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    SLHN   CH0014852781

SWISS LIFE HOLDING AG

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Swiss Life to pay $77.4 million to settle U.S. criminal tax evasion case

05/14/2021 | 11:46am EDT
The logo of Swiss Life is seen in Zurich

NEW YORK (Reuters) -Swiss Life Holding AG agreed to pay $77.4 million and enter a deferred prosecution agreement to resolve a U.S. criminal case in which Switzerland's largest insurer was accused of helping wealthy American clients evade taxes.

The three-year agreement announced on Friday resolves a charge that Swiss Life conspired to defraud the U.S. Internal Revenue Service by concealing more than $1.45 billion in offshore insurance policies.

These included more than 1,600 "wrapper" insurance policies into which taxpayers can place stocks, private equity holdings and other assets.

U.S. prosecutors began cracking down more than a decade ago on the use of Swiss banks to avoid federal taxes.

Swiss Life and its affiliates viewed this "stepped-up offshore tax enforcement as an opportunity to pitch themselves to tax-evading U.S. customers as an alternative to Swiss banks," U.S. Attorney Audrey Strauss in Manhattan said in a statement.

The Zurich-based insurer will pay a $25.3 million fine plus $52.1 million in restitution and forfeiture, and hand over information about accounts it closed between 2008 and 2019.

Swiss Life has said it set aside sufficient funds in 2020 to cover the payment.

Its general counsel accepted the deferred prosecution agreement at a hearing before U.S. District Judge Gregory Woods in Manhattan.

An agreement by Swiss bank UBS in 2009 to pay a $780 million penalty and hand over names and data on thousands of client accounts helped kick off numerous settlements with other Swiss financial companies.

Rahn+Bodmer, Zurich's oldest private bank, agreed in March to pay $22 million to settle U.S. charges it helped taxpayers who fled UBS and other Swiss banks hide money in offshore accounts.

(Reporting by Jonathan Stempel in New York and Tom Hals in Wilmington, Delaware; Editing by Bill Berkrot and John Stonestreet)

By Jonathan Stempel and Tom Hals


ę Reuters 2021
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Financials
Sales 2021 22 724 M 25 294 M 25 294 M
Net income 2021 1 219 M 1 357 M 1 357 M
Net cash 2021 625 M 696 M 696 M
P/E ratio 2021 11,5x
Yield 2021 4,90%
Capitalization 14 530 M 16 160 M 16 174 M
EV / Sales 2021 0,61x
EV / Sales 2022 0,46x
Nbr of Employees 9 574
Free-Float 98,9%
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Technical analysis trends SWISS LIFE HOLDING AG
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 13
Average target price 485,15 CHF
Last Close Price 457,00 CHF
Spread / Highest target 22,5%
Spread / Average Target 6,16%
Spread / Lowest Target -5,91%
EPS Revisions
Managers and Directors
NameTitle
Patrick Frost Group Chief Executive Officer
Matthias Aellig Chief Financial & Risk Officer
Rolf Hugo D÷rig Chairman
Stefan Mńchler Group Chief Investment Officer
Franziska Tschudi Sauber Independent Director
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