MetLife, Inc. (NYSE: MET) today announced its responsible
investment portfolio grew to more than $52 billion in 2018, and
MetLife Foundation fulfilled its five-year commitment to provide
$200 million in grants to improve financial inclusion worldwide and
expanded its focus to financial health. Those are just two of the
ways MetLife and MetLife Foundation are making a positive impact on
society, as outlined in the company’s latest sustainability report,
released today.
MetLife’s report, Global Impact, highlights how the company
manages Environmental, Social and Governance (ESG) issues to make a
positive impact on the world. The report includes information on
MetLife’s record on climate issues and responsible investing, as
well as efforts to make its products more accessible and easier to
use, enhance customer value, and cultivate employee wellness and
career development. It also details the company’s accomplishments
in workplace diversity and MetLife Foundation’s work to improve
financial health. Importantly, the report provides a progress
update on MetLife’s ESG-related goals and commitments established
in 2015.
“The very nature of insurance provides sustainable, long-term
value to people,” said Mike Zarcone, MetLife executive vice
president and head of Corporate Affairs. “Our business is to make
and keep promises, sometimes decades into the future. We live up to
these promises through the products we provide, the investments we
make, and by operating responsibly. We are pleased to highlight the
impact that we make on society in our annual Global Impact
report.”
Some of the ways MetLife operated as a force for good in 2018
included:
- Paying approximately $48 billion in
claims and benefits to policyholders, demonstrating the vital role
the company plays in the social safety net.
- Fueling jobs and economic growth by
investing $589 billion in total assets under management for
policyholders and clients in agriculture, infrastructure, real
estate, and businesses of all kinds.
- Being named to the Dow Jones
Sustainability Index (North America) for the third year in a
row.
- Earning recognition as one of America's
100 Most JUST Companies by JUST Capital and Forbes for the first
time. The list recognizes high-performing U.S. companies on the
issues that Americans define as priorities for good corporate
behavior.
- Receiving recognition from CDP
(formerly the Carbon Disclosure Project) for our high level of
collaboration with suppliers on disclosing climate risks, placing
MetLife on CDP’s Supplier Engagement Leader Board.
- Announcing a $10 million Workforce of
the Future Development Fund to deliver learning programs to
employees focused on digital skills, innovation and
collaboration.
- Creating a new sustainability function
to bring a strategic and coordinated approach to the company’s
efforts, and appointing a Chief Sustainability Officer.
Global Impact is prepared in accordance with the latest
standards published by the Global Reporting Initiative (GRI), the
nonprofit organization that sets the standard for sustainability
reporting. The GRI Standards provide a globally recognized
framework for companies to measure and communicate their
environmental, economic, social and governance performance. By
adhering to this framework, MetLife joins thousands of companies
around the world in quantifying the benefits and impacts of its
business activities.
To view the report, and to learn more about MetLife’s
sustainability activities, please visit
www.MetLifeGlobalImpact.com.
About MetLife
MetLife, Inc. (NYSE: MET), through its subsidiaries and
affiliates (“MetLife”), is one of the world’s leading financial
services companies, providing insurance, annuities, employee
benefits and asset management to help its individual and
institutional customers navigate their changing world. Founded in
1868, MetLife has operations in more than 40 countries and holds
leading market positions in the United States, Japan, Latin
America, Asia, Europe and the Middle East. For more information,
visit www.metlife.com.
CAUTIONARY STATEMENT ON FORWARD-LOOKING
STATEMENTS AND NON-GAAP FINANCIAL INFORMATION
This release may contain or refer to forward-looking statements.
Forward-looking statements give expectations or forecasts of the
future using terms such as “anticipate,” “estimate,” “expect,”
“project,” “intend,” “plan,” “believe,” “will,” and other terms
tied to future periods. Results could differ materially from
those expressed or implied in the forward-looking statements.
Forward-looking statements are based on assumptions and
expectations. They involve risks and uncertainties, including the
“Risk Factors” MetLife, Inc. describes in its U.S. Securities and
Exchange Commission filings. The company has no obligation to
correct or update any forward-looking statement. Parts of this
release may include additional information on forward-looking
statements.
The release may also contain measures that are not calculated
based on accounting principles generally accepted in the United
States of America, or GAAP. Parts of this release, the Investor
Relations portion of MetLife's website (www.metlife.com), or other
parts of that website include information on non-GAAP financial
information.
