CREATING VALUE AS AN INVESTOR
Responsible Investments1
MetLife is committed to delivering long- term value for all our stakeholders as we navigate a time of unprecedented change together. MIM has a long history of responsible investment asset origination and sourcing capabilities. We define responsible investments as those that achieve both a market financial return and promote social and/or environmental benefits.
MIM sources responsible investments for MetLife’s general account and our unaffiliated institutional client portfolios, focused on the following core areas:
- Green Investments2
- Infrastructure
- Municipal Bonds3
- Affordable Housing
- Impact Investments4
2030 CLIMATE GOALS
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Infrastructure Investments
MIM originates investments in infrastructure projects that create jobs and economic benefits. These could include building or upgrading airports, ports, roads, pipelines, transmission lines and power generation— including wind and solar projects.
The Port of Rotterdam is one of the largest ports in Europe7 and the 10th largest globally8 by volumes traded. The Port of Rotterdam Authority manages and operates the port and is publicly owned by the Dutch Government (29.2%) and by the Municipality of Rotterdam (70.8%) as a long-term, strategic investment. As a major local employer with an increasing focus on low carbon energy transition, the 2021 MIM-originated and -managed investment will contribute to building a sustainable port and industry. The Port of Rotterdam Authority’s strategy to become carbon neutral by 2050 consists of three consecutive steps:
1) Increasing efficiency through the supply and re-use of surplus energy and the development of carbon capture and storage projects;
2) Investing in electrification and hydrogen to incentivize the use of green energy by businesses at the port; and
3) Evolving into a hub for green energy, hydrogen and biofuels.
Green Investments
MIM sources investments in companies and projects that are focused on the conservation of natural resources, the production and discovery of alternative energy sources, the implementation of clean air and water projects, and other environmentally conscious business practices. Learn more about our green investments, including our nearly $200 million public-private partnership for flood resilience in the U.S. (structured by the Red River Valley Alliance) and our global achievements in green building certifications and energy efficiency.
Municipal Bonds9
Municipal bond investments support infrastructure, education and community services, spanning approximately 300 municipalities in 44 states and Washington, D.C. Learn more about how we support capital expenditures for a range of projects from investments in LEED Gold college campus renovations to bonds that fund grant-making capacity for global public health and sustainable energy programs.
Affordable Housing Investments10
MIM manages investments in high-quality housing projects that build financial health and bring tangible benefits to communities. For example, MIM’s U.K. Social Housing investments involve social housing providers in the U.K. and overseas territories through investments in nonprofit organizations that provide rental homes at below-market rents to low-income earners, including teachers, nurses, council workers, and the elderly and infirm.
MetLife Corporate Treasury made a $25 million investment in the Drexel Hamilton share class of the Goldman Sachs Government Money Market Fund, VETXX. Drexel Hamilton is a service-disabled, veteran-owned and -operated broker-dealer founded on the principle of offering meaningful employment to disabled veterans.
MetLife’s support furthers Drexel Hamilton’s mission of hiring, training and mentoring military veterans for a career in financial services. The investment has helped Drexel Hamilton grow its business and hire eight veterans over the past year, all of whom are women, minority and/or service-disabled. Drexel Hamilton supported 25 nonprofit organizations over the past year, the majority serving military veteran initiatives.
Impact Investments11
MetLife and MIM have been in the impact investment market for over 35 years. Our impact investments are originated with the intent to generate positive societal benefits in the markets where we live and work, creating value for communities and catalyzing inclusion and equity. These investments include projects that aim to mitigate climate change, help expand racial equity, support women to become financially independent and expand financial health services to the under- and unbanked through credit unions and community-based organizations.
MetLife funded $10 million to The New York Forward Loan Fund in 2021. With other lenders and backing from the State of New York, the fund made 1,700 small business loans to support organizations throughout the COVID-19 pandemic.
