MetLife, the holding corporation for the Metropolitan Life Insurance Company and its affiliates, is a global provider of insurance, annuities and employee benefit programs. It was founded in 1868 and is headquartered in New York City, United States. Through its subsidiaries and affiliates, MetLife holds market positions in the United States, Japan, Latin America, Asia, Europe, the Middle East and Africa. MetLife is among the largest global providers of insurance, annuities, and employee benefit programs, with 90 million customers in over 60 countries. In 2020, its annual total assets were US $795.146 billion and its total number of employees was 46,500.
In terms of senior leadership accountability, the responsibility for sustainability issues within Metlife lies with the board of directors. Additionally, Metlife links the remuneration of its executive and its management team to sustainability performance criteria. The financial institution publicly commits to gender equality and women’s empowerment and discloses actions it takes to address any pay gaps. Additionally, the financial institution discloses a target of having 30% of the world’s investable capital managed by women by 2030.
Metlife discloses the aggregate amount and share of finance it devotes to climate solutions while specifying what these solutions are. Additionally, it discloses time-bound targets for these climate solutions.
Metlife discloses the proportion of its total direct operations workforce for each employee category by age group, gender and race. The financial institution has a grievance mechanism accessible to all workers, external individuals and communities to raise human rights complaints or concerns.
In terms of gender equality, Metlife also has an opportunity to reach at least 40% female representation in the board of directors and senior leadership positions. Additionally, there is no evidence that the financial institution discloses the ratio of basic salary and remuneration of women to men in its total direct operations workforce for each employee category. The financial institution has an opportunity to describe its engagement approach on sustainability themes and impact topics with clients and investees.
There is no evidence that Metlife discloses a target to reach net-zero financed emissions by 2050. The financial institution has an opportunity to disclose the key sectors and companies it has identified as priorities to engage with on climate change, specifically on the alignment with the Paris Agreement. No evidence was found regarding the financial institution’s approach to fossil fuels that spans across the fossil fuel value chain, such as the amount or share of finance it directs towards fuels, or its stance on financing companies with new fossil fuel projects. The insurance company could disclose that it is committed to minimising the negative impacts it has on nature and biodiversity.
There is no evidence that Metlife has a publicly available policy statement committing it to respect human rights laid out in the UN Guiding Principles and the ILO declaration on fundamental rights at work. The financial institution has an opportunity to describe a comprehensive process for identifying its human rights risks and impacts across all its activities, especially its financing activities. It could also disclose the amount of finance directed towards low-income developing countries. To provide transparency on financial inclusivity, the financial institution has an opportunity to disclose the amount of finance directed towards, for example, women-owned businesses, small- and medium-sized enterprises (SMEs) or low-income developing countries.
More about the company
United States of America
Net income: USD 6.35 billion; AUM: USD 638.5 billion