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    Title Ensuring Access. Empowering Communities. FINANCIAL INCLUSION Into Action 2014 | Annual Report


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    Title Financial inclusion means that households and businesses have convenient access to a full suite of quality, affordable financial services, delivered by trustworthy providers with Steven A. Kandarian respect for the customer. Chairman, President & CEO of MetLife, Inc. These services promote “ The Foundation’s support for financial inclusion efforts around the world reflects MetLife’s belief that giving people the tools to build their future financial security helps better management of incomes and assets, ultimately contributing them create better lives for themselves and their families. This conviction has powered to greater self-sufficiency MetLife’s extraordinary growth over its nearly and financial security. 150-year history and has made it possible for us to become one of the world’s leading life insurers serving approximately 100 million ” customers in nearly 50 countries. 2014 | Annual Report 2


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    Message from A. Dennis White M “ etLife Foundation made significant progress to manage life’s risks and in 2014 toward achieving the goals of its new seize opportunities. We are confident that financial inclusion grant-making strategy. With almost $70 million with steady focus on our In 2013, the Foundation had committed $200 million over five years to ensure that more people across the committed to nearly mission, a portfolio that globe have access to the quality financial services they 150 grants directed includes some of the most need to build better lives. Eighteen months later, or about towards financial inclusion, one-third of the way through our five-year plan, we are MetLife Foundation is on innovative and respected right on track to meet our ambitious targets. And we track to reach our pledge of partners in financial in- are confident that with steady focus on our mission, $200 million over five years. clusion, and an energized a portfolio that includes some of the most innovative We continue to learn how and respected partners in financial inclusion, and an to use MetLife Foundation’s global MetLife family of energized global MetLife family of associates, the strengths—our financial associates, the Foundation Foundation will achieve its goals. resources, to be sure, but also the expertise of MetLife’s will achieve its goals. As part of our plan, our portfolio has become more global. The share of grants for activities outside the United States was over 40 percent last year, up from 6 percent in 2012. Even as our grant-making’s geographic global workforce and our reputation as a global financial service leader—to ensure that our grant-making achieves maximum impact. The Financial Inclusion Challenge, our new and exclusive ” distribution diversifies, our thematic focus has sharpened. sponsorship with The Wall Street Journal, is a competition Financial inclusion now accounts for 68 percent of total to recognize achievements in financial inclusion and grant dollars, a 70 percent increase over 2013—and raise awareness about the issue. As a complement to the evidence of the Foundation’s commitment to this mission. Challenge, MetLife Foundation and WSJ Custom Studios are The focus on financial inclusion has also inspired MetLife associates from around the world to engage more deeply sponsoring a multi-media website, Multipliers of Prosperity, in their Foundation’s work, another core objective. showcasing the most innovative developments in the field and highlighting some of the excellent work being done by This report highlights some of the work the Foundation MetLife Foundation grantees. is pursuing in each of the three thematic “pillars” of our financial inclusion strategy—Access & Knowledge, Access The Foundation is grateful for the opportunity to support to Services, and Access to Insights. It describes large- the work of our talented, dedicated partners. We are scale projects such as the Foundation’s partnership with grateful for the chance to see the real difference our support Sesame Workshop’s multimedia global initiative which is making in the lives of underserved families. And finally, we will reach 75 million young people and their caregivers to are grateful for the warm reaction the Foundation’s financial help them create effective strategies for spending, saving, inclusion strategy has received, both from the general public and sharing. The report also details more targeted grant- and from the global financial-inclusion community. making including the Foundation’s support of sophisticated behavioral research that seeks to influence people to Your comments and ideas are always welcome. undertake positive action to improve their financial lives. But regardless of scope, every financial inclusion initiative we pursue is guided by the Foundation’s vision: ensuring that more of the world’s underserved families have access A. Dennis White to the financial tools and the skills that everyone needs President & CEO, MetLife Foundation 2014 | Annual Report 3


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    Financial Inclusion The Challenge the population without even basic financial tools. But financial inclusion is an issue in the advanced economies, too. Important disparities exist, often along ethnic, gender, and socioeconomic Everyone needs financial services. Without a safe place to save lines, between who is fully financially included and who is not. money, it’s difficult to cope with the unexpected or to plan for There are many complex reasons why full financial inclusion the future. Without access to affordable credit, it’s difficult to remains a challenge. Traditional ways of doing business make it get a business idea off the ground or to acquire an asset like a difficult and costly for commercial banks to manage the small- house or higher education. Without insurance, all your security balance accounts that low-income families need. So banks often can be wiped out by one misfortune. fail to recognize that low-income people could actually be viable To have the financial tools you need—tools that you can afford, customers—with some creative adaptations to business as usual. that are safe and properly regulated, that you can access Mission-driven financial institutions, meanwhile, often have a conveniently from institutions that treat you with respect—is to “high-touch” business model that is very customer-focused— be financially included. But we are still far from a world of full but difficult to scale up. financial inclusion. In developing countries, it is not uncommon The challenge of financial inclusion is to understand what is best for the formal financial services sector to serve only a small about all the different ways to reach underserved customers. percentage of the most affluent, leaving 80 percent or more of It’s about understanding what works and building on it.


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    Financial Inclusion The Opportunity modern, responsive financial services and know-how, they could go much farther towards achieving their full Microfinance proved the concept beginning in the 1970s. economic potential. They could transform their own lives Traditionally excluded populations—low-income or even and their communities. severely poor families, small-holder farmers, women, More and more financial services providers, policymakers, petty traders, and others—could be viable, even profitable, donors, and others are looking for—and finding—innovative customers for financial services. ways to expand financial inclusion. The financial inclusion Now comes the technology revolution. Banking no longer community has made great progress in understanding the has to involve a trip to an expensive brick-and-mortar building. financial needs of low-income households and finding ways to It could be as close as the cell phone in your pocket. meet those needs. But much work remains to be done as well. Low-income people have always managed their limited MetLife Foundation and our partners are proud to be part financial resources with creative ingenuity. But with of the solution. 2014 | Annual Report 5


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    Profiles in Inclusion Elham lives in Egypt with her husband and their five children. She has always worked to help bring in extra money to support the family. Her first business, selling ready-to-wear clothing, was financed by a loan from a women’s borrowing group run by Lead Foundation, a member of Women’s World Banking, a global network of microfinance institutions supported by MetLife Foundation. Elham quickly realized that selling clothes depended too much on the season, and that she was never going to make sufficient income that way. She decided to sell housewares instead, and began by selling out of her home. Through her own hard work and a succession of progressively larger business loans—all of them diligently repaid—Elham’s business grew and prospered. Lead Foundation admired her success and told her she qualified for an individual loan, in a larger size and with more flexible terms than the group loan had allowed. With her small-business individual loan, Elham expanded her inventory to include higher-ticket items like washing machines and cookers. She Elham Shaaban EGYPT also moved her business out of her house and El-Sayed rented retail space. Business: Household goods The right financial services have made all the Institution: LEAD Foundation difference in Elham’s business--and for her (partner of MetLife family. She plans to expand and renovate her Foundation grantee shop, and she has already helped cover the Women’s World Banking) expenses for one son’s wedding and the school fees for her younger children. 2014 | Annual Report 6


