MetLife’s MIM unit sets agricultural mortgage loan record of $6 billion


MetLife Inc. MET, +0.39% said Tuesday its MetLife Investment Management (MIM) unit set a new agricultural mortgage loan origination record of $6 billion in 2021. The $6 billion figure exceeded by 20% the previous record set in 2018; it also boosted MIM’s year-end total agricultural mortgage loan assets under management to a record high of $22.9 billion. MIM said it worked with hundreds of borrowers to acquire prime farmground, timberlands and food and agribusiness companies. The major units of MIM’s agriculture loans business include LandFund Partners Soil Enrichment Fund, Sierra Pacific Land & Timber Company, New Cold Seattle LLC and Hormigas. Shares of MetLife are up 14.1% so far in 2022, compared to a drop of 4% by the S&P 500.

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