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Triple-S Management Corporation Reports Third Quarter 2008 Results; Board Approves Share Repurchase Authorization of up to $40 Million
Date:10/30/2008

SAN JUAN, Puerto Rico, Oct. 30 /PRNewswire-FirstCall/ -- Triple-S Management Corporation (NYSE: GTS), the largest managed care company in Puerto Rico, today announced record consolidated revenues for the three months ended September 30, 2008. Net income of $9.5 million, or $0.29 per diluted share, includes an after tax net loss of $5.4 million, or $0.17 per diluted share, in net realized and unrealized losses on investments and derivatives. Also, the Company's Board of Directors has authorized the repurchase of up to $40 million of the Company's common shares, to be effected by means to be determined after the December 6, 2008 expiration of the lockup agreement.

Third-Quarter Highlights

* Net premiums earned increased 15.3 percent year over year to

$433.2 million

* Operating income was $22.6 million

* Excluding net realized and unrealized losses and a loss from

derivatives included within other income (expenses), and excluding

prior period unfavorable reserve developments in the managed care

segment, net of tax, pro forma net income was $18.2 million and

diluted earnings per share were $0.57, based on 32.2 million

weighted average shares outstanding

* Medical Loss Ratio (MLR) rose 170 basis points to 88.6 percent;

excluding prior period unfavorable reserve developments, the MLR

would have been 88 percent

* Consolidated operating expense ratio improved 80 basis points to

14.5 percent

* Continued expansion of Medicare Advantage business: over 80,000

additional members at September 30, 2008, a 74.1 percent year-over-

year increase


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SOURCE Triple-S Management Corporation
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