MetLife authorises $1bn share repurchase
US insurer MetLife has authorised the repurchase of $1 billion of the company’s common shares.
The new authorisation comes as MetLife has nearly completed a $1 billion common stock repurchase program that it initiated in June 2014. Under the June program, a total of $967.1 million in MetLife common stock has been repurchased.
“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.”
Steven Kandarian, chairman, president and chief executive officer, 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.”
