MetLife hikes stock buyback to $1 billion
MetLife Inc. late Tuesday said it will raise its stock buyback program to $1 billion, on top of $1 billion it bought back in the first quarter. "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," said MetLife Chairman and Chief Executive Steven Kandarian in a statement. Shares of Metlife rose 0.4% in after hours on the news. The stock is down 15% year to date.
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