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Last updated on April 17, 2014 at 15:30 EDT

Triple-S Management Corporation Reports Results for Fourth Quarter and 2012

February 6, 2013

SAN JUAN, Puerto Rico, Feb. 6, 2013 /PRNewswire/ — Triple-S Management Corporation (NYSE:GTS), the leading managed care company in Puerto Rico, today announced consolidated revenues of $603.0 million and consolidated operating income of $21.0 million for the three months ended December 31, 2012. Net income was $17.8 million, or $0.63 per diluted share.

Fourth Quarter Consolidated Highlights

  • Total consolidated operating revenues were $599.3 million;
  • Consolidated operating income was $21.0 million;
  • Consolidated loss ratio was 82.9%;
  • Medical loss ratio (MLR) was 86.5%;
  • Managed Care member month enrollment increased 23.4%;
  • Medicare member month enrollment rose 9.8%.

Commenting on full-year results, Ramon M. Ruiz-Comas, President and Chief Executive Officer of Triple-S Management Corporation, said, “Overall, revenue, premiums, service fees, and membership levels met our expectations in 2012, and most of our businesses were within plan. However, we faced strong competition in our Medicare Advantage segment and higher-than-expected medical and pharmacy costs adversely affected results at our American Health (AH) subsidiary.”

Mr. Ruiz-Comas added, “As a result, we implemented a number of corrective actions in 2012 to improve this division’s performance. Our new PBM contract with Abarca Health, which took effect January 1, 2013, should enable us to better control these costs throughout the year. Additionally, for the 2013 benefits year, our Medicare Advantage products were redesigned for improved profitability, while considering consumer needs and market trends. Key initiatives already underway, which should create greater efficiencies, include consolidating our Medicare Advantage leadership and streamlining operations to enhance service and quality of care. We will also strive to build upon the improvement we had last year in our Star ratings.”

Ruiz-Comas concluded, “We have tremendous brand recognition, a diverse product portfolio, and the financial wherewithal to grow our business in the future. We are working diligently to turn around American Health in 2013 and possess a dedicated team of professionals to execute our strategy. Our 2013 guidance incorporates MLR improvement in the MA and Commercial segments and pharmacy savings in MA.”

Selected Quarterly Details

  • Pro Forma Net Income was $15.2 million, or $0.53 Per Diluted Share. Weighted average shares outstanding were 28.4 million. This compares with pro forma net income of $18.9 million, or $0.66 per diluted share, in the corresponding quarter of 2011, based on weighted average shares outstanding of 28.5 million.
  • Consolidated Premiums Increased 4.5%, to $558.2 Million. The increase was principally due to higher member month enrollment in the Medicare business, as well as increased sales in the Life insurance segment.
  • Consolidated Administrative Service Fees Rose 40.1%, to $27.6 Million. The increase in service fees results from the inclusion of the Medicaid ASO business for the full quarter in 2012 and for only two months in 2011. The Medicaid ASO agreement became effective November 1, 2011.
  • Managed Care Membership. Our Managed Care membership grew by 2.2% year over year, reflecting higher enrollment in the Medicaid ASO and Medicare Advantage businesses. Medicaid ASO enrollment increased 4.3% year over year, to 895,301, and Medicare membership rose 8.2% year over year, to 122,741. Fully-insured Commercial membership was down 0.8% from the same period last year.
  • Managed Care MLR Increased 60 Basis Points, to 86.5%. The higher MLR reflects higher utilization and cost trends across all sectors offset in part by the effect of prior period reserve developments and certain out-of-period adjustments. The adjusted Managed Care MLR is 130 basis points higher than last year. The increase in adjusted MLR reflects a 120-basis-point jump in the Commercial adjusted MLR due to higher utilization trends and continued pricing pressure, combined with a 130-basis-point increase in the Medicare adjusted MLR, primarily due to the higher utilization and cost trends, particularly in pharmacy benefits of AH’s offerings.
  • Consolidated Loss Ratio Decreased 10 Basis Points, to 82.9%. The lower consolidated loss ratio mainly reflects a more than 300-basis-point loss ratio improvement in each of the Life and Property and Casualty Insurance segments, partially offset by the 60-basis-point increase in the Managed Care MLR.
  • Consolidated Operating Expense Ratio Rose 260 Basis Points, to 19.8%. The higher consolidated operating expense ratio is mostly due to the increase in self-insured contracts associated with our participation in the Medicaid ASO business, as well as expenses related to the reorganization of Medicare operations.
  • Consolidated Operating Income Decreased 21.3%, to $21.0 Million. The decrease primarily reflects the effect of the increased MLR in the Managed Care segment.
  • Consolidated Operating Income Margin Was 3.5%. The 120-basis-point decrease in the consolidated operating margin is primarily the result of the lower profitability in our Managed Care and Life Insurance segments.
  • Consolidated Effective Tax Rate Was 20.6%. The lower effective tax rate reflects the decrease in taxable income in the Managed Care Insurance segment. The consolidated income tax expense decreased by $1.4 million, or 23.3%, during this quarter.
  • Parent Company Information. During this quarter, Triple-S Management bought back 98,800 shares of common stock under its current repurchase program, at an average cost per share of $16.82.
                                       Pro Forma Net Income
                                       --------------------
    (Unaudited)                   Three months                 Twelve months
                                     ended                         ended
                                  December 31,                  December 31,
                                 -------------                --------------
    (dollar amounts in
     millions)                   2012     2011               2012     2011
    ------------------           ----     ----               ----     ----
    Net income                  $17.8    $19.0              $54.0    $58.0
       Less pro forma
        adjustments:
       Net realized investment
        gains, net of tax         2.6      0.1                4.4     15.8
       Net unrealized trading
        investments,net of tax      -        -                  -     (6.2)
       Derivative loss, net of
        tax                         -        -                  -     (0.7)
       Charge related to change
        in enacted tax rate         -        -                  -     (6.4)
          Pro forma net income  $15.2    $18.9              $49.6    $55.5
          --------------------  -----    -----              -----    -----
          Diluted pro forma net
           income per share     $0.53    $0.66              $1.74    $1.92
          --------------------- -----    -----              -----    -----

