# Candido Pinheiro Koren de Lima
Candido Pinheiro Koren de Lima (born 1946) is a Brazilian oncologist, entrepreneur, and genealogist who founded the business that became [Grupo Hapvida](https://www.edgepedia.org/grupo-hapvida) (Hapvida NotreDame Intermédica) and has served as its chairman.[1](https://upsideapp.ai/docs/hapv3/2025/Q4/cvm-fre-completo/156707-v15.pdf) • [2](https://timesbrasil.com.br/empresas-e-negocios/quem-e-dono-plano-de-saude-hapvida/) • [3](https://www.forbes.com/profile/candido-pinheiro-koren-de-lima/) He built the company from a single clinic in [Fortaleza](https://www.edgepedia.org/fortaleza), Ceará, into a vertically integrated operator that in 2024 served 15.8 million health and dental beneficiaries through 86 owned hospitals and 352 clinics.[1](https://upsideapp.ai/docs/hapv3/2025/Q4/cvm-fre-completo/156707-v15.pdf)
| Key fact | Detail |
|---|---|
| Born | 1946, Quixadá, Ceará[2](https://timesbrasil.com.br/empresas-e-negocios/quem-e-dono-plano-de-saude-hapvida/) |
| Founded | Clínica Antônio Prudente, Fortaleza, 1979; Hapvida Assistência Médica operator, 1993[1](https://upsideapp.ai/docs/hapv3/2025/Q4/cvm-fre-completo/156707-v15.pdf) |
| IPO | April 2018, R$3.43 billion, described by the company as the largest IPO in Brazilian supplementary health[4](https://ri.hapvida.com.br/en/company/history/) |
| Merger | NotreDame Intermédica, agreed February 2021, closed 2 November 2022; combined companies were worth about R$110 billion[4](https://ri.hapvida.com.br/en/company/history/) • [5](https://investnews.com.br/negocios/hapvida-notredame-resgate-gestao-venda/) |
| Family stake | About 55.4% of share capital (April 2026 filing)[6](https://timesbrasil.com.br/empresas-e-negocios/em-meio-a-crise-familia-pinheiro-eleva-participacao-na-hapvida/) |
| Fortune | R$2.9 billion in the 2026 Forbes Brazil list, 143rd nationally[7](https://diariodonordeste.verdesmares.com.br/negocios/fortuna-de-bilionario-cearense-da-hapvida-tem-queda-de-r-8-bilhoes-diz-forbes-1.3788208) |
| Succession | Luccas Adib became CEO and Jorge Pinheiro moved to board chairman in 2026; the founder was reported as expected to leave the chairman position[8](https://www.brasil247.com/brazilstockguide/insights/hapvida-prepares-leadership-reshuffle-with-changes-expected-at-the-top.html) |
## Early life and background
Lima was born in Quixadá, in the interior of Ceará, and trained as a physician at the Universidade Federal do Ceará (UFC), completing his oncology residency at Hospital A.C. Camargo in São Paulo.[2](https://timesbrasil.com.br/empresas-e-negocios/quem-e-dono-plano-de-saude-hapvida/) • [9](https://ri.hapvida.com.br/en/corporate-governance/management/) He worked as an oncologist and is also described as a genealogist and writer.[2](https://timesbrasil.com.br/empresas-e-negocios/quem-e-dono-plano-de-saude-hapvida/) In 2016 he received the O Equilibrista award from IBEF, the Brazilian Institute of Finance Executives of Ceará.[9](https://ri.hapvida.com.br/en/corporate-governance/management/)
The business has remained a family enterprise. In the mid-2010s his wife Ana ran the administrative area, son Jorge was executive president and son Candido Filho was commercial vice-president, when the company had about three million clients and projected revenue of R$2.3 billion for the year.[10](https://istoedinheiro.com.br/um-plano-de-r-23-bilhoes-2)
