ZURICH (Reuters) - Swiss Life (SLHN.S) has been contacted by the U.S. Department of Justice regarding its cross-border business with American clients, Switzerland’s biggest life insurer said on Thursday.
Swiss Life said the portfolio with U.S. clients of Swiss Life Liechtenstein and Swiss Life Singapore was currently around 250 million Swiss francs ($259.23 million), down from 1 billion francs a few years ago.
“All insurance contracts have been categorized and been reported pursuant to the FATCA legislation,” Swiss Life said, referring to the 2010 anti-tax evasion law.
“Swiss Life will use the opportunity for dialogue and explain its past cross-border business in cooperation with the U.S.,” the company added.
Reporting by John Revill, editing by John Miller