Wait is over: MetLife announces $1B buyback

|By:, SA News Editor

Apparently tired of waiting for direction from D.C., MetLife (MET) resumes stock buybacks for the first time since 2008 with a $1B repurchase plan.

CEO Steven Kandarian: "Our philosophy is that excess capital belongs to our shareholders ... We anticipated that the non-bank SIFI capital rules would be known by now, but recent statements by the Fed suggest that we may not see draft rules until 2015. Meanwhile, our capital continues to grow."

At the current stock price, the buyback would be good for more than 18M shares, or about 1.5% of the float.