Brazil Healthcare June Beneficiaries Data – Losses at HAPV Continue as Expected, RDOR Gradual Recovery

Research evidence excerpt

J P M O R G A N

Latin America Equity Research

05 August 2026

Brazil Healthcare

June Beneficiaries Data – Losses at HAPV Continue as

Expected, RDOR Gradual Recovery

Brazil’s National Supplementary Health Agency (ANS) released its June

beneficiary data. Key takeaways: (1) Health and dental market growth remains

healthy despite high rates and some weakening in the job market (industry growth

of +1.4%/+7.6% y/y, respectively); (2) Hapvida (N) posted a net loss of 13k lives

m/m, taking 2Q26 net losses to -54k; (3) Rede D’Or/SulAmerica (OW) showed a

modest m/m recovery of +8k lives but not enough to offset the negative print in

April, leading to a 2Q26 net loss of 23k lives; and (4) Bradsaúde—which already

reported 2Q26 figures—continues to gain share across both health and dental, with

beneficiary base growth of 11.3%/8.5% y/y, respectively.

Overall, we expect today’s release to be negatively received by HAPV and

RDOR’s investors. On the other hand, SAUD should not be affected by today’s

data, as it has already published 2Q26 results. Still, we note that ANS data can be

volatile and may differ from company-reported figures..

Private Health Industry—growth remains solid: m/m net adds of +86k and

LTM net adds of +760k with total number of beneficiaries at 53.1mn (+1.4%

y/y).

Dental industry—still outpacing private health: m/m net adds of +167k and

LTM net adds of +2.6mn with total number of beneficiaries at 36.7mn (+7.6%

y/y).

Covered names: solid trends remain for Bradsaúde; SulA and HAPV still

showing some weakness.

Hapvida (N) m/m net losses of -13k and LTM losses of -181k, with total

number of beneficiaries at 8.5mn (-2.1% y/y). Hapvida LTM share

decreased ~60bps, achieving 16.1%. Net losses were 54k for the 2Q26, vs.

JPMe -35k.

Rede D’Or/SulAmerica (OW) +8k m/m net gains and LTM at +148k with

total number of beneficiaries at 3.1mn (+5.0% y/y). SulAmerica LTM

share increased ~20bps, achieving ~6%. Net losses were 23k for the 2Q26,

below JPMe 41k gains.

Bradsaúde (OW). Health segment: +26k m/m net adds and LTM at

+425k with total number of beneficiaries at 4.2mn (+11% y/y). Bradsaúde

health division LTM share increased ~70bps, achieving 8%. Dental

…