Puerto Rico | 66-0555678 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
1441 F.D. Roosevelt Avenue | ||
San Juan, Puerto Rico | 00920 | |
(Address of principal executive offices) | (Zip code) |
(787) 749-4949 |
(Registrant’s telephone number, including area code) |
Not applicable |
(Former name, former address and former fiscal year, if changed since last report) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock Class B, $1.00 par value | GTS | New York Stock Exchange (NYSE) |
Large accelerated filer ☑ | Accelerated filer ☐ |
Non-accelerated filer ☐ | Smaller reporting company ☐ |
Emerging growth company ☐ |
Title of each class | Outstanding at |
Common Stock Class B, $1.00 par value |
3 | |
34 | |
34 | |
34 | |
35 | |
38 | |
38 | |
39 | |
41 | |
44 | |
45 | |
46 | |
48 | |
49 | |
49 | |
49 | |
51 | |
51 | |
51 | |
51 | |
52 | |
53 |
June 30, 2020 | December 31, 2019 | September 30, 2020 | December 31, 2019 | |||||||||||||
Assets | ||||||||||||||||
Investments and cash: | ||||||||||||||||
Fixed maturities available for sale, at fair value | $ | 1,292,751 | $ | 1,242,883 | $ | 1,362,000 | $ | 1,242,883 | ||||||||
Fixed maturities held to maturity, at amortized cost | 1,860 | 1,860 | 1,867 | 1,860 | ||||||||||||
Equity investments, at fair value | 344,604 | 287,525 | 389,078 | 287,525 | ||||||||||||
Other invested assets, at net asset value | 105,525 | 100,508 | 110,765 | 100,508 | ||||||||||||
Policy loans | 10,958 | 10,861 | 10,621 | 10,861 | ||||||||||||
Cash and cash equivalents | 141,071 | 109,837 | 129,603 | 109,837 | ||||||||||||
Total investments and cash | 1,896,769 | 1,753,474 | 2,003,934 | 1,753,474 | ||||||||||||
Premiums and other receivables, net | 547,209 | 567,692 | 546,959 | 567,692 | ||||||||||||
Deferred policy acquisition costs and value of business acquired | 238,636 | 234,885 | 243,663 | 234,885 | ||||||||||||
Property and equipment, net | 126,685 | 88,588 | 130,220 | 88,588 | ||||||||||||
Deferred tax asset | 76,010 | 77,294 | 68,637 | 77,294 | ||||||||||||
Goodwill | 28,614 | 28,599 | 28,614 | 28,599 | ||||||||||||
Other assets | 107,507 | 68,294 | 98,260 | 68,294 | ||||||||||||
Total assets | $ | 3,021,430 | $ | 2,818,826 | $ | 3,120,287 | $ | 2,818,826 | ||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||
Liabilities and Stockholders' Equity | ||||||||||||||||
Claim liabilities | $ | 725,214 | $ | 709,258 | $ | 786,920 | $ | 709,258 | ||||||||
Liability for future policy benefits | 396,205 | 386,017 | 408,116 | 386,017 | ||||||||||||
Unearned premiums | 89,456 | 93,301 | 95,608 | 93,301 | ||||||||||||
Policyholder deposits | 200,499 | 189,120 | 202,663 | 189,120 | ||||||||||||
Liability to Federal Employees’ Health Benefits and Federal Employees’ Programs | 59,184 | 47,781 | ||||||||||||||
Liability to Federal Employees' Health Benefits and Federal Employees' Programs | 57,874 | 47,781 | ||||||||||||||
Accounts payable and accrued liabilities | 456,607 | 325,761 | 387,465 | 325,761 | ||||||||||||
Deferred tax liability | 10,999 | 10,257 | 12,254 | 10,257 | ||||||||||||
Short-term borrowings | 15,000 | 54,000 | 82,500 | 54,000 | ||||||||||||