Twelve-Month Recap

For the 12 months ended December 31, 2012, consolidated operating revenues increased 12.8%, to $2.4 billion, primarily reflecting higher member month enrollment in the Medicare business, the addition of the Medicaid ASO business, and the receipt of higher Medicare risk score adjustments in 2012 when compared with the prior year. Consolidated claims incurred for the 12-month period were $1.9 billion, up 11.9% year over year. The 12-month consolidated loss ratio increased 170 basis points to 85.2%, while the MLR rose 160 basis points, to 88.8%. This increase was driven by higher MA member month enrollment and greater-than-expected utilization and cost trends in the Medicare business, primarily at American Health. Consolidated operating expenses for the 12 months ended December 31, 2012 were $425.2 million and the operating expense ratio was 18.0%. Pro forma net income for the 12-month period was $49.6 million, or $1.74 per diluted share, based on weighted average shares outstanding of 28.5 million, compared with $55.5 million, or $1.92 per diluted share, based on weighted average shares outstanding of 28.8 million at the same time last year.

Segment Performance

Triple-S Management operates in three segments: 1) Managed Care, 2) Life Insurance, and 3) Property and Casualty Insurance. Management evaluates performance based primarily on the operating revenues and operating income of each segment. Operating revenues include premiums earned, net, administrative service fees and net investment income. Operating costs include claims incurred and operating expenses. The Company calculates operating income or loss as operating revenues minus operating expenses. Operating margin is defined as operating income or loss divided by operating revenues.