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    Profiles in Inclusion Financial exclusion can look different from country to country—or even from person to person. In the advanced economies, most people may be financially included, but minority groups and lower-income people often have a hard time accessing the range of quality financial services they need to get ahead. In developing countries, financial Jonathan Moreno Jonathan took over operations of Moreno’s Barbershop UNITED STATES access may be a problem Business: Barber shop in Boston, Massachusetts from his grandfather. He Institution: Accion wanted to upgrade the shop and bring it into the for almost everybody. This is U.S. Network modern technological age while still maintaining the especially true for women, who quality and integrity of his grandfather’s work. are often limited to rigid “one Jonathan’s grandfather could not make a gift of the shop, so Jonathan’s succession was not guaranteed. size fits all” group loans if they Fortunately, when the time came for Jonathan’s have access at all. MetLife grandfather to sell the shop, Jonathan found Foundation supports innovative Accion US Network, a MetLife Foundation grantee that specializes in small business loans for underserved institutions that are working to entrepreneurs, including women, minorities, and find ways to serve more of the immigrants, who might not qualify for traditional financing. An Accion US Network loan allowed estimated 2 billion currently Jonathan to purchase the barber shop. excluded people with financial The shop now accepts credit cards, offers free wifi to services—tailored to their needs. customers, and has a website. But thanks to Accion, it has also stayed in the family. 2014 | Annual Report 7


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    Metlife Foundation’s Financial Inclusion Strategy MetLife Foundation’s financial inclusion work rests on three strong pillars. We make grants with the capacity to address one or more of these priorities. Access & Access to Access to Between the mid-2013 Knowledge Services Insights launch of our financial PILLAR 1 PILLAR 2 PILLAR 3 inclusion strategy and the end of 2014, the Foundation has made Increasing low- Advancing the Investing in nearly 150 grants totaling income families’ development and research and almost $70 million. readiness, delivery of high sharing what we The following pages willingness, and quality financial learn with the detail just a few. ability to engage products and financial inclusion with the financial services like savings, community and sector. insurance, and credit. beyond. 2014 | Annual Report 8


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    Access & Knowledge: PILLAR 1 Sesame Workshop: Dream Save Do WORLDWIDE Sesame Workshop pioneered the concept of educational television for children more than “Ready, 45 years ago. It has remained one of the most universally recognized and beloved children’s brands ever since, making math, reading, willing, language, and social skills more understandable and fun for kids all over the world for and able” generations. Now with a five-year, $20 million grant from MetLife Foundation, Sesame Workshop will be launching Junior Achievement/MetLife Europe/Middle East/Africa a new multimedia global initiative “Dream, Save, Do: Grants committed: Financial Empowerment for Families.” The program LifeChanger will help families articulate their aspirations, make plans, and understand how their everyday choices Young people make up a disproportionate number of $32 million affect their goals. the world’s working poor and are three times more likely (45 percent of financial than adults to be unemployed. With few employment MetLife Foundation’s grant will support development inclusion total) opportunities available for youth, JA develops young and distribution of culturally sensitive financial education entrepreneurs, helping them launch and manage programming to reach underserved families in up to businesses. JA also teaches them personal finance and work 10 countries by 2018. readiness skills. MetLife Foundation’s financial support helps Junior Achievement deliver financial education for these young people, and MetLife employees across VeteransPlus UNITED STATES our Europe, Middle East and Africa region are also active JA volunteers, sharing their time, knowledge, MetLife Military Veteran’s Network (MVET) and experiences with students to help put them on introduced the Foundation to VeteransPlus, the path to success. a national not-for-profit serving veterans and active duty military personnel. VeteransPlus is using their MetLife Foundation grant to create a digital platform Trickle Up INDIA enabling VeteransPlus counselors to track veterans’ progress towards financial goals like reducing debt, Trickle Up takes a holistic approach to managing their families’ funds while deployed, and empowering some of India’s poorest saving for the future. The digital technology supports women. MetLife Foundation’s remote delivery of financial counseling, which costs 1 support helped sponsor Trickle Up’s a fraction of face-to-face sessions. One of the major “graduation” programs in Odisha and challenges to financial inclusion is finding cost-effective West Bengal which provide ultra-poor ways to deliver the kind of personalized financial coaching households with training in an income- that, for adults, appears to hold more promise than generating activity, financial assistance classroom-based financial education. The partnership gives MetLife Foundation and VeteransPlus an opportunity for business, on-going coaching, and personal financial skills-building PILLAR both to serve the veteran community and to evaluate through facilitating access to credit and the cost-effectiveness of alternative delivery channels savings. Trickle Up’s integrated package for financial coaching. of services has shown promising results in breaking the multi-generational cycle of poverty. 2014 | Annual Report 9


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    Title to Services: PILLAR 2 Access UNITED STATES Accion U.S. Network “High Financial inclusion is not just an issue in developing countries. Even in the advanced economies, many people lack access to quality the financial tools they need to help them realize their dreams. This is especially true in low-income and minority communities. products Either the right financial tools are not available, or the people don’t know how to find and use them, or it’s difficult to tell the good from the bad. and Accion U.S. Network is the leading nonprofit provider of microenterprise credit in the United States. Along with services” financial services, Accion U.S. Network provides business development training and other technical assistance to help low-income entrepreneurs succeed. (See related story page 7.) This partnership helps Accion U.S. Network strengthen Grants Committed: its digital offering so that more entrepreneurs confidently BURO choose the right type of capital, at the right size, at the BANGLADESH $26 million right time to position their businesses for success. (38 percent of BURO is a respected and successful UNITED STATES financial inclusion microfinance provider in Bangladesh. Corporation for Enterprise Development Recent research indicated that their largely total grant-making) rural customers would prefer an easier way to manage Savings Innovation Learning Cluster their microfinance loans. Customers would also like Americans’ low rate of household savings to take advantage of BURO’s savings and remittance poses a serious threat to financial health. services, but because those services require travel to a This is especially true for low-income BURO branch office, many BURO customers use only households who are just as much—if not the neighborhood-based lending groups. more—in need than better-off families of a cushion against economic shocks and With support from MetLife Foundation, BURO of ways to pursue their goals With support from is adopting a mobile technology platform MetLife Foundation, CFED is developing and testing that will provide a convenient way to receive “next generation” savings models with six member loan disbursements and make repayments, organizations of CFED’s savings innovation learning and eventually support more sophisticated cluster, or SILC. The SILC launched a client-centered design 2 transactions. By moving towards a cashless (or “cash process to understand clients’ needs, experiences, and attitudes around savings. They interviewed clients, mapped out each lite”) model, BURO will benefit both itself and its step clients take in using savings services, and continually customers. Going forward, customers can enjoy more tested concepts and marketing materials. These multiple design PILLAR personalized services than the “one size fits all” group loan without having to travel and spend time at a iterations resulted in refined, targeted pilot programs to help clients save. Each new savings pilot also included a randomized branch. BURO reduces risk of robbery or fraud, lowers test to determine whether applying behavioral economics the cost of service delivery, and improves efficiency. principles would improve outcomes. CFED and their SILC partners will share the results of the pilots, and examine If the pilot is successful, BURO expects all its 600+ their potential for replication on a larger scale. branches to be mobile-enabled within four years. 2014 | Annual Report 10


