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One
of the biggest agricultural mortgage lenders in North America,
MetLife's overall loan portfolio hit a record $13.2 billion as
of Sept. 30, 2015.
Rural incomes in the United States have tumbled as farmers deal
with the lowest grains prices in at least five years. California
is suffering a catastrophic drought that has lasted four years
and cut agricultural output.
MetLife's agriculture portfolio consists of mortgages for farms,
ranches, food production and other agriculture businesses.
The lender said the average loan-to-value ratio of its overall
agricultural mortgage portfolio was 43 percent last year, down
slightly from 44 percent in 2014.
MetLife expects its agricultural lending to grow in 2016 with
opportunities in the United States and abroad, Barry Bogseth,
managing director and head of MetLife's agricultural portfolio
unit, said in the statement.
MetLife is also the largest U.S. life insurer and is planning to
spin off part of its retail business from the core company.
(Reporting by Justin Madden; Editing by Lisa Shumaker)
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