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Triple-S Management Corporation Reports Fourth Quarter 2009 Results

Tuesday, February 9, 2010 General News J E 4
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SAN JUAN, Puerto Rico, Feb. 9 /PRNewswire-FirstCall/ -- Triple-S Management Corporation (NYSE: GTS), the largest managed care company in Puerto Rico, today announced consolidated revenues of $516.9 million and operating income of $34.2 million for the three months ended December 31, 2009.  Net income of $28.1 million, or $0.96 per diluted share, includes an after tax net gain of $3.7 million, or $0.13 per share, in net realized and unrealized gains on investments and derivatives.

Fourth-Quarter Consolidated Highlights

  • Total consolidated operating revenues increased 11.2% year over year to $511.8 million;
  • Operating income was $34.2 million;
  • Excluding net realized and unrealized gains on investments and a derivatives gain; included within other income (expenses), net income was $24.4 million, or $0.83 per diluted share;
  • Consolidated loss ratio was 84.7% and the medical loss ratio (MLR) was 88.7%;
  • Consolidated operating expense ratio decreased 70 basis points to 14.5%;
  • Commercial member months enrollment, including ASO, increased 19.0%;

"We recorded solid membership growth in the fourth quarter, specifically in the Commercial business, which largely reflected the July 2009 acquisition of La Cruz Azul (LCA)," said Ramon M. Ruiz-Comas, President and Chief Executive Officer.  "In the quarter, we also benefitted from the favorable impact of ASO government contract profit sharing in the Metro-North region, offset by costs related to swine flu, primarily in our Commercial segment.  As we concluded our second year as a public company, our balance sheet remains healthy."  

Ruiz-Comas added, "Importantly, we enter 2010 with a well-balanced revenue stream, enabling us to diversify risk and insulate ourselves from the variability that can occur in our businesses.  We have put in place several initiatives aimed at lowering our MLR while preserving quality of care, and anticipate that we will begin the migration of an initial set of members onto our new IT system beginning in April.  We continue to evaluate opportunities to expand our geographic footprint within Puerto Rico, the Caribbean and Central America, and remain confident in our competitive position and our ability to execute the strategy we have outlined."

Selected Fourth Quarter Details

  • Consolidated Premiums Increased 9.4%.  Consolidated premiums were $479.9 million, an increase of 9.4% versus a year ago, principally due to increased volume and higher rates in the Managed Care business. Reported Managed Care net premiums increased to $432.1 million driven by an 18.0% year over year rise in Commercial premiums. The increase resulted primarily from growth in Commercial membership, reflecting in large part the acquisition of LCA, as well as higher premium rates across all businesses.
  • Administrative Service Fees Rose 162.0%.  Administrative service fees increased $11.5 million to $18.7 million, reflecting Metro-North region members added in November 2008, the LCA acquisition, which added 72,000 members, and organic growth.  In addition, as the result of the savings achieved in the Metro-North region, we recognized a higher than anticipated performance incentive.
  • Consolidated Operating Margins Improved to 6.7%.  As a result of a 100 basis point improvement in Managed Care margins, consolidated operating margins increased by 40 basis points to 6.7%.  Offsetting this improvement in the Managed Care margins were respective year over year declines of 160 and 410 basis points in the Life Insurance and Property and Casualty businesses.
  • Managed Care Membership Increased 12.7%.  Total Commercial membership was 737,286, up 24.4% from the prior year, primarily reflecting the addition of LCA members and other organic growth.  Reform membership rose 2.4% to 540,142 and Medicare membership declined 7.5% to 69,605.
  • Consolidated Claims Incurred Increased 11.5%.  Consolidated claims incurred were $406.3 million, an 11.5% increase from a year ago, principally due to higher claims in the Managed Care segment resulting from higher enrollment and the addition of LCA's members.  The consolidated loss ratio rose to 84.7%, largely reflecting the effect of reserve developments in our Managed Care segment and the impact of premium adjustments in the Reform business.  Excluding the effect of these items, the consolidated loss ratio increased 140 basis points, primarily resulting from increased utilization, particularly among local government employees, and the effect of the swine flu.  
  • Managed Care MLR Improved 160 Basis Points Sequentially to 88.7%.  The quarter-to-quarter improvement was driven by a decrease in the Medicare MLR, and to a lesser degree in the Commercial MLR, offset in part by an increase in the Reform MLR.
  • Consolidated Operating Expense Ratio Fell 70 Basis Points to 14.3%.  The decline in this ratio was achieved despite a 6.6% increase in operating expenses, reflecting efficiencies associated with our scalable infrastructure and general cost control discipline.  Overall, operating expenses increased $4.4 million, to $71.3 million, primarily due to higher Commercial volume, incremental expenses associated with the LCA acquisition, and the addition of the Metro-North region ASO contract in November 2008.
  • Adjusted Net Income Rose to $24.4 million, or $0.83 Per Diluted Share.  This compares with $21.3 million, or $0.66 per diluted share, in the corresponding quarter of 2008.  Net income for the three months ended December 31, 2009 was $28.1 million, or $0.96 per diluted share, which included $0.13 per diluted share in after tax net realized and unrealized gains on investments.
    
