MetLife, Inc. Notes to the Consolidated Financial Statements — (Continued) Information regarding the closed block revenues and expenses was as follows: MLIC charges the closed block with federal income taxes, state and local premium taxes and other additive state or local taxes, as well as investment management expenses relating to the closed block as provided in the Plan. MLIC also charges the closed block for expenses of maintaining the policies included in the closed block. See Note 10 for information about the fair value hierarchy for investments and the related valuation methodologies. Investments are exposed to the following primary sources of risk: credit, interest rate, liquidity, market valuation, currency and real estate risk. The financial statement risks, stemming from such investment risks, are those associated with the determination of estimated fair values, the diminished ability to sell certain investments in times of strained market conditions, the recognition of impairments, the recognition of income on certain investments and the potential consolidation of VIEs. The use of different methodologies, assumptions and inputs relating to these financial statement risks may have a material effect on the amounts presented within the consolidated financial statements. The determination of valuation allowances and impairments is highly subjective and is based upon periodic evaluations and assessments of known and inherent risks associated with the respective asset class. Such evaluations and assessments are revised as conditions change and new information becomes available. The recognition of income on certain investments (e.g. structured securities, including mortgage-backed securities, asset-backed securities (“ABS”), certain structured investment transactions and FVO and trading securities) is dependent upon certain factors such as prepayments and defaults, and changes in such factors could result in changes in amounts to be earned. Years Ended December 31, 2012 2011 2010 (In millions) Revenues Premiums ....................................................................................... $2,139 $2,306 $2,461 Net investment income ............................................................................. 2,188 2,231 2,292 Net investment gains (losses) ........................................................................ 61 32 39 Net derivative gains (losses) ......................................................................... (12) 8 (27) Total revenues ............................................................................... 4,376 4,577 4,765 Expenses Policyholder benefits and claims ...................................................................... 2,783 2,991 3,115 Policyholder dividends ............................................................................. 1,072 1,137 1,235 Other expenses .................................................................................. 179 193 199 Total expenses .............................................................................. 4,034 4,321 4,549 Revenues, net of expenses before provision for income tax expense (benefit) .................................. 342 256 216 Provision for income tax expense (benefit) .............................................................. 120 89 71 Revenues, net of expenses and provision for income tax expense (benefit) from continuing operations ............... 222 167 145 Revenues, net of expenses and provision for income tax expense (benefit) from discontinued operations ............. 10 1 1 Revenues, net of expenses and provision for income tax expense (benefit) .................................... $ 232 $ 168 $ 146 8. Investments Investment Risks and Uncertainties Fixed Maturity and Equity Securities AFS Fixed Maturity and Equity Securities AFS by Sector The following table presents the fixed maturity and equity securities AFS by sector. The unrealized loss amounts presented below include the noncredit loss component of OTTI losses. Redeemable preferred stock is reported within U.S. corporate and foreign corporate fixed maturity securities and non-redeemable preferred stock is reported within equity securities. Included within fixed maturity securities are structured securities including RMBS, CMBS and ABS. 115 MetLife, Inc.