Triple-S Management Corporation
	1441 F.D. Roosevelt Ave.
	San Juan, PR 00920
	www.triplesmanagement.com
FOR FURTHER INFORMATION:
AT THE COMPANY:	INVESTOR RELATIONS:
Victor J. Haddock-Morales	Mr. Garrett Edson
EVP and Chief Financial Officer	ICR
(787) 749-4949	(787) 792-6488

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Net income of $23.6 million, or $1.00 per diluted share, compared with $43.6 million, or $1.87 per diluted share, in the prior year period.

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Adjusted net income of $10.5 million, or $0.44 per diluted share, versus $40.9 million, or $1.76 per diluted share, in the prior-year period.

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Operating revenue of $1.0 billion, a 15.1% increase from the prior-year period, primarily reflecting higher Managed Care net premiums earned;

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Consolidated loss ratio of 85.4%, an increase of 930 basis points compared with the second quarter of 2020, reflecting normalized Managed Care utilization patterns in the second quarter of 2021.

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Medical loss ratio (MLR) of 88.4%, 900 basis points higher than the same period last year.

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Consolidated operating income of $12.1 million, compared with $43.7 million in the prior-year period.

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Managed Care premiums earned were $909.8 million, up 15.3% year-over-year.

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Medicare premiums earned were $408.4 million, an increase of 9.7% from the prior-year period. The increase was largely due to higher premium rates resulting from a rise in the premium rate benchmark and membership risk score.  Member months increased slightly compared with the prior-year period.

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Medicaid premiums earned were $291.8 million, an increase of 32.0% from the prior-year period, primarily reflecting higher member months of approximately 256,000 and higher average premium rates following the premium rate increase effective July 2020; these increases were partially offset by the elimination of the HIP fee pass-through in 2021.

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Commercial premiums earned were $209.6 million, an increase of 7.0% from the prior-year period, mainly reflecting higher average premium rates in the 2021 period.  This increase was partially offset by a reduction of approximately 26,000 fully insured member months and the elimination of the HIP fee pass-through in 2021.

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Reported MLR was 88.4%, an increase of 900 basis points from the prior-year period, primarily reflecting the elimination of the HIP fee in 2021, normalized utilization of services compared with the low utilization in the prior-year quarter due to the pandemic, higher costs associated with COVID-19-related testing, treatment costs and the waiver of medical and payment policies, and increased benefits in the Medicare product offering in 2021.

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Managed Care operating expenses were $107.6 million, a decrease of $33.5 million, or 23.7%, from the prior-year period, primarily reflecting the accrual in the prior-year quarter of a potential litigation loss and the elimination of the HIP fee in 2021.  The segment operating expense ratio was 11.8%, a 600 basis-point improvement from the prior-year quarter.

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Premiums earned, net were $54.0 million, a 12.3% increase from the prior-year period, resulting from new sales and increased persistency in monthly debit ordinary life (MDO) products.

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Operating income was $6.4 million, compared with $9.5 million in the prior-year period, primarily reflecting higher actuarial reserves, due to increased policy retention. The change in operating income also reflects higher benefits paid in the second quarter of 2021, as compared with lower volume of claim submissions in the prior-year quarter, due to the pandemic.

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Premiums earned, net were $25.3 million, an increase of 12.9% from the prior-year period. The increase was mostly due to higher sales of commercial auto and personal package products.

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Operating income was $2.0 million, compared with $6.7 million in the prior-year period, primarily driven by higher losses and operating expenses in the 2021 quarter.  Losses during the 2020 period were lower due to the COVID-19 pandemic.

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As of June 30, 2021, the Company had cash and cash equivalents of $174.4 million and investments of $1.9 billion on its consolidated balance sheet.

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Consolidated operating revenue is expected to be between $3.98 billion and $4.02 billion, which includes Managed Care premiums earned, net between $3.58 billion and $3.62 billion.

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Consolidated claims incurred ratio is expected to be between 83.0% and 84.0%, while Managed Care MLR is expected to be between 86.0% and 87.0%.

