MetLife Releases 2020 Sustainability Report With New Environmental Goals, Investments Commitments and Focus on Advancing Racial and Gender Equity
MetLife released its annual Sustainability Report earlier this week, highlighting the company’s progress in addressing critical challenges such as gender and racial inequity, climate change, and economic growth for disadvantaged communities. The report features MetLife’s global response to COVID-19, a commitment to originating $500 million in new impact investments by 2030, and the company’s focus on advancing racial and gender equity in low-income and racially and ethnically diverse communities.
“For MetLife, sustainability is about managing the business for the long-term and ensuring we can deliver on our purpose for generations to come,” said MetLife Chief Sustainability Officer Jon Richter. “Living our purpose means ensuring MetLife can remain a force for good in the communities we serve, with a deep commitment to using all our resources to foster a healthier, more inclusive and equitable world.”
The report aligns to several disclosure frameworks, including the Task Force on Climate-related Financial Disclosures (TCFD), Sustainability Accounting Standards Board (SASB), the United Nations Sustainable Development Goals (UN SDGs), and the United Nations Global Compact.
MetLife has aligned its sustainability efforts to five of the UN SDGs: Good Health and Well-Being, Gender Equality, Decent Work and Economic Growth, Reduced Inequalities, and Climate Action. Using the UN SDG framework as a guide, the company deploys its people, products, services, and investments to be a force for good.
Performance highlights in 2020 included:
- MetLife and MetLife Investment Management now manage $28.7 billion in green investments including energy-efficient real estate and renewable energy projects.
- Globally, women represented 52 percent of MetLife’s workforce, 33 percent of its Board of Directors, 30 percent of its Executive Group, and 42 percent of managers as of December 31, 2020.
- MetLife and MetLife Investment Management invested $659.6 billion in total assets under management, as of December 31, 2020 and at estimated fair value, for policyholders and clients, contributing to sustained job growth, wealth creation, and financial stability.
- The company established new 2030 Environmental Goals, including commitments to originate $20 billion in new green investments and reduce location-based GHG emissions by an additional 30 percent from 2019 to 2030.
- MetLife launched a Sustainable Financing Framework to further align its investment and business priorities, and issued a $750 million green funding agreement, securing the U.S. insurance industry’s first green funding agreement-backed note.
- MetLife Investment Management originated more than $10 billion in new responsible investments.
- Over 21,000 MetLife employees tracked nearly 60,000 hours of volunteer efforts
Other 2020 sustainability milestones included:
- 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’s operations continue to maintain carbon neutrality since 2016.
- The company became the first U.S.-based insurer to sign the United Nations Women’s Empowerment Principles in 2020, which have informed MetLife’s action plans to close gender gaps in the areas of leadership, workplace, marketplace, and community.
- MetLife Foundation committed an additional $5 million over three years to promote Black educational and career opportunities, Black business ownership, and racial justice initiatives, supplementing $10 million in existing annual contributions to support diverse communities and racial equity.
- MetLife launched EXCELERATE, a talent stewardship program to accelerate mid-level Black and Latino employees into officer-level roles at the company.
To read the 2020 Sustainability Report and for more sustainability highlights, case studies, and definitions, visit MetLife.com/Sustainability.
Director Corporate Communications