2022 SUSTAINABILITY REPORT
Creating Value as an Investor
Highlights
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Our Approach
MetLife’s General Account is a key to living up to our promises and our purpose. MetLife’s General Account, which totals over $400 billion dollars, is invested responsibly for the long term. The investments in MetLife’s General Account help us keep the financial promises we have made to our customers all over the world. That’s why we seek out investments that are diverse, stable, secure and offer competitive, risk-adjusted returns. That includes evaluating risks, including financially material ESG factors, that we believe have an impact on investment performance. These factors are important considerations to effectively manage risk and achieve MetLife’s investment objectives.
Governance
MetLife’s Chief Investment Officer also serves as the President of MetLife Investment Management (MIM), our institutional investment management business, which manages most of MetLife’s General Account portfolio. The Chief Investment Officer oversees ESG integration efforts for MetLife’s General Account, with MetLife’s ESG and sustainability-related investment initiatives reported to the Governance and Corporate Responsibility Committee of MetLife’s Board of Directors at least annually.
MIM is a well-established global investment manager with specialist investment teams who incorporate relevant, financially material ESG factors into their risk management-focused investment processes. In 2019, MIM was proud to become a signatory to the Principles for Responsible Investment (PRI), committing to adopt and implement PRI’s six principles across our investment portfolio. As investment experts, MIM plays a key role in delivering the investment objectives of MetLife’s General Account. This includes, among other things, embedding ESG integration principles in decision-making and being a responsible investor as a means to a long-term, value-driven portfolio.
MIM Assets Under Management (AUM)
$579.8B10,11
Total AUM as of year-end 2022, publicly reported as follows:
$416.9B10,11
MetLife General Account AUM12
$162.9B10,11
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1 Represents responsible investments managed by MIM at estimated fair value as of December 31, 2022.
2 For definitions of responsible investments, impact investments and green investments, please see pages 96 and 97 of the Sustainability Report PDF. MIM may periodically refine or otherwise modify its definitions and the components thereof based on data availability or other factors.
3 Annual investments in 2022.
4 Represents 2022 production toward MIM’s $1 billion DEI goal.
5 In April 2022, MIM sourced, on behalf of clients, approximately $200 million in financing to support the decommissioning of the last two coal-fired plants in New Jersey.
6 Represents percentage of MIM-managed and -controlled real estate equity investments as of November 30, 2022.
7 The Net Zero commitment applies to GHG emissions from MetLife, Inc.’s global owned and leased offices and vehicle fleets, employee business travel, supply chain and assets in MetLife’s General Account investment portfolio, which includes the general accounts of MetLife, Inc.’s wholly owned insurance company subsidiaries, where reliable data and methodologies are available. While reliable methodologies and data sets pertaining to certain GHG emissions are not available at this time, MetLife is committed to identifying and measuring relevant climate data as methodologies and standards evolve. Emissions are tracked in accordance with the GHG Protocol, unless otherwise directed by regulators. Additional information about MetLife’s General Account investment portfolio is available here.
8 Applies to MetLife, Inc.’s financed GHG emissions associated with its General Account public corporate portfolio (Scope 3 Category 15), where reliable data and methodologies are available. Emissions are tracked in accordance with the Partnership for Carbon Accounting Financials standards, unless otherwise directed by regulators. While reliable methodologies and data sets pertaining to certain GHG emissions are not available at this time, MetLife is committed to identifying and measuring relevant climate data as methodologies and standards evolve. Additional information about MetLife’s General Account investment portfolio is available here.
9 Applies to GHG emissions directly generated and associated with power consumed on site (including Scope 1 and 2 emissions and excluding Scope 3 tenant emissions) for owned and controlled real estate investments within MetLife, Inc.’s General Account (Scope 3 Category 15), where reliable data and methodologies are available. Excludes emissions from the operation of leased assets (Scope 3 Category 13). Target has a base year of 2019 and target year of 2030. Emissions are tracked in accordance with the GHG Protocol, unless otherwise directed by regulators. While reliable methodologies and data sets pertaining to certain GHG emissions are not available at this time, MetLife is committed to identifying and measuring relevant climate data as methodologies and standards evolve. Additional information about MetLife’s General Account investment portfolio is available here.
10 Please see the Total AUM fact sheet and General Account AUM fact sheet as of December 31, 2022 to learn more.
11 As of December 31, 2022. At estimated fair value. Please see Explanatory Note.
12 Does not include loan interests held by third party investors. For a definition of General Account AUM, please see Explanatory Note.