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Consolidated operating expense ratio is expected to be between 15.5% and 16.5%.

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The effective tax rate is expected to be between 29.0% and 31.0%.

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Adjusted net income per diluted share is expected to be between $2.95 and $3.15.  Adjusted net income per diluted share does not account for any potential share repurchase activity during 2021.  The Company is assuming a weighted average diluted share count for full year 2021 of 23.6 million shares.

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Trends in health care costs and utilization rates

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Ability to secure sufficient premium rate increases

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Competitor pricing below market trends of increasing costs

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Re-estimates of policy and contract liabilities and reserves

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Changes in government laws and regulations of managed care, life insurance or property and casualty insurance

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Significant acquisitions or divestitures by major competitors

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Introduction and use of new prescription drugs and technologies

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A downgrade in the Company’s financial strength ratings

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Litigation or legislation targeted at managed care, life insurance or property and casualty insurance companies

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Ability to contract with providers and government agencies consistent with past practice

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Ability to successfully implement the Company’s disease management, utilization management and Star ratings programs

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Ability to maintain Federal Employees, Medicare and Medicaid contracts

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Volatility in the securities markets and investment losses and defaults

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General economic downturns, major disasters and epidemics

Condensed Consolidated Balance Sheets	Exhibit I
Condensed Consolidated Statements of Earnings	Exhibit II
Condensed Consolidated Statements of Cash Flows	Exhibit III
Segment Performance Supplemental Information	Exhibit IV
Reconciliation of Non-GAAP Financial Measures	Exhibit V

		June 30, 2021				December 31, 2020
Assets
Investments		$	1,942,176			$	1,874,024
Cash and cash equivalents			174,390				110,989
Premium and other receivables, net			484,617				488,840
Deferred policy acquisition costs and value of business acquired			252,064				248,325
Property and equipment, net			136,146				131,974
Other assets			236,069				234,266
Total assets		$	3,225,462			$	3,088,418
Liabilities and Stockholders' Equity
Policy liabilities and accruals		$	1,596,684			$	1,550,798
Accounts payable and accrued liabilities			528,442				487,356
Short-term borrowings			45,000				30,000
Long-term borrowings			50,583				52,751
Total liabilities			2,220,709				2,120,905
Stockholders’ equity:
Common stock			23,796				23,430
Other stockholders’ equity			981,683				944,800
Total Triple-S Management Corporation stockholders’ equity			1,005,479				968,230
Non-controlling interest in consolidated subsidiary			(726	)			(717	)
Total stockholders’ equity			1,004,753				967,513
Total liabilities and stockholders’ equity		$	3,225,462			$	3,088,418

		For the Three Months Ended June 30,								For the Six Months Ended June 30,
		2021				2020				2021				2020
Revenues
Premiums earned, net		$	987,880			$	858,535			$	1,996,316			$	1,734,432
Administrative service fees			2,676				2,809				5,441				5,003
Net investment income			14,960				13,815				28,606				28,126
Other operating revenues			1,817				303				4,593				4,342
Total operating revenues			1,007,333				875,462				2,034,956				1,771,903
Net realized investment gains (losses)			2,514				(221	)			2,731				(687	)
Net unrealized investment gains (losses) on equity investments			12,743				28,338				21,295				(28,468	)
Other income, net			4,851				801				7,962				4,406
Total revenues			1,027,441				904,380				2,066,944				1,747,154
Benefits and expenses
Claims incurred			844,064				653,087				1,694,622				1,367,609
Operating expenses			151,253				178,659				302,354				340,860
Total operating costs			995,317				831,746				1,996,976				1,708,469
Interest expense			2,217				1,864				4,209				3,717
Total benefits and expenses			997,534				833,610				2,001,185				1,712,186
Income before taxes			29,907				70,770				65,759				34,968
Income tax expense			6,353				27,181				18,898				17,531
Net income			23,554				43,589				46,861				17,437
Net loss attributable to the non-controlling interest			6				10				9				17
Net income attributable to Triple-S Management Corporation		$	23,560			$	43,599			$	46,870			$	17,454
Earnings per share attributable to Triple-S Management Corporation:
Basic net income per share		$	1.00			$	1.88			$	2.01			$	0.75
Diluted net income per share		$	1.00			$	1.87			$	1.99			$	0.75
Weighted average of common shares			23,478,867				23,193,626				23,355,965				23,287,787
Diluted weighted average of common shares			23,598,978				23,271,303				23,516,296				23,372,985

