In 2025, investment gains included changes in unrealized equity gains of $12.9 billion for the full year, including $9.6 billion in Q4, plus after-tax realized gains on sales of $17.8 billion for the year. That compared with unrealized gains of $2.1 billion in Q4 but unrealized losses of $38.1 billion for full-year 2024, alongside realized gains of $79.6 billion for that year.
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