H&E Major Pulse "Burnout and Depression costs R$1bn to INSS (reads to HA..."

Research evidence excerpt

H&E Major Pulse "Burnout and Depression costs R$1bn to INSS (reads to HA..."

regulatory/judicial consideration rather than a near-term earnings concern.

Rising Mental-Health Leave in Brazil Reinforces Long-Term Demand Trend Across

Healthcare Ecosystem (Reads for HAPV, RDOR/SULA)

Following up on the news above, Brazil’s updated NR-1 workplace safety regulation

comes into effect this week, requiring companies to monitor psychosocial risks such

as burnout, anxiety and depression as part of occupational-health management.

The change comes amid a sharp increase in mental-health-related leave: Brazil’s

Social Security Ministry granted 546k benefits linked to mental and behavioral

disorders in 2025 (+16% YoY), with estimated INSS costs near R$1bn. Anxiety and

depressive episodes were the leading causes of leave, while a Mercer survey

covering 5mn employees identified 2.3mn absences related to mental-health

conditions between 2022-25.

UBS's view: The data reinforce that mental health is becoming a more structurally

relevant healthcare-spending category in Brazil, with potentially broader

implications across the healthcare ecosystem over time. We see the trend as

incrementally supportive for psychology/psychiatry networks, telehealth

platforms, occupational-health services and corporate healthcare management

solutions. For health-plan operators like HAPV and RDOR's SulA, the read-across is

more balanced: stronger prevention efforts could help reduce absenteeism and

severity over time, but rising diagnosis rates and broader recognition of mental-

health conditions may also gradually increase utilization and pressure for expanded

coverage standards. We do not see immediate financial implications, but believe

the long-term demand trend remains relevant for managed-care players.