Brazil Healthcare: Industry Complaint Monitor – Despite Limited Reading, Higher Complaints Print All Over

Research evidence excerpt

J P M O R G A N

Latin America Equity Research

10 August 2026

Brazil Healthcare

Industry Complaint Monitor – Despite Limited Reading,

Higher Complaints Print All Over

LatAm Retail & Healthcare

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

data for July.

Joseph Giordano AC

(55-11) 4950-3020

Banco J.P. Morgan S.A.

We do note that — this month — the complaints registered for Bradsaúde

(under “005711”, which represents 81% of total lives) and RDOR’s

SulAmerica (under “006246”, ~76% of lives) were both zeroed. Hence, the

readings below are the best available with the current information.

Guilherme A. Vilela, CFA

(55-11) 4950-3059

Banco J.P. Morgan S.A.

Giovanni Vescovi

Under the aforementioned limitations: RDOR’s data show an 18% y/y spike in

RDOR/SulA’s secondary operating entity complaints (~24% of the lives).

Similarly, Bradsaúde’s secondary operation (~16% of lives) showed increased

complaints to the tune of 12% y/y in July (-12% y/y in the L3M). On a harsher tone,

HAPV showed a 3M average increase of 41% in its IGR at core operations (~51%

of the lives), while NDI (37% of the lives, mostly São Paulo) showed a 24%

increase y/y in July – L3M at +7%.

Health industry: Complaints in the industry increased, with figures coming

in 28% above y/y in July to an IGR of 50.1.

Dental industry: Showed a contraction, although still at a lower base, -7% y/y

to 1.0 in July.

Covered names – Higher complaints all around

HAPV (N): Core legacy Hapvida operations (~51% of the lives) posted an

expansion of 44% y/y in complaints per 100k beneficiaries to 53.0, while

at NDI (mostly São Paulo and ~37% of the lives) IGR increased 24% y/y

to 85.4.

RDOR / SulAmerica (OW): Increased 18% y/y in its secondary operations

(~24% of lives) to 51.9 complaints per 100k beneficiaries.

SAUD / BradSaúde (OW): Also posted an increase in complaints of 12%

y/y to its IGR at 46.7 – in its secondary operation (16% of lives). On the

dental side (through Odontoprev) complaints have increased but still

represent a small absolute figure at 1.2 complaints per 100k beneficiaries.

(55-11) 4950-2901

Banco J.P. Morgan S.A.

Nicolas Larrain

(55-11) 4950-3472

Banco J.P. Morgan S.A.

…