    (Unaudited)                  Three months ended December 31, Year ended December 31,
                                 ------------------------------- -----------------------
    (dollar amounts in millions)                            2012                      2011  Percentage Change             2012      2011  Percentage Change
    ---------------------------                             ----                      ----  -----------------             ----      ----  -----------------
    Premiums earned, net:
                 Managed Care:
                    Commercial                            $235.1                    $243.9                     (3.6%)   $960.0    $947.1                       1.4%
                    Medicare                               265.5                     238.2                      11.5%  1,073.5     896.6                      19.7%
                    Medicaid                                   -                         -                       0.0%        -       2.7                   (100.0%)
                                                             ---                       ---                                 ---       ---
                      Total Managed
                       Care                                500.6                     482.1                       3.8%  2,033.5   1,846.4                      10.1%
                  Life
                  Insurance                                 32.2                      29.3                       9.9%    124.7     113.0                      10.4%
                  Property and
                  Casualty                                  26.0                      23.2                      12.1%     97.7      97.6                       0.1%
                 Other                                      (0.6)                     (0.6)                      0.0%     (2.5)     (2.5)                      0.0%
                                                                                                                ----                                          ----
                                                          $558.2                    $534.0                       4.5% $2,253.4  $2,054.5                       9.7%
                      Consolidated
                       premiums
                       earned, net
                 -------------
    Operating revenues:
                 Managed Care                             $534.1                    $507.0                       5.3% $2,164.7  $1,906.9                      13.5%
                  Life
                  Insurance                                 37.7                      34.3                       9.9%    145.5     131.5                      10.6%
                  Property and
                  Casualty                                  28.1                      25.6                       9.8%    106.6     107.1                     (0.5%)
                 Other                                      (0.6)                     (1.5)                   (60.0%)     (2.2)     (4.3)                   (48.8%)
                                                                                                                ----                                          ----
                      Consolidated operating revenues     $599.3                    $565.4                       6.0% $2,414.6  $2,141.2                      12.8%
                 -------------------------------          ------                    ------                       ---  --------  --------                      ----
    Operating income:
                 Managed Care                              $13.7                     $20.3                    (32.5%)    $47.0     $53.0                    (11.3%)
                  Life
                  Insurance                                  4.2                       4.6                     (8.7%)     16.7      17.7                     (5.6%)
                  Property and
                  Casualty                                   2.7                       2.6                       3.8%      6.8       4.5                      51.1%
                 Other                                       0.4                      (0.8)                    150.0%     (0.9)      2.1                   (142.9%)
                                                                                                                ----                                           ---
                      Consolidated operating income        $21.0                     $26.7                    (21.3%)    $69.6     $77.3                    (10.0%)
                 -----------------------------             -----                     -----                    ------     -----     -----                    ------
    Operating margin:
                 Managed Care                                2.6%                      4.0%                  -140 bp       2.2%      2.8%                   -60 bp
                  Life
                  Insurance                                 11.1%                     13.4%                  -230 bp      11.5%     13.5%                  -200 bp
                  Property and
                  Casualty                                   9.6%                     10.2%                   -60 bp       6.4%      4.2%                   220 bp
                 Consolidated                                3.5%                      4.7%                  -120 bp       2.9%      3.6%                   -70 bp
    Depreciation and
     amortization expense                                   $6.3                      $5.6                      12.5%    $24.2     $21.9                      10.5%
    ---------------------                                   ----                      ----                      ----     -----     -----                      ----
    Managed Care Additional Data                                                   Three months ended          Twelve months ended
                                                                                      December 31,                December 31,
                                                                                      ------------                ------------
    (Unaudited)                                                                       2012          2011        2012           2011
    ----------                                                                        ----          ----        ----           ----
    Member months enrollment:
                                    Commercial:
                                        Fully-insured                 1,441,749  1,443,224     5,817,009   5,806,053
                                        Self-insured                    674,327    686,066     2,681,962   2,744,431
                                    ------------                        -------    -------     ---------
                                              Total Commercial        2,116,076  2,129,290     8,498,971   8,550,484
                                    Medicare:
                                        Medicare Advantage              343,151    309,370     1,354,301   1,132,634
                                        Stand-alone PDP                  25,478     26,339       101,675     105,987
                                            Total Medicare              368,629    335,709     1,455,976   1,238,621
                                     Medicaid -Self-
                                     insured                          2,676,176  1,718,888    10,562,571   1,718,888
                                    ------------
                                        Total member
                                         months                       5,160,881  4,183,887    20,517,518  11,507,993
                                    ----------------                  ---------  ---------    ----------  ----------
    Claim liabilities (in millions)                            $284.8    $262.2
    Days claim payable                                                                57.7          58.2
    ------------------                                                                ----          ----
    Premium PMPM:
                                    Managed Care                        $276.52    $271.01       $279.60     $262.10
                                       Commercial                        163.07     169.00        165.03      163.12
                                        Medicare                                    720.24        709.54      737.31         723.87
    Medical loss ratio                                                                86.5%         85.9%       88.8%          87.2%
                                    Commercial                             86.6%      80.0%         88.6%       85.6%
                                    Medicare Advantage                     86.6%      91.9%         88.9%       89.6%
                                    Stand-alone PDP                        40.4%      81.5%         74.3%       77.7%
    Adjusted medical loss ratio                                                       89.7%         88.4%       88.9%          86.9%
                                    Commercial                             89.0%      87.8%         88.0%       86.8%
                                    Medicare Advantage                     90.2%      89.0%         89.8%       87.2%
                                    Stand-alone PDP                        84.1%      75.6%         81.0%       71.0%
                                                                                      ----          ----
    Operating expense ratio:
                                    Consolidated                           19.8%      17.2%         18.0%       16.6%
                                    Managed Care                           16.5%      14.4%         14.5%       12.9%
                                    ------------                           ----       ----          ----        ----
    Managed Care Membership by Segment                     As of December 31,
                                                           ------------------
                                                                     2012 2011
                                                                     ---- ----
    Members:
                     Commercial:
                         Fully-insured        478,784  482,771
                         Self-insured         224,288  228,737
                                                               -------
                      Total
                      Commercial     703,072   711,508
                     Medicare:
                         Medicare
                          Advantage           114,249  104,696
                         Stand-alone
                          PDP                   8,492    8,735
                      Total
                      Medicare       122,741   113,431
                      Medicaid -
                      Self-insured            895,301  858,757
                                                               -------
                      Total
                      members      1,721,114 1,683,696
                     --------      --------- ---------

