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

crificing the quality of care delivered to our members. Finally, we continued to make significant investments in our new IT system aimed at allowing us to become even more efficient in the future. "

Ruiz-Comas continued, "More recently, we signed the definitive agreement of the previously announced acquisition of La Cruz Azul, which is expected to close on or about July 1 2009. Aside from consolidating the Blue Cross Blue Shield brand in Puerto Rico and the US Virgin Islands, as well as meaningfully expanding our commercial opportunity, we should enjoy substantial administrative cost synergies that will allow this transaction to make a slight bottom-line contribution in the second half of 2009 and be accretive on a rolling 12-month basis."

Consolidated operating revenues for the three months ended March 31, 2009, were $473.9 million, 12.4 percent higher than the same period of the previous year. The increase resulted primarily from growth in Medicare Advantage membership enrollment. To a lesser degree, growth was aided by higher membership enrollment in the Commercial business, the addition of the Metro North region in the Reform business, and increased premium rates in all businesses.

Consolidated claims incurred and operating expenses for the period were $462.8 million, an increase of 12.8 percent from the same period of the prior year. Consolidated claims incurred were $394.5 million, 12.6 percent above a year ago, principally due to increased claims in the managed care segment. The rise in claims was driven by higher enrollment and slightly higher utilization trends, especially in the Reform business. The consolidated loss ratio rose 60 basis points from the prior-year period, to 87.2 percent, largely reflecting the aforementioned utilization trends and the effect of a $10.5 million negative reserve development in our managed care segment. Operating expenses came in at $68.3 million, up 13.8 percent year over
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SOURCE Triple-S Management Corporation
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