MetLife Boosts Share Repurchase Authorization To $1 Bln.

(RTTNews) - Insurer MetLife Inc (MET) on Tuesday said its board of directors has authorized additional repurchases of its common stock, bringing MetLife's available repurchase authorization to $1 billion.

MetLife CEO Steven Kandarian said, "Our philosophy is that excess capital belongs to MetLife's shareholders. This new authorization is consistent with the prudent capital management strategy we have been employing as we await clarity on the capital rules for federally regulated life insurers."

In the first quarter of 2015, MetLife completed a $1 billion common stock repurchase program announced in December 2014.