Bradsaúde controla sinistralidade e bate consenso; ação sobe 4%

Bradsaúde, the Brazilian health insurance provider, reported a third quarter that exceeded expectations in several areas. The company's earnings per share (ROE) rose to 25.4% from 24.5% in the previous 12 months, reflecting improved profitability. Revenue increased by 9% to R$ 14.3 billion, with operating income excluding financial components growing by 31% YoY and 5% YoQ, reaching R$ 764 million.

Despite a slight rise in sinistrality (claims) to 84.5%, the company managed to control costs and maintain a strong operational performance, which positively impacted the bottom line. The company's market share in health plans grew from 7.3% to 7.9% in the quarter. CEO Carlos Marinelli acknowledged the challenges of balancing revenue growth and profitability amidst the economic situation in the country but emphasized that the company's strategy of controlling sinistrality, expanding revenues, and managing costs has resulted in a solid performance for shareholders and customers.

The company's contribution from Atlântica Hospitais, a subsidiary, was R$ 139 million in the quarter, reversing the losses from 2023 and 2024. Bradesco Saúde contributed 83% of the earnings this year, followed by Odontoprev at 11% and other businesses. The financial result for Bradsaúde totaled R$ 685 million for the quarter, lower than the R$ 930 million in the previous quarter due to the impact of the IPCA inflation rate at 0.1%.

Despite this, analysts from UBS and BTG remain optimistic, citing the company's operational performance and positive outlook for future payouts, aiming to increase them to 60% in 2027 and 80% in 2029.