Triple-S Management Corporation Reports First Quarter 2008 Results; Cites Growth Resulting From Strong Marke... (e tradingportfolio our performance met e...)

Triple-S Management Corporation Reports First Quarter 2008 Results; Cites Growth Resulting From Strong Market Position

Date:5/6/2008

e trading portfolio, our performance met expectations," said Ramon M. Ruiz-Comas, President and Chief Executive Officer. "Medicare Advantage market share increases and continued improvements in our Commercial portfolio were all contributing factors to our successful quarter."

Consolidated operating revenues for the three months ended March 31, 2008, were $421.5 million, 16.1 percent higher than the same period of the previous year. The increase resulted primarily from the membership enrollment growth in the Medicare Advantage business, as well as premium rate increases across all businesses in the managed care segment.

Consolidated claims incurred and operating expenses for the year were $410.2 million, an increase of 16.1 percent from the same period of the prior year. Consolidated claims incurred increased, due to higher business volume and a higher MLR, principally in the Medicare Advantage business. Operating expenses increased by 7.0 percent as the result of higher business volume.

Net income for the three months ended March 31, 2008, was $1.2 million, or $0.04 per diluted share based on weighted average shares outstanding of 32.2 million. This compares with net income for the three months ended March 31, 2007, of $4.5 million, or $0.17 per diluted share based on weighted average shares outstanding of 26.7 million. The earnings for the three months ended March 31, 2008, include an after tax net loss of $0.14 per diluted share in net realized gains and unrealized losses and a reduction in the unrealized gain in derivatives of $0.07 per diluted share included within other income (expenses). Excluding the effect of these items in the three months ended March 31, 2008, and 2007, net income increased by 59.6 percent and earnings per diluted share would have amounted to $0.25 and $0.19, respectively.

Segment Performance

Triple-S Management operates in three segments: 1) Managed Care, 2) Life Insurance, and 3) Property and Casualty I
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