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Triple-S Management Corporation Reports First Quarter 2008 Results; Cites Growth Resulting From Strong Market Position
Date:5/6/2008

SAN JUAN, Puerto Rico, May 6 /PRNewswire-FirstCall/ -- Triple-S Management Corporation (NYSE: GTS), the largest managed care company in Puerto Rico, today announced positive improvements in consolidated revenues and operating income for the three months ended March 31, 2008. Net income of $1.2 million, or $0.04 per diluted share, includes an after tax net loss of $7.1 million or $0.21 per share in net realized gains and unrealized losses on investments and derivatives.

First Quarter Highlights

* Net premiums earned increased 16.0 percent year over year to

$404.4 million

* Operating income increased 16.5 percent year over year to

$11.3 million

* Excluding net realized gains, unrealized losses, and a reduction in

the unrealized gain in derivatives included within other income

(expenses), net income increased 59.6 percent to $8.3 million

* Excluding net realized gains, unrealized losses, and a reduction in

the unrealized gain in derivatives included within other income

(expenses), diluted earnings per share were $0.25 based on

32.2 million weighted average shares outstanding, representing an

increase of 31.6 percent year over year

* Medical Loss Ratio (MLR) increased 90 basis points to 91.1 percent

* Operating expense ratio decreased 120 basis points to 14.7 percent

* Continued success expanding Medicare Advantage business: over

54,000 additional members at March 31, 2008, a 77.9 percent

year-over-year increase

"Triple-S started the 2008 fiscal year with a strong first quarter. Notwithstanding the period's net unrealized losses on th
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SOURCE Triple-S Management Corporation
Copyright©2008 PR Newswire.
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