Hapvida

What Hapvida does

Hapvida is one of Brazil's largest vertically integrated health and dental insurance operators, headquartered in Fortaleza, Ceará. Founded in 1980 and publicly traded on B3 (ticker HAPV3; OTC: HAPVY) since its 2018 IPO, the company offers health and dental insurance plans to individual consumers, families, small and medium enterprises, and large corporations. Following its 2022 merger with NotreDame Intermédica, the combined entity operates under the Hapvida NotreDame Intermédica brand, serving approximately 4.6 million health insurance beneficiaries and 7.1-7.2 million dental plan beneficiaries across all five major Brazilian regions (North, Northeast, Central-West, Southeast, South).

The company operates a vertically integrated delivery model combining insurance underwriting with a proprietary care network of 86 hospitals, 76 emergency care units (Pronto-Atendimento), 345 clinics, and 292 diagnostic centers (Hapvida Diagnóstico). This network is supplemented by a credentialed network of 20,000+ dentists for dental coverage. Underlying technology includes the Teleconsulta telemedicine platform (20+ specialties with 24-hour urgent care), a digital biometric authentication system using fingerprint and facial recognition for beneficiary identification, a pharmacy delivery service (Cuidaê), and a mobile app (Super Portal) providing full-service self-service capabilities including scheduling, authorizations, digital ID cards, and exam results. The company operates multiple sub-brands and programs including Qualivida (chronic disease management for diabetes, oncology, cardiology, pregnancy, elderly care), Nosso Médico (family medicine with dedicated family doctors), Nascer Bem (prenatal care), and Viver Bem (Type 2 diabetes management). The company is regulated by ANS (Agência Nacional de Saúde Suplementar) under registrations 36.825-3 and 359017 and operates under CNPJ 44.649.812/0001-38.

Revenue is generated primarily through recurring monthly premiums for health and dental insurance plans, supplemented by co-payments (coparticipação) on certain procedures. Pricing varies by plan type, coverage region, and customer segment — individual plans start at R$88.56/month for health with national emergency coverage and R$113.60/month including teleconsultation and prevention programs; individual dental starts at R$39.90/month; corporate dental (PME) ranges from R$18.61-R$23.90 per life depending on company size. Distribution is multi-channel: direct online sales, call centers, WhatsApp, mobile app self-service, a broker (corretor) network with dedicated portal and commissions, and dedicated corporate sales teams for large accounts. The company is currently navigating significant operational and financial challenges including a 65% Q4 2025 profit decline, a net loss of 140,000 beneficiaries, elevated leverage (Debt/EBITDA of 6.10), and activist pressure from minority shareholder A Squadra Investimentos (6.8% stake) requesting board changes and evaluation of South/Southeast divestitures.

Name

Hapvida

Legal name

Hapvida Assistência Médica LTDA

Website

https://hapvida.com.br

Company type

Public

Founded year

1980

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Hapvida is a Brazilian vertically integrated health and dental insurance operator serving 4.6M+ health and 7.1M+ dental beneficiaries nationwide through proprietary hospitals, clinics, and telemedicine infrastructure following its 2022 NotreDame Intermédica merger.

Ownership category

akta.pro rank

Product category

Health Insurance

NAICS

Direct Life, Health, and Medical Insurance Carriers (52411), Health Care and Social Assistance (62), Agencies, Brokerages, and Other Insurance Related Activities (5242)

SIC

Hospital & Medical Service Plans (6324), Accident & Health Insurance (6321), Services-Health Services (8000)

akta.pro primary industry

Large Group Health Insurance (Mid-Market & National Accounts) (FSAIAFAE)

akta.pro secondary industries

Dental Benefit Administration (DBA) & ASO/TPA for Dental (HLAEAIAJ), Benefits, Insurance & Entitlement Navigation (Medicare/Medicaid/VA/LTC) (HSABAIAG)

Keywords

• Health insurance plans
• Dental insurance plans
• Managed care services
• Integrated healthcare network
• Corporate health plans

Headquarters

HQ city

Fortaleza

HQ country

Brazil

HQ region

Latin America

Offices4 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Marketing or Sales, Technology or R&D, Supply Chain

Revenue model

1. Health Insurance Premiums: Monthly premium payments from individual, family, and corporate health insurance plans. Revenue is recurring in nature with subscription-based billing cycles, supplemented by co-payments for certain procedures
2. Dental Insurance Premiums: Monthly premium payments for dental insurance plans offered to individuals, families, and businesses. Plans start at R$21.90 per person/month for corporate clients
3. Co-payment and Cost-sharing: Co-payments (coparticipação) collected from beneficiaries for specific procedures and services as cost-sharing mechanisms

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels6 records

Core offering

Hapvida is a Brazilian health and dental insurance operator that sells individual, family, and corporate health and dental plans to beneficiaries and provides healthcare services through a vertically integrated proprietary network of hospitals, clinics, laboratories, diagnostic imaging centers, and affiliated physicians. The company also offers ancillary services including telemedicine (Teleconsulta), digital biometrics, and a mobile app for beneficiary access.

