The board of MetLife Inc. has agreed to spend up to $1 billion more on buying back the company’s common stock.

MetLife, New York, set aside $1 billion for stock repurchases in February 2007, and it set aside another $1 billion in September 2007, after using up the first allocation.

MetLife now has used up all but $61 million of the second 2007 stock repurchase allocation, the company says.

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