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MetLife Investment Management originates $6.2 billion in private placement debt for 1H 2020

Private placement debt portfolio grows to $91.2 billion1

WHIPPANY, N.J.–(BUSINESS WIRE)–MetLife Investment Management (MIM), the institutional asset management business of MetLife, Inc. (NYSE: MET), today announced it originated $6.2 billion in private placement debt for the first half of 2020, across nearly 100 transactions. This included $1.7 billion of investments originated on behalf of institutional clients.

“Despite COVID-driven economic uncertainty and associated volatility in the fixed income markets, we remained active throughout the first six months of 2020, serving as a key capital partner to our issuers,” said John Wills, global head of private placements at MIM.

MIM’s private placement debt origination for the first half of 2020 comprised $4.5 billion in corporate private placement debt transactions and $1.7 billion in infrastructure private placement debt transactions. This origination activity, which added 29 new credits, helped grow MIM’s total private placement debt portfolio to $91.2 billion as of June 30, 2020.

MIM’s corporate private placement activity was diversified across industry sectors, including general industrial, healthcare, professional services, retail and utilities. MIM was selective in its infrastructure private placement opportunities and participated in transactions that provided strong structural protections and relative value across the following sectors: electric transmission, renewable power, social housing and infrastructure, and stadiums. Investments included nearly $550 million in six transactions across the renewable power and social housing and infrastructure sectors.

“I am proud of our team’s efforts to support our borrowers and institutional investor clients,” added Wills. “The breadth, depth and experience of our deal sourcing and credit management capabilities served our clients across the corporate, insurance and pension communities well during these extremely difficult times. We expect that MIM will continue to be a leading private placement provider in corporate and infrastructure debt, benefiting from our size, sector expertise and global footprint.”

About MetLife Investment Management

MetLife Investment Management, the institutional asset management business of MetLife, Inc. (NYSE: MET), is a global public fixed income, private capital and real estate investment manager providing tailored investment solutions to institutional investors worldwide. MetLife Investment Management provides public and private pension plans, insurance companies, endowments, funds and other institutional clients with a range of bespoke investment and financing solutions that seek to meet a range of long-term investment objectives and risk-adjusted returns over time. MetLife Investment Management has over 150 years of investment experience and as of June 30, 2020, had $629.1 billion2 in total assets under management. For more information, visit https://investments.metlife.com.

About MetLife

MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help its individual and institutional customers navigate their changing world. Founded in 1868, MetLife has operations in more than 40 markets globally and holds leading positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.

Forward-Looking Statements

The forward-looking statements in this news release, such as “expect,” “will,” and “continue” are based on assumptions and expectations that involve risks and uncertainties, including the “Risk Factors” MetLife, Inc. describes in its U.S. Securities and Exchange Commission filings. MetLife’s future results could differ, and it has no obligation to correct or update any of these statements.

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1 As of June 30, 2020. At estimated fair value. Includes corporate and infrastructure private placement debt contained in MetLife’s general account, separate accounts and non-proprietary assets of unaffiliated/third party clients.

2 Total assets under management is comprised of all MetLife general account and separate account assets and unaffiliated/third party assets, at estimated fair value, managed by MIM.

Contacts

James Murphy

(973) 355-4673

Categories
Business

City of Atlanta selects Prudential Retirement to oversee more than $330M in assets

NEWARK, N.J.–(BUSINESS WIRE)–$PRU–The city of Atlanta, the ninth-largest metropolitan area in the nation, chose Prudential Retirement as record keeper for its defined contribution retirement plans. Prudential Retirement is a business unit of Prudential Financial, Inc. (NYSE: PRU).


Prudential will oversee $337 million in retirement assets, which will cover 8,600 government employees as of June 1, 2020. The partnership adds to Prudential’s public sector portfolio, which oversees $49.3 billion across 225 plans for 827,259 participants.

According to John Gaffney, deputy chief finance officer for the city of Atlanta, Prudential was selected for its efficient model, investment flexibility and cost savings. “The city of Atlanta wants to deliver retirement plans that help our dedicated workers build and secure their financial stability,” said Gaffney. “Prudential is the right partner to ensure our plans are optimized for long-term success.”

As the retirement industry continues to navigate uncertainty in response to COVID-19, Prudential’s strength – which has weathered crises including two world wars, the 1918 Spanish influenza, the Great Depression, 9/11 and the global financial crisis of 2008 – coupled with its long-term strategic view provides much needed support and reassurance for plan sponsors.

“Prudential is committed to innovative plan designs that meet the needs of plan sponsors and participants, particularly during these unprecedented times,” says Michael Domingos, senior vice president and head of sales and strategic relationships at Prudential Retirement. “We are thrilled to share this expertise with the city of Atlanta and help its employees maintain financial wellness.”

For more information, visit www.prudential.com/employers/retirement.

