		21.6		21.6
Real Estate	9.6		10.7		11.8
Other	0.9		0.5		0.3
Total Investment Income	359.9		345.0		316.3
Investment Expenses:
Real Estate	9.7		10.5		11.0
Other Investment Expenses	9.3		7.3		7.0
Total Investment Expenses	19.0		17.8		18.0
Net Investment Income	$	340.9	$	327.2	$	298.3

NOTE 13. INCOME FROM INVESTMENTS (Continued)

Other Receivables includes accrued investment income of $77.9 million and $72.8 million at December 31, 2018 and 2017, respectively.

The components of Net Realized Gains on Sales of Investments for the years ended December 31, 2018, 2017 and 2016 were:



DOLLARS IN MILLIONS	2018			2017			2016
Fixed Maturities:
Gains on Sales	$	25.3		$	8.4		$	17.0
Losses on Sales	(11.1		)	(0.9		)	(4.6		)
Equity Securities:
Gains on Sales	12.3			42.0			19.9
Losses on Sales	—			—			(0.3		)
Real Estate:
Gains on Sales	—			6.4			1.1
Other Investments:
Gains on Other Sales	—			0.1			—
Losses on Sales	(0.1		)	(0.1		)	(0.2		)
Net Gains on Trading Securities	—			0.6			0.2
Net Realized Gains on Sales of Investments	$	26.4		$	56.5		$	33.1

Gross Gains on Sales	$	37.6		$	56.9		$	38.0
Gross Losses on Sales	(11.2		)	(1.0		)	(5.1		)
Net Gains on Trading Securities	—			0.6			0.2
Net Realized Gains on Sales of Investments	$	26.4		$	56.5		$	33.1

The components of Net Impairment Losses Recognized in Earnings reported in the Consolidated Statements of Income for the years ended December 31, 2018, 2017 and 2016 were:



DOLLARS IN MILLIONS	2018			2017			2016
Fixed Maturities	$	(2.0	)	$	(12.1	)	$	(26.6	)
Equity Securities	(2.5		)	(2.2		)	(5.6		)
Real Estate	—			—			(0.5		)
Net Impairment Losses Recognized in Earnings	$	(4.5	)	$	(14.3	)	$	(32.7	)