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, $1 billion more in September 2007, and another $1 billion in January 2008.

The company now has used up all but $261 million of the January 2008 stock repurchase allocation, the company says.

The market capitalization of MetLife, or the total value of the company’s common stock, is about $42 billion.