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MetLife Increases Stock Buys

The insurance giant's board OKs $1B in stock repurchases on top of $1B approved in September.
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MetLife's

(MET) - Get MetLife, Inc. Report

board on Tuesday approved a $1 billion extension of its stock repurchase program kicked off in September.

The insurance giant said in a statement released after the market's close that the company can begin repurchasing stock under the new program after it spends the remaining $61 million on the earlier $1 billion repurchase program.

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Since hitting a 52-week high of $71.23 on Oct.5, the stock has lost nearly 16%. It closed down fractionally to $59.86 Tuesday. In after-hours trading following news of the stock repurchase program, it was gaining 2.7% to $61.50.

MetLife's board also set April 22 as the date of its annual shareholders meeting. Shareholders of record as of Feb. 28 are eligible to vote at the meeting.

This article was written by a staff member of TheStreet.com.