MetLife, Inc. Notes to the Consolidated Financial Statements — (Continued) 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, 2011: Balance, January 1, ................$ 268 $ 905 $ 10 $ 77 $ 735 $ 858 $ 24 $ 950 Total realized/unrealized gains (losses) included in: Net income (loss): (1), (2) Net investment income .......... — — — (7) 5 3 — — Net investment gains (losses) ..... 14 (71) — — — (2) — — Net derivative gains (losses) ...... — — — — — — — — Other revenues ................ — — — — — — 5 (314) Policyholder benefits and claims . . — — — — — — — — Other expenses ............... — — — — — — — — Other comprehensive income (loss) ........................ 5 5 — — — 2 — — Purchases (3) ..................... 106 3 — — 1,246 600 3 — Sales (3) ......................... (46) (416) (8) (33) (478) (870) — — Issuances (3) ..................... — — — — — — 1,361 173 Settlements (3) .................... — — — — — — (87) (143) Transfers into Level 3 (4) ............ — 12 — — 121 — 109 — Transfers out of Level 3 (4) .......... (66) — (2) (14) (243) (1) (1) — Balance, December 31, .............$ 281 $ 438 $ — $ 23 $ 1,386 $ 590 $ 1,414 $ 666 Changes in unrealized gains (losses) included in net income (loss): (5) Net investment income ..........$ — $ — $ — $ (8) $ (4) $ — $ — $ — Net investment gains (losses) .....$ (6) $ (19) $ — $ — $ — $ (1) $ — $ — Net derivative gains (losses) ......$ — $ — $ — $ — $ — $ — $ — $ — Other revenues ................$ — $ — $ — $ — $ — $ — $ 5 $ (282) Policyholder benefits and claims . . $ — $ — $ — $ — $ — $ — $ — $ — Other expenses ...............$ — $ — $ — $ — $ — $ — $ — $ — MetLife, Inc. 154