MetLife details private placement investments; 53% in U.S. companies

By Lisa Kerner

Charlotte, N.C., Oct. 14 - MetLife, Inc.'s private placement portfolio was valued at $38 billion as of June 30, according to the company's slide presentation for its Pension Risk Transfer Symposium. The slides were included in an 8-K filing with the Securities and Exchange Commission.

More than half, or 53%, of the private placement portfolio was invested in private U.S. corporations, while 30% was invested in international private corporations.

MetLife had 9% invested in leasing and tax products and the remaining 8% in project financing.

In total, the New York-based insurance and financial services company had 63% of the portfolio in domestic investments and 37% in international investments.

The private placement portfolio offers MetLife good downside protection via covenants and/or collateral, the presentation noted.

Also, the private securities are an attractive asset class with strong relative value and lower losses versus public corporate bonds, the company said.

The company had a total of $333.2 billion of managed assets at June 30, of which the bulk, or 37.2%, was in investment-grade corporate bonds.

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