    
                                                 Pro Forma Net Income
    (Unaudited)                        Three months ended       Year ended
                                         December 31,           December 31,
                                       ------------------      -------------
    (dollar amounts in millions)         2009      2008       2009      2008
    ------------------------------------------------------------------------
    Pro forma net income:               
      Net income                        $28.1      $2.0      $68.8     $24.8
      Net realized investment (gains)
        losses, net of tax               (1.5)      9.9       (0.5)     11.8
      Net unrealized trading investments
        (gains) losses, net of tax       (2.1)      8.7       (8.9)     18.8
      Derivative loss, net of tax        (0.1)      0.7          -       4.4
      ---------------------------        ----       ---        ---       ---
         Pro forma net income           $24.4     $21.3      $59.4     $59.8
         --------------------           -----     -----      -----     -----
    Diluted pro forma net
     income per share                   $0.83     $0.66      $2.01     $1.86
    ---------------------               -----     -----      -----     -----
    

Year-End Recap

For the year ended December 31, 2009, consolidated operating revenues rose 11.6% to $2.0 billion, primarily reflecting growth in the Managed Care segment.  Consolidated claims incurred for the year ended December 31, 2009 were $1.61 billion, up 12.4% year over year.  The consolidated loss ratio increased 140 basis points to 86.0%.  Consolidated operating expenses for the period were $279.4 million and the operating expense ratio was 14.5%.  Pro forma net income for the year ended December 31, 2009 was $59.4 million, or $2.01 per diluted share, based on weighted average shares outstanding of 29.6 million, compared with $59.8 million, or $1.86 per diluted share, based on weighted average shares outstanding of 32.2 million at the same time last year.

As of December 31, 2009, Triple-S Management had $39.0 million in parent company cash, cash equivalents, and investments.

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 gain or loss divided by operating revenues.

    
    
                                    Three months ended December 31,
    (Unaudited)                     ------------------------------- 
    (dollar amounts in millions)                          Percentage
                                     2009     2008          Change
                                     ----     ----          ------
    
    Premiums earned, net:
      Managed Care:
        Commercial                 $221.9   $188.1           18.0%
        Reform                       90.4     87.8            3.0%
        Medicare                    119.8    115.1            4.1%
        --------                    -----    -----            ---
          Total managed care        432.1    391.0           10.5%
          ------------------        -----    -----           ----
      Life Insurance                 25.6     24.2            5.8%
      Property and Casualty          23.2     24.5           (5.3%)
      Other                          (1.0)    (1.0)           0.0%
      -----                          ----     ----            ---
        Total premiums earned      $479.9   $438.7            9.4%
        ---------------------      ------   ------            ---
    
    Operating revenues:
      Managed Care                 $457.1   $404.4           13.0%
      Life Insurance                 29.9     28.6            4.5%
      Property and Casualty          26.1     28.1           (7.1%)
      Other                          (1.3)    (0.9)          44.4%
      -----                          ----     ----           ----
        Total operating revenues   $511.8   $460.2           11.2%
        ------------------------   ------   ------           ----
    
    Operating income:
      Managed Care                  $25.1    $18.2           37.9%
      Life Insurance                  3.6      3.9           (7.7%)
      Property and Casualty           4.4      5.9          (25.4%)
      Other                           1.1      1.0           10.0%
      -----                           ---      ---           ----
        Total operating income      $34.2    $29.0           17.9%
        ----------------------      -----    -----           ----
    