2013 Guidance

    Triple-S Management issued its
     2013 outlook, which is detailed
     below.
                                           2013 Range
                                           ----------
    Medical enrollment fully-
     insured (member months)           6.9 - 7.3 million
    Medical enrollment self-insured
     (member months)                  13.0 - 13.3 million
    Consolidated operating revenues
     (in billions)                           $2.35 -$2.45
    Consolidated loss ratio                 83.5% - 84.5%
    Medical loss ratio                      87.2% - 88.2%
    Consolidated operating expense
     ratio                                  18.5% - 18.9%
    Consolidated operating income
     (in millions)                          $73.5 - $83.5
    Pro forma earnings per share            $1.90 - $2.00
    Weighted average of diluted
     shares outstanding (in
     millions)                                       28.4
    Effective tax rate                      19.5% - 20.5%

Conference Call and Webcast

Management will host a conference call and webcast on February 6, 2013 at 9:00 a.m., Eastern Time to discuss its financial results for the three months and full year ended December 31, 2012. To participate, callers within the U.S. and Canada should dial 1-877-941-8609, and international callers should dial 1-480-629-9692 about five minutes before the presentation.

To listen to the webcast, participants should visit the “Investor Relations” section of the Company’s Web site at www.triplesmanagement.com several minutes before the event is broadcast and follow the instructions provided to ensure they have the necessary audio application downloaded and installed. This program is provided at no charge to the user. An archived version of the call, also located on the “Investor Relations” section of Triple-S Management’s Web site, will be available about two hours after the call ends and for at least the following two weeks. This news release, along with other information relating to the call, will be available on the “Investor Relations” section of the Web site.

About Triple-S Management Corporation

Triple-S Management Corporation is an independent licensee of the Blue Cross Blue Shield Association. It is the leading player in the managed care industry in Puerto Rico. Triple-S Management also has the exclusive right to use the Blue Cross Blue Shield name and mark throughout Puerto Rico and the U.S. Virgin Islands. With more than 50 years of experience in the industry, Triple-S Management offers a broad portfolio of managed care and related products in the Commercial and Medicare Advantage markets under the Blue Cross Blue Shield marks. In addition to its managed care business, Triple-S Management provides non-Blue Cross Blue Shield branded life and property and casualty insurance in Puerto Rico.

For more information about Triple-S Management, visit www.triplesmanagement.com or contact kwaller@allwayscommunicate.com.

Forward-Looking Statements

This document contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information about possible or assumed future sales, results of operations, developments, regulatory approvals or other circumstances. Sentences that include “believe”, “expect”, “plan”, “intend”, “estimate”, “anticipate”, “project”, “may”, “will”, “shall”, “should” and similar expressions, whether in the positive or negative, are intended to identify forward-looking statements.

All forward-looking statements in this news release reflect management’s current views about future events and are based on assumptions and subject to risks and uncertainties. Consequently, actual results may differ materially from those expressed here as a result of various factors, including all the risks discussed and identified in public filings with the U.S. Securities and Exchange Commission (SEC).

