Investment, derivatives gains lift Q3 net income at Triple-S

Puerto Rico's Triple-S Management Corporation (NYSE: GTS) reported third quarter net income of US$18.1mn compared to US$9.5mn in 3Q08, the company said in its latest earnings release. Net income for the quarter was boosted by an after-tax net gain of US$6.3mn in net realized and unrealized gains on investments and derivatives. Total consolidated operating revenues increased 10.7% to US$500mn in the three months compared to 3Q08. Consolidated claims incurred and operating expenses were US$485mn in Q3, up 13% on the year ago period. The company's consolidated loss ratio for the quarter was 86.6% and the medical loss ratio 90.3%. In addition, consolidated operating expense ratio rose 10 basis points to 14.6%. 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 and also the biggest life insurer, and one of the largest P&C players.