MetLife announced a broad set of 2030 diversity, equity and inclusion (DEI) commitments designed to address the needs of the underserved and underrepresented through a mix of investments, products and services, supply chain, volunteering, and community efforts.
The extensive package of DEI commitments augments the global insurer's robust sustainability efforts, which are anchored to its business strategy and informed by the United Nations Sustainable Development Goals, read a press release.
"MetLife's purpose calls on us to build a more inclusive and equitable world for all our stakeholders," said MetLife President and CEO Michel Khalaf.
"The breadth of these commitments demonstrates that we are significantly advancing our DEI efforts on every front. Setting clear expectations for our progress will hold us accountable and sustain our momentum," he added.
MetLife has pledged to deliver on the following commitments by 2030:
1. Originate $1 billion in investments that advance firms owned by women, minorities, and disabled persons. MetLife made a down payment on this commitment with nearly $100 million deployed in 2021.
2. Reach $5 billion in spend with diverse suppliers – an increase of $1.6 billion from the amount MetLife's Supplier Inclusion and Development Program has committed to date. MetLife will also annually report the economic impact of this spend.
3. MetLife Foundation has committed $150 million in funding to support underserved and underrepresented communities.
4. Commit 800,000 employee volunteer hours with a focus on DEI/underserved communities.
5. Provide solutions and insights to address the needs of the underserved. For example, MetLife will build partnerships with experts to provide educational content in Upwise™ – the company's new digital financial wellness app – to tackle the financial challenges disproportionately impacting diverse communities.
6. Support research that advances understanding of DEI issues. For example, MetLife will share insights from the company's annual Employee Benefit Trends Study and other research initiatives to help employers as they support their increasingly diverse workforces.
7. Continue to advance workforce diversity by consistently achieving top quartile positioning across each ethnically and racially diverse category in the US and of female officers globally. Enhance transparency of the link between top quartile positioning and executive leadership performance.
The financial components of these commitments are more than $2.5 billion by 2030.
Regular progress updates on the 2030 commitments will be provided through the company's annual sustainability report.