Investment gains (losses) are summarized as follows (in millions).


	First Quarter
	2026			2025
Investment gains (losses):
Equity securities:
Change in unrealized investment gains (losses) during the period on securities held at the end of the period	$	(3,291	)	$	(6,775	)
Investment gains (losses) during the period on securities sold		1,652			371
		(1,639	)		(6,404	)
Fixed maturity securities:
Gross realized gains		47			8
Gross realized losses		—			(47	)
Other		(13	)		8
	$	(1,605	)	$	(6,435	)

Equity securities gains and losses include unrealized gains and losses from changes in fair values during the period on equity securities we owned at the end of the period, as well as gains and losses on securities we sold during the period. In the preceding table, investment gains and losses on equity securities sold during the period represent the difference between the sales proceeds and the fair value of the equity securities sold at the beginning of the applicable period or, if later, the purchase date.

Proceeds from sales of equity securities were approximately $24.1 billion in the first three months of 2026 and $4.7 billion in 2025. Taxable gains and losses on equity securities sold are generally the difference between the proceeds from sales and cost at the acquisition date. Equity securities sold produced taxable gains of $7.2 billion in the first quarter of 2026 and $3.1 billion in the first quarter of 2025.