		For the Six Months Ended June 30,
		2021				2020
Net cash provided by operating activities		$	74,957			$	170,282
Cash flows from investing activities
Proceeds from investments sold or matured:
Securities available-for-sale:
Fixed-maturities sold			113,336				66,316
Fixed-maturities matured/called			14,554				18,752
Securities held-to-maturity - fixed-maturities matured/called			-				339
Equity investments sold			76,348				72,775
Other invested assets sold			14,855				11,814
Other invested assets matured			210				-
Acquisition of investments:
Securities available-for-sale - fixed-maturities			(102,356	)			(91,930	)
Securities held-to-maturity - fixed-maturities			-				(340	)
Equity investments			(172,177	)			(160,104	)
Other invested assets			(8,407	)			(20,799	)
Increase in other investments			(706	)			(2,400	)
Net change in policy loans			37				(97	)
Net capital expenditures			(11,200	)			(45,927	)
Capital contribution on equity method investees			-				(4,933	)
Net cash used in investing activities			(75,506	)			(156,534	)
Cash flows from financing activities
Change in outstanding checks in excess of bank balances			47,264				34,024
Proceeds from (repayments of) short-term borrowings			15,000				(39,000	)
Proceeds from long-term borrowings			-				30,841
Repayments of long-term borrowings			(2,246	)			(1,618	)
Repurchase and retirement of common stock			-				(14,982	)
Proceeds from policyholder deposits			9,516				16,421
Surrenders of policyholder deposits			(5,584	)			(8,200	)
Net cash provided by financing activities			63,950				17,486
Net increase in cash and cash equivalents			63,401				31,234
Cash and cash equivalents, beginning of period			110,989				109,837
Cash and cash equivalents, end of period		$	174,390			$	141,071

(Unaudited)		Three months ended June 30,												Six months ended June 30,
(dollar in millions)		2021				2020				Percentage Change				2021				2020				Percentage Change
Premiums earned, net:
Managed Care:
Medicare		$	408.4			$	372.4				9.7	%		$	810.7			$	760.2				6.6	%
Medicaid			291.8				221.1				32.0	%			614.5				442.0				39.0	%
Commercial			209.6				195.8				7.0	%			416.6				396.9				5.0	%
Total Managed Care			909.8				789.3				15.3	%			1,841.8				1,599.1				15.2	%
Life Insurance			54.0				48.1				12.3	%			106.5				94.8				12.3	%
Property and Casualty			25.3				22.4				12.9	%			50.6				43.0				17.7	%
Other			(1.2	)			(1.3	)			7.7	%			(2.6	)			(2.5	)			(4.0	%)
Consolidated premiums earned, net		$	987.9			$	858.5				15.1	%		$	1,996.3			$	1,734.4				15.1	%
Operating revenues (losses): 1
Managed Care		$	918.7			$	797.4				15.2	%		$	1,858.8			$	1,615.5				15.1	%
Life Insurance			60.7				54.9				10.6	%			119.6				108.5				10.2	%
Property and Casualty			27.6				24.7				11.7	%			54.9				47.4				15.8	%
Other			0.4				(1.5	)			126.7	%			1.7				0.5				240.0	%
Consolidated operating revenues		$	1,007.4			$	875.5				15.1	%		$	2,035.0			$	1,771.9				14.8	%
Operating income (loss): 2
Managed Care		$	7.2			$	29.3				(75.4	%)		$	26.0			$	43.5				(40.2	%)
Life Insurance			6.4				9.5				(32.6	%)			12.2				14.5				(15.9	%)
Property and Casualty			2.0				6.7				(70.1	%)			5.8				6.5				(10.8	%)
Other			(3.5	)			(1.8	)			(94.4	%)			(6.0	)			(1.1	)			(445.5	%)
Consolidated operating income		$	12.1			$	43.7				(72.3	%)		$	38.0			$	63.4				(40.1	%)
Operating margin: 3
Managed Care			0.8	%			3.7	%			-290	bp			1.4	%			2.7	%			-130	bp
Life Insurance			10.5	%			17.3	%			-680	bp			10.2	%			13.4	%			-320	bp
Property and Casualty			7.2	%			27.1	%			-1,990	bp			10.6	%			13.7	%			-310	bp
Consolidated			1.2	%			5.0	%			-380	bp			1.9	%			3.6	%			-170	bp
Depreciation and amortization expense		$	3.6			$	3.8				(5.3	%)		$	7.1			$	7.7				(7.8	%)

