MetLife To Buy Back Up To $1 Bln In Common Stock - Quick Facts

(RTTNews) - Life insurer MetLife Inc (MET) Tuesday said it will buy back up to $1 billion common shares of the company.

The last time MetLife repurchased shares was back in 2008.

Commenting on the announcement, Chairman, President and Chief Executive Officer Steven Kandarian said: "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. 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."