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(Bloomberg) -- Swiss Life Holding AG said its in contact with the U.S. Department of Justice over its cross-border business with U.S. clients.
The company’s portfolio of U.S. clients with Swiss Life Liechtenstein and Swiss Life Singapore amounts to about 250 million Swiss francs ($259 million), down from a maximum of about 1 billion francs, the company said in a statement Thursday.
“Swiss Life will use the opportunity for dialogue and explain its past cross-border business in cooperation with the U.S. authorities,” the company said. All its insurance contacts have been reported under the Foreign Account Tax Compliance Act, it said. Swiss Life officials weren’t immediately available for further comment.
Swiss banks including UBS Group AG and Julius Baer AG have paid hundreds of millions of dollars in fines related to an investigation into the lenders helping U.S. citizens avoid paying taxes. The largest penalty, $2.6 billion, was paid by Credit Suisse Group AG in 2014.
The investigation was widened to insurers and concerns a product known as insurance wrappers -- life policies where clients place assets to gain a lower tax rate, the Wall Street Journal reported in 2014. The DOJ last year said it reached a $187 million settlement with Union Bancaire Privée, involving the product.
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