Product overview

Hapvida is a Brazilian health insurance and services company offering a unified health and dental insurance platform with multiple integrated modules and services. The core offerings include health insurance plans (Planos de Saúde) for individuals, businesses, and micro-enterprises, alongside the Hapvida +Odonto dental plan brand with over 7.2 million beneficiaries. These are supplemented by diagnostic services (Hapvida Diagnóstico with 292 units), telemedicine (Teleconsulta), health management programs (Qualivida, Programa Nascer Bem, Programa Viver Bem), preventive medicine groups, and the Nosso Médico family medicine program. Additional digital services include the Portal do Benefićario/Super Portal app, Cuidaê pharmacy delivery, Clube de Vantagens loyalty program, and digital biometric authentication. The company operates its own hospital network and absorbed the NotreDame Intermédica brand following the 2022 merger, now operating as Hapvida NotreDame Intermédica with ANS registrations 36.825-3 and 359017.

Differentiator

Problem solved

Functional benefit

Brands

• NotreDame Intermédica: Major acquired health insurance brand retained after 2022 merger, serving São Paulo and surrounding regions
• Qualivida
• Cuidaê
• Nosso Médico
• Nascer Bem
• Viver Bem
• Teleconsulta
• Clube de Vantagens

Products and services

• Individual / Family Health Plans (Plano de Saúde Pessoa Física/Família)
• PME / SME Corporate Health Plans (Plano de Saúde Empresarial PME)
• Enterprise / Corporate Health Plans (Plano de Saúde Empresarial)
• Individual / Family Dental Plans (Plano Odontológico Pessoa Física/Família)
• Corporate / PME Dental Plans (Plano Odontológico Empresarial)
• Teleconsulta (Telemedicine)
• Hapvida Mobile Application

Quantifiable outcome

• Strong cash generation of BRL 478 million in Q1 2026
• +2 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Eight partnerships are on record, tiered minor and core.

• DrogasilminorGTM or Marketing PartnerRetail pharmacy partner included in Hapvida's benefits club (Clube de Vantagens), offering exclusive discounts to beneficiaries on pharmaceutical products.
• CentaurominorGTM or Marketing PartnerSports retailer partner in Hapvida's benefits club offering discounts on sporting goods and equipment to plan beneficiaries.
• SephoraminorGTM or Marketing PartnerBeauty and cosmetics retailer partner in Hapvida's benefits club providing exclusive offers to health plan members.
• MovidaminorGTM or Marketing PartnerCar rental partner in Hapvida's benefits club offering discounted rental services to beneficiaries.
• FlixBusminorGTM or Marketing PartnerBus transportation partner in Hapvida's benefits club offering travel discounts to plan beneficiaries.
• HeringminorGTM or Marketing PartnerClothing retailer partner in Hapvida's benefits club offering fashion discounts to health plan members.
• NotreDame IntermédicacoreStrategic or Co-development PartnerMajor healthcare system acquired in 2022, bringing significant Southeast region presence including hospitals and clinics. The merger created Brazil's largest health operator but has faced integration challenges with operational issues in South and Southeast regions.
• ANS (Agência Nacional de Saúde Suplementar)coreOthersBrazil's national health agency that regulates private health plans. Hapvida operates under ANS registrations 36.825-3 and 359017, subject to regulatory oversight including annual price readjustments and coverage requirements.

Scale indicators13 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Unimed: Brazil's largest cooperative medical system with national reach. Competes with Hapvida's integrated provider model and has comparable scale across multiple regions.
• Caixa Seguridade (Saúde): Subsidiary of Caixa Econômica Federal offering health insurance among broader financial products. A scaled incumbent with comparable group and individual health plan offerings.

Direct peers

• Porto Seguro Saúde: Insurance arm of Porto Seguro offering health and dental plans to individuals and corporate clients. Competes with Hapvida's distribution approach through brokers and digital channels.
• SulAmérica: Major Brazilian health, dental, and group insurance carrier competing head-to-head with Hapvida in employer-sponsored plans and individual/family segments nationally.
• Amil: One of Brazil's largest health insurers, owned by UnitedHealth Group. Direct competitor to Hapvida across health plan, hospital network, and dental offerings in overlapping geographies.
• Odontoprev: Brazil's largest dedicated dental insurance carrier. Directly comparable to Hapvida +Odonto's 7.1M+ beneficiary dental business and operates with a similar broker-driven distribution model.
• Prevent Senior: São Paulo-focused integrated health plan operator serving primarily the senior segment; competes with Hapvida in the captive provider-network model and in metropolitan São Paulo.
• NotreDame Intermédica: Now a wholly-owned Hapvida subsidiary after the 2022 merger, the brand persists as a direct comparator and the historical reference point for Hapvida's Southeast presence.
• Bradesco Saúde: Banking-anchored health and dental insurer with strong corporate group presence; competes directly with Hapvida's PME and large enterprise plans across Brazil.

Regional players

• Assim Saúde: Regional health plan operator concentrated in Rio de Janeiro. Comparable vertically-integrated model with proprietary provider network, though geographically narrower than Hapvida.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/hapvidasaude
• LinkedInlinkedin.com/company/hapvida
• Instagraminstagram.com/hapvidasaude
• TikToktiktok.com/@hapvidandi
• Xx.com/hapvidasaude
• Facebookfacebook.com/hapvida.saude

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hapvida