In addition, the Company operates in a highly competitive, constantly changing environment, influenced by very large organizations that have resulted from business combinations, aggressive marketing and pricing practices of competitors, and regulatory oversight. The following factors, if markedly different from the Company’s planning assumptions (either individually or in combination), could cause Triple-S Management’s results to differ materially from those expressed in any forward-looking statements shared here:

  • Trends in health care costs and utilization rates
  • Ability to secure sufficient premium rate increases
  • Competitor pricing below market trends of increasing costs
  • Re-estimates of policy and contract liabilities
  • Changes in government laws and regulations of managed care, life insurance or property and casualty insurance
  • Significant acquisitions or divestitures by major competitors
  • Introduction and use of new prescription drugs and technologies
  • A downgrade in the Company’s financial strength ratings
  • Litigation or legislation targeted at managed care, life insurance or property and casualty insurance companies
  • Ability to contract with providers consistent with past practice
  • Ability to successfully implement the Company’s disease management, utilization management and Star ratings programs
  • Ability to maintain Federal Employer, Medicare and Medicaid contracts
  • Volatility in the securities markets and investment losses and defaults
  • General economic downturns, major disasters, and epidemics

This list is not exhaustive. Management believes the forward-looking statements in this release are reasonable. However, there is no assurance that the actions, events or results anticipated by the forward-looking statements will occur or, if any of them do, what impact they will have on the Company’s results of operations or financial condition. In view of these uncertainties, investors should not place undue reliance on any forward-looking statements, which are based on current expectations. In addition, forward-looking statements are based on information available the day they are made, and (other than as required by applicable law, including the securities laws of the United States) the Company does not intend to update or revise any of them in light of new information or future events.

Readers are advised to carefully review and consider the various disclosures in the Company’s SEC reports.

                                                       Condensed Consolidated Balance Sheets
                                                (Dollar amounts in thousands, except per share data)

                                                          Unaudited                               December 31,
                                                        December 31,                                      2011
                                                                2012
                                                                ----
                           Assets

    Investments                                                                         $1,280,644                                           $1,154,148
    Cash and cash equivalents                                                               89,564                                               70,979
    Premium and other receivables, net                                                   292,197                                              287,184
    Deferred policy acquisition costs and value of
     business acquired                                                                   168,657                                              155,788
    Property and equipment, net                                                           92,423                                               81,872
    Other assets                                                                         135,859                                              130,606

                     Total assets                                                     $2,059,344                                           $1,880,577

          Liabilities and Stockholders' Equity

    Policy liabilities and accruals                                                     $922,393                                             $836,029
    Accounts payable and accrued liabilities                                             243,533                                              253,202
    Short-term borrowings                                                                 30,000                                                    -
    Long-term borrowings                                                                 101,271                                              114,387

                     Total liabilities                                                 1,297,197                                            1,203,618

    Stockholders' equity:
                     Common stock                                                         28,365                                               28,365
                      Other
                      stockholders'
                      equity                                                             733,542                                              648,594

                      Total Triple-S Management
                      Corporation stockholders' equity                                   761,907                                              676,959
                                                                                         -------                                              -------

    Non-controlling interest in consolidated
     subsidiary                                                                              240                                                    -
                                                                                             ---                                                  ---

    Total stockholders' equity                                                           762,147                                              676,959
                                                                                         -------                                              -------

    Total liabilities and stockholders' equity                                        $2,059,344                                           $1,880,577
                                                                                      ==========                                           ==========

                                  Condensed Consolidated Statements of Earnings
                              (Dollar amounts in thousands, except per share data)

                                                 For the Three Months Ended            For the Year Ended
                                                 --------------------------            ------------------
                                                        December 31,                      December 31,
                                                        ------------                      ------------
                                               Unaudited          Unaudited        Unaudited                    2011
                                                     2012               2011             2012
                                                     ----               ----             ----
    Revenues:
       Premiums earned, net                      $558,197           $533,983       $2,253,354             $2,054,468
       Administrative
        service fees                               27,637             19,692          110,110                 38,459
       Net investment
        income                                     12,441             11,713           46,790                 48,226
       Other operating
        revenues                                      998                  -            4,356                      -
                                                      ---                ---            -----                    ---

          Total operating
           revenues                               599,273            565,388        2,414,610              2,141,153
                                                  -------            -------        ---------              ---------