Explanatory Note on Non-GAAP Financial Information
Total Assets Under Management (“Total AUM”) is a financial
measure based on methodologies other than accounting principles
generally accepted in the United States of America (“GAAP”). Total
AUM are comprised of GA AUM, plus Indexed SA AUM plus TP AUM (each
as defined below). MetLife believes the use of Total AUM enhances
the understanding of the depth and breadth of its investment
management services on behalf of its general account investment
portfolio, separate account index investment portfolios and
unaffiliated/third party clients.
General Account Assets Under Management (“GA AUM”) is a
financial measure based on methodologies other than GAAP. MetLife
utilizes GA AUM to describe assets in its general account
investment portfolio which are actively managed and stated at
estimated fair value. MetLife believes the use of GA AUM enhances
the understanding and comparability of its general account
investment portfolio. GA AUM are comprised of general account Total
Investments and cash and cash equivalents, excluding policy loans,
other invested assets, contractholder-directed equity securities
and fair value option securities, as substantially all of these
assets are not actively managed in MetLife’s general account
investment portfolio. Mortgage loans and certain real estate
investments included in GA AUM have been adjusted from carrying
value to estimated fair value. Classification of GA AUM by sector
is based on the nature and characteristics of the underlying
investments which can vary from how they are classified under
GAAP.
Passive-Indexed Separate Account Assets Under Management
(“Indexed SA AUM”) are passive-indexed insurance company separate
account investment portfolios, which are stated at estimated fair
value, managed by MetLife that track the return of industry market
indices. Indexed SA AUM represent separate account assets of
MetLife insurance companies which are included in MetLife, Inc.’s
consolidated financial statements at estimated fair value.
Third Party Assets Under Management (“TP AUM”) are
non-proprietary assets managed by MetLife on behalf of
unaffiliated/third party clients, which are stated at estimated
fair value. TP AUM are owned by such unaffiliated/third party
clients; accordingly, TP AUM are not included in MetLife, Inc.’s
consolidated financial statements.
MIM’s investment strategy incorporates relevant environmental,
social and governance (“ESG”) considerations in the decision making
process to support sustainable long-term returns. Responsible
Investments are the portion of Total Assets Under Management that
include the following four categories: Impact and Affordable
Housing Investments, Green Investments, Infrastructure Investments
and Municipal Bonds (i.e., Municipals).
All Other Investments are the portion of Total Assets Under
Management that exclude Responsible Investments.
GA AUM, Total AUM and Responsible Investments are non-GAAP
financial measures and should not be viewed as substitutes for
Total Investments, the most directly comparable GAAP measure.
Reconciliations of Total Investments to GA AUM, GA AUM to Total AUM
and Total AUM to Responsible Investments are set forth in the table
below. Total Investments under GAAP includes short-term investments
and excludes cash and cash equivalents.
Additional information about MetLife’s general account
investment portfolio is available in MetLife, Inc.’s quarterly
financial materials for the quarter ended December 31, 2018, which
may be accessed through MetLife’s Investor Relations Web page at
http://investor.metlife.com.
Reconciliation of Total
Investments to General Account Assets Under Management and Total
Assets Under Management and Responsible Investments
(In billions) 12/31/2018
Total Investments $ 436.2 Plus: Cash
and Cash Equivalents 15.8 Plus: Fair Value Adjustment - Mortgage
loans 1.0 Plus: Fair Value Adjustment - Real Estate and Real Estate
Joint Ventures 5.7 Less: Policy Loans 9.7 Less: Other Invested
Assets 18.2 Less: Contractholder-Directed Equity Securities and
Fair Value Option Securities
12.6
General Account Assets Under Management $
418.2 Plus: Passive-Indexed Separate Account Assets Under
Management 14.4 Plus: Third Party Assets Under Management
156.1
Total Assets Under Management $ 588.7
Less: All Other Investments 536.1
Responsible
Investments $ 52.6
Components of
Responsible Investments:
Impact and Affordable Housing Investments $ 2.6 Green Investments
16.6 Infrastructure 17.1 Municipal Bonds 16.3
$
52.6
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190422005094/en/
Meredith Hyland212-578-9415meredith.hyland@metlife.com
MetLife (NYSE:MET)
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