    Operating margin:
      Managed Care                    5.5%     4.5%        100 bp
      Life Insurance                 12.0%    13.6%       -160 bp
      Property and Casualty          16.9%    21.0%       -410 bp
      Consolidated                    6.7%     6.3%         40 bp
    
    Depreciation and
      amortization expense           $3.3     $2.1           57.1%
    
    
    
    (Unaudited)                          Year ended December 31,
                                         -----------------------
    (dollar amounts in millions)                            Percentage
                                       2009       2008         Change
                                       ----       ----         ------
    
    Premiums earned, net:
      Managed Care:
        Commercial                   $822.1     $734.2          12.0%
        Reform                        348.1      340.1           2.4%
        Medicare                      513.9      438.7          17.1%
        --------                      -----      -----          ----
          Total managed care        1,684.1    1,513.0          11.3%
          ------------------        -------    -------          ----
      Life Insurance                  100.1       92.8           7.9%
      Property and Casualty            96.2       93.8           2.6%
      Other                            (4.3)      (4.1)          4.9%
      -----                            ----       ----           ---
        Total premiums earned      $1,876.1   $1,695.5          10.7%
        ---------------------      --------   --------          ----
    
    Operating revenues:
      Managed Care                 $1,757.0   $1,558.6          12.7%
      Life Insurance                  116.9      109.3           7.0%
      Property and Casualty           107.9      106.3           1.5%
      Other                            (5.0)      (3.3)         51.5%
      -----                            ----       ----          ----
        Total operating revenues   $1,976.8   $1,770.9          11.6%
        ------------------------   --------   --------          ----
    
    Operating income:
      Managed Care                    $57.2      $52.6           8.7%
      Life Insurance                   14.6       12.5          16.8%
      Property and Casualty             8.8       13.1         (32.8%)
      Other                             4.0        5.9         (32.2%)
      -----                             ---        ---        -------
        Total operating income        $84.6      $84.1           0.6%
        ----------------------        -----      -----           ---
    
    Operating margin:
      Managed Care                      3.3%       3.4%       -10 bp
      Life Insurance                   12.5%      11.4%       110 bp
      Property and Casualty             8.2%      12.3%      -410 bp
      Consolidated                      4.3%       4.7%       -40 bp
    
    Depreciation and
      amortization expense             $9.6       $7.4          29.7%
    
    
    
    
                                Three months ended            Year ended
                                    December 31,             December 31,
    Managed Care 
     Additional Data             2009         2008        2009          2008
    ------------------------------------------------------------------------
    (dollar amounts in millions)
    
    Member months enrollment
     Commercial:
       Fully-insured         1,443,808    1,249,569    5,421,586    4,947,854
       Self-funded             771,039      526,616    2,726,036    2,049,140
        Total Commercial     2,214,847    1,776,185    8,147,622    6,996,994
    
     Reform:
       Fully-insured         1,018,532    1,012,521    4,016,332    4,101,905
       Self-funded             597,576      376,975    2,321,144      376,975
        Total Reform         1,616,108    1,389,496    6,337,476    4,478,880
    
     Medicare:
       Medicare Advantage      177,227      196,879      742,666      727,274
       Stand-alone PDP          29,399       30,284      117,700      127,658
         Total Medicare        206,626      227,163      860,366      854,932
    
         Total member months 4,037,581    3,392,844   15,345,464   12,330,806
    
    Claim liabilities                                     $236.4       $201.8
    
    Days claim payable                                      56.9         54.9
    
    Premium PMPM:
      Managed care             $161.90      $157.08      $163.53      $152.76
       Commercial              $153.69      $150.53      $151.63      $148.39
       Reform                   $88.76       $86.71       $86.67       $82.91
       Medicare                $579.79      $506.68      $597.30      $513.14
    
    Consolidated loss ratio       84.7%        83.0%        86.0%        84.6%
    
    Medical loss ratio            88.7%        87.6%        90.0%        88.9%
      Commercial                  89.1%        89.3%        90.4%        87.6%
      Reform                      97.2%        87.7%        91.8%        90.6%
      Medicare Advantage          81.9%        85.1%        88.2%        89.3%
      Medicare Part D             69.3%        67.0%        86.4%       107.4%
    
    Consolidated operating
     expense ratio                14.3%        15.0%        14.5%        14.7%
    
    Operating expense ratio       10.8%        10.9%        10.6%        10.5%
    
    
    