		Three months ended June 30,								Six months ended June 30,
(Unaudited)		2021				2020				2021				2020
Member months enrollment:
Commercial:
Fully insured			948,839				975,212				1,905,786				1,953,554
Self-insured			298,854				327,030				594,691				657,262
Total Commercial			1,247,693				1,302,242				2,500,477				2,610,816
Medicare Advantage			409,012				405,203				817,793				813,110
Medicaid			1,332,994				1,077,456				2,629,183				2,145,472
Total member months			2,989,699				2,784,901				5,947,453				5,569,398
Claim liabilities (in millions)										$	544.6			$	349.1
Days claim payable											61				49
Premium PMPM:
Managed Care		$	338.11			$	321.13			$	344.08			$	325.54
Medicare Advantage			998.50				919.05				991.33				934.93
Medicaid			218.91				205.21				233.72				206.02
Commercial			220.90				200.78				218.60				203.17
Medical loss ratio:			88.4	%			79.4	%			87.7	%			81.6	%
Medicare Advantage			85.5	%			77.2	%			86.4	%			80.0	%
Medicaid			94.3	%			93.7	%			90.7	%			92.0	%
Commercial			85.6	%			67.5	%			85.9	%			73.0	%
Adjusted medical loss ratio: 1			89.7	%			77.9	%			89.1	%			81.1	%
Medicare Advantage			88.0	%			76.0	%			88.3	%			78.8	%
Medicaid			94.2	%			90.3	%			92.6	%			92.7	%
Commercial			86.8	%			67.4	%			85.8	%			72.7	%
Operating expense ratio:
Consolidated			15.3	%			20.7	%			15.1	%			19.6	%
Managed Care			11.8	%			17.8	%			11.8	%			16.6	%

		As of June 30,
		2021				2020
Members:
Commercial:
Fully insured			316,202				324,489
Self-insured			102,212				108,982
Total Commercial			418,414				433,471
Medicare Advantage			136,490				134,601
Medicaid			445,881				364,157
Total members			1,000,785				932,229

		Adjusted Net Income
(Unaudited)		Three months ended June 30,								Six months ended June 30,
(dollar in millions)		2021				2020				2021				2020
Net income		$	23.6			$	43.6			$	46.9			$	17.4
Less adjustments:
Net realized investment gains (losses)			2.5				(0.2	)			2.7				(0.7	)
Unrealized gains (losses) on equity investments			12.7				28.3				21.3				(28.5	)
Contingency accrual			-				(32.0	)			-				(32.0	)
Private equity investment income			1.4				0.4				2.4				3.6
Tax impact of non-GAAP adjustments			(3.5	)			6.2				(5.6	)			16.5
Adjusted net income		$	10.5			$	40.9			$	26.1			$	58.5
Diluted adjusted net income per share		$	0.44			$	1.76			$	1.11			$	2.50