MetLife Increases Share Repurchase Authorization to $1 Billion
September 22 2015 - 4:15PM
Business Wire
MetLife, Inc. (NYSE:MET) today announced that its board of
directors has authorized additional repurchases of MetLife common
stock, bringing MetLife’s available repurchase authorization to $1
billion. In the first quarter of 2015, MetLife completed a $1
billion common stock repurchase program announced in December
2014.
Commenting on the announcement, MetLife Chairman, President and
Chief Executive Officer Steven A. Kandarian said:
“Our philosophy is that excess capital belongs to MetLife’s
shareholders. 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.”
About MetLife
MetLife, Inc. (NYSE: MET), through its subsidiaries and
affiliates (“MetLife”), is one of the largest life insurance
companies in the world. Founded in 1868, MetLife is a global
provider of life insurance, annuities, employee benefits and asset
management. Serving approximately 100 million customers, MetLife
has operations in nearly 50 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” and other words and terms of
similar meaning, or are tied to future periods, in connection with
a discussion of future operating or 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 filings with the U.S. Securities and Exchange Commission.
These factors include: (1) difficult conditions in the global
capital markets; (2) increased volatility and disruption of
the capital and credit markets, which may affect our ability to
meet liquidity needs and access capital, including through our
credit facilities, generate fee income and market-related revenue
and finance statutory reserve requirements and may require us to
pledge collateral or make payments related to declines in value of
specified assets, including assets supporting risks ceded to
certain of our captive reinsurers or hedging arrangements
associated with those risks; (3) exposure to financial and
capital market risks, including as a result of the disruption in
Europe and possible withdrawal of one or more countries from the
Euro zone; (4) impact of comprehensive financial services
regulation reform on us, as a non-bank systemically important
financial institution, or otherwise; (5) numerous rulemaking
initiatives required or permitted by the Dodd-Frank Wall Street
Reform and Consumer Protection Act which may impact how we conduct
our business, including those compelling the liquidation of certain
financial institutions; (6) regulatory, legislative or tax
changes relating to our insurance, international, or other
operations that may affect the cost of, or demand for, our products
or services, or increase the cost or administrative burdens of
providing benefits to employees; (7) adverse results or other
consequences from litigation, arbitration or regulatory
investigations; (8) potential liquidity and other risks
resulting from our participation in a securities lending program
and other transactions; (9) investment losses and defaults,
and changes to investment valuations; (10) changes in
assumptions related to investment valuations, deferred policy
acquisition costs, deferred sales inducements, value of business
acquired or goodwill; (11) impairments of goodwill and
realized losses or market value impairments to illiquid assets;
(12) defaults on our mortgage loans; (13) the defaults or
deteriorating credit of other financial institutions that could
adversely affect us; (14) economic, political, legal, currency
and other risks relating to our international operations, including
with respect to fluctuations of exchange rates;
(15) downgrades in our claims paying ability, financial
strength or credit ratings; (16) a deterioration in the
experience of the “closed block” established in connection with the
reorganization of Metropolitan Life Insurance Company;
(17) availability and effectiveness of reinsurance or
indemnification arrangements, as well as any default or failure of
counterparties to perform; (18) differences between actual
claims experience and underwriting and reserving assumptions;
(19) ineffectiveness of risk management policies and
procedures; (20) catastrophe losses; (21) increasing cost
and limited market capacity for statutory life insurance reserve
financings; (22) heightened competition, including with
respect to pricing, entry of new competitors, consolidation of
distributors, the development of new products by new and existing
competitors, and for personnel; (23) exposure to losses
related to variable annuity guarantee benefits, including from
significant and sustained downturns or extreme volatility in equity
markets, reduced interest rates, unanticipated policyholder
behavior, mortality or longevity, and the adjustment for
nonperformance risk; (24) our ability to address difficulties,
unforeseen liabilities, asset impairments, or rating agency actions
arising from business acquisitions and integrating and managing the
growth of such acquired businesses, or arising from dispositions of
businesses or legal entity reorganizations; (25) regulatory
and other restrictions affecting MetLife, Inc.’s ability to pay
dividends and repurchase common stock; (26) MetLife, Inc.’s
primary reliance, as a holding company, on dividends from its
subsidiaries to meet debt payment obligations and the applicable
regulatory restrictions on the ability of the subsidiaries to pay
such dividends; (27) the possibility that MetLife, Inc.’s
Board of Directors may influence the outcome of stockholder votes
through the voting provisions of the MetLife Policyholder Trust;
(28) changes in accounting standards, practices and/or
policies; (29) increased expenses relating to pension and
postretirement benefit plans, as well as health care and other
employee benefits; (30) inability to protect our intellectual
property rights or claims of infringement of the intellectual
property rights of others; (31) inability to attract and
retain sales representatives; (32) provisions of laws and our
incorporation documents may delay, deter or prevent takeovers and
corporate combinations involving MetLife; (33) the effects of
business disruption or economic contraction due to disasters such
as terrorist attacks, cyberattacks, other hostilities, or natural
catastrophes, including any related impact on the value of our
investment portfolio, our disaster recovery systems, cyber- or
other information security systems and management continuity
planning; (34) the effectiveness of our programs and practices
in avoiding giving our associates incentives to take excessive
risks; and (35) other risks and uncertainties described from
time to time in MetLife, Inc.’s filings with the U.S. Securities
and Exchange Commission.
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 U.S. Securities and
Exchange Commission.
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MetLife, Inc.For Media:John Calagna, (212) 578-6252orFor
Investors:Edward Spehar, (212) 578-7888
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