MetLife To Repurchase Up To $1 Billion In Stock

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MetLife will spend as much as $1 billion to repurchase shares of common stock, the company said this week.

This is the first share buyback since 2008.

MetLife Chairman and CEO Steven A. Kandarian said in a statement that the company’s philosophy is that excess capital belongs to MetLife shareholders.

“The challenge is to strike the right balance between adherence to our philosophy and recognition that MetLife’s required capital levels remain unknown if we are designated a non-bank systemically important financial institution, or SIFI, under the Dodd-Frank Act,” Kandarian said.

Those capital requirements will be determined by the U.S. Federal Reserve.

“We anticipated that the non-bank SIFI capital rules would be known by now, but recent statements by the Federal Reserve suggest that we may not see draft rules until 2015,” Kandarian said in a statement. “Meanwhile, our capital continues to grow, and later this year we will raise $1 billion as the last tranche of equity units issued to fund the Alico purchase converts to common shares.”

About Matthew Sturdevant

Full-time staff journalist at The Hartford Courant and magazine freelancer with a master's degree in writing from Dartmouth. My work has appeared in The Los Angeles Times, The Chicago Tribune, Taiwan News, The Baltimore Sun and many other news sources. My blog has been referenced by, the Kaiser Family Foundation, the Georgetown Law Library and a number of organizations in healthcare and business. Sturdevant’s blog is "a well-written wealth of ideas," said The Donald W. Reynolds National Center for Business Journalism, (, May 18, 2011). I have experience writing for newspapers, magazines, Web sites and blogs as well as shooting and editing video. I made regular appearances on news-talk radio and on the NBC affiliate station in Corpus Christi, Texas. I made occasional appearances on the Fox affiliate in Connecticut promoting Hartford Courant articles.

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