The Brazilian health and dental insurance market continued to demonstrate resilience and scale at the close of June 2025, according to the latest competitive tracking study published by RankingsLatAm.com: Health and dental insurance in Brazil market monitor
The industry reported 52.9 million beneficiaries in health plans, reflecting an increase from 52.2 million recorded in March 2025, equivalent to quarterly growth of 1.3%. In contrast, the dental segment saw a slight contraction, with the number of beneficiaries standing at 34.4 million, compared to 34.6 million a decade earlier, marking a quarterly decline of 0.5%.
Market participation remains highly competitive, with 652 active insurers operating at the end of the second quarter of 2025. Over the longer horizon, RankingsLatAm.com’s analysis covers the evolution of 1,442 entities between 2011 and 2025, underscoring the structural dynamism of the sector.
When analyzed by volume of services provided, five groups dominate the landscape: Unimed, Bradesco Saúde, Sul América Saúde, Amil Assistência Médica Internacional S.A., and Notre Dame Intermédica Saúde. Together, they command 67% of the market, while the ten largest players account for 79%. However, leadership shifts when measured by number of health plan clients. In this case, Hapvida leads the ranking, followed by Notre Dame Intermédica, Bradesco Saúde, Amil, and Sul América. Their combined participation reaches 30%, while the top ten groups collectively control 41%.
The dental insurance market shows a more concentrated structure. Odontoprev occupies the leading position, with Hapvida, Notre Dame Intermédica, Amil, and Sul América completing the top five. Collectively, they control 56% of the market, rising to 71% when extended to the ten main players.
Growth dynamics in market share during the quarter reveal Sul América as a standout performer. In health insurance, the company expanded its share by 0.40 percentage points, followed by Amil with 0.25, Porto Seguro with 0.07, AMHE Med Assistência with 0.06, and Unimed Maranhão do Sul with 0.04. In dental insurance, Sul América once again led with an impressive gain of 0.80 percentage points, followed by Amil with 0.45, Odontoprev with 0.38, Hapvida with 0.23, and Porto Seguro with 0.19. These shifts illustrate the capacity of established brands to reinforce their competitive positioning even in mature segments.
From a financial perspective, results for the first quarter of 2025 confirm the sector’s robust performance. Total revenues from services reached 83.1 billion reais, while healthcare expenses accounted for 64.9 billion reais. Operating expenses amounted to 8.2 billion reais, commercial expenses 2.9 billion reais, and other expenses 7.5 billion reais. Offsetting these costs, other income contributed 5.0 billion reais, enabling the sector to close the quarter with a net result of 4.6 billion reais.
The composition of beneficiaries reflects a strong corporate base. In health insurance, 72.5% of members are affiliated through corporate plans, 16.3% through individual and family contracts, and 11.1% through collective adhesion agreements. A marginal 0.01% of members fall under other arrangements. The dental segment shows a similar distribution, with corporate plans representing 74.4% of the total, followed by individual contracts at 16.6%, collective adhesion at 9.0%, and a minimal share classified as other.
Market concentration is further highlighted when examining company size by number of affiliates. In health insurance, 51.6% of beneficiaries are enrolled in entities with more than 500,000 clients, while mid-sized companies with up to 500,000 affiliates account for 26%, and smaller players with fewer than 100,000 clients represent 22.4%. The dental segment is even more concentrated, with 74.1% of beneficiaries linked to insurers managing over 500,000 clients, compared with 15.4% in mid-sized firms and 10.5% in smaller competitors.
The data from RankingsLatAm.com underscores both the consolidation trends shaping the market and the competitive pressures that continue to define the sector. While the health segment demonstrates steady growth supported by corporate demand, the dental segment reveals signs of stagnation, reinforcing the importance of strategic differentiation among leading players.