Metlife becomes first U.S.-based life insurer to join U.N. global compact

MetLife, Inc. (NYSE: MET) announced that it has become the first U.S.-based life insurer to join the United Nations Global Compact, the world’s largest corporate sustainability initiative. The U.N. Global Compact calls for companies to align their operations and strategies with 10 universal principles in the areas of human rights, labor, the environment, and anti-corruption.

“Sustainability is central to MetLife’s efforts to build a more confident future for all our stakeholders,” said MetLife President and CEO Michel Khalaf. “Joining the U.N. Global Compact will help us strengthen our commitment in the years ahead.”  

The mandate of the U.N. Global Compact is to guide and support the global business community in advancing U.N. goals and values through responsible corporate practices. The 10 principles of the Global Compact are:

Human Rights

• Principle 1: Businesses should support and respect the protection of internationally proclaimed human rights; and
• Principle 2: make sure that they are not complicit in human rights abuses.

Labor

• Principle 3: Businesses should uphold the freedom of association and the effective recognition of the right to collective bargaining;
• Principle 4: the elimination of all forms of forced and compulsory labor;
• Principle 5: the effective abolition of child labor; and
• Principle 6: the elimination of discrimination in respect of employment and occupation.

The Environment

• Principle 7: Businesses should support a precautionary approach to environmental challenges;
• Principle 8: undertake initiatives to promote greater environmental responsibility; and
• Principle 9: encourage the development and diffusion of environmentally friendly technologies.

Anti-Corruption

• Principle 10: Businesses should work against corruption in all its forms, including extortion and bribery.

Last week, MetLife issued its annual Sustainability Report, which aligns with the U.N. Sustainable Development Goals and details the ways MetLife and MetLife Foundation deliver for their stakeholders.

In 2019, MetLife became the first insurance company to join the U.N. Women Global Innovation Coalition for Change, and in February 2020, the company became the first U.S.-based insurer to sign the U.N. Women’s Empowerment Principles.