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Triple-S Management Corporation Reports Record Consolidated Operating Income, Net Income and EPS for 2007
Date:2/11/2008

006 and an average enrollment of 200,000 members). This decline was partially offset by membership enrollment growth in the Medicare Advantage business, as well as premium rate increases in the managed care segment. Excluding the effect of the Metro-North Region contract, consolidated revenues for 2007 increased by $133.6 million, or 9.4 percent over 2006.

Consolidated claims incurred and operating expenses for the year were $1.46 billion, a decline of 2.3 percent from the prior year. Consolidated claims incurred fell due to a lower MLR and a reduction in business volume. Meanwhile, operating expenses remained relatively flat.

Net income for 2007 was $58.5 million, or $2.15 per share based on weighted average shares outstanding of 27.2 million. This compares with net income for 2006 of $54.5 million, or $2.04 per share based on weighted average shares outstanding of 26.7 million. The improvement in 2007 reflected higher operating margins in Triple-S Management's managed care segment. The margin expansion is primarily the result of a change in the mix of business within this segment, a decrease in the MLR in both the Commercial and Reform businesses, and continued increases in Medicare Advantage membership enrollment.

Fourth Quarter Highlights

For the three months ended December 31, 2007, consolidated operating revenues were $398.7 million, up 8.3 percent from $368.1 million in the prior year, primarily reflecting enrollment growth in Medicare Advantage, premium rate increases across all businesses in the managed care segment, volume increases in the P&C segment and the effect of the termination of the Metro- North Region contract in 2006. Consolidated operating costs rose by 6.3 percent to $372.5 million largely due to business volume increases. MLR improved 20 basis points for the quarter year over year. Operating expenses declined $1.5 million, or 2.3 percent, to $64.1 million. Net income came in at $17.7 million, or $0.62 per share, 12
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SOURCE Triple-S Management Corporation
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