H&E Daily "SulA/SAUD: ANS' 2026 cap for legacy individual plans (=);..."

Research evidence excerpt

H&E Daily "SulA/SAUD: ANS' 2026 cap for legacy individual plans (=);..."

Global Research

30 June 2026ab

H&E Daily Equities

Latin AmericaSulA/SAUD: ANS' 2026 cap for legacy individual

plans (=); colour on strategy for dental plans Healthcare

Leonardo Olmos, CFA

Analyst

leonardo.olmos@ubs.com

Healthcare +55-11-9658 7533

SulA/SAUD: ANS announces 2026 cap for legacy individual plans - neutral Eduardo Resende

Associate Analyst

ANS has approved last week the 2026 regulatory cap for non-regulated individual

eduardo.resende@ubs.com

health plans (contracts signed before the Health Plans Law from 1998): 5.52% (from +55-11-2767 6015

6.47% in 2025) for group medicine operators (Amil); and 6.20% (from 7.16% in 2025)

for specialized health plan operators (Bradesco, SulA, and Itauseg).

UBS's view: Limited impacts to SulA/SAUD given the lower exposure to such

individual plans (legacy portfolios), with a reducing number of beneficiaries

belonging to such plans in the market (total currently at ~159k, from ~400k in 2025,

according to ANS). We recall that 2026 regulatory cap for regulated individual plans

stood at 5.11% (from 6.06% in 2025).

SulA/SAUD: Additional colour on strategy for dental plans - SME, channels and

cross-sell as key topics

Following the growing share of dental plans within BZ supplementary health in

recent years, executives from Bradsaúde and SulAmérica highlighted companies’

strategies for this segment in a recent interview:

Bradsaúde: The company highlighted the leading role of SMEs in driving

growth in the dental segment, supported by increased cross-selling alongside

other corporate benefits and ongoing investments in technology. Odontoprev

has previously expanded joint sales initiatives with Bradesco Saúde and