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Triple-S Management Corporation Reports Third Quarter 2009 Results
Date:11/3/2009

SAN JUAN, Puerto Rico, Nov. 3 /PRNewswire-FirstCall/ -- Triple-S Management Corporation (NYSE: GTS), the largest managed care company in Puerto Rico, today announced consolidated revenues of $507.3 million and operating income of $15.4 million for the three months ended September 30, 2009. Net income of $18.1 million, or $0.62 per diluted share, includes an after tax net gain of $6.3 million, or $0.22 per share, in net realized and unrealized gains on investments and derivatives.

Third-Quarter Highlights

  • Total consolidated operating revenues increased 10.7 percent year over year to $500.2 million
  • Operating income was $15.4 million
  • Excluding net realized and unrealized gains on investments and a derivatives gain included within other income (expenses), net income was $11.8 million, or $0.40 per diluted share
  • Consolidated loss ratio was 86.6 percent and the medical loss ratio (MLR) was 90.3 percent
  • Consolidated operating expense ratio rose 10 basis points to 14.6 percent
  • Commercial member months enrollment, including ASO, increased 28.0 percent
  • Net cash flow provided by operating activities of $17.5 million

"During the period, we posted double-digit growth in our Commercial membership, registered incremental improvement in the adjusted MLR for our Medicare Advantage segment, and continued to generate positive operating cash flow," said Ramon M. Ruiz-Comas, President and Chief Executive Officer. "As we enter the seasonally strong fourth quarter, the combination of more favorable utilization trends and higher premiums should allow us to reduce our MLR in both the Commercial and Medicare Advantage businesses. However, we were not immune to the impact of swine flu which was particularly noticeable among our younger Commercial members."

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