MetLife, Inc. announced today that it originated $3.2 billion in agricultural loans in 2015 through its Agricultural Investments Department. MetLife is one of the largest agricultural mortgage lenders in North America with a portfolio of $13.2 billion as of September 30, 2015, the largest in the company’s history.
“MetLife had a busy year lending to its agricultural customers in the United States and abroad, growing our portfolio to a record level in 2015,” said Robert Merck, senior managing director and global head of agricultural investments for MetLife. “We are approaching our 100th anniversary as an agricultural lender, so our customers know that they can rely on MetLife as a trusted source of financing for the long-term growth of their business, and this drives our success year after year.”
Agricultural investments are an important part of MetLife’s asset-liability matching program. The long-term nature of these investments makes them a good match for the long-term liabilities the company writes.
In 2015, the average loan-to-value ratio of MetLife’s overall agricultural mortgage portfolio was 43 percent.
“We are proud of our performance in 2015, growing our portfolio to a record $13.2 billion despite lower commodity prices and the drought in California,” said Barry Bogseth, managing director and head of MetLife’s agricultural portfolio unit. “In 2016, we expect to continue our growth by identifying superior agricultural lending opportunities in the United States and abroad.”