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

ities and Stockholders' Equity Policy liabilities and accruals $724,305 $690,080 Accounts payable and accrued liabilities 198,854 203,973 Borrowings 168,897 169,307 Total liabilities 1,092,056 1,063,360 Stockholders' equity: Common stock 29,687 31,148 Other stockholders equity 432,601 453,951 Total stockholders' equity 462,288 485,099 Total liabilities and stockholders' equity $1,554,344 $1,548,459 Condensed Consolidated Statements of Earnings (Dollar amounts in thousands, except per share data) For the Three Months Ended March 31, Unaudited Historical 2009 2008 Revenues: Premiums earned, net $452,484 $404,399 Administrative service fees 8,866 3,713 Net investment income 12,541 13,432 Total operating revenues 473,891 421,544 Net realized investment (losses) gains (1,727) 609 Net unrealized investment loss on trading securities (2,476) (6,250) Other expenses, net (379) (1,521) Total revenues 469,309 414,382 Benefits and expenses: Claims incurred 394,532 350,207 Operating expenses 68,252 60,031 Total operating costs 462,784 410,238 Interest expense 3,264 3,673 Total benefits and expenses 466,048 413,911 Inco
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