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

Managed Care Results Summary

Total medical premiums earned for the three months ended March 31, 2009 were $404.5 million, up 12.4 percent versus the same period of 2008, primarily due to higher Medicare Advantage member enrollment and premium rate increases across all businesses.

Medical premiums earned in the Medicare business increased $32.8 million, or 33.8%, to $129.7 million, reflecting an increase in member months enrollment of 37,744, or 19.8 percent, and higher average per member per month premiums. The rise in member months is the net result of an increase of 40,825, or 25.9 percent, in Medicare Advantage membership and a decrease of 3,081, or 9.4 percent, in PDP membership.

Medical premiums earned in the Commercial business climbed $7.9 million, or 4.3 percent, to $189.9 million. The increase is primarily the net result of a rise in member months enrollment of 25,412, or 2.1 percent, and higher average premium rates.

Medical premiums earned in the Reform business rose $3.9 million, or 4.8 percent, to $84.9 million. The decline in member months enrollment of 55,069, or 5.3 percent, was more than offset by a premium rate increase of approximately 10 percent that became effective on July 1, 2008.

Administrative service fees were up $4.9 million, or 106.5 percent, due to an increase in member months enrollment of 643,608, or 129.7 percent. This sharp rise mainly reflects the Metro-North region ASO contract, which became effective in November 2008.

Medical claims incurred increased by $42.3 million, or 12.9 percent, to $370.2 million largely driven by the higher volume of business and MLR. The overall MLR increased 40 basis points during the three months ended March 31, 2009, to 91.5 percent. This increase was the result of the changes in the reserve estimates that affected the claims reserve in both periods and a 2008 retroactive adjustment reducing
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SOURCE Triple-S Management Corporation
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