MetLife, Inc. Notes to the Consolidated Financial Statements — (Continued) 151 MetLife, Inc. Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Equity Securities: FVO and Trading Securities: Common Stock Non- redeemable Preferred Stock Actively Traded Securities FVO General Account Securities FVO Contractholder- directed Unit-linked Investments Short-term Investments Mortgage Loans Held- for-sale MSRs (6) (In millions) Year Ended December 31, 2012: Balance, January 1, ................$ 281 $ 438 $ — $ 23 $ 1,386 $ 590 $ 1,414 $ 666 Total realized/unrealized gains (losses) included in: Net income (loss): (1), (2) Net investment income ......... — — — 18 25 2 — — Net investment gains (losses) ..... (1) 2 — — — — — — Net derivative gains (losses) ...... — — — — — — — — Other revenues ............... — — — — — — (35) (83) Policyholder benefits and claims . . — — — — — — — — Other expenses ............... — — — — — — — — Other comprehensive income (loss) ........................ 13 40 — — — (26) — — Purchases (3) ..................... 99 5 6 — 604 425 1 — Sales (3) ......................... (140) (66) — (9) (1,040) (559) (1,348) (485) Issuances (3) ..................... — — — — — — 7 43 Settlements (3) .................... — — — — — — (43) (141) Transfers into Level 3 (4) ............ 3 — — — — 5 56 — Transfers out of Level 3 (4) .......... (65) — — — (38) (8) (3) — Balance, December 31, ............$ 190 $ 419 $ 6 $ 32 $ 937 $ 429 $ 49 $ — Changes in unrealized gains (losses) included in net income (loss): (5) Net investment income .........$ — $ — $ — $ 14 $ 25 $ 1 $ — $ — Net investment gains (losses) .....$ (11) $ — $ — $ — $ — $ — $ — $ — Net derivative gains (losses) ......$ — $ — $ — $ — $ — $ — $ — $ — Other revenues ...............$ — $ — $ — $ — $ — $ — $ (29) $ — Policyholder benefits and claims . . $ — $ — $ — $ — $ — $ — $ — $ — Other expenses ...............$ — $ — $ — $ — $ — $ — $ — $ —