NEW YORK--(BUSINESS WIRE)--MetLife, Inc. (NYSE: MET) today announced that its board of directors has approved a new $1.5 billion authorization for the company to repurchase its common stock. In 2017, MetLife announced a $2 billion repurchase authorization and the company has bought back approximately $1.63 billion of its common stock under that board authorization. Approximately $370 million remains under the 2017 authorization.
Commenting on the announcement, MetLife Chairman, President and CEO Steven A. Kandarian said:
"Excess capital belongs to our shareholders, and in 2017 we returned $4.6 billion to shareholders, a MetLife record, in the form of stock buybacks and dividends. We recently increased our quarterly common stock dividend by 5 percent, and we are pleased to announce this new $1.5 billion share repurchase authorization. We are on track to return approximately $5 billion of capital to our shareholders in 2018.”
MetLife intends to divest its shares of Brighthouse Financial, Inc. common stock as soon as practicable and is considering a variety of transactions to do so. The company expects to complete the divestiture prior to the end of 2018 and does not expect the structure of any such transaction to affect its plans to repurchase shares of MetLife, Inc. common stock in 2018.
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help its individual and institutional customers navigate their changing world. Founded in 1868, MetLife has operations in more than 40 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.
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Any or all forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Many such factors will be important in determining the actual future results of MetLife, Inc., its subsidiaries and affiliates. These statements are based on current expectations and the current economic environment. They involve a number of risks and uncertainties that are difficult to predict. These statements are not guarantees of future performance. Actual results could differ materially from those expressed or implied in the forward-looking statements. Risks, uncertainties, and other factors that might cause such differences include the risks, uncertainties and other factors identified in MetLife, Inc.’s most recent Annual Report on Form 10-K (the “Annual Report”) filed with the U.S. Securities and Exchange Commission (the “SEC”), any Quarterly Reports on Form 10-Q filed by MetLife, Inc. with the SEC after the date of the Annual Report under the captions “Note Regarding Forward-Looking Statements” and “Risk Factors,” and other filings MetLife, Inc. makes with the SEC. MetLife, Inc. does not undertake any obligation to publicly correct or update any forward-looking statement if MetLife, Inc. later becomes aware that such statement is not likely to be achieved. Please consult any further disclosures MetLife, Inc. makes on related subjects in reports to the SEC.