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

Consolidated operating revenues for the 12 months ended December 31, 2008 were $1,770.9 million, 14.6 percent above the same period of the previous year. The increase was largely due to growth in Medicare Advantage membership enrollment; however, the Company also experienced higher Commercial and Reform premiums due to rate increases.

The consolidated net realized investment loss for the 12 months ended December 31, 2008 was $13.9 million. The loss resulted from the recognition of a non-cash charge to earnings of $16.5 million due to other-than-temporary impairments in the three equity mutual funds that replicate the Russell 1000, Standard & Poor's 500 and EAFE indexes as well as for certain perpetual preferred securities. Ruiz-Comas remarked, "While frustrating, we are not alone in reporting other-than-temporary impairment adjustments. The good news is that this development did not alter our financial plan for creating shareholder value."

Consolidated claims incurred and operating expenses for the year were $1,686.8 million, an increase of 15.4 percent from a year ago. Consolidated claims incurred were up $211.1 million, or 17.2 percent, principally due to increased claims in the managed care segment driven by higher enrollment and utilization trends, particularly in the Medicare Advantage business. The consolidated loss ratio rose 210 basis points to 84.6 percent. Twelve-month consolidated operating expenses were $251.9 million and the operating expense ratio improved 120 basis points to 14.7 percent. Pro forma net income for the 12 months ended December 31, 2008 was $58.7 million, or $1.83 per diluted share, based on weighted average shares outstanding of 32.2 million, compared with $56.0 million, or $2.06 per diluted share, based on weighted average shares outstanding of 27.2 million at the same time last year.

For the 12-month period ended December 31, 2008, net cash used in operating acti
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SOURCE Triple-S Management Corporation
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