(Adds details, background)
June 10 Insurer Metlife Inc said it
would buy back up to $1 billion of its common stock, using
existing authorizations from its board.
The company has 1.13 billion shares outstanding, valued at
$61.52 billion, according to Thomson Reuters data.
Metlife last bought back its shares in 2008.
"We anticipated that the non-bank SIFI (systemically
important financial institution) capital rules would be known by
now, but recent statements by the Federal Reserve suggest that
we may not see draft rules until 2015," Chief Executive Steven
Kandarian said in a statement on Tuesday.
Kandarian had said in July that Metlife is not a
systemically important financial institution whose failure could
pose a threat to United States' financial stability.
The Fed was authorized last year to regulate Prudential
Financial Inc and American International Group Inc
after the Financial Stability Oversight Council decided
their failure would destabilize financial markets.
During the 2007-2009 financial crisis, the U.S. government
stepped in to stabilize AIG with a taxpayer-funded bailout that
eventually topped $180 billion.
(Reporting by Amrutha Gayathri in Bangalore; Editing by Joyjeet