Approximately 90% of the loans have gone to small businesses, nonprofits or small property owners with 10 or fewer employees and under $1 million in annual revenues. The Fund exceeded its goal to lend at least 60% of funds to minority- and women-owned businesses.
More from this chapter
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1 MIM MAY PERIODICALLY REFINE OR OTHERWISE MODIFY ITS DEFINITION OF RESPONSIBLE INVESTMENTS AND THE COMPONENTS THEREOF BASED ON DATA AVAILABILITY OR OTHER FACTORS.
2 MIM CURRENTLY DEFINES GREEN INVESTMENTS TO INCLUDE 1) LEED, ENERGY STAR, BREEAM AND/OR FITWEL CERTIFIED REAL ESTATE EQUITY INVESTMENTS; 2) COMMERCIAL MORTGAGE LOANS SECURED BY LEED AND/OR ENERGY STAR CERTIFIED REAL ESTATE; 3) RENEWABLE ENERGY PROJECTS, INCLUDING WIND AND SOLAR; 4) ENERGY SAVINGS PERFORMANCE CONTRACTS (ESPCs); 5) PUBLIC AND PRIVATE CORPORATE GREEN BONDS; AND 6) PROPERTY ASSESSED CLEAN ENERGY (PACE) RESIDENTIAL AND COMMERCIAL LOANS.
3 MUNICIPAL BONDS INCLUDE TAXABLE AND TAX-EXEMPT REVENUE BONDS AND, TO A MUCH LESSER EXTENT, GENERAL OBLIGATIONS OF STATES, MUNICIPALITIES AND POLITICAL SUBDIVISIONS.
4 IMPACT INVESTMENTS ARE INVESTMENTS MADE WITH THE INTENTION TO GENERATE POSITIVE, MEASURABLE SOCIAL AND ENVIRONMENTAL IMPACT ALONGSIDE A FINANCIAL RETURN (GIIN–GLOBAL IMPACT INVESTMENT NETWORK–DEFINITION). THIS ACTIVITY INCLUDES METLIFE’S GENERAL ACCOUNT AND A SMALLER VOLUME OF METLIFE FOUNDATION ASSETS.
5 REPRESENTS ASSETS MANAGED BY MIM AT ESTIMATED FAIR VALUE AS OF DECEMBER 31, 2021.
6 2021 MIM-MANAGED RESPONSIBLE INVESTMENTS.
7 CALCULATED BY THE ISSUER ON THE BASIS OF DATA OF THE EUROPEAN SEA PORTS ORGANISATION (NOT PUBLICLY AVAILABLE).
8 UN CONFERENCE ON TRADE AND DEVELOPMENT 2021 REVIEW OF MARITIME TRANSPORT REPORT (SEE FIGURE 1.11).
9 A MUNICIPAL BOND IS A PUBLIC DEBT SECURITY ISSUED BY A STATE, MUNICIPALITY OR COUNTY TO FINANCE ITS CAPITAL EXPENDITURES, INCLUDING THE CONSTRUCTION OF HIGHWAYS, BRIDGES OR SCHOOLS.
10 U.S. LOW INCOME HOUSING TAX CREDIT INVESTMENTS INCLUDE FEDERAL TAX CREDIT EQUITY INVESTMENTS, FINANCING AFFORDABLE RENTAL HOUSING AND STATE TAX CREDIT INVESTMENTS THAT ARE MADE WITH SUBSTANTIALLY SIMILAR REQUIREMENTS. AFFORDABLE UNITS IN A PROJECT MAY CHARGE NO MORE THAN 30% OF A HOUSEHOLD’S INCOME, AND THE AVERAGE INCOME OF ALL HOUSEHOLDS IN ASSISTED UNITS IS 60% OF AREA MEDIAN INCOME OR BELOW.
11 IMPACT INVESTMENTS ARE DEFINED AS THOSE MADE WITH THE INTENTION TO GENERATE POSITIVE, MEASURABLE SOCIAL AND ENVIRONMENTAL IMPACT ALONGSIDE A FINANCIAL RETURN.