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Axa sees an opportunity to gain a commanding position in a growing market where only 10% of Brazilians have homeowners insurance. (AP Photo/Christophe Ena, File)

(Bloomberg) – Axa SA, France’s largest insurer, is open to more acquisitions to keep expanding in Brazil even as Latin America’s largest economy suffers its deepest recession on record.

Axa expects Brazil’s 360 billion-real ($102 billion) insurance market to grow 10% this year despite the economic rout, said Philippe Jouvelot, president of its Brazilian unit. The real has depreciated about 30% since Axa entered Brazil in 2013, making it cheaper to expand, and higher-than-expected interest rates have bolstered financial profits, he said.

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