In its annual Sustainability Report, MetLife has highlighted its commitment to originating $500m (£359.7m) in new impact investments by 2030.
In addition to allocating 25% of this commitment to addressing climate change, MetLife said it will focus on promoting the financial health of underserved people, which includes advancing racial and gender equity in low-income and ethnically diverse communities.
It added the report highlights its 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% of MetLife’s workforce, 33% of its board of directors, 30% of its executive group, and 42% of managers.
MetLife president and CEO Michel Khalaf, said: “As a global insurer and purpose-driven company, we strive to create a more confident and sustainable future for all of our stakeholders. 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.”
MetLife also revealed its efforts to “create positive change” across the more than 40 markets where the company operates. These included:
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 $659.6bn (£474bn) in total assets under management for policyholders and clients.
MetLife launched a Sustainable Financing Framework to further align its investment and business priorities, and issued a $750 (£539m) green funding agreement, securing the U.S. insurance industry’s first green funding agreement-backed note.
MetLife chief sustainability officer Jon Richter added: “We believe sustainability must be central to our business strategy and a guiding force behind every aspect of our operations. The full scope of our people, products and services, investments, and community efforts help us serve as a force for good in the world.”