Triple-S Management Corporation Reports First Quarter 2008 Results; Cites Growth Resulting From Strong Marke... (008 were $359.9 million up 17.8 percent ...)

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

Date:5/6/2008

008, were $359.9 million, up 17.8 percent versus the same period of 2007, primarily due to higher Medicare Advantage member enrollment and rate increases across all businesses.

Medical premiums earned in the Medicare Advantage business increased by $43.4 million to $96.9 million, or 81.1 percent. This reflected an increase in member month's enrollment of 61,899, or an increase of 48.1 percent, and higher average per member per month premiums.

Medical premiums earned in the Reform business increased by $9.2 million, or 12.8 percent, to $81.0 million during the three months ended March 31, 2008, mainly due to rate increases, net of a decrease in enrollment. Member month's enrollment during the three months ended March 31, 2008, decreased by 31,186 or 2.9 percent as compared to the same period in 2007.

Medical premiums earned in the Commercial business increased by $1.7 million, or 0.9 percent, to $182.0 million during the three months ended March 31, 2008. The increase is attributable to the net effect of an increase in rates and a decrease of 18,254, or 1.5 percent, in member month's enrollment.

Medical claims incurred increased by $52.4 million, or 19.0 percent, to $327.9 million largely driven by a higher MLR and the higher volume of business. The overall MLR increased 90 basis points during the three months ended March 31, 2008, to 91.1 percent. This increase was the result of increases in the Medicare business MLR partially offset by significant improvements in the Commercial MLR.

Operating expenses were up by $1.7 million, or 4.8 percent, to $36.9 million, compared with the same period of last year. The increase is primarily attributed to the higher volume of business, particularly in the Medicare Advantage business. The segment's operating expense ratio fell by 130 basis points, to 10.1 percent.

Managed Care Three months ended March 31,

Additional Data
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