NEW YORK--(BUSINESS WIRE)--MetLife, Inc. (NYSE: MET) today announced that its board of directors has approved a new $2 billion authorization for the company to repurchase its common stock. In 2016, MetLife announced a $3 billion repurchase program and the company has bought back approximately $2.8 billion of its common stock under that board authorization.

The company also announced that it currently intends to divest its remaining Brighthouse Financial, Inc. (NASDAQ: BHF) common stock through an exchange offer for MetLife common stock during 2018. The exchange offer would be governed by a separate board authorization, and subject to market conditions and regulatory approval.

Commenting on the announcement, MetLife Chairman, President and CEO Steven A. Kandarian said:

"Excess capital belongs to our shareholders, and we are pleased to announce a new $2 billion share repurchase authorization. Under the Brighthouse Financial exchange offer for MetLife common stock, shares potentially exchanged would be additive to this $2 billion repurchase program. Together with our common stock dividend, we are on track to return $4.5 billion of capital to our shareholders in 2017.”

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.