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    EGYPT, INDIA, MEXICO Women’s World Banking The classic microfinance lending methodology, especially for women, is the group loan. It can be a powerful tool for introducing low-income entrepreneurs to the financial system but a group loan may not provide sufficient capital or flexibility to support meaningful growth of an individual’s enterprise. Women’s World Banking is working in three large markets—Egypt, India, and Mexico—to increase access to more effective financial products, including individual loans tailored to successful entrepreneurs’ needs. With support from MetLife Foundation, WWB Grameen Foundation, USA INDIA partners in these three markets will strengthen their operations to ensure delivery of better credit One of the best-known names products to nearly 500,000 clients who in turn will in financial inclusion, Grameen see their enterprises better positioned for growth. is working with MetLife (See related story page 6.) Each partner institution will Foundation to greatly expand also collect gender-based social and financial performance outreach among communities in indicators. These indicators will measure outreach to Uttar Pradesh, one of India’s poorest states. Grameen women, product design and diversity, service quality, is working with Margdarshak, one of the leading customer protection, and staff diversity. They will also microfinance institutions there, to help Margdarshak enable financial institutions to see how women customers launch a “business correspondent” service. Under the contribute to their financial sustainability. business correspondent model, agents acting on the financial institution’s behalf fan out among ProMujer MEXICO poor and underserved communities. These agents (equipped with mobile technology) go door to ProMujer’s “Building a Pathway for door, enrolling and serving customers. The model the Economic Empowerment of permits both banks and microfinance institutions Women in Latin America” will build upon the work they to serve this clientele without the expense and have been doing with low-income women throughout 2 inefficiencies of adding brick-and-mortar branches, the region for nearly 25 years. With MetLife Foundation while the customer gets the most personalized support, ProMujer will help women transition from “doorstep banking” service possible. group loans to individual borrowing. ProMujer will With MetLife Foundation support, the Grameen support their clients’ growth into individual loans through a systematic approach that positions PILLAR Foundation project will reach at least 40,000 new them for greater economic success while also households, the majority of them women living on ensuring clients’ access to other services such less than $2.50 per day, with the potential to reach as health clinics, business training services, up to 200,000 people. and a social space where they find a support amongst a network of peers and Pro Mujer staff. 2014 | Annual Report 11


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    Access to Insights: PILLAR 3 BANGLADESH, VIETNAM, MEXICO, COLOMBIA Bankable Frontiers Associates: UNITED STATES Center for Financial Service OPTIX (Optimizing Performance “Investing Through Improved Cross Sell) Innovations Financial Health Index Ninety percent of lenders use FICO scores to in research The Bankable Frontier Associates (BFA) Optimizing Performance Through Improved cross(X)-sell (OPTIX) project help them make credit decisions and, like any near-universal instrument, the FICO model works with socially-driven financial service providers who has both its strengths and its drawbacks. Credit history is and can provide the full range of services low-income people need, not just credit. These institutions seek to meet their important, but it does not tell the whole story of a person’s financial health. With support from MetLife Foundation, sharing clients’ complete financial needs, and they also recognize that cross-selling financial products improves their own CSFI is working to create a broader scoring model that creates a more complete picture of a customer’s insurance, credit and savings needs. CFSI is working on institutional sustainability. what we The OPTIX partners (Cooperative Acreimex in Mexico; this alternative model in collaboration with leading lenders to ensure its practicality and eventual uptake. Banco WWB in Colombia; SAJIDA Foundation in learn” Bangladesh; and Capital Aid Fund for Employment of the Poor [CEP] in Vietnam) will share learning with each other and with the industry as they work to serve their combined 700,000 low-income clients with Grants committed: more and better financial services. One of the project’s strengths is the market diversity. The four OPTIX countries $16 million contain significant differences in culture, financial services penetration, and regulatory policies, providing multiple (17 percent of financial New School for Social Research UNITED STATES perspectives that will benefit both the individual OPTIX inclusion total) partners and the broader financial inclusion community. Rotating Savings and Credit Associations, or ROSCAs, are informal groups of friends and neighbors who come The Financial Inclusion Challenge GLOBAL together to pool their savings. On a regular rotating basis, each member of the ROSCA gets a turn at winning the Managed by The Wall Street Journal group’s collective savings to fund his or her small business, or for some other purpose. Each member continues to The Wall Street Journal, the United States’ make regular contributions until all have eventually received largest newspaper by circulation, has been the collected funds. ROSCAs are widespread throughout a trusted source of financial news since the developing world—but ROSCAs exist in the advanced 1889. MetLife Foundation has launched a economies, too, especially among recent immigrants. 3 global project with the Journal to recognize With support from MetLife Foundation, researchers achievement in financial inclusion and raise awareness from the New School are conducting a study of about the issue. MetLife Foundation is the exclusive ROSCAs and other informal financial alternatives PILLAR sponsor of The Financial Inclusion Challenge, providing cash grants to institutions judged by a panel of among low-income people in New York and California. Findings from this research will give the financial inclusion independent experts to be leaders in financial community a more accurate picture of what low-income inclusion innovation. people truly value in financial services, and perhaps suggest ways to improve product design by capturing some of the advantages (convenience, flexibility, trust) of preferred informal alternatives. 2014 | Annual Report 12


