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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

e to the higher Medicare Advantage volume of business. The consolidated operating expense ratio improved 80 basis points to 14.5 percent in 2008 mainly due to our scalable infrastructure that enabled us to manage the aforementioned volume increase.

Net income for the three months ended September 30, 2008 was $9.5 million, or $0.29 per diluted share, based on weighted average shares outstanding of 32.2 million. This compares with net income for the three months ended September 30, 2007 of $15.5 million, or $0.58 per diluted share, based on weighted average shares of 26.8 million. Excluding the effect of realized and unrealized gains (losses) on investments and derivatives and prior period reserve developments in the three months ended September 30 in both 2008 and 2007, net of taxes, pro forma net income was $18.2 million, or $0.57 per diluted share, based on weighted average shares outstanding of 32.2 million, in the quarter ended September 30, 2008, compared with $12.9 million, or $0.48 per diluted share, based on weighted average shares outstanding of 26.8 million, in the comparable 2007 quarter.

Pro Forma Net Income

(Unaudited)

(dollar amounts Three months Nine months

in millions) ended Sept. 30, ended Sept. 30,

2008 2007 2008 2007

Pro forma net income

Net income $9.5 15.5 $22.8 40.8

Net realized investment

(gains) loss net of tax 0.9 (1.0) 1.9 (5.0)

Net unrealized

investment (gains)

losses on trading

securities net of tax 3.1 (0.5) 9.2 0.6

Derivative (gain)

loss net of tax 1.4 0.7 3.5 (0.4)

Prior period

(favorable) unfavorable

reserve developments
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SOURCE Triple-S Management Corporation
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