MetLife's ( MET) 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. 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.