       Net realized
        investment gains                            3,040                140            5,197                 18,597
       Net unrealized
        investment loss on
        trading securities                                                                  -                 (7,267)
                                                        -                  -
       Other income, net                              682                406            2,196                    716

                                                  602,995            565,934        2,422,003              2,153,199
          Total revenues

    Benefits and
     expenses:
       Claims incurred                            462,471            443,341        1,919,859              1,716,254
       Operating expenses                         115,795             95,374          425,173                347,590

          Total operating
           costs                                  578,266            538,715        2,345,032              2,063,844

       Interest expense                             2,418              2,285           10,599                 10,855

          Total benefits and
           expenses                               580,684            541,000        2,355,631              2,074,699

          Income before taxes                      22,311             24,934           66,372                 78,500

    Income tax expense                              4,610              5,979           12,472                 20,464

    Net income                                     17,701             18,955           53,900                 58,036

       Less: Net loss
        attributable to the
        non-controlling
        interest                                       67                                 132
                                                                           -                                       -
                                                                         ---                                     ---

    Net income
     attributable to TSM                          $17,768            $18,955          $54,032                $58,036
                                                  =======            =======          =======                =======

    Earnings per share
     attributable to
     TSM:

    Basic net income per
     share                                          $0.63              $0.67            $1.90                  $2.02
    Diluted earnings per
     share                                          $0.63              $0.67            $1.89                  $2.01

                                                               Condensed Consolidated Statements of Cash Flows
                                                            (Dollar amounts in thousands, except per share data)

                                                                                For the Year Ended
                                                                                   December 31,
                                                                                    Unaudited                                        2011
                                                                                              2012
                                                                                              ----

    Net cash provided by operating activities                                                                         $109,720                                           $162,527

    Cash flows from investing activities:
                         Proceeds from
                         investments sold or
                         matured:
                         Securities
                         available for
                         sale:
                                    Fixed
                                    maturities
                                    sold                                                   116,718                                            240,034
                                    Fixed
                                    maturities
                                    matured/
                                    called                                                 141,266                                            104,728
                                    Equity
                                    securities                                              53,120                                             38,022
                         Securities held to
                         maturity:
                                    Fixed
                                    maturities
                                    matured/
                                    called                                                  11,635                                              2,191
                         Acquisition of
                         investments:
                         Securities
                         available for
                         sale:
                                    Fixed
                                    maturities                                            (313,188)                                          (265,356)
                                    Equity
                                    securities                                             (98,095)                                          (129,328)
                         Securities held to
                         maturity:
                                    Fixed
                                    maturities                                              (1,639)                                            (1,610)
                        Other investments                                                    (206)                                            (2,500)
                         Net inflows (outflows)
                         from policy loans                                                    146                                               (420)
                         Acquisition of
                         business, net of cash
                         acquired of $816 and
                         $29,370 in the twelve
                         months ended December
                         31, 2012 and 2011,
                         respectively                                                      (2,685)                                           (54,680)
                         Net capital
                         expenditures                                                     (12,078)                                           (16,337)

                                                 Net cash used in investing
                                                 activities                                                           (105,006)                                           (85,256)

    Cash flows from financing activities:
                         Change in outstanding
                         checks in excess of
                         bank balances                                                    (19,841)                                             4,409
                         Net change in short-
                         term borrowings                                                   30,000                                            (15,575)
                         Repayments of long-
                         term borrowings                                                  (26,955)                                           (51,640)
                         Repurchase and
                         retirement of common
                         stock                                                             (2,299)                                           (11,289)
                         Cash settlements of
                         stock options                                                          -                                             (2,420)
                         Proceeds from exercise
                         of stock options                                                     316                                                189
                         Proceeds from
                         policyholder deposits                                              39,709                                             31,809
                         Surrenders of
                         policyholder deposits                                              (7,059)                                            (6,546)

                                                 Net cash provided by (used
                                                 in) financing activities                                               13,871                                            (51,063)

                                                 Net increase in cash and cash
                                                 equivalents                                                            18,585                                             26,208

    Cash and cash equivalents, beginning of period                                                                      70,979                                             44,771

    Cash and cash equivalents, end of period                                                                           $89,564                                            $70,979
                                                                                                                       =======                                            =======

SOURCE Triple-S Management Corporation


Source: PR Newswire