H&E Daily "SulA/SAUD/HAPV: ANS' new portability proposals (=/-); BLAU3 R..."

Research evidence excerpt

H&E Daily "SulA/SAUD/HAPV: ANS' new portability proposals (=/-); BLAU3 R..."

Global Research

9 June 2026ab

H&E Daily Equities

Latin AmericaSulA/SAUD/HAPV: ANS' new portability

proposals (=/-); BLAU3 R$350mn commercial Healthcare

notes issuance (=); GLP-1 prescription trends Leonardo Olmos,AnalystCFA

leonardo.olmos@ubs.com

+55-11-9658 7533

Eduardo Resende

Healthcare Associate Analyst

SulA/SAUD/HAPV: ANS' new portability proposals could intensify portfolio eduardo.resende@ubs.com

turnover among operators +55-11-2767 6015

ANS will hold a public hearing on June 22 to discuss proposed changes to the rules

governing grace period portability for health plans. The proposed changes include:

Implementation of digital channels for customers to request portability;

Reduction of the minimum required stay in a plan from three to two years;

Allowance of portability for corporate group plans;

Permission for joint portability of the policyholder and their dependents;

Extension of portability to individuals with legacy plans;

Strengthening of sanctioning rules for operators that improperly deny

portability requests.

UBS's view: New proposed measures seem more skewed to the consumer side and

could intensify portfolio turnover among health plan operators (SulA/SAUD/HAPV).

Possible new rules could increase customer mobility by reducing minimum stay

requirements, expanding eligibility (including corporate and legacy plans), and

enabling digital application processes, thereby lowering switching frictions and

intensifying competition. As a result, operators are likely to face higher churn, with

the extension of portability to corporate plans potentially reducing contract

stickiness in the group segment (the largest in the market), potentially raising