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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

"We achieved a solid top-line performance in the quarter. As expected, our managed care segment delivered significant growth in the Medicare Advantage business. We continued to leverage our infrastructure by managing administrative costs without sacrificing the quality of care that we provide to each of our members," said Ramon M. Ruiz-Comas, President and Chief Executive Officer. "While we are disappointed with our managed care MLR, and in particular the MLR for our Medicare Advantage dual eligible product, our Commercial MLR has shown great improvement. We have a thorough understanding of the issues involved with the Medicare Advantage dual eligible product and are working aggressively to reduce our MLR. We continue to execute on our focused business strategy and believe wholeheartedly that we are well positioned for 2009 and beyond."

Consolidated operating revenues for the three months ended September 30, 2008 were $451.8 million, 15.6 percent higher than the same period of the previous year. The increase was principally due to growth in Medicare Advantage membership enrollment; however, we also experienced growth in Commercial and Reform premiums due to premium rate increases.

Consolidated claims incurred and operating expenses for the quarter were $429.2 million, an increase of 16.6 percent from a year ago. Consolidated claims incurred were up $55.6 million, or 17.9 percent, largely due to increased claims in the managed care segment driven by higher enrollment and utilization trends, particularly in the Medicare Advantage business. The consolidated loss ratio rose 190 basis points to 84.4 percent, primarily due to higher utilization trends in the managed care segment. Claims incurred in this quarter included an unfavorable development from the June 30, 2008 managed care reserves of $4.6 million, or $0.10 net of tax per diluted share. Consolidated operating expenses increased by $5.6 million, or 9.7 percent, to $63.6 million, primarily attributabl
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