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

earnings of $12.6 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.

Net income for the three months ended December 31, 2008 was $2.0 million, or $0.06 per diluted share, based on weighted average shares outstanding of 32.1 million. This compares with net income for the three months ended December 31, 2007 of $17.7 million, or $0.62 per diluted share, based on weighted average shares of 28.6 million. Excluding the effect of net realized and unrealized gains (losses) on investments and derivatives for the three months ended December 31 in both 2008 and 2007, net of taxes, pro forma net income was $21.3 million, or $0.66 per diluted share, in the quarter ended December 31, 2008, compared with $21.2 million, or $0.74 per diluted share, in the comparable 2007 quarter.



                               Pro Forma Net Income
    (Unaudited)
    (dollar amounts in millions)
                     Three months ended Dec. 31,  Twelve months ended Dec. 31,
                              2008         2007         2008         2007
    Pro forma net income
      Net income              $2.0         17.7        $24.8         58.5
      Net realized
       investment (gains)
       loss net of tax        10.0          0.2         11.8         (4.8)
      Net unrealized
       investment (gains)
       losses on trading
       securities net of tax   8.7          2.8         17.9          3.5
      Derivative (gain) loss
       net of tax              0.6          0.5          4.2           --
      Retroactive Reform
       premium adjustment
       net of tax               --           --           --         (1.2)
        Pro forma net
         income              $21.3         21.2        $58.7         56.0
      Diluted pro forma
       net income per share  
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SOURCE Triple-S Management Corporation
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