Table of Contents CITIZENS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) Major categories of net investment income are summarized as follows: 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  Other long-term investments 238 13  15  Other 97 374  409  Total investment income 62,409 61,360  56,482  Investment expenses (2,212) (1,829) (2,277) Net investment income $ 60,197 59,531  54,205  The Company uses the specific identification method of the individual security to determine the cost basis used in the calculation of realized gains and losses related to security sales. Years ended December 31, (In thousands) 2020 2019 2018 Proceeds $ 20,537 66,900  38,823  Gross realized gains $ 239 2,538  1,301  Gross realized losses $ 351 973  653  We sold 29, 68 and 41 fixed maturity securities from our available-for-sale portfolio in 2020, 2019 and 2018, respectively, as part of a repositioning strategy recommended by our asset manager. There were no securities sold from the held-to-maturity portfolio in 2018. There were no sales of equity securities in 2020, 2019 and 2018. Realized investment gains (losses) are as follows: 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 loss on OTTI — (3,105) (776) Net realized investment gains (losses) $ 1,502 5,249  108  December 31, 2020 | 10-K 97