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Triple-S Management Corporation Reports 2008 Results at High End of Guidance Range


Medical claims incurred during 2008 were up $212.2 million, or 18.7 percent, to $1,345.4 million. The overall MLR rose 180 basis points to 88.9 percent. This increase is mostly due to a higher MLR in the Medicare Advantage business and to a lesser degree the Reform business, offset in part by a decrease in the Commercial MLR. The MLR increases in the Medicare and Reform businesses are mostly due to higher utilization trends.

Operating expenses in 2008 rose $12.5 million, or 8.4 percent, to $160.6 million, compared with last year. The increase is principally due to the higher volume, particularly within the Medicare business. The segment's operating expense ratio decreased 70 basis points, to 10.5 percent.

    Managed Care            Three months ended       Twelve months ended
                               December 31,              December 31,
    Additional Data         2008         2007         2008         2007

    Member months enrollment
        Fully-insured    1,249,569    1,240,630    4,947,854    4,983,980
        Self-funded        526,616      483,563    2,049,140    1,930,850
           Commercial    1,776,185    1,724,193    6,996,994    6,914,830

        Fully-insured    1,012,521    1,062,702    4,101,905    4,262,248
        Self-funded        376,975            -      376,975            -
          Total Reform   1,389,496    1,062,702    4,478,880    4,262,248

        Medicare Advantage 196,879      112,733      727,274      416,512
        PDP                 30,284       33,632      127,658      137,528
          Total Medicare   227,163      146,365      854,932      554,040
          Total member
           months        3,392,844    2,933,260   12,330,806   11,731,118

      Medical loss ratio     87.6%        85.2%        88.9%        87.1%
        Commercial           89.3%        82.6%       
SOURCE Triple-S Management Corporation
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