Swiss Life Holding, Switzerland’s largest life insurance company, and three of its subsidiaries entered a deferred prosecution agreement (DPA) and will pay $77.4 million for conspiring with U.S. taxpayers to conceal more than $1.4 billion in offshore insurance policies, the Department of Justice announced Friday.

Jaclyn Jaeger is a freelance contributor to Compliance Week after working for the company for 15 years. She writes on a wide variety of topics, including ethics and compliance, risk management, legal,...