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Exhibit 99.1
METLIFE, INC. ANNOUNCES A STOCK REPURCHASE PROGRAM
New York, June 27, 2000 - MetLife, Inc. (NYSE: MET) today announced that its
Board of Directors has authorized a stock repurchase program for up to an
aggregate of $1 billion of the company's outstanding common stock. These
purchases will be made through purchases from the MetLife Policyholder Trust, in
the open market and through privately negotiated transactions.
The timing of open market and privately negotiated purchases will be dependent
upon market conditions and other corporate considerations. MetLife will continue
to purchase all shares available for sale, subject to certain limitations, from
the MetLife Policyholder Trust pursuant to the Purchase and Sale Program
established in connection with the demutualization of Metropolitan Life
Insurance Company.
The stock repurchase program may be modified, extended or terminated by the
Board of Directors at any time.
MetLife, Inc., through its subsidiaries and affiliates, is a leading provider of
insurance and other financial services to individual and group customers. The
MetLife companies serve approximately nine million individual households in the
U.S. and companies and institutions with 33 million employees and members. It
also has international insurance operations in 11 countries.
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This release contains statements which constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements are not guarantees of future performance. Actual
results may differ materially from those anticipated in the forward-looking
statements as a result of risks and uncertainties including: changes in interest
rates, declines in securities markets and the effect on sales of investment
products and on our investment portfolio, competition, litigation, differences
between actual claims experience and underwriting and reserving assumptions,
downgrades in our or our affiliates' ratings and the risk factors described from
time to time in our filings with the Securities and Exchange Commission,
including our S-1 registration statements.
