MetLife, Inc. Notes to the Consolidated Financial Statements — (Continued) 155 MetLife, Inc. 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, 2011: Balance, January 1, ..........................$ (86) $ 73 $ 44 $ 142 $ (2,438) $ 1,983 $ (184) $ — Total realized/unrealized gains (losses) included in: Net income (loss): (1), (2) Net investment income .................... — — — (3) — — — — Net investment gains (losses) ............... — — — — — 39 (8) — Net derivative gains (losses) ................ 41 (28) (43) 601 (1,277) — — — Other revenues .......................... 62 — — — — — — — Policyholder benefits and claims ............. — — — 7 86 — — — Other expenses ......................... — — — — — — — — Other comprehensive income (loss) ............ 329 — 14 1 (119) — — — Purchases (3) ............................... (1) — 1 228 — 284 — — Sales (3) ................................... — — — — — (743) — — Issuances (3) ............................... — — (3) (4) — — — (1,175) Settlements (3) .............................. (44) (1) (12) (8) (455) — 76 — Transfers into Level 3 (4) ...................... (1) — — — — 19 — — Transfers out of Level 3 (4) ..................... — — — (75) — (257) — — Balance, December 31, .......................$ 300 $ 44 $ 1 $ 889 $ (4,203) $ 1,325 $ (116) $ (1,175) Changes in unrealized gains (losses) included in net income (loss): (5) Net investment income ....................$ — $ — $ — $ — $ — $ — $ — $ — Net investment gains (losses) ...............$ — $ — $ — $ — $ — $ — $ (8) $ — Net derivative gains (losses) ................$ 24 $ (24) $ (42) $ 601 $ (1,303) $ — $ — $ — Other revenues ..........................$ 68 $ — $ — $ — $ — $ — $ — $ — Policyholder benefits and claims .............$ — $ — $ — $ 7 $ 94 $ — $ — $ — Other expenses .........................$ — $ — $ — $ — $ — $ — $ — $ —