(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.

"If we can trust that Brazil's economy can recover 2 to 3 years from now, then investing now is the best thing you can do," Jouvelot said in an interview at Axa's recently-opened office in Rio de Janeiro. "Everything we buy is 30% cheaper than we expected."

Opportunity to gain commanding position

Axa sees an opportunity to gain a commanding position in a growing market where only 25% of Brazilians have health insurance and only 10% have homeowners insurance, he said. Axa bought the high-risk insurance business of Sul America SA for 135 million reais last year, and bid for Itau Unibanco Holding SA's high-risk insurance business that was sold to Ace Ltd.