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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

3.8% 5.1% 3.0% 4.0%

Life Insurance 10.8% 10.1% 10.8% 10.6%

Property and

Casualty 11.2% 5.4% 9.3% 8.3%

Consolidated 5.0% 5.9% 4.2% 5.0%

Managed Care Results Summary

Total medical premiums earned for the three months ended September 30, 2008 were $387.9 million, up 17.2 percent versus the same period a year ago, primarily due to an increase in Medicare Advantage member months enrollment and a change in the product mix within this sector, coupled with rate increases across all businesses.

Medical premiums earned in the Medicare business rose $45.2 million to $113.1 million for the three months ended September 30, 2008. This reflected an increase in member months enrollment of 78,581, or an increase of 55.0 percent, and a change in the product mix. The rise in member months is the net result of an increase of 80,690, or 74.1 percent, in Medicare membership and a decrease of 2,109, or 6.2 percent, in PDP membership.

Medical premiums earned in the Reform business increased $5.0 million, or 5.9 percent, to $90.4 million for the three months ended September 30, 2008. The fluctuation is primarily due to the effect in the 2008 period of the nearly 10 percent premium rate increase effective on July 1, 2008 and a decrease in member months enrollment of 41,923, when compared to the same period last year.

Medical premiums earned in the Commercial business increased by $6.6 million, or 3.7 percent, to $184.4 million for the three months ended September 30, 2008. The increase is attributable an average 5 percent premium rate hike in corporate accounts and a decrease in the fully-insured member months enrollment of 8,243, or 0.7 percent.

Medical claims incurred were up $56.2 million, or 19.5 percent, to $343.8 million. The overall MLR rose 170 basis points for the three months ended September 30,
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SOURCE Triple-S Management Corporation
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