MetLife, Inc. (NYSE: MET) today announced that its board of directors has approved a new $3 billion authorization for the company to repurchase its common stock. The new authorization is incremental to the $475 million remaining under the company’s prior authorization announced in December 2020.

“We continue to pursue a balanced, long-term approach to creating shareholder value,” said MetLife President and CEO Michel Khalaf. “Last year, we invested approximately $5 billion to drive profitable growth both organically and through acquisition. This April, we announced a 4.3% increase in our common dividend. And today’s announcement reflects our commitment to returning excess capital to shareholders.”