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    CIVIC & CULTURAL, HEALTH & WELL-BEING Financial inclusion is MetLife Foundation’s global focus, both for the scale of the global need and for financial inclusion’s close fit with MetLife Foundation’s unique strengths. But we are also Among the Foundation’s areas of support: proud to sponsor initiatives in other philanthropic areas. We fund non-financial inclusion projects that Community Youth Education Development respond to local needs and that bring significant, tangible benefit to local $1.5 million $2.1 million communities. Even as we increasingly concentrate our grant-making on financial inclusion, we also expect to continue targeted support for local initiatives throughout the life of our five-year strategic plan. Distribution of Financial Inclusion vs non-Financial Inclusion FI OTHER Arts & Culture Alzheimer’s- and 40% 32% Aging-Related Grants OTHER FI $3.1million 60% 68% $1.9 million 2013 2014 Total Giving*: Total Giving*: $42.5MM $41.4MM * Cash only; includes grants for financial inclusion, civic and cultural, employee-related and other 2014 | Annual Report 13


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    Associate Involvement MetLife recognizes the KaBOOM! is the national non-profit dedicated to importance of volunteers and the bringing balanced and active play into the daily lives of all kids, particularly those growing up in poverty in North impact they have on improving America. MetLife Foundation has been a partner the lives of others. MetLife of KaBOOM! since 2008, providing more than $3 million in support for playground builds. MetLife associates around the world associates have participated in more than twenty-five playground builds across the United States and in Mexico, donate their time and talents to contributing more than 15,000 volunteer hours. help youth develop literacy skills, to teach students the importance of financial responsibility, and to mentor the next generation of leaders through a variety of outreach initiatives. For over 100 years, volunteerism has been a Girl Scouts of the USA and the World hallmark of MetLife’s legacy. Association of Girl Guides and Girl Scouts (WAGGGS) - The new Girl Scouts Global Financial Empowerment Initiative funded In 2014, more than by MetLife Foundation centers on empowering girls by increasing their financial capability. Girls in seven 7,300 employees spent countries around the world learn about budgeting, approximately 62,000 saving, bank loans, credit cards, and credit scores to introduce them to concepts that will allow them to make hours volunteering smarter financial decisions in the future. The Girls Scouts also partner with MetLife’s Women’s Business Network their time in 175 events to provide girls the opportunity to interact with MetLife globally. leadership. They learn first-hand about the workplace and build job readiness and skills while forging new friendships and having fun. 2014 | Annual Report 14


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    Associate Involvement Habitat for Humanity International’s mission is creating safe, affordable housing for low-income families around the world. MetLife Foundation has been proud to support Habitat for the past two decades, and MetLife volunteers have participated in more than a hundred builds and home repairs across the globe. Locations include Brazil, Bangladesh, Colombia, India, Korea, Mexico, United Kingdom and the United States.


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    40% 20 FINANCIAL INCLUSION Share of world’s population living on $2 per day or less % Percentage of low-income Towards (< $2/day) people with What do you do when access to even basic ? you can’t keep your financial services savings in the bank? Put spare cash towards more livestock . .. but you can’t withdraw just a portion of a cow Hide it in your mattress... and hope it doesn’t get stolen What do you do when you can’t get a ? start-up loan for your great business idea? Access & Knowledge Access to Ask family and friends... PILLAR 1 PILLAR 2 and hope they have some to spare Increasing low-income families’ Advancing the dev readiness, willingness, and ability delivery of high qu to engage with the financial sector products and serv ? Why not just go to the bank? Building Financial Capability for insurance, and cre Banks’ products are often not designed Young People • Counseling and Mobile Phone Ban for low-income customers’ needs. Coaching for Adults and-Pop Shops • Banks can also be far away, unfamiliar, • Behavioral Econ and intimidating.


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    Secure old age Affordable products Respectful service the Vision Assets Thriving businesses Stability Income Children in school Inclusion Healthy Families Security Safe housing Weddings More from life Convenience Growing economies happiness Futures Services Access to Insights choice PILLAR 3 velopment and Investing in research and sharing Financial inclusion means that households uality financial what we learn with the financial and businesses have convenient access vices like savings, inclusion community and beyond to all the financial tools they need. edit MetLife Foundation’s financial inclusion Research • Policy • Public nking • Mom- Awareness strategy rests on three strong pillars. Doorstep Banking We support the people and institutions nomics striving to make financial inclusion a reality.


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    2014 at a Glance 62K Volunteer Hours $47MM MetLife and MetLife Foundation Total Giving 216Grantees* 23 Countries Represented *MetLife Foundation funds an additional 816 volunteer and matching gift grantees 2014 || Annual 2014 Annual Report Report 18 18


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    MetLife Financial Foundation Financial Inclusion 2014 Paid Grameen Foundation KIVA Microfunds 541,000 1,250,000 Overview Grants MDRC 730,000 Access & Knowledge American India Foundation 25,750 National Federation of Community Development Credit Unions 790,000 Disbursed Concern WorldWide Corporation for Enterprise Development 250,000 135,000 Opportunity International Pro Mujer 900,000 775,000 During 2014 Credit Builders Alliance 150,000 Rockefeller Philanthropy Advisors 147,550 Eagle Academy Foundation 12,000 Svasti via Rockefeller Philanthropy Advisors 237,000 Food Bank for New York City 50,000 United Nations Capital Development Fund 250,000 Access & Knowledge Girl Scouts of the USA 800,044 Women’s World Banking 1,714,555 Give2Asia working with CFFPD 260,000 Worldwide Foundation for Credit Unions 175,000 $9,357,797 Homeowners Preservation Foundation 250,000 Access to Services Total 13,680,737 International Rescue Committee 352,000 JA Worldwide 1,557,100 Access to Services Junior Achievement (Various) 270,220 Access to Insights MIDE via Resource Foundation 47,983 Access India via Rockefeller Philanthropy Advisors 51,500 $13,680,737 National Human Services Assembly 250,000 Accion International 100,000 National Urban League 425,000 Asset Funders Network via Philanthropy New York 116,000 Access to Insights Sesame Workshop 4,000,000 Cities for Financial Empowerment (CFE) Fund 110,000 TechnoServe 250,000 D2D Fund Encore.org 250,000 455,000 $4,209,469 Union of Citizens Bureau Poland via King 25,000 Baudouin Foundation Financial Innovations Center 1,635,000 United Way of Cass-Clay 2,700 Give2Asia 54,500 Veterans Plus 245,000 HelpAge USA 248,800 Access & Knowledge Total 9,357,797 Irrational Labs Corp 250,000 Financial Inclusion Total Japan NPO Center via Rockefeller Philanthropy Advisors 21,000 King Baudouin Foundation 42,566 $27,248,003 Access to Services MDRC 350,000 Accion International 250,000 Microinsurance Network via King Baudouin Foundation 13,125 Accion, The US Network 650,000 MicroSave India via Rockefeller Philanthropy Advisors 68,000 Achieving the Dream 250,000 New School 51,728 Bankable Frontiers Associates via Rockefeller 2,833,332 ProDesarollo via Rockefeller Philanthropy Advisors 100,000 Philanthropy Advisors Rockefeller Philanthropy Advisors 25,000 Behavioral Ideas Lab 790,000 Sanabel via Rockefeller Philanthropy Advisors 77,250 BURO via Rockefeller Philanthropy Advisors 370,800 Taproot Foundation 40,000 Duke University 250,000 Trickle Up 100,000 Enclude via Tides Foundation 250,000 University of Texas at Austin 50,000 Fair Finance via Rockefeller Philanthropy Advisors 500,000 Access to Insights Total 4,209,469 Foundation for the Development Of Polish Agriculture 26,500 via King Baudouin Foundation All figures in US dollars. 2014 | Annual Report 19


