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Triple-S Management Corporation Reports 2008 Results at High End of Guidance Range
Date:2/19/2009

SAN JUAN, Puerto Rico, Feb. 19 /PRNewswire-FirstCall/ -- Triple-S Management Corporation (NYSE: GTS), the largest managed care company in Puerto Rico, today announced consolidated revenues of $1.8 billion for the 12 months ended December 31, 2008. Net income of $24.8 million, or $0.77 per diluted share, includes an after tax net loss of $33.9 million, or $1.06 per diluted share, in net realized and unrealized losses on investments and derivatives.

    2008 Highlights

    -- Total consolidated operating revenues increased 14.6 percent
       year-over-year to $1,770.9 million
    -- Operating income was $84.1 million
    -- Excluding net realized and unrealized losses and a loss from
       derivatives included within other income (expenses), net income was
       $58.7 million, or $1.83 per diluted share
    -- Consolidated Loss Ratio was 84.6 percent and Medical Loss Ratio (MLR)
       was 88.9 percent
    -- Consolidated operating expense ratio improved 120 basis points to 14.7
       percent
    -- Continued expansion of Medicare Advantage business: over 310,000
       additional member months enrollment during the year ended December 31,
       2008, a 74.6 percent year-over-year increase

"Our full-year results came in at the high end of Company guidance," said Ramon M. Ruiz-Comas, President and Chief Executive Officer. "We were pleased with the performance of our managed care segment across all product lines and extremely gratified with the 75 percent growth in Medicare Advantage enrollment." Ruiz-Comas concluded, "As we close another successful year, our first as a publicly traded company, and prepare to celebrate our 50th anniversary, I want to personally thank all of our employees for their hard work and continued dedication to providing the highest quality of care to our members."


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SOURCE Triple-S Management Corporation
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