Axa seeks expansion in Brazil

Axa S.A. seeks to keep expanding in Brazil despite a crippling recession in the nation, reports Bloomberg.

Philippe Jouvelot, president of Axa's Brazilian unit, said that the insurer expects Brazil's insurance market to grow 10% in 2016.

Axa expects to have 500 million Brazilian reals ($142 million) in premiums in 2016.

The depreciation of real has made it cheaper to expand and higher-than-expected interest rates have bolstered financial profits for Axa, said Mr. Jouvelot.

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