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    Health US Chamber of Commerce 100,000 MetLife Financial Alzheimer’s Association 340,000 USO of Metropolitan NY 5,000 Foundation American Federation for Aging Research Awards for Medical Reaserch working with 220,000 800,000 Veterans Total 432,500 Overview Grants American Federation for Aging Research Community Development Damon Runyon Cancer Research Foundation National Alliance for Caregiving 200,000 50,000 American Red Cross 250,000 Disbursed AmeriCares Foundation 100,000 New York Blood Center Health Total 250,000 1,860,000 Chicago Community Loan Fund Community Loan Fund of New Jersey 25,000 25,000 During 2014 Farm Foundation 5,000 Civic Engagement Food Bank Initiative 290,000 All Stars Project 250,000 Generations United 225,000 Health Total Housing and Community Development Network of NJ 10,000 ARC of the United States CASA of Morris & Sussex Counties 100,000 25,000 Interfaith Food Pantry 10,000 $1,860,000 Foundation Center 7,500 Living Cities 350,000 Human Rights Campaign 25,000 Local Initiatives Support Corporation 385,000 Massachusetts Association of CDCs 10,000 Civic Engagement Total Independent Sector 15,000 Lawyers Alliance for New York 10,000 Neighborhood Housing Services of New York City Partners for Livable Communities 50,000 15,000 $845,000 Midland Adult Services 10,000 New York City Partnership Foundation 70,000 Ronald McDonald House of Tampa Bay 5,000 PFLAG 40,000 Trust for Public Land 170,000 Veterans Total Un TECHO/Valparaiso Chile Relief 150,000 Philanthropy New York Regional Plan Association 50,000 25,000 United Neighborhood Houses 15,000 $432,500 Rosie’s Place 10,000 Community Development Total 2,090,000 SAGE 50,000 Community Somerset County Business Partnership 10,000 Arts & Culture Development Total ULI Foundation 2,500 American Museum of Natural History 200,000 United Cerebral Palsy 25,000 Americas Society 75,000 $2,090,000 University of North Carolina at Charlotte, Belk College 100,000 Arts Council of the Morris Area 10,000 University of Scranton 10,000 Asia Society 425,000 Victory Institute 10,000 Ballet Hispanico of New York 125,000 Civic Engagement Total 845,000 Boston Symphony Orchestra 15,000 Brooklyn Academy of Music 50,000 Veterans Brooklyn Children’s Museum 25,000 American Corporate Partners 50,000 Carnegie Hall 50,000 Community Hope 15,000 Catalog for Giving of NYC 10,000 Home Base 50,000 Chamber Music Society of Lincoln Center 35,000 Local Initiatives Support Corp 150,000 Chicago Children’s Museum 25,000 Purple Heart Hall of Honor 2,500 Children’s Museum Jordan 20,000 The Field for Basetrack 60,000 Dayton Art Institute 15,000 2014 | Annual Report 20


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    MetLife Discovery Place El Museo del Barrio 25,000 50,000 Youth/Education Foundation Actuarial Foundation 10,000 Foundation for the Carolinas Hartford Symphony Orchestra 25,000 25,000 American Indian College Fund 15,000 Grants Asia Society 250,000 High Line Highbridge Voices 50,000 5,000 Big Brothers Big Sisters of America Boys & Girls Clubs of America 500,000 150,000 Disbursed Japan Society 75,000 Levin Museum of the New South 25,000 Boys & Girls Clubs of Hartford Boys & Girls Clubs of Tampa Bay 20,000 5,000 During 2014 Lincoln Center for the Performing Arts 50,000 Greater Johnstown YMCA 12,500 Los Angeles Philharmonic 25,000 Harlem Educational Activities Fund 10,000 Arts & Culture Total Lower East Side Tenement Museum 15,000 Hispanic Scholarship Fund 30,000 Marbles Kids Museum 10,000 Matching Gifts for Higher Education 737,115 $3,102,500 Metropolitan Museum of Art 130,000 National FFA Foundation 21,250 Morris Museum 10,000 New Leaders 100,000 Munson Williams Proctor Institute 10,000 Youth/Education Total North Carolina Business Leaders for Education 10,000 Museum of Science, Boston National Museum of Women in the Arts 25,000 5,000 Opportunity Network 25,000 $2,820,328 Police Athletic League 50,000 New York Botanical Garden 600,000 Read Alliance 7,500 New York City Ballet 25,000 Associate Rhode Island Mentoring Partnership 15,000 New York City Center 125,000 Scholarships for Employees’ Children 586,963 Involvement Total New York Hall of Science 25,000 New York Philharmonic 325,000 United Negro College Fund YMCA of Greater New York 50,000 200,000 $2,669,703 New York Public Library 25,000 YMCA of Metropolitan Chicago 15,000 New York Public Radio 50,000 MetLife Foundation Youth/Education Total 2,820,328 North Carolina Symphony Society 25,000 Non-FI Giving Total Paper Mill Playhouse 10,000 Providence Children’s Musem Public Theater 25,000 35,000 Associate Involvement $13,820,031 Employee Volunteer Programs 575,625 Repertorio Espanol 100,000 Habitat for Humanity International 394,180 South Street Theater 5,000 KaBOOM! 839,072 Foundation Giving St. Louis Art Museum 10,000 Local United Ways 750,000 St. Louis Symphony Orchestra 20,000 Un TECHO 110,826 $41,068,034 State Theatre Regional Arts Center at New Brunswick 15,000 Associate Involvement Total 2,669,703 Studio Museum in Harlem 15,000 Tampa Bay Performing Arts Center 25,000 United Arts Council of Raleigh and Wake County 2,500 Grand Total 41,068,034 MetLife Giving* Arts & Culture Total 3,102,500 $5,990,292 Giving Total $47,058,326 * Figure reflects sum of grants made during 2014 by MetLife corporate and regional/country offices. It is included in this report to provide a fuller picture of philanthropic contributions of MetLife global family of companies. MetLife Foundation is a separate legal entity. 2014 | Annual Report 21


