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Triple-S Management Corporation Reports Second Quarter 2014 Results

SAN JUAN, Puerto Rico, Aug. 5, 2014 /PRNewswire/ -- Triple-S Management Corporation (NYSE:GTS), the leading managed care company in Puerto Rico, today announced consolidated revenues of $590.7 million and consolidated operating income of $34.0 million for the three months ended June 30, 2014. Net income was $27.4 million, or $1.01 per diluted share.

Quarterly Consolidated Highlights

  • Total consolidated operating revenues were $586.2 million;
  • Consolidated operating income was $34.0 million;
  • Consolidated loss ratio was 78.8%;
  • Medical loss ratio (MLR) was 82.4%;
  • Managed Care member month enrollment increased 27.5% year over year.

Ramon Ruiz-Comas, President and CEO of Triple-S Management Corporation commented, "Our second-quarter earnings reflect continued progress with our operations and strategic initiatives. The Managed Care segment reported operating income of $27.9 million, driven by a 340-basis-point MLR decline, including favorable prior-period reserve developments. Moreover, the Property & Casualty and Life segments both had a strong showing, contributing $4.5 million and $5.2 million to operating income, respectively, resulting from a better loss experience."

Ruiz-Comas continued, "On the Medicaid front, we recently signed an extension of the existing contract with the Puerto Rico Health Insurance Administration (ASES) through March 31, 2015. Proposals under the new RFP, which will require services to be provided under an at-risk model, need to be submitted later this month. ASES has announced that they anticipate making a decision by the end of the third quarter."

"Through our ongoing comprehensive strategic review, we have begun garnering operating efficiencies and addressing organizational changes necessary to compete effectively in the evolving healthcare marketplace. Administrative expenses continue to decline, helping to substantially offset the increase in costs associated with the implementation of new taxes and regulatory fees, as well as the three additional Medicaid service regions. Nonetheless, we remain cautious as we look out over the next two years, reflecting the economic environment in Puerto Rico, the possible effect of previously announced spending reductions by the local government, and the final outcome of the Medicaid bid.  Management continues to evaluate the best uses of our capital and remains keenly focused on enhancing the performance of our core business," said Ruiz-Comas. 

Selected Quarterly Details

  • Pro Forma Net Income Was $24.1 Million, or $0.89 Per Diluted Share.  Weighted average shares outstanding were 27.1 million. This compares with pro forma net income of $14.9 million, or $0.53 per diluted share, in the corresponding quarter of 2013, based on weighted average shares outstanding of 27.9 million.
  • Managed Care Membership.  Our Managed Care membership increased by 27.1% year over year, reflecting the addition of the three new Medicaid ASO regions effective October 1, 2013. Medicaid membership (all self-funded) rose 56.9%, to 1,408,804. Medicare membership was up 5.1% year over year, to 119,830, driven primarily by the acquisition of a PDP portfolio.  Fully-insured and self-insured Commercial membership declined by 9.7% and 6.5%, respectively.
  • Consolidated Premiums Fell 2.2%, to $543.7 MillionThe decrease in consolidated premiums was principally due to lower Managed Care and Property & Casualty premiums, partially offset by higher premiums in the Life Insurance segment.  The lower Managed Care premiums primarily reflect the decrease in fully-insured Commercial member month enrollment.
  • Administrative Service Fees Were Up 3.1%, to $29.5 MillionThe higher service fee income reflects the addition of the three new Medicaid ASO regions offset, in part, by the lower per-member, per-month fees agreed upon in the contract that became effective July 1, 2013 and the reduction in self-funded Commercial membership described above.
  • Managed Care MLR Down 340 Basis Points, to 82.4%.  The decreased MLR largely reflects favorable prior-period reserve developments, primarily in the Commercial business.  Excluding prior-period reserve developments and the effect of Medicare risk score adjustments, the MLR increased by 160 basis points, reflecting higher utilization trends in the Commercial sector.
  • Consolidated Loss Ratio Down 410 Basis Points, to 78.8%.  The lower consolidated loss ratio mainly reflects the 340-basis-point reduction in the Managed Care MLR.  The Property & Casualty and Life Insurance segment loss ratios improved by 1,210 basis points and 310 basis points, respectively.
  • Consolidated Operating Expense Ratio Rose 100 Basis Points, to 21.6%.  The higher consolidated operating expense ratio was largely due to the increase in expenses related to the addition of the three new Medicaid ASO regions effective October 1, 2013, premium taxes that became effective July 1, 2013, and  the health insurer fee that became effective on January 1, 2014, substantially offset by the impact of cost containment initiatives.
  • Consolidated Operating Income Increased 102.4%, to $34.0 Million.  The increase in operating income primarily reflects the reduction in claims incurred in the Managed Care and Property & Casualty segments, and the higher volume of business in the Life Insurance segment, offset, in part, by a $3.4 million operating expense increase.
  • Share Repurchase Program. The Corporation bought back 184,000 shares during the quarter, with $5.5 million remaining under the current repurchase authorization.

