(MET) - Get Report

said Wednesday it will repurchase $1 billion worth of its shares upon the completion of a previous $1 billion buyback program.

The insurance giant has bought back 33.5 million shares for about $838 million since June 2000.

The Metlife Policy Holder Trust will purchase the shares in the open market and through private transactions. There are 757.05 million MetLife shares outstanding.

Stock buybacks often are a signal a company feels its stock is underpriced.

noted in a

recent story that stock buybacks have been relatively rare lately.

On the

New York Stock Exchange

on Tuesday, the company closed at $27.86. Its 52-week range is between $14.31 and $36.62.