MetLife Announces New $3 Billion Share Repurchase Authorization

Rhea-AI Summary

MetLife, Inc. (NYSE: MET) announced a new $3 billion stock repurchase program, following the completion of its previous authorization. CEO Michel Khalaf emphasized the company's commitment to capital management, highlighting that despite challenges, they expect to invest $3 billion in new business and $1.7 billion in growth-oriented M&A by year-end. Furthermore, they plan to return at least $2.6 billion to shareholders through dividends and share buybacks, while maintaining a strong liquidity buffer.

Positive

• New $3 billion stock repurchase program enhances shareholder value.
• Commitment to return at least $2.6 billion to shareholders through dividends and buybacks.
• Strategic investments in new business and M&A highlight growth potential.

Negative

• None.

NEW YORK--(BUSINESS WIRE)--MetLife, Inc. (NYSE: MET) today announced that its board of directors has approved a new $3 billion authorization for the company to repurchase its common stock. MetLife, Inc. has completed repurchases under its prior repurchase authorization.

Commenting on the announcement, MetLife, Inc. President and CEO Michel Khalaf said:

“Our philosophy on capital management remains the same: Capital is precious and should be deployed to its best use. Despite a challenging 2020, we expect by year-end to have invested about $3 billion to support new business growth at attractive returns and payback periods, deployed nearly $1.7 billion to growth-oriented and accretive M&A, and returned at least $2.6 billion to shareholders through common stock dividends and repurchases while maintaining a liquidity buffer well in excess of the $3-4 billion target. This new authorization highlights our continuing confidence in our financial strength and flexibility.”

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 markets globally and holds leading positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.

Forward-Looking Statements

The forward-looking statements in this news release, such as “expect,” “look forward,” “target,” and “will,” are based on assumptions and expectations that involve risks and uncertainties, including the “Risk Factors” MetLife, Inc. describes in its U.S. Securities and Exchange Commission filings. MetLife’s future results could differ, and it has no obligation to correct or update any of these statements.