MetLife, Inc. Notes to the Consolidated Financial Statements — (Continued) Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Net Derivatives: (7) Interest Rate Foreign Currency Exchange Rate Credit Equity Market Net Embedded Derivatives (8) Separate Account Assets (9) Long-term Debt of CSEs Liability Related to Securitized Reverse Mortgage Loans (In millions) Year Ended December 31, 2012: Balance, January 1, ......................$ 300 $ 44 $ 1 $ 889 $ (4,203) $ 1,325 $ (116) $ (1,175) Total realized/unrealized gains (losses) included in: Net income (loss): (1), (2) Net investment income ................ — — — — — — — — Net investment gains (losses) ........... — — — — — 99 (7) — Net derivative gains (losses) ............ 15 10 48 (606) 1,305 — — — Other revenues ...................... (67) — — — — — — 1 Policyholder benefits and claims ......... — — — 29 75 — — — Other expenses ..................... — — — — — — — — Other comprehensive income (loss) ........ — — — (3) 259 — — — Purchases (3) ........................... — — — 19 — 244 — — Sales (3) ............................... — — — — — (443) — 1,149 Issuances (3) ........................... — — (3) (44) — 2 — — Settlements (3) .......................... (71) (17) (3) (156) (598) (1) 79 23 Transfers into Level 3 (4) .................. — — — — — 24 — — Transfers out of Level 3 (4) ................. — — — — — (45) — 2 Balance, December 31, ...................$ 177 $ 37 $ 43 $ 128 $ (3,162) $ 1,205 $ (44) $ — Changes in unrealized gains (losses) included in net income (loss): (5) Net investment income ................$ — $ — $ — $ — $ — $ — $ — $ — Net investment gains (losses) ...........$ — $ — $ — $ — $ — $ — $ (7) $ — Net derivative gains (losses) ............$ — $ (12) $ 47 $ (593) $ 1,275 $ — $ — $ — Other revenues ......................$ — $ — $ — $ — $ — $ — $ — $ — Policyholder benefits and claims .........$ — $ — $ — $ 29 $ 78 $ — $ — $ — Other expenses .....................$ — $ — $ — $ — $ — $ — $ — $ — MetLife, Inc. 152