MetLife has announced a $2.5 billion commitment to deepen impact across workforce and society under its new 2030 Diversity, Equity and Inclusions (DEI) commitments.
The extensive package of DEI commitments announced on Monday demonstrate the insurer’s advancement on DEI efforts on every front, MetLife president and CEO Michael Khalaf said.
“Setting clear expectations for our progress will hold us accountable and sustain our momentum.”
MetLife has pledged to deliver on the following commitments by 2030:
- Originate $1 billion in investments that advance firms owned by women, minorities and disabled persons.
- 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.
- MetLife Foundation has committed $150 million in funding to support underserved and underrepresented communities.
- Commit 800,000 employee volunteer hours with a focus on DEI/underserved communities.
- Provide solutions and insights to address the needs of the underserved.
- Support research that advances understanding of DEI issues. 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.
“By embedding these commitments directly into the work our teams do each day, we’re able to tap into fresh ideas and expertise that will have a meaningful impact on the diverse customers and communities we serve,” said MetLife global diversity, equity and inclusion officer Dr Cindy Pace.
Regular progress updates on the 2030 commitments will be provided through the company’s annual sustainability report.
Surely MetLife’s customers would prefer that $2.5B to be spent on lowering premiums and paying claims, rather than virtue signalling.
It’s going to be very hard explaining to clients why MetLife’s premiums had to go up when they have a spare $2.5B to spend on this sort of stuff.