MetLife Board Approves New $1 Bln Share Buyback - Quick Facts

(RTTNews) - Life insurer MetLife Inc.'s (MET) board has approved a $1 billion increase in the company's authorization to buy back its common stock. The new authorization comes as the firm has nearly completed a $1 billion common stock repurchase program that it initiated in June 2014. As part of the June program, a total of $967.1 million in MetLife common stock has been repurchased as of December 11.

Chief Executive, Steven Kandarian, said: "While our approach to capital management remains cautious in light of regulatory uncertainty, we are pleased to announce up to $1 billion in additional share repurchases. Our philosophy is that excess capital belongs to MetLife's shareholders and we believe this new program is consistent with our prudent capital management strategy."