 


Pro Forma Net Income

(Unaudited)

Three months ended June 30,


Six months ended June 30,

(dollar amounts in millions)

2014

2013


2014

2013

Net income

$27.4

$20.1


$34.4

$37.4

Less pro forma adjustments:







Net realized investment gains, net of tax

3.3

1.3


3.4

3.0


Guaranty Fund assessment

-

(1.0)


-

(1.0)


Additional year-to-date current income tax expense after change in enacted tax rate

-

(2.8)


-

(2.8)


Deferred tax benefit related to change in enacted tax rate

-

7.7


-

7.7


Pro forma net income

$24.1

$14.9


$31.0

$30.5


Diluted pro forma net income per share

$0.89

$0.53


$1.14

$1.08

 

Six-Month Recap

For the six months ended June 30, 2014, consolidated operating revenues decreased 1.4%, to $1.2 billion, primarily reflecting lower member month enrollment in the Commercial business. Consolidated claims incurred for the six-month period were $877.7 million, down 3.8% year over year. The six-month consolidated loss ratio decreased 170 basis points to 80.8% and the MLR fell 130 basis points, to 84.5%.  This decline was driven by favorable prior-period reserve developments, primarily in the Commercial segment. Consolidated operating expenses for the six months ended June 30, 2014 were $249.0 million and the operating expense ratio was 21.7%. Pro forma net income for the six-month period was $31.0 million, or $1.14 per diluted share, based on weighted average shares outstanding of 27.3 million, compared with $30.5 million, or $1.08 per diluted share, based on weighted average shares outstanding of 28.1 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 & 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.  The adjusted medical loss ratio accounts for subsequent adjustments to estimates, such as MA premium adjustments and prior period reserve developments, and presents them in the corresponding period.











(Unaudited)

Three months ended June 30,


Six months ended June 30,

(dollar amounts in millions)

2014

2013

Percentage Change


2014

2013

Percentage Change

Premiums earned, net:









Managed Care:










Commercial

$223.0

$238.7

(6.6%)


$   452.8

$   472.3

(4.1%)



Medicare

262.6

260.6

0.8%


516.9

520.9

(0.8%)




Total Managed Care

485.6

499.3

(2.7%)


969.7

993.2

(2.4%)


Life Insurance

34.9

32.1

8.7%


69.9

63.9

9.4%


Property and Casualty

23.7

25.3

(6.3%)


47.2

50.2

(6.0%)


Other



(0.5)

(0.7)

28.6%


(1.2)

(1.3)

(7.7%)





Consolidated premiums earned, net

$543.7

$556.0

(2.2%)


$1,085.6

$1,106.0

(1.8%)

Operating revenues:









Managed Care

$520.2

$533.0

(2.4%)


$1,038.7

$1,058.9

(1.9%)


Life Insurance

40.9

37.8

8.2%


81.5

74.9

8.8%


Property and Casualty

25.9

27.3

(5.1%)


51.3

54.2

(5.4%)


Other



(0.8)

(0.3)

(166.7%)


(0.8)

(0.6)

33.3%





Consolidated operating revenues

$586.2

$597.8

(1.9%)


$1,170.7

$1,187.4

(1.4%)

Operating income:









Managed Care

$  27.9

$  13.4

108.2%


$     32.0

$     33.9

(5.6%)


Life Insurance

5.2

3.7

40.5%


10.4

7.7

35.1%


Property and Casualty

4.5

0.2

2150.0%


5.2

0.6

766.7%


Other



(3.6)

(0.5)

(620.0%)


(3.6)

(2.7)

33.3%





Consolidated operating income

$  34.0

$  16.8

102.4%


$     44.0

$     39.5

11.4%

Operating margin:









Managed Care

5.4%

2.5%

290 bp


3.1%

3.2%

-10 bp


Life Insurance

12.7%

9.8%

290 bp


12.8%

10.3%

250 bp


Property and Casualty

17.4%

0.7%

1,670 bp


10.1%

1.1%

900 bp


Consolidated

5.8%

2.8%

300 bp


3.8%

3.3%

50 bp

Depreciation and amortization expense

$    5.5

$    6.0

(8.3%)


