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

vities amounted to $3.0 million. This is mainly due to the fact that in December 2007 the Company collected $22.8 million in managed care premiums related to revenues for January 2008. In addition, premiums receivable for the managed care segment as of December 31, 2008 increased by approximately $41.1 million, mostly from the Government of Puerto Rico and its instrumentalities. Excluding both situations, cash flow from operations would have been $60.9 million.

As of December 31, 2008, Triple-S Management had $58.5 million in parent company cash, cash equivalents, and investments.

Fourth-Quarter Highlights

For the three months ended December 31, 2008, consolidated operating revenues rose 15.4 percent to $460.2 million, principally due to growth in the managed care segment. Consolidated claims incurred and operating expenses for the quarter were $431.2 million, an increase of 15.8 percent from a year ago. Consolidated claims incurred were up $55.9 million, or 18.1 percent, principally due to increased claims in the managed care segment driven by higher enrollment and utilization trends, particularly in the Medicare Advantage business and to a lesser degree in the Commercial business. The consolidated loss ratio rose 240 basis points from the year-ago period, to 83.1 percent, primarily reflecting higher utilization trends in the managed care segment. "While the loss ratio was up from the prior year, this metric did, as anticipated, improve 130 basis points sequentially, largely due to seasonality," noted Ruiz-Comas. The consolidated operating expense ratio improved 170 basis points to 15.0 percent in 2008 mainly due to a scalable infrastructure that enabled the Company to manage the aforementioned volume increase.

The consolidated net realized investment loss during the three months ended December 31, 2008 was $11.7 million. The loss resulted from the recognition of a non-cash charge to
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SOURCE Triple-S Management Corporation
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