MetLife to originate US$500 million in social and environmental impact investments by 2023
Sydney June 23, 2021
In its annual Sustainability Report, released today, MetLife highlights its commitment to originating US$500 million in new impact investments by 2030. In addition to allocating 25% of this commitment to addressing climate change, MetLife will focus on promoting the financial health of underserved people, which includes advancing racial and gender equity in low-income and ethnically diverse communities.
The report highlights MetLife’s commitment to fostering a more diverse, equitable, and inclusive workplace and society. In 2020, MetLife was the first U.S.-based insurer to sign the UN Women’s Empowerment Principles, which have informed the company’s action plans to close gender gaps in the areas of leadership, workplace, marketplace, and community. Globally as of year-end 2020, women represented 52 percent of MetLife’s workforce, 33 percent of its Board of Directors, 30 percent of its Executive Group, and 42 percent of managers.
“As a global insurer and purpose-driven company, we strive to create a more confident and sustainable future for all of our stakeholders,” said MetLife President and CEO Michel Khalaf. “Building on our 153-year legacy of creating financial security, we are strengthening our commitments to the environment and climate, equity and inclusivity, health and well-being, and economic growth for disadvantaged communities.”
The report covers MetLife’s efforts to create positive change across the more than 40 markets where the company operates. Milestones from 2020 include:
- Through premium credits and contributions, MetLife and MetLife Foundation provided more than a quarter billion dollars of relief to help people around the world cope with the impacts of COVID-19.
- MetLife and MetLife Investment Management sustained job growth, wealth creation, and financial stability by investing $659.6 billion in total assets under management for policyholders and clients.
- MetLife Foundation committed an additional $5 million over three years to promote Black educational and career opportunities, Black business ownership, and racial justice initiatives, supplementing $10 million in existing annual contributions to support diverse communities and racial equity. MetLife also launched EXCELERATE, a talent stewardship program to accelerate mid-level Black and Latino employees into officer-level roles at the company.
- As part of 11 new environmental goals, MetLife committed to reducing location-based GHG emissions by an additional 30 percent from 2019 to 2030, and originating $20 billion of new green investments such as renewable energy, LEED-certified buildings, and green bonds by 2030. MetLife’s operations have been carbon neutral since 2016 and its green investments now exceed $28.7 billion and include energy-efficient real estate and renewable energy projects.
- MetLife launched a Sustainable Financing Framework to further align its investment and business priorities, and issued a $750 million green funding agreement, securing the U.S. insurance industry’s first green funding agreement-backed note.
“We believe sustainability must be central to our business strategy and a guiding force behind every aspect of our operations,” said MetLife Chief Sustainability Officer Jon Richter. “The full scope of our people, products and services, investments, and community efforts help us serve as a force for good in the world.”
To read the 2020 Sustainability Report and learn more about MetLife’s commitments, visit metlife.com/sustainability.
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