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


	Second Quarter						First Six Months
	2026			2025			2026			2025
Equity securities:
Change in unrealized investment gains (losses) during the period on securities held at the end of the period	$	15,644		$	7,593		$	12,761		$	1,236
Investment gains (losses) during the period on securities sold		430			(370	)		1,674			(417	)
		16,074			7,223			14,435			819
Fixed maturity securities:
Gross realized gains		29			8			76			16
Gross realized losses		(6	)		(8	)		(6	)		(55	)
Other		(20	)		(859	)		(33	)		(851	)
	$	16,077		$	6,364		$	14,472		$	(71	)

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 $27.8 billion in the first six months of 2026 and $11.6 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 $2.3 billion in the second quarter and $9.5 billion in the first six months of 2026 compared to gains of $5.3 billion in the second quarter and $8.4 billion in the first six months of 2025.