Net investment income for separate accounts (that is not reflected in the Company’s revenues) was $181 million for 2012, $207 million for 2011, and $163 million for 2010. The following realized gains and losses on investments for the years ended December 31 exclude amounts required to adjust future policy benefits for the run-off settlement annuity business. Included in pre-tax realized investment gains (losses) above were asset write-downs and changes in valuation reserves as follows: The Company recognized pre-tax gains of $5 million in 2012, compared with pre-tax losses of $7 million in 2011 and pre-tax gains of $7 million in 2010 on hybrid securities. Realized investment gains in 2011 in other investments, including derivatives, represent primarily gains on sale of real estate properties held in joint ventures. Realized investment gains that are not reflected in the Company’s revenues for the years ended December 31 were as follows: Sales information for available-for-sale fixed maturities and equity securities, for the years ended December 31 were as follows: (In millions) 2012 2011 2010 Proceeds from sales $ 591 $ 876 $ 826 Gross gains on sales $ 37 $ 53 $ 46 Gross losses on sales $ (2) $ (7) $ (3) (In millions) 2012 2011 2010 Separate accounts $ 206 $ 210 $ 191 Investment gains required to adjust future policy benefits for the run-off settlement annuity business $ 21 $ 8 $ 18 (In millions) 2012 2011 2010 Credit related  (1) $ (20) $ (28) $ (38) Other (2) (25) (1) TOTAL $ (22) $ (53) $ (39) (In millions) 2012 2011 2010 Fixed maturities $ 48 $ 50 $ 87 Equity securities 4 (1) 5 Commercial mortgage loans (9) (16) (23) Real estate (1) (6) 3 Other investments, including derivatives 2 35 3 Realized investment gains (losses), before income taxes 44 62 75 Less income taxes (benefits) 13 21 25 NET REALIZED INVESTMENT GAINS (LOSSES) $ 31 $ 41 $ 50 B. Realized Investment Gains and Losses (1) Credit-related losses include other-than-temporary declines in fair value of fixed maturities and equity securities and changes in valuation reserves and asset write-downs related to commercial mortgage loans and investments in real estate entities. There were no credit losses on fixed maturities for which a portion of the impairment was recognized in other comprehensive income. 110 CIGNA CORPORATION -  2012 Form  10-K PART II ITEM 8 Financial Statements and Supplementary Data