MetLife Board Approves $2 Bln Share Repurchase Authorization - Quick Facts

(RTTNews) - MetLife, Inc. (MET) announced its board has approved a new $2 billion authorization for the company to repurchase its common stock. The company also announced that it currently intends to divest its remaining Brighthouse Financial, Inc. (BHF) common stock through an exchange offer for MetLife common stock during 2018.

MetLife CEO Steven Kandarian said: "Excess capital belongs to our shareholders, and we are pleased to announce a new $2 billion share repurchase authorization. Under the Brighthouse Financial exchange offer for MetLife common stock, shares potentially exchanged would be additive to this $2 billion repurchase program. Together with our common stock dividend, we are on track to return $4.5 billion of capital to our shareholders in 2017."

In 2016, MetLife announced a $3 billion repurchase program and the company has bought back approximately $2.8 billion of its common stock under that board authorization.