Swiss insurer Zurich announced on Wednesday that it had increased its stake in Kotak, its Indian subsidiary since last November, to 70%.

This transaction follows the Group's acquisition, more than seven months ago, of 51% of Kotak General Insurance for $488 million.

The agreement reached at the time provided for Zurich to acquire an additional 19% stake.

In total, its stake in Kotak is estimated at around $670 million.

Zurich points out that this is the largest investment made by a foreign group in the Indian insurance sector since the law allowing majority shareholdings by foreign companies came into force in 2021.

This allows non-resident groups to hold up to 74% of domestic companies.

In a press release, the Group points out that India is currently one of the world's most promising insurance markets, given its low penetration and the country's economic dynamism, which is set to become the world's third largest economy by 2030.

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