By Brazil Stock Guide – Brazil’s private health insurance industry posted robust financial results in the first half of 2025, according to data from the national health regulator Agência Nacional de Saúde Suplementar (ANS), cited by Valor Econômico. Operating profit of insurers reached R$6.4 billion, a 2.4-fold increase compared with the same period a year earlier.
Net income surged to R$12.5 billion from R$5.2 billion in the first six months of 2024, boosted by financial revenue. Total revenue for insurers and benefits administrators rose 11.7% year-on-year, hitting R$187.5 billion.
The claims ratio, a key metric that measures healthcare expenses relative to premiums collected, fell to 82.4%, a 2.4 percentage point drop versus last year. The decline helped insurers expand margins despite rising costs in the broader healthcare system.
Among the best performers, Bradesco Saúde (BBDC4.SA) reported operating profit of R$1 billion, followed by SulAmérica (SULA11.SA) with R$645.7 million, and NotreDame Intermédica, part of Hapvida (HAPV3.SA), with R$424.3 million.