About Prudential Retirement

Prudential Retirement delivers retirement plan solutions for public, private, and nonprofit organizations. Services include defined contribution, defined benefit and nonqualified deferred compensation recordkeeping, administrative services, investment management, comprehensive employee education and communications, and trustee services, as well as a variety of products and strategies, including institutional investment and income products, pension risk transfer solutions and structured settlement services. With more than 85 years of retirement experience, Prudential Retirement helps meet the needs of 4.6 million participants and annuitants. Prudential Retirement has $466 billion in retirement account values as of March 31, 2020. Retirement products and services are provided by The Prudential Insurance Company of America (PICA), Newark, N.J., or its affiliates.

About Prudential Financial, Inc.

Prudential Financial, Inc. (NYSE: PRU), a financial services leader with more than $1 trillion of assets under management as of March 31, 2020, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit news.prudential.com.

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Contacts

MEDIA:

Anjelica Sena. 973-802-6930

anjelica.sena@prudential.com

Categories
Business

Tegra118’s RetireUp adds Protective Life Insurance Company to growing roster of insurance carriers

Builds momentum in solving for retirement and lifetime income needs by continuing to add products from top-tier insurance carriers on its comprehensive platform

WARREN, N.J.–(BUSINESS WIRE)–Tegra118, a top provider of wealth and asset management technology solutions, announced that its recently acquired RetireUp business has added Protective® Income Builder indexed annuity from Protective Life Insurance Company to its extensive lineup of modeled products available on its RetireUp Pro platform.

Tegra118’s leading RetireUp Pro platform allows financial professionals to transform complex concepts into simple numbers engaging visuals and real-life “what if” scenarios. With its ability to model insurance products at the actuarial level directly within the client’s portfolio, Tegra118’s RetireUp Pro enables financial professionals to easily demonstrate the potential benefits of incorporating annuities into a retirement plan for a holistic and personalized approach to the overall financial planning process.

“Tegra118’s RetireUp Pro is a vital tool to help engage clients in the financial planning process, simplify retirement income planning and provide a more personalized approach,” said Jim Wagner, Senior Vice President and Chief Distribution Office, Protective Life. “Including our products on a dynamic platform that enables financial professionals to look at the interconnectivity of risk and retirement to better advise their clients aligns well with our mission of helping people protect their tomorrow so they can embrace today.”

“Protective’s alliance with Tegra118’s RetireUp helps elevate the advisor-client conversation by providing a best-in-class income product,” said Michael Roth, the new Head of Retirement at Tegra118. “Solving for lifetime income in retirement is a complex problem that is unique to each retiree and our technology solves this by continuously adding innovative retirement solutions and modelling them through a user interface that is easy to understand.”

“We’re excited to work with Protective and bring their high-quality income and annuity products on our platform,” said Cheryl Nash, Chief Executive Officer, Tegra118. “One of the ways we demonstrate value to our clients is by working with the highest-rated insurance companies to give financial professionals even greater options in creating personalized, customized income solutions. Protective’s products meet that criteria and help demonstrate the benefits of adding annuities to a financial plan.”

RetireUp’s nimble and efficient software and simulations make it easy for financial professionals to assess a client’s needs for specific lifetime income products by translating complex financial concepts into easy-to-understand “big-picture” visuals, enabling them to help investors become active participants in their own financial futures.

About Protective Life Corporation

Protective Life Corporation (Protective) provides financial services through the production, distribution and administration of insurance and investment products throughout the U.S. Protective traces its roots to its flagship company, Protective Life Insurance Company – founded in 1907. Throughout its more than 110-year history, Protective’s growth and success can be largely attributed to its ongoing commitment to serving people and doing the right thing – for its employees, distributors, and most importantly, its customers. Protective’s administrative office is located in Birmingham, Alabama, and its 3,000+ employees are located in offices across the United States. As of December 31, 2019, Protective had assets of approximately $120 billion. Protective Life Corporation is a wholly owned subsidiary of Dai-ichi Life Holdings, Inc. (TSE:8750). For more information about Protective, please visit www.Protective.com.

About Tegra118

Tegra118 is an industry leading provider of software solutions to the wealth and asset management industry with a vast network of broker-dealers, asset managers, and custodians and trading interfaces. Its technology platform provides portfolio management, trading, accounting, rebalancing and reporting for managed accounts. Tegra118 also provides modular, goals-based financial planning, performance reporting and fee billing software for financial advisors and asset managers using modern API-based open technology. Tegra118 is committed to delivering powerful solutions that set a new standard for how people interact with, manage, and grow their wealth.

Tegra118 is a Motive Partners company, a specialist private equity firm with offices in New York City and London, focused on technology-enabled business and financial services companies. For more information, please visit www.tegra118.com.

Contacts

Media Relations:
Tricia Viola

Vice President, Marketing

Tegra118

201 253 3389

tricia.viola@fiserv.com