MetLife Announces New $1.5 Billion Share Repurchase Authorization
May 22 2018 - 4:15PM
Business Wire
MetLife, Inc. (NYSE: MET) today announced that its board of
directors has approved a new $1.5 billion authorization for the
company to repurchase its common stock. In 2017, MetLife announced
a $2 billion repurchase authorization and the company has bought
back approximately $1.63 billion of its common stock under that
board authorization. Approximately $370 million remains under the
2017 authorization.
Commenting on the announcement, MetLife Chairman, President and
CEO Steven A. Kandarian said:
"Excess capital belongs to our shareholders, and in 2017 we
returned $4.6 billion to shareholders, a MetLife record, in the
form of stock buybacks and dividends. We recently increased our
quarterly common stock dividend by 5 percent, and we are pleased to
announce this new $1.5 billion share repurchase authorization. We
are on track to return approximately $5 billion of capital to our
shareholders in 2018.”
MetLife intends to divest its shares of Brighthouse Financial,
Inc. common stock as soon as practicable and is considering a
variety of transactions to do so. The company expects to complete
the divestiture prior to the end of 2018 and does not expect the
structure of any such transaction to affect its plans to repurchase
shares of MetLife, Inc. common stock in 2018.
About MetLife
MetLife, Inc. (NYSE: MET), through its subsidiaries and
affiliates (“MetLife”), is one of the world’s leading financial
services companies, providing insurance, annuities, employee
benefits and asset management to help its individual and
institutional customers navigate their changing world. Founded in
1868, MetLife has operations in more than 40 countries and holds
leading market positions in the United States, Japan, Latin
America, Asia, Europe and the Middle East. For more information,
visit www.metlife.com.
Forward-Looking Statements
This news release may contain or incorporate by reference
information that includes or is based upon forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements give expectations or
forecasts of future events. These statements can be identified by
the fact that they do not relate strictly to historical or current
facts. They use words such as “anticipate,” “estimate,” “expect,”
“project,” “intend,” “plan,” “believe,” “will be,” “will not,” and
other words and terms of similar meaning, or are tied to future
periods, in connection with a discussion of future financial
performance. In particular, these include statements relating to
future actions, prospective services or products, future
performance or results of current and anticipated services or
products, sales efforts, expenses, the outcome of contingencies
such as legal proceedings, trends in operations and financial
results.
Any or all forward-looking statements may turn out to be wrong.
They can be affected by inaccurate assumptions or by known or
unknown risks and uncertainties. Many such factors will be
important in determining the actual future results of MetLife,
Inc., its subsidiaries and affiliates. These statements are based
on current expectations and the current economic environment. They
involve a number of risks and uncertainties that are difficult to
predict. These statements are not guarantees of future performance.
Actual results could differ materially from those expressed or
implied in the forward-looking statements. Risks, uncertainties,
and other factors that might cause such differences include the
risks, uncertainties and other factors identified in MetLife,
Inc.’s most recent Annual Report on Form 10-K (the “Annual Report”)
filed with the U.S. Securities and Exchange
Commission (the “SEC”), any Quarterly Reports on Form 10-Q
filed by MetLife, Inc. with the SEC after the
date of the Annual Report under the captions “Note Regarding
Forward-Looking Statements” and “Risk Factors,” and other
filings MetLife, Inc. makes with
the SEC. MetLife, Inc. does not undertake any obligation
to publicly correct or update any forward-looking statement
if MetLife, Inc. later becomes aware that such statement is
not likely to be achieved. Please consult any further
disclosures MetLife, Inc. makes on related subjects in
reports to the SEC.
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MetLifeFor Media:John Calagna, 212-578-6252orFor Investors:John
Hall, 212-578-7888
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