## Founding and growth of Hapvida (1979–2018)
**Two founding dates appear in the record.** Hapvida's reference form with the securities regulator CVM states that the company began in 1979, when Lima opened the Clínica Antônio Prudente in Fortaleza, and that the health-plan operator Hapvida Assistência Médica started activities in 1993 to generate revenue for the Hospital Antônio Prudente.[1](https://upsideapp.ai/docs/hapv3/2025/Q4/cvm-fre-completo/156707-v15.pdf) Forbes, by contrast, reports that he used savings from his medical practice to launch a hospital in Fortaleza in 1986.[3](https://www.forbes.com/profile/candido-pinheiro-koren-de-lima/) The company's own filing is the primary source for the 1979 origin.[1](https://upsideapp.ai/docs/hapv3/2025/Q4/cvm-fre-completo/156707-v15.pdf)
The model that drove growth was vertical integration at accessible prices: by 2000 the health-plan operator had become the main revenue generator and the hospitals a service instrument, enabling accelerated expansion from 2004.[1](https://upsideapp.ai/docs/hapv3/2025/Q4/cvm-fre-completo/156707-v15.pdf) Acquisitions between 2008 and 2011 included Hospital Espinheiro, Santa Saúde, Dental Vida, and the São Lucas operator; from May 2019 came [São Francisco](https://www.edgepedia.org/sao-francisco) (1.8 million lives), Grupo América, RN, and 75% of Maida Health, and 2020 brought Grupo Medical, Grupo São José, and hospitals in [Ribeirão Preto](https://www.edgepedia.org/ribeirao-preto) and Anápolis.[1](https://upsideapp.ai/docs/hapv3/2025/Q4/cvm-fre-completo/156707-v15.pdf) Post-IPO acquisitions in total exceeded R$10 billion, including the dental group Smile.[11](https://dicionarionews.com.br/hapvida-historia-fusao-notredame-crise-sinistralidade/)
## IPO and the NotreDame Intermédica merger
Hapvida went public on B3 in April 2018 in an operation that moved R$3.43 billion, described by the company as the largest IPO in the history of supplementary health in Brazil; Times Brasil reporting places the amount at R$3.5 billion at an estimated market value of R$19 billion, with the Pinheiro family holding 75% after the offering.[4](https://ri.hapvida.com.br/en/company/history/) • [2](https://timesbrasil.com.br/empresas-e-negocios/quem-e-dono-plano-de-saude-hapvida/) • [12](https://braziljournal.com/ipos-de-hapvida-e-intermedica-esbanjam-saude/) In April 2018 Hapvida and NotreDame Intermédica debuted on B3 nearly simultaneously, together raising more than R$16 billion.[11](https://dicionarionews.com.br/hapvida-historia-fusao-notredame-crise-sinistralidade/)
The merger with Grupo NotreDame Intermédica (GNDI) was agreed in February 2021, a deal of approximately R$100 billion that combined two companies then worth R$110 billion on the exchange, with Hapvida shareholders holding 53.6% and GNDI shareholders 46.4%, and co-CEOs Irlau Machado Filho and Jorge Pinheiro.[13](https://forbes.com.br/forbes-money/2021/02/hapvida-e-notre-dame-finalizam-acordo-de-fusao-que-pode-criar-o-maior-conglomerado-de-saude-do-pais/) • [5](https://investnews.com.br/negocios/hapvida-notredame-resgate-gestao-venda/) At the time Hapvida reported 6.4 million beneficiaries (September 2020).[13](https://forbes.com.br/forbes-money/2021/02/hapvida-e-notre-dame-finalizam-acordo-de-fusao-que-pode-criar-o-maior-conglomerado-de-saude-do-pais/) CADE's General Superintendence approved the combination in April 2022, and the merger closed on 2 November 2022, after which only HAPV3 shares traded on B3; the same day the company announced the acquisition of the Smile Group, with about 80 thousand beneficiaries and a 39-bed hospital in [João Pessoa](https://www.edgepedia.org/joao-pessoa).[4](https://ri.hapvida.com.br/en/company/history/) The combined group became the largest supplementary-health group in Brazil and the southern hemisphere, with about 15 million beneficiaries, more than 60,000 employees, and 7,000 hospital beds.[11](https://dicionarionews.com.br/hapvida-historia-fusao-notredame-crise-sinistralidade/)
## By the numbers
At the end of 2024 Hapvida's owned network comprised 86 hospitals with 7,535 beds, 352 clinics, 77 emergency-care units, and 292 diagnostic and laboratory collection units, serving 15,800,948 beneficiaries (8,868,767 health and 6,932,181 dental).[1](https://upsideapp.ai/docs/hapv3/2025/Q4/cvm-fre-completo/156707-v15.pdf) FY2024 net operating revenue was R$28.95 billion with net income of R$270.3 million, a recovery from a loss of R$828.4 million in 2023.[1](https://upsideapp.ai/docs/hapv3/2025/Q4/cvm-fre-completo/156707-v15.pdf)