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    METLIFE FOUNDATION Financial STATEMENTS OF FINANCIAL POSITION AS OF DECEMBER 31, 2014 AND 2013 Overview ASSETS NOTES 2014 2013 Investments: Investments, at fair value: Equity investments $ 168,090,542 $ 151,164,794 Short-term investments 16,697,762 14,496,291 Program-related investments 1 4,085,065 4,012,690 Total investments 188,873,369 169,673,775 Cash and cash equivalents 1 1,154,376 9,315,562 Due and accrued investment income 2,930 3,472 Amounts receivable for investments sold 1 5,629,607 - TOTAL ASSETS $ 195,660,282 $ 178,992,809 LIABILITIES AND NET ASSETS Cash overdraft 1 $ 1,455,693 $ 2,848,511 Amounts payable for investments acquired - 1,855,269 Accrued expenses and other payables 376,500 317,425 Federal excise tax payable 490,192 362,429 Total liabilities 2,322,385 5,383,634 Net assets – unrestricted 193,337,897 173,609,175 TOTAL LIABILITIES AND NET ASSETS $ 195,660,282 $ 178,992,809 See notes to financial statements 2014 | Annual Report 22


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    Financial Overview STATEMENTS OF ACTIVITIES AND CHANGES IN NET ASSETS FOR THE YEARS ENDED DECEMBER 31, 2014 AND 2013 REVENUE NOTES 2014 2013 Investment income: Dividends and interest $ 4,109,505 $ 3,461,763 Change in fair value of investments 1 13,512,871 11,820,558 Contributions from MetLife 3 44,000,000 45,000,000 Total revenue $ 61,622,376 $ 60,282,321 GRANTS AND EXPENSES Grants paid 41,068,034 42,488,850 General expenses 4 472,557 651,549 Federal excise tax 5 353,063 314,882 Total grants and expenses 41,893,654 43,455,281 CHANGE IN NET ASSETS 19,728,722 16,827,040 Net assets – beginning of year 173,609,175 156,782,135 NET ASSETS – end of year $ 193,337,897 $ 173,609,175 See notes to financial statements 2014 | Annual Report 23


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    STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2014 AND 2013 Financial CASH FLOWS FROM OPERATING ACTIVITIES: 2014 2013 Overview Change in net assets $ 19,728,722 $ 16,827,040 Adjustments to reconcile change in net assets to net cash (used in) provided by operating activities: Change in fair value of investments (13,512,871) (11,820,558) Accretion of discount/amortization of premiums on investments (15,828) (12,015) Change in due and accrued investment income 542 387 Change in cash overdraft (1,392,819) 1,922,922 Change in accrued expenses and other payables 59,075 (130,075) Change in federal excise tax payable/recoverable 127,763 197,882 Net cash provided by operating activities $ 4,994,584 $ 6,985,583 CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from sale of investments 71,843,276 72,114,286 Purchase of investments (84,999,046) (72,106,240) Net cash (used in) provided by investing activities (13,155,770) 8,046 NET CHANGE IN CASH AND CASH EQUIVALENTS (8,161,186) 6,993,629 Cash and cash equivalents – beginning of year 9,315,562 2,321,933 CASH AND CASH EQUIVALENTS – end of year $ 1,154,376 $ 9,315,562 Supplemental disclosures of cash flow information – Federal excise taxes paid $ 225,300 $ 117,000 See notes to financial statements 2014 | Annual Report 24


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    INDEPENDENT AUDITORS’ REPORT procedures selected depend on the auditor’s judgment, including To the Board of Directors of MetLife Foundation: the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to Financial We have audited the accompanying financial statements of MetLife Foundation (the “Foundation”), which comprise the statements of financial position as of December 31, 2014 and 2013, and the the Foundation’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of Overview related statements of activities and changes in net assets and cash flows for the years then ended, and the related notes to the financial expressing an opinion on the effectiveness of the Foundation’s statements. internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies Management’s Responsibility for the Financial Statements used and the reasonableness of significant accounting estimates Management is responsible for the preparation and fair presentation made by management, as well as evaluating the overall presentation of these financial statements in accordance with accounting of the financial statements. principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal We believe that the audit evidence we have obtained is sufficient and control relevant to the preparation and fair presentation of financial appropriate to provide a basis for our audit opinion. statements that are free from material misstatement, whether due to fraud or error. Opinion In our opinion, the financial statements referred to above present Auditors’ Responsibility fairly, in all material respects, the financial position of the Foundation Our responsibility is to express an opinion on these financial as of December 31, 2014 and 2013, and the changes in its net statements based on our audits. We conducted our audits in assets and its cash flows for the years then ended in accordance accordance with auditing standards generally accepted in the United with accounting principles generally accepted in the United States of States of America. Those standards require that we plan and perform America. the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The February 13, 2015 METLIFE FOUNDATION Related holdings gains and losses are reported in investment income. NOTES TO FINANCIAL STATEMENTS The Foundation is not exposed to any significant concentration of credit risk in its investment portfolio. AS OF DECEMBER 31, 2014 AND 2013 AND FOR THE YEARS ENDED DECEMBER 31, 2014 AND 2013 Program-Related Investments - Such investments are authorized by the Board of Directors and represent loans to or equity investments The MetLife Foundation (the “Foundation”) was formed for the purpose in qualified charitable organizations or investments for appropriate of supporting various philanthropic organizations and activities, charitable purposes as set forth in the Internal Revenue Code and principally in the United States. During 2013, the Foundation began regulations thereunder, and are carried at outstanding indebtedness an initiative of devoting resources to advancing financial inclusion, or cost. An allowance for possible losses is established when the helping to build a secure future for individuals and communities Foundation does not expect repayment in full on any program- around the world. related loan and when such uncollectible amount can be reasonably estimated. As of December 31, 2014 and December 31, 2013, 1. ACCOUNTING POLICIES this allowance was zero. In addition, the income generated by the program-related loans is generally dependent upon the financial ability Summary of Significant Accounting Policies of the borrowers to keep current on their obligations. For disclosure The Foundation’s financial statements have been prepared purposes, a reasonable estimate of fair value was not made since the in accordance with accounting principles generally difference between fair value and the outstanding indebtedness or accepted in the United States of America (“GAAP”) which cost would not be significant. Maturities of the loan investments range recognize income when earned and expenses when from 2021 through 2022. incurred. Cash Equivalents and Cash Overdraft - Cash equivalents are highly Investments at Fair Value – The Foundation’s equity investments are liquid investments purchased with an original or remaining maturity principally comprised of Exchange Traded Funds (ETFs). Short-term of three months or less at the date of purchase and are carried at investments include investments with remaining maturities of one fair value. The Foundation generally invests funds required for cash year or less, but greater than three months, at the time of acquisition. disbursements in cash equivalents and transfers such funds to its 2014 | Annual Report 25


