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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