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Triple-S Management Corporation Reports First Quarter 2009 Results

capitation rates. Excluding the effect of prior period reserve developments in the 2009 and 2008 period, and considering the effect of the 2008 retroactive capitation adjustment, MLR decreased by 100 basis points. The improvement in MLR is related to the Commercial and Medicare Advantage segments, offset by an increase in MLR in the Reform business.

Operating expenses were up $6.2 million, or 16.8 percent, to $43.1 million, compared with the same period of last year. The increase is primarily attributed to the higher volume, particularly in the Medicare Advantage business, and, to a lesser extent, expenses related to the Metro-North region ASO contract. The segment's operating expense ratio rose 30 basis points, to 10.4 percent.

       Managed Care                Three months ended March 31,
       Additional Data                  2009         2008

       Member months enrollment
               Fully-insured         1,260,901    1,235,489
               Self-funded             579,092      496,062
                  Total Commercial   1,839,993    1,731,551

               Fully-insured           978,591    1,033,660
               Self-funded             560,578            -
                  Total Reform       1,539,169    1,033,660

               Medicare Advantage      198,616      157,791
               PDP                      29,657       32,738
                  Total Medicare       228,273      190,529
                  Total member
                   months            3,607,435    2,955,740

       Medical loss ratio                 91.5%        91.1%
           Commercial                     90.1%        90.7%
           Reform                         86.9%        91.4%
           Medicare                       96.6%        91.6%

       Operating expense ratio            10.4%        10.1%

SOURCE Triple-S Management Corporation
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