  • Page 26

    operating bank account when checks are presented for payment. The cash overdrafts at December 31, 2014 and December 31, 2013 represent grant disbursements that cleared the operating bank an affiliate at cost will significantly overstate or understate the value of that service, the recipient NFP may elect to recognize that service at its fair value. The Foundation is currently evaluating the impact of this Financial account in 2015 and 2014, respectively. Amounts Receivable for Investments Sold – Security transactions are guidance on its’ financial statements. 2. FAIR VALUE MEASUREMENTS Overview recorded on the trade date. A receivable is recognized for securities The Foundation has elected to measure its equity investments, short- sold but not yet settled as of December 31, 2014. term investments and cash equivalents at fair value with related Contributions - All contributions received to date by the Foundation holdings gains and losses reported in investment income. have been unrestricted and, therefore, all of its net assets are similarly When developing estimated fair values, the Foundation considers unrestricted. All contributions received during 2014 and 2013 have three broad valuation techniques: (i) the market approach, (ii) the been from MetLife, Inc. and subsidiaries (“MetLife”). income approach, and (iii) the cost approach. The Foundation Grants - Such transactions are authorized by the Board of Directors. determines the most appropriate valuation technique to use, given Conditional grants authorized for payment in future years are subject what is being measured and the availability of sufficient inputs, giving to further review and approval by the Foundation. priority to observable inputs. The Foundation categorizes its assets and liabilities measured at estimated fair value into a three-level Use of Estimates - The preparation of the financial statements in hierarchy, based on the significant input with the lowest level in its conformity with GAAP requires management to make estimates and valuation. The input levels are as follows: assumptions that affect the reported amounts of assets and liabilities, and changes therein and the disclosure of contingent assets and Level 1 Unadjusted quoted prices in active markets for identi- liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. cal assets or liabilities. The Foundation defines active Actual results could differ from these estimates. Since the obligation markets based on average trading volume for equity to make payment of conditional multi-year grants and program-related securities. The size of the bid/ask spread is used as an loans is dependent upon each grantee/borrower’s satisfaction of the indicator of market activity for fixed maturity securities. applicable conditions, the amount of conditional multi-year grants and program-related loans reported as commitments is based upon the Level 2 Quoted prices in markets that are not active or inputs expected or estimated fulfillment of such conditions. that are observable either directly or indirectly. These Future Adoption of New Accounting Pronouncements inputs can include quoted prices for similar assets or In May 2014, the Financial Accounting Standards Board (“FASB”) liabilities other than quoted prices in Level 1, quoted issued a comprehensive new revenue recognition standard prices in markets that are not active, or other significant (Accounting Standards Update (“ASU”) 201409, Revenue from inputs that are observable or can be derived principally Contracts with Customers (Topic 606)), effective retrospectively for from or corroborated by observable market data for fiscal years beginning after December 15, 2016 and interim periods substantially the full term of the assets or liabilities. within those years. Early adoption of this standard is not permitted. The new guidance will supersede nearly all existing revenue recognition guidance under GAAP; however, it will not impact the accounting for Level 3 Unobservable inputs that are supported by little or no insurance contracts, leases, financial instruments and guarantees. market activity and are significant to the determina- For those contracts that are impacted by the new guidance, the tion of estimated fair value of the assets or liabilities. guidance will require an entity to recognize revenue upon the transfer Unobservable inputs reflect the reporting entity’s own of promised goods or services to customers in an amount that reflects assumptions about the assumptions that market par- the consideration to which the entity expects to be entitled to, in ticipants would use in pricing the asset or liability. exchange for those goods or services. The Foundation is currently evaluating the impact of this guidance on its’ financial statements. Financial markets are susceptible to severe events evidenced by rap- In April 2013, the FASB issued new guidance (ASU 201306, Not- id depreciation in asset values accompanied by a reduction in asset for-Profit Entities (Topic 958): Services Received from Personnel of liquidity. The Foundation’s ability to sell securities, or the price ulti- an Affiliate (a consensus of the FASB Emerging Issues Task Force) mately realized for these securities, depends upon the demand and li- effective prospectively for fiscal years beginning after June 15, 2014 quidity in the market and increases the use of judgment in determining and interim periods thereafter. The new guidance requires a recipient the estimated fair value of certain securities. not-for-profit (“NFP”) entity to recognize all services received from personnel of an affiliate that directly benefit the NFP and for which the Considerable judgment is often required in interpreting market data to affiliate does not charge the NFP. Those services should be measured develop estimates of fair value, and the use of different assumptions at the cost recognized by the affiliate for the personnel providing those or valuation methodologies may have a material effect on the estimat- services. However, if measuring a service received from personnel of ed fair value amounts. 2014 | Annual Report 26


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    Recurring Fair Value Measurements Financial The assets and liabilities measured at estimated fair value on a recurring basis and their corresponding placement in the fair value hierarchy presented below. Overview Level 1 Level 2 Level 3 Total Estimated Fair Value December 31, 2014: Equity investments $ 67,214,766 $ 100,860,776 $ 15,000 $ 168,090,542 Short-term investments 16,697,762 - 16,697,762 Cash equivalents 399,998 199,993 - 599,991 Total $ 67,614,764 $ 117,758,531 $ 15,000 $ 185,388,295 December 31, 2013: Equity investments $ 151,149,794 $- $ 15,000 $ 151,164,794 Short-term investments 12,196,345 2,299,946 14,496,291 Cash equivalents - 9,199,864 - 9,199,864 Total $ 163,346,139 $ 11,499,810 $ 15,000 $ 174,860,949 The following describes the valuation methodologies used to measure assets and liabilities at fair value. The description includes the valuation techniques and key inputs for each category of assets or liabilities that are classified within Level 2 and Level 3 of the fair value hierarchy. Equity Investments, Short-term Investments and Cash Equivalents When available, the estimated fair value of these financial instruments is based on quoted prices in active markets that are readily and regularly obtainable. Generally, these are the most liquid of the Company’s securities holdings and valuation of these securities does not involve man- agement’s judgment. When quoted prices in active markets are not available, the determination of estimated fair value is based on market standard valuation method- ologies, giving priority to observable inputs. The significant inputs to the market standard valuation methodologies for certain types of securities with reasonable levels of price transparency are inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. When observable inputs are not available, the market standard valuation methodologies rely on inputs that are signifi- cant to the estimated fair value that are not observable in the market or cannot be derived principally from, or corroborated by, observable mar- ket data. These unobservable inputs can be based in large part on management’s judgment or estimation and cannot be supported by reference to market activity. Even though these inputs are unobservable, management believes they are consistent with what other market participants would use when pricing such securities and are considered appropriate given the circumstances. 2014 | Annual Report 27


