Swiss Re rules out capital hike for any SoftBank deal

Swiss Re reported better-than-expected 2017 net income on Friday despite huge claims during a disaster-heavy 2017 in addition to ruled out a capital increase to ease an investment approach coming from Japan’s Softbank which the item was weighing.

the earth’s second-biggest reinsurer posted net profit of $331 million, down coming from $3.56 billion a year earlier, although beating the average estimate of $119 million in a Reuters poll.

Swiss Re had said This kind of month the item was in talks about SoftBank taking a minority stake in a deal which could be worth $10 billion or more.

“We want to extend our access to risk pools, we want to stay on the forefront of technology in addition to we want to make sure which we’re helping the earth address This kind of protection gap,” David Cole, chief financial officer at Swiss RE, told CNBC on Friday.

When asked whether talks with Softbank could lead to the Japanese tech giant taking a minority stake thought be worth as much as $10 billion or more, Cole said he would likely not be able to comment on the timing of a possible deal or the current speculation regarding its rumored value.

“If we come to the conclusion which we can reach an agreement which will be within the interest of our shareholders in addition to within the interest of the company, then we will have something to say about the item then,” he added.

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