December 31, 2020 | 10-K 43 Table of Contents CITIZENS, INC. Investment income from fixed maturity securities accounted for approximately 87.6% of total investment income for the year ended December 31, 2020 and 87.8% for 2019. Investment income from fixed maturity securities increased 1.5% in 2020 compared to 2019. We have strategically increased our exposure to both private and public equity this year to improve our overall investment performance, endeavoring to increase our portfolio yields in a prudent manner. In addition, the increase in the policy loans asset balance, which represents policyholders utilizing their accumulated policy cash value to pay for premiums, contributed to the increase in investment income for 2020. Realized Gains (Losses) on Investments. Realized investment gains and losses are as follows: In 2020, we recorded realized gains of $1.6 million primarily related to fair value changes in a preferred stock exchange traded fund investment owned at December 31, 2020. In 2019, we recognized a gain of $1.9 million related to the redemption of two fixed maturity securities. We also recorded a net realized gain of $2.4 million from Citizens-owned real estate transactions in 2019. Years ended December 31, (In thousands) 2020 2019 2018 Gross investment income: Fixed maturity securities $ 54,653 53,860  49,126  Equity securities 816 662  722  Policy loans 6,605 6,451  6,210  Long-term investments 238 13  15  Other 97 374  409  Total investment income 62,409 61,360  56,482  Less investment expenses (2,212) (1,829) (2,277) Net investment income $ 60,197 59,531  54,205  Years ended December 31, (In thousands) 2020 2019 2018 Realized investment gains (losses): Sales, calls and maturities: Fixed maturity securities $ (112) 1,927  1,792  Real estate — 5,513  —  Property and equipment 9 (48) (80) Other long-term investments 9 —  —  Realized investment gains (losses) (94) 7,392  1,712  Change in fair value of equity securities 1,596 962  (828) Other-than-temporary impairments ("OTTI"): Fixed maturity securities — —  (776) Real estate held for sale — (3,105) —  Realized losses on OTTI — (3,105) (776) Net realized investment gains $ 1,502 5,249  108 