Long-term borrowings | 54,940 | 25,694 | 53,836 | 25,694 | ||||||||||||
Liability for pension benefits | 33,791 | 34,465 | 23,364 | 34,465 | ||||||||||||
Total liabilities | 2,041,895 | 1,875,654 | 2,110,600 | 1,875,654 | ||||||||||||
Stockholders’ equity: | ||||||||||||||||
Triple-S Management Corporation stockholders’ equity | ||||||||||||||||
Common stock Class B, $1 par value. Authorized 100,000,000 shares; issued and outstanding 23,437,565 and 23,799,633 shares at June 30, 2020 and December 31, 2019, respectively | 23,438 | 23,800 | ||||||||||||||
Triple-S Management Corporation stockholders' equity | ||||||||||||||||
Common stock Class B, $1 par value. Authorized 100,000,000 shares; issued and outstanding 23,430,222 and 23,799,633 shares at September 30, 2020 and December 31, 2019, respectively | 23,430 | 23,800 | ||||||||||||||
Additional paid-in capital | 52,372 | 60,504 | 53,964 | 60,504 | ||||||||||||
Retained earnings | 847,486 | 830,198 | 871,067 | 830,198 | ||||||||||||
Accumulated other comprehensive income | 56,949 | 29,363 | 61,939 | 29,363 | ||||||||||||
Total Triple-S Management Corporation stockholders’ equity | 980,245 | 943,865 | ||||||||||||||
Total Triple-S Management Corporation stockholders' equity | 1,010,400 | 943,865 | ||||||||||||||
Non-controlling interest in consolidated subsidiary | (710 | ) | (693 | ) | (713 | ) | (693 | ) | ||||||||
Total stockholders’ equity | 979,535 | 943,172 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 3,021,430 | $ | 2,818,826 | ||||||||||||
Total stockholders' equity | 1,009,687 | 943,172 | ||||||||||||||
Total liabilities and stockholders' equity | $ | 3,120,287 | $ | 2,818,826 |
Three months ended June 30, | Six months ended June 30, | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||
Premiums earned, net | $ | 858,535 | $ | 859,493 | $ | 1,734,432 | $ | 1,627,495 | $ | 922,934 | $ | 815,021 | $ | 2,657,366 | $ | 2,442,516 | ||||||||||||||||
Administrative service fees | 2,809 | 2,456 | 5,003 | 5,088 | 3,752 | 2,607 | 8,755 | 7,695 | ||||||||||||||||||||||||
Net investment income | 13,815 | 15,062 | 28,126 | 30,438 | 14,168 | 15,176 | 42,294 | 45,614 | ||||||||||||||||||||||||
Other operating revenues | 303 | 1,591 | 4,342 | 3,168 | 2,052 | 3,167 | 6,394 | 6,335 | ||||||||||||||||||||||||
Total operating revenues | 875,462 | 878,602 | 1,771,903 | 1,666,189 | 942,906 | 835,971 | 2,714,809 | 2,502,160 | ||||||||||||||||||||||||
Net realized investment (losses) gains | (221 | ) | 2,364 | (687 | ) | 3,679 | ||||||||||||||||||||||||||
Net realized investment gains (losses) | 507 | 1,087 | (180 | ) | 4,766 | |||||||||||||||||||||||||||
Net unrealized investment gains (losses) on equity investments | 28,338 | 3,323 | (28,468 | ) | 22,992 | 11,040 | 1,267 | (17,428 | ) | 24,259 | ||||||||||||||||||||||
Other income, net | 801 | 1,705 | 4,406 | 2,874 | 1,811 | 485 | 6,217 | 3,359 | ||||||||||||||||||||||||
Total revenues | 904,380 | 885,994 | 1,747,154 | 1,695,734 | 956,264 | 838,810 | 2,703,418 | 2,534,544 | ||||||||||||||||||||||||
