Net realized capital gains and losses are presented in the following table.
Three Months Ended March 31,
(in millions)
2007
2006
Investment write-downs
$
(1
)
(5
Dispositions
35
(76
Valuation of derivative instruments
(20
36
Settlement of derivative instruments
9
17
Realized capital gains and losses, pretax
23
(28
Income tax (expense) benefit
(8
10
Realized capital gains and losses, after-tax
15
(18
For further discussion of realized capital gains and losses, see the Investments section of MD&A.