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    All instruments have valuations using independent pricing sources, matrix pricing, discount cash flow methodologies or other similar techniques Financial that use market observable and/or unobservable inputs. Overview Level 2 Level 3 Instrument: Observable Unobservable Equity Investments Valuation Techniques: Principally valued using Valuation Techniques: Principally valued using the market approach. Key Inputs: Valuations are the market and income approaches. Key Inputs: based primarily on matrix pricing, discounted cash Valuations are based primarily on discounted flow methodologies, as well as: cash flow methodologies, as well as: • observable inputs, including quoted prices in • quoted prices for identical or similar securities markets that are not considered active that are less liquid and based on lower levels of trading activity than securities classified in Level 2 • independent non-binding broker quotations, credit ratings, and issuances structures Short-term Investments and Cash Equivalents Valuation Techniques: Principally valued using Valuation Techniques: Principally valued using the market approach. Key Inputs: Valuations are the market approach. Key Inputs: Valuations are based primarily on quoted prices in markets that based primarily on quoted prices are not active, as well as: • credit spreads • benchmark U.S. Treasury yield or other yields • quoted prices for identical or similar securities • the spread off the U.S. Treasury yield curve for that are less liquid and based on lower levels the identical security of trading activity than securities classified in • issuer ratings Level 2 • broker-dealer quotes • independent non-binding broker quotations • issuer spreads • reported trades of similar securities, including those that are actively traded, and those within the same sub-sector or with a similar maturity or credit rating 2014 | Annual Report 28


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    Transfers between Levels Financial Overall, transfers between levels occur when there are changes in the observability of inputs and market activity. Transfers into or out of any level are assumed to occur at the beginning of the period. Overview For assets measured at estimated fair value and still held at December 31, 2014, transfers between Levels 1 and 2 were $80 million. There were no transfers into or out of Level 3 during the year ended December 31, 2014. There were no transfers amongst the three categories of the fair value hierarchy during the year ended December 31, 2013. The following tables summarize the change of all assets measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3). There were no unrealized or realized gains (losses) on Level 3 assets during the years ended December 31, 2014 and 2013. Balance, Investment Income Balance, Purchases Sales January 1 (1) December 31 December 31, 2014: Equity investments $ 15,000 $- $- $- $ 15,000 Short-term investments - - - - - Balance, Investment Income Balance, Purchases Sales January 1 (1) December 31 December 31, 2013: Equity investments $ 15,000 $- $- $- $ 15,000 Short-term investments 1,000,000 718 - (1,000,718) - (1) Amortization of premium/accretion of discount is included within investment income. Interest and dividend accruals, as well as cash interest coupons and dividends received, are excluded from the rollforward. 3. CONTRIBUTIONS In 2014 and 2013, MetLife contributed cash of $44,000,000 and $45,000,000, respectively, to the Foundation. 4. RELATED PARTY TRANSACTIONS The Foundation is supported by MetLife. MetLife also provides the Foundation with management and administrative services. However, the Statements of Activities and Changes in Net Assets do not include such costs since they are not significant. 5. FEDERAL TAXES The Foundation is exempt from Federal income taxes; however, as a private foundation, it is subject to Federal excise taxes on its net taxable investment income and realized capital gains. The rate for current excise taxes was 2% in 2014 and 2013. The rate for deferred excise taxes was 2% in 2014 and 2013. There were no uncertain tax positions taken by the Foundation as of December 31, 2014. 2014 | Annual Report 29


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    6. COMMITMENTS As of December 31, 2014, the Board of Directors had authorized grants and program-related investments for future years as follows: Financial Conditional Grants Program-Related Investments Overview 2015 $ 10,630,052 $ 3,000,000 2016 9,374,331 2017 5,100,000 $ 25,104,383 $ 3,000,000 These commitments are based on conditions that must be met and are therefore not included as a liability on the Statements of Financial Position. As of December 31, 2014, none of the conditional grants required further review and approval by the Board of Directors prior to payment. 7. SUBSEQUENT EVENTS The Foundation has evaluated all subsequent transactions and events after the statement of financial position date and through February 13, 2015, which is the date these financial statements were available to be issued. There are no transactions or events requiring disclosure. 2014 | Annual Report 30


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    METLIFE FOUNDATION BOARD AND STAFF Board of Directors Frans Hijkoop LOOKING FORWARD Executive Vice President & Chief HR Officer Michel Khalaf President, EMEA At the end of 2014, MetLife Foundation was about one-third of the way through our five-year Maria Morris Executive Vice President, Global Employee Benefits strategic plan. We’ve built a small but dedicated John Rosenthal team—one that is backed by a global family Senior Managing Director, Global Portfolio Management of MetLife associates numbering in the tens of Oscar Schmidt thousands who are increasingly energized by the Executive Vice President, Latin America Foundation’s mission. After early days of making Eric Steigerwalt Executive Vice President, U.S. Retail some smaller experimental grants, we’re now Chris Townsend beginning to make more ambitious, multi-year President, Asia commitments to projects with break-through Dennis White potential. We have partnered with some of the President & CEO, MetLife Foundation most respected names in financial inclusion, Mike Zarcone and we’re excited to indentify next-generation Chairman, MetLife Foundation, leaders. & Executive Vice President, Corporate Affairs Staff MetLife Foundation is truly grateful for the April Hawkins opportunity in front of us to make a lasting Mavel Jones contribution to the financial health of millions Rick Love of people. We look forward to sharing what we Charlie Pettigrew learn along the way. Evelyn Stark Junko Tashiro Krishna Thacker 2014 | Annual Report 31


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    Ensuring Access. Empowering Communities. 2014 | Annual Report MetLife Foundation | 1095 Avenue of the Americas New York, NY 10036 | www.metlife.org | © 2015 METLIFE, INC. All photos from MetLife Foundation files except where otherwise indicated. BURO: Front cover first and sixth from left; page 10. ACCION: Front cover second and fourth from left; page 3, first and fourth on left, second, third, and fourth on right; page 5; page 7. PRO MUJER: Front cover third from left. TRICKLE UP: Page 3, third from top left; page 9. WOMEN’S WORLD BANKING: Page 3 top right; page 6. GRAMEEN: Page 4; page 11. Used with permission.


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