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
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
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.
"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.
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 [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:
Readers are advised to carefully review and consider the various disclosures in the Company's SEC reports.
-FINANCIAL TABLES ATTACHED-
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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%;
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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 RecapFor 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 WebcastManagement 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 [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
- 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
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