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Triple-S Management Corporation Reports First Quarter 2009 Results
Date:5/5/2009

SAN JUAN, Puerto Rico, May 5 /PRNewswire-FirstCall/ -- Triple-S Management Corporation (NYSE: GTS), the largest managed care company in Puerto Rico, today announced consolidated revenues of $473.9 million and operating income of $11.1 million for the three months ended March 31, 2009. Net income of $3.9 million, or $0.13 per diluted share, includes an after tax net loss of $4.3 million or $0.14 per share in net realized and unrealized losses on investments and derivatives.

First Quarter Highlights

  • Total consolidated operating revenues increased 12.4 percent year over year to $473.9 million
  • Operating income was $11.1 million
  • Excluding net realized and unrealized losses and a derivatives loss included within other income (expenses), net income was $8.2 million, or $0.27 per diluted share
  • Consolidated loss ratio was 87.2 percent and the medical loss ratio (MLR) was 91.5 percent
  • Consolidated operating expense ratio increased 10 basis points to 14.8 percent
  • Continued expansion of Medicare Advantage business: over 40,000 additional member months enrollment during the three months ended March 31, 2009, a 25.9 percent year-over-year increase
  • Net cash flow provided by operating activities of $30.0 million

"Our solid first-quarter performance augurs well for the remainder of 2009," said Ramon M. Ruiz-Comas, President and Chief Executive Officer. "The period's double-digit, top-line growth was driven by a balanced book of business, with particular strength in the Medicare Advantage segment, and excellent retention rates. We are also pleased with the improvement in our adjusted Medicare Advantage MLR, reflecting initiatives that we have put in place without sa
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SOURCE Triple-S Management Corporation
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