An insurer says it could spend up to $1 billion more on buying back shares of common stock.

MetLife Inc., New York, earmarked $1 billion for buying back stock in February, and it now has spent about $760 million under that buyback authorization, the company says.

The new buyback program will take effect after MetLife uses up the funding available through the February authorization, the company says.

MetLife could buy the stock from the MetLife Policyholder Trust or through private deals as well as through the open market, the company says.