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Prudential to buy back $1 bln in stock
* Down from $1.5 bln authorization over last year
* Shares rise 0.8 pct after-hours
June 12 (Reuters) - Insurer Prudential Financial will buy back up to $1 billion in stock over the next year, down from what it repurchased in the last 12 months, the company said on Tuesday.
Prudential said its board approved the buyback for the one-year period ending June 30, 2013.
For the year that ends this month, Prudential's board had previously authorized buybacks of up to $1.5 billion. Prudential said it had bought $1.25 billion in stock under that program through March 31.
Shares rose 0.8 percent to $48 in after-hours trading on the news.
Prudential's move stands in contrast to its larger peer, MetLife, which has been blocked by the Federal Reserve from buying back shares because of its bank holding company status and concerns about certain capital ratios. MetLife and Prudential are the No. 1 and No. 2 U.S. life insurer, respectively.
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