Brazilian Health Insurers Log Record R$17.9 Billion Profit as ANS Eyes Closer Supervision

Overview

• ANS data for January through September 2025 show net profit at R$17.9 billion, the highest since the series began in 2018.
• Operational profit reached R$9.3 billion, rising nearly 140% year over year to the best level in five years.
• Financial income totaled R$11.1 billion, while the sector’s claims ratio fell to 81.9%, down 2.4 percentage points from a year earlier.
• Profit concentration is pronounced: 45% of net earnings sit with Amil, Bradesco, and SulAmérica, and 43% of operational results are concentrated in Bradesco, SulAmérica, and Hapvida.
• Despite the rebound, 49 operators are in adequacy programs, 26 under fiscal direction, and 41 face cancellation, leaving about 7.2 million beneficiaries linked to financially weak firms, with ANS discussing closer monitoring according to reporting.