Triple-S Management Corp. reports $8.2M in 3Q21 net income

Healthcare services company Triple-S Management Corp. announced net income of $8.2 million, or $0.35 per diluted share, for the third quarter ended Sept. 30, compared with $23.6 million, or $1.02 per diluted share, in the prior year period.

Adjusted net income stood at $9.6 million, or $0.41 per diluted share, during the most current quarter, versus $14.2 million, or $0.61 per diluted share, in the period in 2020.

Operating revenue was $1 billion during the third quarter, reflecting a 10.8% increase from the prior-year period, primarily attributable to higher managed care net premiums earned, the company stated.

“We had a solid third quarter performance as we continued to record double-digit revenue growth year-over-year, driven by our Medicaid offering along with solid growth at our Life and P&C segments,” said Triple-S CEO Roberto García-Rodríguez. 

“Moving forward, we continue to progress in our integrated healthcare strategy, enabling us to deliver additional attractive products, along with the high-quality care and superior service to which our members have become accustomed,” he said.

Consolidated operating income was $11.5 million for the third quarter of 2021, compared with $22.3 million in the prior-year period.

Managed Care premiums earned were $939.7 million, up 10.6% year-over-year, the company reported. That figure is broken down in to $423.1 million in Medicare premiums, Medicaid premiums earned were $302.2 million, and Commercial premiums earned at $214.4 million.

The company’s life insurance segment reported net premiums earned of $55.1 million, a 10.0% increase from the prior-year period, resulting from higher sales across all lines of business, particularly in the individual life and cancer lines of business.

Operating income was $5.6 million, compared to $5.7 million in the prior-year period.

Its Property and Casualty segment reflected net premiums earned of $26.3 million, an increase of 10.0% from the prior-year period. The increase was primarily due to higher premiums in personal package, commercial liability, commercial auto, and commercial property products, partially offset by a decrease in commercial package products.

Operating income was $2 million, compared with $4.4 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, it confirmed.

As of Sept. 30, 2021, the company had cash and cash equivalents of $122.7 million and investments of $1.9 billion on its consolidated balance sheet.