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.
Commenting on the announcement, Chairman, President and CEO
Steven A. Kandarian said:
"Excess capital belongs to our shareholders, and we are pleased
to announce our largest ever buyback authorization now that we have
defined a capitalization and execution plan for the separation of
Brighthouse Financial. Together with our dividend, which has grown
by 116 percent over the past three years, this buyback
authorization 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 U.S. Retail business, the
ultimate form and timing of a separation will be influenced by a
number of factors, including regulatory considerations and economic
conditions.
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 global 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 global financial
and capital market risks, including as a result of the pending
withdrawal of the United Kingdom from the European Union, other
disruption in Europe and possible withdrawal of one or more
countries from the Euro zone; (4) impact on us of
comprehensive financial services regulation reform, including
potential regulation of MetLife, Inc. 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) unanticipated developments that could
delay, prevent or otherwise adversely affect the separation of
Brighthouse Financial; (9) our ability to address difficulties,
unforeseen liabilities, asset impairments, or rating agency actions
arising from (a) business acquisitions and integrating and managing
the growth of such acquired businesses, (b) dispositions of
businesses via sale, initial public offering, spin-off or
otherwise, including failure to achieve projected operational
benefit from such transactions; (c) entry into joint ventures, or
(d) legal entity reorganizations; (10) potential liquidity and
other risks resulting from our participation in a securities
lending program and other transactions, including any separated
business’ incurrence of debt in connection with such a separation;
(11) investment losses and defaults, and changes to investment
valuations; (12) changes in assumptions related to investment
valuations, deferred policy acquisition costs, deferred sales
inducements, value of business acquired or goodwill;
(13) impairments of goodwill and realized losses or market
value impairments to illiquid assets; (14) defaults on our
mortgage loans; (15) the defaults or deteriorating credit of
other financial institutions that could adversely affect us;
(16) economic, political, legal, currency and other risks
relating to our international operations, including with respect to
fluctuations of exchange rates; (17) downgrades in our claims
paying ability, financial strength or credit ratings; (18) a
deterioration in the experience of the closed block established in
connection with the reorganization of Metropolitan Life Insurance
Company; (19) availability and effectiveness of reinsurance,
hedging, or indemnification arrangements, as well as any default or
failure of counterparties to perform; (20) differences between
actual claims experience and underwriting and reserving
assumptions; (21) ineffectiveness of risk management policies
and procedures; (22) catastrophe losses; (23) increasing
cost and limited market capacity for statutory life insurance
reserve financings; (24) 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; (25) 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 any adjustment for
nonperformance risk; (26) legal, regulatory and other
restrictions affecting MetLife, Inc.’s ability to pay dividends and
repurchase common stock; (27) MetLife, Inc.’s and its
subsidiary holding companies’ primary reliance, as holding
companies, on dividends from its subsidiaries to meet its free cash
flow targets and debt payment obligations and the applicable
regulatory restrictions on the ability of the subsidiaries to pay
such dividends; (28) 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;
(29) changes in accounting standards, practices and/or
policies; (30) increased expenses relating to pension and
postretirement benefit plans, as well as health care and other
employee benefits; (31) inability to protect our intellectual
property rights or claims of infringement of the intellectual
property rights of others; (32) difficulties in marketing and
distributing products through our distribution channels;
(33) provisions of laws and our incorporation documents may
delay, deter or prevent takeovers and corporate combinations
involving MetLife; (34) 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; (35) any failure to
protect the confidentiality of client information; (36) the
effectiveness of our programs and practices in avoiding giving our
associates incentives to take excessive risks; (37) restrictions,
liabilities, losses or indemnification obligations arising from any
transitional services or tax arrangements related to the separation
of any business, or from the failure of such a separation to
qualify for any intended tax-free treatment; and (38) 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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version on businesswire.com: http://www.businesswire.com/news/home/20161110005645/en/
For Media:MetLifeJohn Calagna, 212-578-6252orFor
Investors:MetLifeJohn Hall, 212-578-7888
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