Table of Contents INVESTMENTS Net Investment Income Net investment income, after tax, increased $227 million in 2019 as compared with 2018 driven by limited partnership and common stock returns. The significant components of Net investment income are presented in the following table. Fixed income securities, as presented, include both fixed maturity securities and non-redeemable preferred stock. Years ended December 31 (In millions) 2019 2018 Fixed income securities: Taxable fixed income securities $ 1,538 $ 1,449 Tax-exempt fixed income securities 318 384 Total fixed income securities 1,856 1,833 Limited partnership and common stock investments 226 (42 ) Other, net of investment expense 36 26 Pretax net investment income $ 2,118 $ 1,817 Fixed income securities, after tax $ 1,520 $ 1,512 Net investment income, after tax 1,727 1,500 Effective income yield for the fixed income securities portfolio, pretax 4.8 % 4.7  % Effective income yield for the fixed income securities portfolio, after tax 3.9 % 3.9 % Limited partnership and common stock return 11.7 % (1.9 )% 41