FY2025 results reversed course: revenue rose 6.6% to R$30.8 billion, but the company posted an accounting loss of R$237.6 million against an adjusted profit of R$1.23 billion, with a Q4 net loss of R$29.1 million.[14](https://valor.globo.com/empresas/noticia/2026/03/18/hapvida-reverte-lucro-e-tem-prejuzo-de-r-291-milhes-no-4-trimestre.ghtml) Despite shrinking membership, Hapvida remained Brazil's largest health-plan operator in May 2026, with 16.1% of beneficiaries in a sector of 53.1 million users.[15](https://economicnewsbrasil.com.br/2026/07/14/hapvida-perde-beneficiarios-mercado-saude/)
## Recent developments: crisis and turnaround
The pandemic was the inflection point. Before Covid-19, Hapvida expanded rapidly from Fortaleza selling low-priced plans redeemed in its own hospitals; the 2021 merger then created a company valued at more than R$110 billion with a strong Southeast presence.[16](https://www.bloomberglinea.com.br/negocios/como-a-hapvida-saiu-de-preferida-de-gestores-para-perder-r-80-bi-em-valor-de-mercado/) Rising claim costs, weak cash flow, and higher expenses then erased about R$80 billion of market value: reports in April 2026 put the company's value at around R$8 billion (Times Brasil) and around R$6 billion (InvestNews).[2](https://timesbrasil.com.br/empresas-e-negocios/quem-e-dono-plano-de-saude-hapvida/) • [6](https://timesbrasil.com.br/empresas-e-negocios/em-meio-a-crise-familia-pinheiro-eleva-participacao-na-hapvida/) • [5](https://investnews.com.br/negocios/hapvida-notredame-resgate-gestao-venda/)
The crisis forced both retrenchment and family support. In 2023 Hapvida sold properties to the Pinheiro family itself and carried out a share offering raising more than R$1 billion to cut debt.[17](https://marcalegal.com.br/ultimas-noticias/familia-pinheiro-redesenha-rumos-da-hapvida-apos-megafusao-com-a-notredame-intermedica/) The 2025 results showed a net loss of R$237.6 million, adjusted EBITDA down 11% to R$3.3 billion, and a loss ratio up 4.5 percentage points to 75.5% in December; in the 12 months to the report the company lost 114 thousand health-plan beneficiaries, shrinking to 8.68 million users.[18](https://valorinternational.globo.com/business/news/2026/03/20/hapvida-weighs-closures-as-losses-mount.ghtml) • [19](https://neofeed.com.br/negocios/hapvida-tenta-virar-a-pagina-com-plano-pe-no-chao-e-sem-promessa-de-remedio-rapido/)
The turnaround under new management includes a plan called "pé no chão", which revives the NotreDame Intermédica group name,[19](https://neofeed.com.br/negocios/hapvida-tenta-virar-a-pagina-com-plano-pe-no-chao-e-sem-promessa-de-remedio-rapido/) reviews the closure of units across 830 owned properties with 2026 capex expected at R$600–700 million,[18](https://valorinternational.globo.com/business/news/2026/03/20/hapvida-weighs-closures-as-losses-mount.ghtml) puts Southern Brazil assets up for sale,[5](https://investnews.com.br/negocios/hapvida-notredame-resgate-gestao-venda/) and launches premium plans under the NotreDame Saúde brand using third-party hospitals such as Sírio-Libanês and [Albert Einstein](https://www.edgepedia.org/albert-einstein), a break from the owned-hospital model on which the company was built.[20](https://www.bloomberglinea.com.br/negocios/hapvida-testa-nova-gestao-com-aposta-em-plano-premium-para-recuperar-margem-e-base/) On the 2025 earnings day the shares opened down 10% but closed up 14.98% at R$9.44, the biggest gain on Ibovespa, a reversal insiders attributed to purchases by the Pinheiro family; the shares had still fallen 23% in 2026 and 66% in 12 months.[18](https://valorinternational.globo.com/business/news/2026/03/20/hapvida-weighs-closures-as-losses-mount.ghtml) • [20](https://www.bloomberglinea.com.br/negocios/hapvida-testa-nova-gestao-com-aposta-em-plano-premium-para-recuperar-margem-e-base/)