Benefits and expenses: | ||||||||||||||||||||||||||||||||
Claims incurred | 653,087 | 706,304 | 1,367,609 | 1,329,494 | 761,792 | 680,010 | 2,129,401 | 2,009,504 | ||||||||||||||||||||||||
Operating expenses | 178,659 | 134,084 | 340,860 | 266,747 | 158,809 | 136,882 | 499,669 | 403,629 | ||||||||||||||||||||||||
Total operating costs | 831,746 | 840,388 | 1,708,469 | 1,596,241 | 920,601 | 816,892 | 2,629,070 | 2,413,133 | ||||||||||||||||||||||||
Interest expense | 1,864 | 1,831 | 3,717 | 3,619 | 2,096 | 2,062 | 5,813 | 5,681 | ||||||||||||||||||||||||
Total benefits and expenses | 833,610 | 842,219 | 1,712,186 | 1,599,860 | 922,697 | 818,954 | 2,634,883 | 2,418,814 | ||||||||||||||||||||||||
Income before taxes | 70,770 | 43,775 | 34,968 | 95,874 | 33,567 | 19,856 | 68,535 | 115,730 | ||||||||||||||||||||||||
Income tax expense | 27,181 | 12,849 | 17,531 | 30,165 | 9,989 | 5,910 | 27,520 | 36,075 | ||||||||||||||||||||||||
Net income | 43,589 | 30,926 | 17,437 | 65,709 | 23,578 | 13,946 | 41,015 | 79,655 | ||||||||||||||||||||||||
Net loss attributable to non-controlling interest | (10 | ) | (5 | ) | (17 | ) | (8 | ) | (3 | ) | (2 | ) | (20 | ) | (10 | ) | ||||||||||||||||
Net income attributable to Triple-S Management Corporation | $ | 43,599 | $ | 30,931 | $ | 17,454 | $ | 65,717 | $ | 23,581 | $ | 13,948 | $ | 41,035 | $ | 79,665 | ||||||||||||||||
Earnings per share attributable to Triple-S Management Corporation | ||||||||||||||||||||||||||||||||
Basic net income per share | $ | 1.88 | $ | 1.35 | $ | 0.75 | $ | 2.88 | $ | 1.02 | $ | 0.59 | $ | 1.77 | $ | 3.44 | ||||||||||||||||
Diluted net income per share | $ | 1.87 | $ | 1.35 | $ | 0.75 | $ | 2.87 | $ | 1.02 | $ | 0.58 | $ | 1.76 | $ | 3.43 |
Three months ended June 30, | Six months ended June 30, | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||
Net income | $43,589 | $30,926 | $17,437 | $65,709 | $ | 23,578 | $ | 13,946 | $ | 41,015 | $ | 79,655 | ||||||||
Other comprehensive income, net of tax: | ||||||||||||||||||||
Net unrealized change in fair value of available for sale securities, net of taxes | 11,401 | 14,929 | 27,280 | 28,370 | 4,743 | 9,290 | 32,023 | 37,660 | ||||||||||||
Defined benefit pension plan: | ||||||||||||||||||||
Actuarial loss, net | 153 | 56 | 306 | 112 | 247 | 61 | 553 | 173 | ||||||||||||
Total other comprehensive income, net of tax | 11,554 | 14,985 | 27,586 | 28,482 | 4,990 | 9,351 | 32,576 | 37,833 | ||||||||||||
Comprehensive income | 55,143 | 45,911 | 45,023 | 94,191 | 28,568 | 23,297 | 73,591 | 117,488 | ||||||||||||
Comprehensive loss attributable to non-controlling interest | (10) | (5) | (17) | (8) | (3 | ) | (2 | ) | (20 | ) | (10 | ) | ||||||||
Comprehensive income attributable to Triple-S Management Corporation | $55,153 | $45,916 | $45,040 | $94,199 | $ | 28,571 | $ | 23,299 | $ | 73,611 | $ | 117,498 |
Class A Common Stock | Class B Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income | Triple-S Management Corporation Stockholders’ Equity | Non-controlling Interest in Consolidated Subsidiary | Total Stockholders’ Equity | |||||||||||||||||||||||||