    Managed Care                           As of December 31,
    Membership by Segment                  2009          2008
    ----------------------------------------------------------
    Members:
      Commercial:
         Fully-insured                   480,671       417,685  
         Self-funded                     256,615       175,038
           Total Commercial              737,286       592,723
    
      Reform:
         Fully-insured                   340,453       337,960
         Self-funded                     199,689       189,487
         Total Reform                    540,142       527,447
    
      Medicare:
         Medicare Advantage               59,825        65,243
         PDP                               9,780        10,037 
           Total Medicare                 69,605        75,280
    
           Total members               1,347,033     1,195,450
      
    
    

2010 EPS Guidance

"At the midpoint of our 2010 per share earnings guidance of $2.05-$2.15, we are forecasting a 4% increase in operating revenues and growth of twice that in operating income, reflecting a 100 basis point decline in MLR," said Ruiz-Comas.

    
    
                                                     2010 Range
    Medical enrollment fully-insured
      (member months)                             10.4-10.8 million
    
    Medical enrollment self-insured
      (member months)                               5.3-5.5 million
    
    Consolidated operating revenues
      (in billions)                                   $2.0-$2.1
    
    Consolidated loss ratio                          84.6%-85.6%
    
    
    Medical loss ratio                               88.5%-89.5%
    
    Consolidated operating expense
      ratio                                          14.6%-15.0%
    
    Consolidated operating income (in
      millions)                                      $87.0-$95.0
    
    Consolidated effective tax rate                  20.0%-22.0%
    
    Earnings per share                              $2.05-$2.15
    
    Weighted average of diluted shares
      outstanding (in millions)                         29.2
    

Conference Call and Webcast

Management will host a conference call and webcast Tuesday, February 9 at 9:00 a.m. Eastern Time to discuss its financial results for the fourth quarter of 2009, as well as expectations for future earnings. To participate, callers within the U.S. and Canada should dial 877-941-2332 , and international callers should dial 480-629-9722 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 largest managed care company in Puerto Rico, serving approximately 1.3 million members, or about 34% of the population.  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, Medicare, and Reform markets under the Blue Cross Blue Shield brand. 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.  The Company is the largest provider of life, accident, and health insurance and the fourth largest provider of property and casualty insurance in its market.

For more information about Triple-S Management, visit www.triplesmanagement.com or contact waller_kathleen@yahoo.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 and utilization management programs
  • 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           
                                     December        December 
                                        31,             31,   
                                       2009            2008   
                                     ---------       -------- 
                 Assets                                  
                                                         
    Investments                     $1,049,309      $1,015,701
    Cash and cash equivalents           40,376          46,095
    Premium and other receivables,                       
     net                               272,932         237,158
    Deferred policy acquisition                          
     costs and value of business                         
     acquired                          139,917         126,347
    Property and equipment, net         68,803          58,448
    Other assets                        66,279          64,710
                                        ------          ------
                                                         
        Total assets                $1,637,616      $1,548,459
                                    ==========      ==========
                                                         
                                                         
     Liabilities and Stockholders’                       
                 Equity                                  
                                                         
    Policy liabilities and accruals   $738,970        $690,080
    Accounts payable and accrued                         
     liabilities                       193,207         203,973
    Borrowings                         167,667         169,307
                                       -------         -------
                                                         
        Total liabilities            1,099,844       1,063,360
                                     ---------       ---------
                                                         
    Stockholders’ equity:                                
      Common stock                      29,153          31,148
      Other stockholders equity        508,619         453,951
                                       -------         -------
                                                         
        Total stockholders’ equity     537,772         485,099
                                       -------         -------
                                                         
        Total liabilities and                            
         stockholders’ equity       $1,637,616      $1,548,459
                                    ==========      ==========
    
    
    
                Condensed Consolidated Statements of Earnings      
              (Dollar amounts in thousands, except per share data) 
                                                                     
                                                                     
                                                 
                         For the Three Months    For the Year Ended  
                           Ended December 31,        December 31,  
                         Unaudited  Historical  Unaudited  Historical
                            2009       2008       2009        2008   
                         ---------  ----------  ---------  ----------
    Revenues:                                                        
      Premiums earned,                                               
       net                $479,864   $438,682  $1,876,072 $1,695,457 
      Administrative                                                 
       service fees         18,661      7,106      48,643     19,187 
      Net investment                                                 
       income               13,280     14,447      52,136     56,253 
                            ------     ------      ------     ------ 
                                                                     