$     10.6

$     12.2

(13.1%)

 

Managed Care Additional Data

Three months ended June 30,


Six months ended
June 30,


(Unaudited)

2014

2013


2014

2013


Member months enrollment:








Commercial:









Fully-insured

1,273,324

1,388,125


2,592,736

2,783,148




Self-insured

608,880

656,408


1,236,286

1,323,584





Total Commercial

1,882,204

2,044,533


3,829,022

4,106,732



Medicare:









Medicare Advantage

318,227

315,656


637,516

638,414




Stand-alone PDP

41,148

24,365


82,745

48,438





Total Medicare

359,375

340,021


720,261

686,852



Medicaid -Self-insured

4,204,323

2,670,314


8,394,782

5,320,932






Total member months

6,445,902

5,054,868


12,944,065

10,114,516


Claim liabilities (in millions)




$      274.7

$      283.6

*

Days claim payable




61

60

*

Premium PMPM:








Managed Care

$   297.42

$   288.98


$     292.70

$     286.22




Commercial

175.13

171.96


174.64

169.70




Medicare

730.71

766.42


717.66

758.39


Medical loss ratio

82.4%

85.8%


84.5%

85.8%



Commercial

83.2%

87.5%


86.1%

88.0%



Medicare Advantage

81.6%

84.1%


82.9%

83.6%



Stand-alone PDP

106.9%

82.5%


101.1%

85.1%


Adjusted medical loss ratio

87.9%

86.3%


87.3%

84.7%



Commercial

89.7%

86.8%


90.3%

86.8%



Medicare Advantage

86.2%

85.6%


84.6%

82.7%



Stand-alone PDP

103.7%

83.0%


100.6%

84.4%


Operating expense ratio:








Consolidated

21.6%

20.6%


21.7%

20.2%



Managed Care

17.8%

17.2%


18.2%

16.5%


* Information provided as of December 31, 2013.


 

Managed Care Membership by Segment

As of June 30,







2014

2013

Members:





Commercial:





Fully-insured

417,519

462,541



Self-insured

202,018

216,003




Total Commercial

619,537

678,544


Medicare:





Medicare Advantage

106,176

105,842



Stand-alone PDP

13,654

8,142




Total Medicare

119,830

113,984


Medicaid -Self-insured

1,408,804

898,180





Total members

2,148,171

1,690,708

 

2014 Guidance

Mr. Ruiz-Comas concluded, "We have refrained from providing 2014 guidance in light of the uncertainties that confront us, including the impact of all recent legislation, industry regulation and taxes; continued pricing pressure in the Commercial segment stemming from heavy competition; and the unknown effect that the announced spending reductions by the Government of Puerto Rico may have on the economy and our business."

Conference Call and Webcast

Management will host a conference call and webcast on August 5, 2014 at 9:00 a.m., Eastern Time to discuss its financial results for the three months ended June 30, 2014.  To participate, callers within the U.S. and Canada should dial 1-877-723-9511, and international callers should dial 1-719-325-4777 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 one of the leading players 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 [email protected].

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
  • A downgrade in the Government of Puerto Rico's debt
  • 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 Employees, 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. 

-FINANCIAL TABLES ATTACHED-

 

Condensed Consolidated Balance Sheets

(Dollar amounts in thousands, except per share data)




































Unaudited
June 30,
2014


December 31,
2013

Assets













Investments


$

1,359,868


$

1,308,651

Cash and cash equivalents



59,349



74,356

Premium and other receivables, net



348,032



274,939

Deferred policy acquisition costs and value of business acquired


180,115



177,289

Property and equipment, net



84,460



89,086

Other assets



112,844



123,303











Total assets


$

2,144,668


$

2,047,624



















Liabilities and Stockholders' Equity














Policy liabilities and accruals


$

930,639


$

928,069

Accounts payable and accrued liabilities



268,480



245,050

Long-term borrowings



88,310



89,302











Total liabilities



1,287,429



1,262,421









Stockholders' equity:








Common stock



27,270



27,469


Other stockholders' equity



830,196



757,912











Total Triple-S Management Corporation stockholders' equity


857,466



785,381











Non-controlling interest in consolidated subsidiary



(227)



(178)











Total stockholders' equity



857,239



785,203











Total liabilities and stockholders' equity


$

2,144,668


$

2,047,624

 

Condensed Consolidated Statements of Earnings

(Dollar amounts in thousands, except per share data)






































 

For the Three Months Ended


 