## Leadership and succession
Forbes describes Lima as chairman, with son Jorge as statutory CEO and son Cândido Júnior on the board.[3](https://www.forbes.com/profile/candido-pinheiro-koren-de-lima/) As part of a succession begun in early 2025, Jorge Pinheiro resigned as CEO and became chairman of the board, while Luccas Augusto Adib, formerly CFO, assumed the executive presidency from 30 April 2026.[21](https://www.infodovale.com.br/2026/05/hapvida-elege-novo-conselho-de.html) • [22](https://dinheiroportal.com/ultimas-noticias/o-resgate-da-hapvida-os-desafios-da-nova-gestao-para-reconquistar-a-confianca-do-mercado/)
The family also concentrated its control during the crisis, buying 47 million shares through a derivative with BTG Pactual to raise its stake from 41.5% to 51.3% of capital, becoming formally majority shareholders; an April 2026 filing then disclosed joint holdings of 278.5 million common shares, about 55.4% of share capital (58.62% excluding treasury shares), signed by Candido Pinheiro Koren de Lima, sons Cândido Júnior and Jorge, Ana Christina Fontoura Koren de Lima, and two family holdings.[5](https://investnews.com.br/negocios/hapvida-notredame-resgate-gestao-venda/) • [6](https://timesbrasil.com.br/empresas-e-negocios/em-meio-a-crise-familia-pinheiro-eleva-participacao-na-hapvida/) At the May 2026 general meeting, a ten-member board was elected with a mandate through the 2028 AGM, including the founder, Candido Júnior, and Jorge.[21](https://www.infodovale.com.br/2026/05/hapvida-elege-novo-conselho-de.html)
## How it compares with other Brazilian healthcare founders
Edson de Godoy Bueno, the physician who founded Amil in 1978 from [Duque de Caxias](https://www.edgepedia.org/duque-de-caxias), Rio de Janeiro, sold it to UnitedHealth in 2012 for about R$10 billion.[23](https://investnews.com.br/negocios/amil-clientes-planos-hapvida-hapv3/) The two companies' paths diverged sharply after 2021: while Hapvida lost 57% of share value in 12 months amid the NotreDame Intermédica integration, high operating costs, and executive turnover, Amil reported a net profit of R$2.5 billion for January–September 2025 against a R$4 billion loss in 2023, and was valued around R$15 billion with 2025 revenue near R$32 billion, close to Hapvida's R$30.8 billion.[23](https://investnews.com.br/negocios/amil-clientes-planos-hapvida-hapv3/) • [14](https://valor.globo.com/empresas/noticia/2026/03/18/hapvida-reverte-lucro-e-tem-prejuzo-de-r-291-milhes-no-4-trimestre.ghtml)
Forbes Brazil's 2026 list puts his fortune at R$2.9 billion, down 73.1% from R$10.8 billion in the 2025 list, ranking him 143rd nationally and 5th in Ceará; earlier estimates were R$21 billion in 2021 and R$5.5 billion in 2023.[7](https://diariodonordeste.verdesmares.com.br/negocios/fortuna-de-bilionario-cearense-da-hapvida-tem-queda-de-r-8-bilhoes-diz-forbes-1.3788208) • [2](https://timesbrasil.com.br/empresas-e-negocios/quem-e-dono-plano-de-saude-hapvida/)
## Controversies and disputes
In 2024 the São Paulo state prosecutor's office opened an inquiry accusing Hapvida of defying court decisions on treatments and medicines, accusations the company denied; in 2026 the company reached an agreement reducing fines owed to the regulator ANS and to SUS.[17](https://marcalegal.com.br/ultimas-noticias/familia-pinheiro-redesenha-rumos-da-hapvida-apos-megafusao-com-a-notredame-intermedica/) In the fourth quarter of 2025 the company booked R$66.8 million in civil contingencies, including R$64.5 million in provisions for unfavorable legal outcomes, and SUS reimbursements cost R$135.9 million in the quarter.[18](https://valorinternational.globo.com/business/news/2026/03/20/hapvida-weighs-closures-as-losses-mount.ghtml)
## References
1. Hapvida CVM Formulário de Referência (FY2024). https://upsideapp.ai/docs/hapv3/2025/Q4/cvm-fre-completo/156707-v15.pdf
2. Quem é o dono da Hapvida? Times Brasil | CNBC. https://timesbrasil.com.br/empresas-e-negocios/quem-e-dono-plano-de-saude-hapvida/
3. Candido Pinheiro Koren de Lima & family. Forbes. https://www.forbes.com/profile/candido-pinheiro-koren-de-lima/