        Total operating                                              
         revenues          511,805    460,235   1,976,851  1,770,897 
                                                                     
      Net realized                                                   
       investment losses     1,816    (11,707)        614    (13,940)
      Net unrealized                                                 
       investment gain                                               
       (loss) on trading                                             
       securities            2,461    (10,257)     10,497    (21,063)
      Other income                                                   
       (expenses), net         845     (1,160)      1,237     (2,468)
                               ---     ------       -----     ------ 
                                                                     
        Total revenues     516,927    437,111   1,989,199  1,733,426 
                           -------    -------   ---------  --------- 
                                                                     
                                                                     
    Benefits and expenses:                                           
      Claims incurred      406,282    364,342   1,612,860  1,434,914 
      Operating expenses    71,358     66,885     279,418    251,887 
                            ------     ------     -------    ------- 
                                                                     
        Total operating                                              
         costs             477,640    431,227   1,892,278  1,686,801 
                                                                     
      Interest expense       3,311      3,333      13,270     14,681 
                             -----      -----      ------     ------ 
                                                                     
        Total benefits                                               
         and expenses      480,951    434,560   1,905,548  1,701,482 
                           -------    -------   ---------  --------- 
                                                                     
        Income before                                                
         taxes              35,976      2,551      83,651     31,944 
                            ------      -----      ------     ------ 
                                                                     
    Income tax expense                                               
     (benefit)               7,872        571      14,871      7,154 
                             -----        ---      ------      ----- 
                                                                     
        Net income         $28,104     $1,980     $68,780    $24,790 
                           =======     ======     =======    ======= 
                                                                     
    Basic net income                                                 
     per share               $0.96      $0.06       $2.33      $0.77 
                                                                     
    Diluted earnings                                                 
     per share               $0.96      $0.06       $2.33      $0.77 
    
    
    
    
         Condensed Consolidated Statements of Cash Flows    
      (Dollar amounts in thousands, except per share data)  
                                                            
                                                            
                                          For the Three Months  
                                                Ended        
                                              December 31,     
                                       Unaudited        Historical
                                         2009             2008   
                                       ---------        ----------
                                                            
    Net cash provided by (used in)                          
     operating activities               $66,350          $(2,982)
                                        -------          ------- 
                                                            
    Cash flows from investing                               
     activities:                                            
      Proceeds from investments
       sold or matured:            
        Securities available for sale:                      
          Fixed maturities sold         241,368          228,436 
          Fixed maturities matured      189,144           91,732 
          Equity securities               9,877            4,450 
        Securities held to maturity:                        
          Fixed maturities matured        7,819           22,875 
      Acquisition of investments:                           
        Securities available for sale:                      
          Fixed maturities             (459,705)        (505,896)
          Equity securities              (3,684)         (19,636)
        Fixed maturity securities                           
         held to maturity                (1,502)            (554)
      Net repayment (disbursements)                         
       for policy loans                    (489)              30 
      Capital expenditures              (18,706)         (22,411)
                                        -------          ------- 
                                                            
            Net cash used in                                
             investing activities       (35,878)        (200,974)
                                        -------         -------- 
                                                            
    Cash flows from financing                               
     activities:                                            
      Change in outstanding checks                          
       in excess of bank balances        (5,645)          18,353
      Repayments of long-term                               
       borrowings                        (1,640)          (1,639)
      Repurchase and retirement of                          
       common stock                     (26,120)          (7,645)
      Proceeds from policyholder                            
       deposits                           4,307            8,018 
      Surrenders of policyholder                            
       deposits                          (7,093)          (7,195)
      Other                                   -                6 
                                              -                - 
                                                            
            Net cash (used in)                              
             provided by financing                          
             activities                 (36,191)           9,898
                                        -------            ----- 
                                                            
            Net decrease in cash and                        
             cash equivalents            (5,719)        (194,058)
                                                            
    Cash and cash equivalents,                              
     beginning of period                 46,095          240,153 
                                         ------          ------- 
                                                            
    Cash and cash equivalents, end                          
     of period                          $40,376          $46,095 
                                        =======          ======= 
    
    
    

SOURCE Triple-S Management Corporation

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