JPMorgan-Brazil_Healthcare_November_Private_Health_Beneficiaries_Base-112598864_93页_1mb

Brazil Healthcare Market Summary - November 2024

Core Information

• Total Number of Beneficiaries in November 2024: 51.5 million
• Private Health Penetration: 23.8% (+39 bps y/y)
• Monthly Net Adds: +16.9k lives m/m
  • Corporate Plans: +52k lives
  • Individual Plans: -19k lives
  • Affinity Plans: -16k lives
• LTM Net Adds: +844k lives
  • Corporate Plans: +1.2 million lives
  • Individual Plans: -59k lives
  • Affinity Plans: -264k lives

Key Players Overview

Highlights

• Hapvida:
  • Member base: 8.68 million
  • Market share: 16.8%
  • YoY change: -0.4%
  • Monthly net adds: -71k
  • LTM net adds: -35k
• SulAmerica / Rede D'Or:
  • Member base: 2.90 million
  • Market share: 5.6%
  • YoY change: +4.2%
  • Monthly net adds: +36k
  • LTM net adds: +116k
• Bradesco Saúde:
  • Member base: 3.79 million
  • Market share: 7.4%
  • YoY change: -1.1%
  • Monthly net adds: -22k
  • LTM net adds: -43k
• Amil:
  • Member base: 3.04 million
  • Market share: 5.9%
  • YoY change: -4.2%
  • Monthly net adds: +24k
  • LTM net adds: -135k
• Porto Seguro:
  • Member base: 0.64 million
  • Market share: 1.2%
  • YoY change: +25.1%
  • Monthly net adds: +9k
  • LTM net adds: +129k

Plan Type Breakdown

• Corporate/ SME Plans:
  • Monthly net adds: +52k
  • LTM net adds: +1.2 million
• Individual Plans:
  • Monthly net adds: -19k
  • LTM net adds: -59k
• Affinity Plans:
  • Monthly net adds: -16k
  • LTM net adds: -264k

Regional and State Analysis

• Net Adds per Region (in '000s lives):

  • SP: -63k
  • CE: +75k
  • MG: -5k
  • PE: +13k
  • BA: -5k
  • SE: -134k
  • S: -68k
  • NE: +126k
  • N: +19k
  • MW: +23k

• Beneficiaries per Region (% of total):

  • SP: 20.0%
  • CE: 50.2%
  • MG: 11.7%
  • PE: 35.7%
  • BA: 25.7%
  • SE: 15.2%
  • S: 6.7%
  • NE: 32.7%
  • N: 27.1%
  • MW: 14.7%

• Net Adds per State (in '000s lives):

  • SP: -63k
  • CE: +75k
  • MG: -5k
  • PE: +13k
  • BA: -5k
  • SE: -134k
  • S: -68k
  • NE: +126k
  • N: +19k
  • MW: +23k

• Beneficiaries per State (% of total):

  • SP: 20.0%
  • CE: 50.2%
  • MG: 11.7%
  • PE: 35.7%
  • BA: 25.7%
  • SE: 15.2%
  • S: 6.7%
  • NE: 32.7%
  • N: 27.1%
  • MW: 14.7%

Retroactive Adjustments

• October 2024 Net Adds:
  • Revised from +26.6k to +6.1k
  • Hapvida: Revised from -36.0k to -35.3k
  • SulAmerica: Revised from -2.0k to -6.6k

Analysts and Contact

• Joseph Giordano AC: joseph.giordano@jpmorgan.com | (5511)4950-3050
• Estela Strano: estela.strano@jpmorgan.com | (5511)4950-3295
• Nicolas Larrain: nicolas.larrain@jpmorgan.com | (55-11) 4950-3472
• Guilherme A. Vilela: guilherme.vilela@jpmorgan.com | (55-11) 4950-3059
• Froylan Mendez: froylan.mendez@jpmchase.com | (52-55) 5540-9482

Important Disclosures

• J.P. Morgan does and seeks to do business with companies covered in its research reports.
• Investors should be aware of potential conflicts of interest.
• This report is for informational purposes only and should not be considered as a single factor in making investment decisions.