4. History. Hapvida RI. https://ri.hapvida.com.br/en/company/history/
5. Hapvida enfrenta desafios para reconquistar o mercado. InvestNews. https://investnews.com.br/negocios/hapvida-notredame-resgate-gestao-venda/
6. Em meio à crise, família Pinheiro eleva participação na Hapvida. Times Brasil | CNBC. https://timesbrasil.com.br/empresas-e-negocios/em-meio-a-crise-familia-pinheiro-eleva-participacao-na-hapvida/
7. Fortuna de bilionário cearense da Hapvida tem queda de R$ 8 bilhões, diz Forbes. Diário do Nordeste. https://diariodonordeste.verdesmares.com.br/negocios/fortuna-de-bilionario-cearense-da-hapvida-tem-queda-de-r-8-bilhoes-diz-forbes-1.3788208
8. https://www.brasil247.com/brazilstockguide/insights/hapvida-prepares-leadership-reshuffle-with-changes-expected-at-the-top.html
9. Management. Hapvida RI. https://ri.hapvida.com.br/en/corporate-governance/management/
10. Um plano de R$ 2,3 bilhões. IstoÉ Dinheiro. https://istoedinheiro.com.br/um-plano-de-r-23-bilhoes-2
11. A história da Hapvida. Dicionário News. https://dicionarionews.com.br/hapvida-historia-fusao-notredame-crise-sinistralidade/
12. IPOs de Hapvida e Intermédica esbanjam saúde. Brazil Journal. https://braziljournal.com/ipos-de-hapvida-e-intermedica-esbanjam-saude/
13. Hapvida e Notre Dame finalizam acordo de fusão que pode criar o maior conglomerado de saúde do país. Forbes Brasil. https://forbes.com.br/forbes-money/2021/02/hapvida-e-notre-dame-finalizam-acordo-de-fusao-que-pode-criar-o-maior-conglomerado-de-saude-do-pais/
14. Hapvida reverte lucro e tem prejuízo de R$ 29,1 milhões no 4º trimestre. Valor Econômico. https://valor.globo.com/empresas/noticia/2026/03/18/hapvida-reverte-lucro-e-tem-prejuzo-de-r-291-milhes-no-4-trimestre.ghtml
15. Hapvida perde 91 mil beneficiários enquanto setor cresce. Economic News Brasil. https://economicnewsbrasil.com.br/2026/07/14/hapvida-perde-beneficiarios-mercado-saude/
16. Como a Hapvida foi de preferida de gestores à perda de R$ 80 bi em valor de mercado. Bloomberg Línea. https://www.bloomberglinea.com.br/negocios/como-a-hapvida-saiu-de-preferida-de-gestores-para-perder-r-80-bi-em-valor-de-mercado/
17. Família Pinheiro redesenha rumos da Hapvida após megafusão com a Notredame Intermédica. Marca Legal. https://marcalegal.com.br/ultimas-noticias/familia-pinheiro-redesenha-rumos-da-hapvida-apos-megafusao-com-a-notredame-intermedica/
18. Hapvida weighs closures as losses mount. Valor International. https://valorinternational.globo.com/business/news/2026/03/20/hapvida-weighs-closures-as-losses-mount.ghtml
19. Hapvida tenta virar a página com plano "pé no chão". NeoFeed. https://neofeed.com.br/negocios/hapvida-tenta-virar-a-pagina-com-plano-pe-no-chao-e-sem-promessa-de-remedio-rapido/
20. Hapvida testa nova gestão com aposta em plano premium. Bloomberg Línea. https://www.bloomberglinea.com.br/negocios/hapvida-testa-nova-gestao-com-aposta-em-plano-premium-para-recuperar-margem-e-base/
21. Hapvida elege novo Conselho de Administração e conclui etapa relevante de seu processo sucessório. Info do Vale. https://www.infodovale.com.br/2026/05/hapvida-elege-novo-conselho-de.html
22. O resgate da Hapvida. Dinheiro Portal. https://dinheiroportal.com/ultimas-noticias/o-resgate-da-hapvida-os-desafios-da-nova-gestao-para-reconquistar-a-confianca-do-mercado/
23. No 'rouba-monte' dos planos de saúde, Amil avança no mercado da Hapvida. InvestNews. https://investnews.com.br/negocios/amil-clientes-planos-hapvida-hapv3/
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*Topic: Encyclopedia › Society and history › Economics and business › Founders, operators, and investors › Life-science and healthcare founders and companies › Medical devices and health services*
*Initially written Sep 19, 2026 · Reviewed: Sep 19, 2026 · Edited: Oct 11, 2026; Oct 12, 2026; Oct 15, 2026; Oct 21, 2026 · Last review: Sep 19, 2026*
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