MetLife General Account Investment Portfolio

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MetLife maintains a well-diversified investment portfolio and applies prudent risk management to secure long-term returns in accordance with MetLife’s ESG Investment Policy. MetLife is building a foundation for a less carbon-intensive and more socially responsible general account portfolio through our investment strategy. 

MetLife has a commitment to energy transition initiatives that drive environmental sustainability and decarbonization. To harness the power of our influence as a leading insurance and financial services firm, we have set goals to help transition to a zero-carbon economy and more sustainable future. In 2022, MetLife, Inc. made the commitment to take the company’s carbon neutrality commitment a step further by targeting net zero emissions for global operations and its general account investment portfolio by 2050 or sooner.2

Exclusionary Investment Screens

MetLife has applied exclusionary investment screens for our general account, which have been implemented to avoid investment in companies doing business in certain industries or business lines that are not in alignment with our core values, including: 

  • Manufacturers of automatic and semiautomatic assault weapons intended for sale to civilian customers; 
  • Direct producers of controversial weapons, including cluster munitions, landmines, and biological and chemical weapons; 
  • Tobacco, vaping and e-cigarette manufacturers; 
  • Mining and/or utility companies deriving 25% or more of their revenue from thermal coal; and 
  • Companies that hold at least 20% of their oil reserves in oil sands. 

Metropolitan Life Insurance Company issued its first green funding agreement in 2020 with the aim of ultimately allocating the net proceeds to renewable energy projects, green buildings or other eligible green assets under the MetLife Sustainable Financing Framework.

 In 2021, funds were allocated as follows:3 

Funded assets included wind and solar projects in the U.S. and Mexico, LEED-certified buildings in the U.S. and sustainably managed forestry and climate smart farm assets in Peru and the U.S.4

Sustainable Financing Framework and Related Issuances

MetLife’s Sustainable Financing Framework facilitates alignment of MetLife’s business and investment activities to support and drive a more sustainable future by offering a framework for issuances of green, social and sustainable bonds, term loans, preferred stock, subordinated notes and funding agreements.

See Managing Responsibly for more information >

See 2021 MetLife Sustainable Financing Report >

Emerging Risks, Opportunities And Regulation

Around the world, regulations are emerging that require companies to report their climate risks. Compliance with the European Union Sustainable Finance Disclosure Regulation is a priority for MIM, and we are preparing for these efforts. MetLife stays up to date on policy trends and evolving regulatory requirements, globally, through internal and external resources, engagement and our global Climate Advisory Council. 

See Managing Climate Risks for more information >

In 2021, MetLife became the first U.S. insurer to include multiple veteran, women, and ethnically and racially diverse-owned boutique investment banking firms in successfully issuing a $500 million Funding Agreement-Backed Note. The transaction was led by MIM’s Capital Markets Group. This represents the first time diverse-owned firms were engaged in more senior, higher-profile roles on a transaction of this type. 

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Learn more about our approach for our investments in the links below:

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1 GENERAL ACCOUNT AUM (GA AUM) IS USED BY METLIFE TO DESCRIBE ASSETS IN ITS GENERAL ACCOUNT (GA) INVESTMENT PORTFOLIO THAT ARE ACTIVELY MANAGED AND STATED AT ESTIMATED FAIR VALUE. GA AUM IS COMPRISED OF GA TOTAL INVESTMENTS, THE PORTION OF GA INVESTMENT PORTFOLIO CLASSIFIED WITHIN ASSETS HELD-FOR-SALE, AND CASH AND CASH EQUIVALENTS, EXCLUDING POLICY LOANS, CONTRACT-HOLDER-DIRECTED EQUITY SECURITIES, FAIR VALUE OPTION SECURITIES AND CERTAIN OTHER INVESTED ASSETS, AS SUBSTANTIALLY ALL OF THESE ASSETS ARE NOT ACTIVELY MANAGED IN METLIFE’S GA INVESTMENT PORTFOLIO. MORTGAGE LOANS (INCLUDING COMMERCIAL, AGRICULTURAL AND RESIDENTIAL) AND REAL ESTATE AND REAL ESTATE JOINT VENTURES INCLUDED IN GA AUM (AT NET ASSET VALUE, NET OF DEDUCTION FOR ENCUMBERING DEBT) 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. ACCORDINGLY, THE UNDERLYING INVESTMENTS WITHIN CERTAIN REAL ESTATE AND REAL ESTATE JOINT VENTURES THAT ARE PRIMARILY COMMERCIAL MORTGAGE LOANS (AT NET ASSET VALUE, NET OF DEDUCTION FOR ENCUMBERING DEBT) HAVE BEEN RECLASSIFIED TO EXCLUDE THEM FROM REAL ESTATE EQUITY AND INCLUDE THEM AS COMMERCIAL MORTGAGE LOANS.

2  THE NET ZERO COMMITMENT APPLIES TO GHG EMISSIONS FROM METLIFE, INC.’S OWNED AND LEASED OFFICES ACROSS THE WORLD, AUTOMOBILE FLEETS, EMPLOYEE BUSINESS TRAVEL AND ASSETS IN METLIFE’S GENERAL ACCOUNT INVESTMENT PORTFOLIO, WHICH INCLUDES THE GENERAL ACCOUNTS OF METLIFE, INC.’S WHOLLY OWNED INSURANCE COMPANY SUBSIDIARIES, WHERE DATA AND METHODOLOGIES ARE AVAILABLE. EMISSIONS ARE TRACKED AND REPORTED IN ACCORDANCE WITH THE GREENHOUSE GAS PROTOCOL. READ MORE ABOUT METLIFE’S CLIMATE COMMITMENTS. ADDITIONAL INFORMATION ABOUT METLIFE’S GENERAL ACCOUNT INVESTMENT PORTFOLIO IS AVAILABLE HERE.

3 NUMBERS ARE ROUNDED. 

4 FOR MORE DETAILS ON THE INAUGURAL GREEN FUNDING AGREEMENT, SEE THE 2021 METLIFE SUSTAINABLE FINANCING REPORT