For the Six Months Ended






June 30,


June 30,






Unaudited
2014


Unaudited
2013


Unaudited
2014


Unaudited
2013

Revenues:














Premiums earned, net


$

543,735


$

556,035


$

1,085,587


$

1,105,996


Administrative service fees



29,506



28,543



59,256



55,653


Net investment income



12,147



12,019



23,498



23,386


Other operating revenues



850



1,212



2,344



2,399















Total operating revenues



586,238



597,809



1,170,685



1,187,434


















Net realized investment gains (losses):















Total other-than-temporary impairment losses on securities


(462)



-



-



-



Net realized gains, excluding other-than-temporary impairment


















4,390



1,661



4,054



3,549



















Total net realized investment gains



3,928



1,661



4,054



3,549


















Other income, net



575



366



821



847















Total revenues



590,741



599,836



1,175,560



1,191,830





























Benefits and expenses:














Claims incurred



428,641



460,818



877,748



912,818


Operating expenses



123,589



120,225



248,956



235,090















Total operating costs



552,230



581,043



1,126,704



1,147,908


















Interest expense



2,396



2,426



4,701



4,810















Total benefits and expenses



554,626



583,469



1,131,405



1,152,718















Income before taxes



36,115



16,367



44,155



39,112













Income tax expense (benefit)



8,662



(3,711)



9,773



1,851













Net income



27,453



20,078



34,382



37,261














Less: Net loss attributable to the non-controlling interest



23



64



49



119













Net income attributable to TSM


$

27,476


$

20,142


$

34,431


$

37,380

















Earnings per share attributable to TSM:





























Basic net income per share


$

1.01


$

0.72


$

1.27


$

1.33

Diluted earnings per share


$

1.01


$

0.72


$

1.26


$

1.33

 

Condensed Consolidated Statements of Cash Flows

(Dollar amounts in thousands, except per share data)
































For the Six Months Ended








June 30,








Unaudited
2014


Unaudited
2013













Net cash provided by operating activities


$

3,009


$

24,283











Cash flows from investing activities:








Proceeds from investments sold or matured:









Securities available for sale:










Fixed maturities sold



95,759



35,173




Fixed maturities matured/called



17,066



62,494




Equity securities sold



40,745



76,966



Securities held to maturity:










Fixed maturities matured/called



2,418



520


Acquisition of investments:









Securities available for sale:










Fixed maturities



(137,783)



(100,054)




Equity securities



(20,650)



(131,862)



Securities held to maturity:










Fixed maturities



(350)



(500)



Other investments



(424)



(116)


Net outflows from policy loans



(172)



(176)


Net capital expenditures



(2,791)



(8,639)















Net cash used in investing activities



(6,182)



(66,194)











Cash flows from financing activities:








Change in outstanding checks in excess of bank balances



(3,593)



27,786


Net change in short-term borrowings



-



(1,905)


Repayments of long-term borrowings



(992)



(983)


Repurchase and retirement of common stock



(5,995)



(18,250)


Proceeds from policyholder deposits



3,305



6,580


Surrenders of policyholder deposits



(4,559)



(5,060)















Net cash provided by (used in) financing activities



(11,834)



8,168















Net decrease in cash and cash equivalents



(15,007)



(33,743)













Cash and cash equivalents, beginning of period



74,356



89,564











Cash and cash equivalents, end of period


$

59,349


$

55,821

 

SOURCE Triple-S Management Corporation

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Vulnerability management is vital for large companies that need to secure containers across thousands of hosts, but many struggle to understand how exposed they are when they discover a new high security vulnerability. In his session at 21st Cloud Expo, John Morello, CTO of Twistlock, will address this pressing concern by introducing the concept of the “Vulnerability Risk Tree API,” which brings all the data together in a simple REST endpoint, allowing companies to easily grasp the severity of t...
Recently, WebRTC has a lot of eyes from market. The use cases of WebRTC are expanding - video chat, online education, online health care etc. Not only for human-to-human communication, but also IoT use cases such as machine to human use cases can be seen recently. One of the typical use-case is remote camera monitoring. With WebRTC, people can have interoperability and flexibility for deploying monitoring service. However, the benefit of WebRTC for IoT is not only its convenience and interopera...
Translating agile methodology into real-world best practices within the modern software factory has driven widespread DevOps adoption, yet much work remains to expand workflows and tooling across the enterprise. As models evolve from pockets of experimentation into wholescale organizational reinvention, practitioners find themselves challenged to incorporate the culture and architecture necessary to support DevOps at scale.
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From planning to development to management to security, CA creates software that fuels transformation for companies in the applic...