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Share Name | Share Symbol | Market | Type |
---|---|---|---|
MetLife Inc | NYSE:MET | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.6982 | -0.97% | 71.0018 | 71.79 | 71.07 | 71.30 | 2,534,391 | 01:00:00 |
By Robb M. Stewart
MetLife has reached a deal with Global Atlantic Financial Group to reinsure roughly $19.2 billion of U.S. retail life insurance and fixed annuity statutory reserves, while also unveiling plans to boost its share buyback program by $1 billion.
The financial services company said Thursday the deal with Global Atlantic will reinsure U.S. retail universal life, variable universal life, universal life with secondary guarantees and fixed annuity statutory reserves.
The value of the transaction is expected to be about $3.25 billion, with a ceding commission of $2.25 billion and $1 billion of capital that will be released, MetLife said.
The company said the transaction will accelerate the run-off of its legacy business and is expected to positively impact several key financial metrics, including adding to adjusted earnings per share and contributing to its 13% to 15% adjusted return on equity target. The transaction is expected to close in the second half of 2023, it said.
MetLife said its board has approved a $1 billion increase to its share repurchase authorization, bringing the total buyback authorization outstanding to roughly $4 billion.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
May 25, 2023 07:28 ET (11:28 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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