MetLife 2023 Sustainability Report: Responsible Investments for the Future
For more than 150 years, MetLife has been committed to serving our stakeholders as set forth in our Code of Business Ethics. As a responsible investor, MetLife maintains a long-term, value-driven portfolio. MetLife’s responsible investments intend to achieve a market financial return while considering social and/or environmental benefits that help create healthier communities and a more sustainable environment. These investments focus on the core areas of infrastructure, green, municipal bonds, affordable housing and impact investments.1
Core Areas of Responsible Investing
Infrastructure Investments
MetLife invests in infrastructure projects that create jobs and economic benefits. These could include building or upgrading airports, ports, roads, pipelines, transmission lines and power generation.
In 2023, MetLife committed $44 million to a private infrastructure deal issued by Solek Chile, a leading developer and sponsor of solar photovoltaic (PV) projects operating within Chile’s special portfolio for distributed generation—the “PMGD” regime (from its acronym in Spanish, Pequeños Medios de Generación Distribuida). The Private Placement debt market transaction comprises 26 distributed solar PV plants and one utility-scale PV plant (Leyda, in construction) located close to Santiago. The PMGD regime was created by the Chilean government in 2005 to incentivize the development of greener and more distributed energy generation and reduce Chile’s environmental footprint through updated technology.
Learn more about MIM infrastructure strategies:
- Infrastructure Debt Delivers Reliable Returns;
- European Infrastructure Debt Aligns with ESG Goals; and
- Investing in Water Infrastructure.
Green Investments
MetLife invests 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.
One such investment is Intersect, a “creative campus-style” office park in California that is a joint venture between MetLife’s GA and Dutch Pension Fund PGGM. The venture is installing a 2.2 megawatt rooftop and car canopy solar array and a 573 kilowatt-hour battery energy storage system, which is designed to enable 74% of Intersect’s energy needs to be met by on‑site production. The property also features a large urban garden, sports facilities, wellness trails and more.
MetLife also invests in the Commercial Property Assessed Clean Energy (C-PACE) sector, which finances property improvements such as solar panels, water systems and HVAC system upgrades to increase energy and water efficiency or resiliency to climate-related damage. In 2023, MIM’s Private Capital team grew its C-PACE facility with Twain Financial Partners, bringing the total facility size to $76.2 million across a portfolio of 13 commercial properties.
Municipal Bonds
MetLife’s municipal bond investments support infrastructure, education and community services spanning over 450 communities in 44 states and Washington, D.C. The proceeds of these investments can be used to finance or refinance environmental, water and clean energy projects, as well as projects with anticipated positive social outcomes, such as affordable public housing.
In 2023, MetLife invested $27 million in Single Family Mortgage bonds (social bonds) issued by Colorado Housing and Finance Authority. Bond proceeds were used to finance home loans for low- and moderate-income families and provide downpayment assistance. The bonds also align with the International Capital Market Association’s Social Bond Principles of affordable housing, access to essential services and socioeconomic advancement and empowerment.
In 2023, MetLife invested in over $190 million of State Housing Finance Agency bonds that financed below-market-rate mortgage loans and downpayment assistance to low- and moderate-income families and first‑time homebuyers.
Affordable Housing Investments
MetLife invests in high‑quality housing projects that seek to build financial health and bring benefits to communities. These housing investments involve partnering with nonprofit organizations that provide rental homes at below-market rents to low-income earners, including teachers, nurses, council workers and the elderly and infirm.
Impact Investments
MetLife has been in the impact investment market since 1984. As part of MetLife’s effort to originate $500 million of new impact investments between 2020 and 2030, MetLife’s Impact Investment program invests approximately $50 million annually, primarily in support of financial health and climate change priorities.
MetLife’s 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 and adapt to climate change, 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 has made impact investments in the Blackstar Stability Distressed Debt Fund and Impact Investment Exchange’s Women Livelihood Bond VI (WLB6). The Blackstar Fund seeks to address housing affordability and in-home security, and offers the potential for people to build wealth through enduring homeownership. WLB6 aims to use its $100 million capital raise to advance SDG #5—Gender Equality and SDG #13—Climate Action by investing in six sectors: agriculture, water and sanitation, clean energy, affordable housing, small- and medium-sized enterprise lending, and microfinance. In doing so, the bond seeks to promote the growth of women‑focused businesses, sustainable livelihoods, peace, prosperity and the planet.
Learn more about how MetLife also makes impact investments through MetLife Foundation.
1 Please see the Glossary and ESG Scorecard for additional information on responsible investments.
2 Represents investments sourced in the year.
Download the full MetLife 2023 Sustainability Report
