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MetLife board approves USD3bn share repurchase

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The board of directors of MetLife has approved a new USD3 billion authorisation for the company to repurchase its common stock.

Chairman, president and CEO Steven A Kandarian (pictured) says: "Excess capital belongs to our shareholders, and we are pleased to announce our largest ever buyback authorisation now that we have defined a capitalisation and execution plan for the separation of Brighthouse Financial. Together with our dividend, which has grown by 116 per cent over the past three years, this buyback authorisation shows that our strategy of generating higher free cash flow is gaining momentum.”
 
While MetLife is currently preparing for a transaction to spin-off a substantial portion of its US retail business, the ultimate form and timing of a separation will be influenced by a number of factors, including regulatory considerations and economic conditions.

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