ONE OF THE NATION'S LARGEST AGRICULTURAL MORTGAGE LENDERS WITH A $14.5 BILLION PORTFOLIO NEW YORK, March 2, 2017 - MetLife, Inc. (NYSE: MET) today announced that the company originated $3.6 billion in agricultural loans in 2016 through its subsidiaries and affiliates. MetLifes Agricultural Finance Group is one of the largest agricultural mortgage lenders in the nation with a loan portfolio at year-end 2016 of $14.5 billion, the largest in the companys history.
MetLife had a busy year lending to its agricultural customers in the United States and abroad, growing its portfolio to a record level, said Robert Merck, global head of the Agricultural Finance Group for MetLife. This year we are celebrating our 100th anniversary as an agricultural lender, a major milestone for us, and something we are especially proud to commemorate. Our customers know that they can rely on us as a trusted source of financing for their long-term growth, and this drives our success year after year.
In 2016, the average loan-to-value ratio of MetLifes overall agricultural mortgage portfolio remained at 43 percent.
We are proud of our performance in 2016, growing our portfolio to its highest level ever despite lower commodity prices and net farm income, said Barry Bogseth, managing director and head of MetLifes Agricultural Finance Group. In 2017, we expect to continue our growth by identifying superior agricultural lending opportunities in the United States and abroad.
Highlights of MetLifes domestic agricultural lending transactions for 2016 include:
Good Luck Properties, LLC
$11.1 million, 20-year term loan fixed for 10 years
Secured by a high quality 4,545 acre irrigated farm located in Mississippi
Security is used for the production of cotton, rice and row crops; managed by a family with decades of crop production experience
Rose Acre Farms, Inc.
$49 million, 15-year fixed rate financing, to be funded in three tranches over two years
Secured by new cage-free egg layer facilities located in Arizona
Rose Acre Farms is the second largest producer and marketer of eggs in the United States
Keweenaw Land Association Limited
$30 million, 10-year fixed rate term loan to be funded in two tranches
Adjustable rate revolving line of credit
Secured by high grade timberland located across the Upper Peninsula of Michigan and northern Wisconsin
Borrower is a forest products and land management company
MetLifes Agricultural Finance Group oversees an agricultural portfolio consisting primarily of mortgages for farms, ranches, food production, agribusiness and timberland. MetLife has provided agricultural financing solutions since 1917 and is one of the largest agricultural mortgage lenders in the nation. MetLife has agricultural investments offices in Fresno, Calif., Overland Park, Kan., Memphis, Tenn., and a consulting office in Sao Paulo, Brazil.
About MetLife
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (MetLife), is one of the largest life insurance companies in the world. Founded in 1868, MetLife is a global provider of life insurance, annuities, employee benefits and asset management. Serving approximately 100 million customers, MetLife has operations in nearly 50 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.
Forward-Looking Statements
This news release may contain or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give expectations or forecasts of future events. These statements can be identified by the fact that they do not relate strictly to historical or current facts. They use words such as anticipate, estimate, expect, project, intend, plan, believe and other words and terms of similar meaning, or are tied to future periods, in connection with a discussion of future operating or financial performance. In particular, these include statements relating to future actions, prospective services or products, future performance or results of current and anticipated services or products, sales efforts, expenses, the outcome of contingencies such as legal proceedings, trends in operations and financial results.
Any or all forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Many such factors will be important in determining the actual future results of MetLife, Inc., its subsidiaries and affiliates. These statements are based on current expectations and the current economic environment. They involve a number of risks and uncertainties that are difficult to predict. These statements are not guarantees of future performance. Actual results could differ materially from those expressed or implied in the forward-looking statements. Risks, uncertainties, and other factors that might cause such differences include the risks, uncertainties and other factors identified in MetLife, Inc.s most recent Annual Report on Form 10-K (the Annual Report) filed with the U.S. Securities and Exchange Commission (the SEC), any Quarterly Reports on Form 10-Q filed by MetLife, Inc. with the SEC after the date of the Annual Report under the captions Note Regarding Forward-Looking Statements and Risk Factors, and other filings MetLife, Inc. makes with the SEC. MetLife, Inc. does not undertake any obligation to publicly correct or update any forward-looking statement if MetLife, Inc. later becomes aware that such statement is not likely to be achieved. Please consult any further disclosures MetLife, Inc. makes on related subjects in reports to the SEC.
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ONE OF THE NATION'S LARGEST AGRICULTURAL MORTGAGE LENDERS WITH A $14.5 BILLION PORTFOLIO NEW YORK, March 2, 2017 - MetLife, Inc. (NYSE: MET) today announced that the company originated $3.6 billion in agricultural loans in 2016 through its subsidiaries and affiliates. MetLifes Agricultural Finance Group is one of the largest agricultural mortgage lenders in the nation with a loan portfolio at year-end 2016 of $14.5 billion, the largest in the companys history.
