NEW YORK (AP) -- MetLife Inc. said Tuesday its board authorized the company to buy back $1 billion of its stock, with the current stock buyback program nearly exhausted.

The life insurer has bought back all but $61 million of the $1 billion in stock authorized for repurchase in September. Once that program is complete, MetLife is authorized to buy back an additional $1 billion, the company said.

MetLife shares added $1.64, or 2.7 percent, at $61.50 in after-hours trading.