The board of directors of MetLife, Inc., has approved a new $3 billion authorization for the company to repurchase its common stock.

MetLife's chairman, president, and chief executive officer, Steven A. Kandarian, said, “Excess capital belongs to our shareholders, and we are pleased to announce our largest ever buyback authorization now that we have defined a capitalization and execution plan for the separation of Brighthouse Financial. Together with our dividend, which has grown by 116 percent over the past three years, this buyback authorization shows that our strategy of generating higher free cash flow is gaining momentum.”

The company noted in a statement that although it currently is preparing for a transaction to spin-off a substantial portion of its U.S. retail business, the ultimate form and timing of a separation will be influenced by a number of factors, including regulatory considerations and economic conditions.