Balance, December 31, 2019 | $ | - | $ | 23,800 | $ | 60,504 | $ | 830,198 | $ | 29,363 | $ | 943,865 | $ | (693 | ) | $ | 943,172 | |||||||||||||||
Share-based compensation | - | 590 | 1,769 | - | - | 2,359 | - | 2,359 | ||||||||||||||||||||||||
Repurchase and retirement of common stock | - | (584 | ) | (8,511 | ) | - | - | (9,095 | ) | - | (9,095 | ) | ||||||||||||||||||||
Comprehensive (loss) income | - | - | - | (26,145 | ) | 16,032 | (10,113 | ) | (7 | ) | (10,120 | ) | ||||||||||||||||||||
Cummulative effect adjustment due to implementation of ASU 2016-13 | - | - | - | (166 | ) | - | (166 | ) | - | (166 | ) | |||||||||||||||||||||
Balance, March 31, 2020 | $ | - | $ | 23,806 | $ | 53,762 | $ | 803,887 | $ | 45,395 | $ | 926,850 | $ | (700 | ) | $ | 926,150 | |||||||||||||||
Share-based compensation | - | 7 | 4,228 | - | - | 4,235 | - | 4,235 | ||||||||||||||||||||||||
Repurchase and retirement of common stock | - | (375 | ) | (5,618 | ) | - | - | (5,993 | ) | - | (5,993 | ) | ||||||||||||||||||||
Comprehensive income (loss) | - | - | - | 43,599 | 11,554 | 55,153 | (10 | ) | 55,143 | |||||||||||||||||||||||
Balance, June 30, 2020 | $ | - | $ | 23,438 | $ | 52,372 | $ | 847,486 | $ | 56,949 | $ | 980,245 | $ | (710 | ) | $ | 979,535 | |||||||||||||||
Balance, December 31, 2018 | $ | 951 | $ | 21,980 | $ | 34,021 | $ | 761,970 | $ | 3,062 | $ | 821,984 | $ | (676 | ) | $ | 821,308 | |||||||||||||||
Share-based compensation | - | 177 | 1,409 | - | - | 1,586 | - | 1,586 | ||||||||||||||||||||||||
Repurchase and retirement of common stock | - | (1 | ) | (15 | ) | - | - | (16 | ) | - | (16 | ) | ||||||||||||||||||||
Comprehensive income (loss) | - | - | - | 34,786 | 13,497 | 48,283 | (3 | ) | 48,280 | |||||||||||||||||||||||
Balance, March 31, 2019 | $ | 951 | $ | 22,156 | $ | 35,415 | $ | 796,756 | $ | 16,559 | $ | 871,837 | $ | (679 | ) | $ | 871,158 | |||||||||||||||
Share-based compensation | - | 44 | 4,276 | - | - | 4,320 | - | 4,320 | ||||||||||||||||||||||||
Comprehensive income (loss) | - | - | - | 30,931 | 14,985 | 45,916 | (5 | ) | 45,911 | |||||||||||||||||||||||
Balance, June 30, 2019 | $ | 951 | $ | 22,200 | $ | 39,691 | $ | 827,687 | $ | 31,544 | $ | 922,073 | $ | (684 | ) | $ | 921,389 |
Class A Common Stock | Class B Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income | Triple-S Management Corporation Stockholders’ Equity | Non-controlling Interest in Consolidated Subsidiary | Total Stockholders’ Equity | |||||||||||||||||||||||||
Balance, December 31, 2019 | $ | 0 | $ | 23,800 | $ | 60,504 | $ | 830,198 | $ | 29,363 | $ | 943,865 | $ | (693 | ) | $ | 943,172 | |||||||||||||||
Share-based compensation | 0 | 590 | 1,769 | 0 | 0 | 2,359 | 0 | 2,359 | ||||||||||||||||||||||||
Repurchase and retirement of common stock | 0 | (584 | ) | (8,511 | ) | 0 | 0 | (9,095 | ) | 0 | (9,095 | ) | ||||||||||||||||||||
Comprehensive (loss) income | 0 | 0 | 0 | (26,145 | ) | 16,032 | (10,113 | ) | (7 | ) | (10,120 | ) | ||||||||||||||||||||
Cummulative effect adjustment due to implementation of ASU 2016-13 | 0 | 0 | 0 | (166 | ) | 0 | (166 | ) | 0 | (166 | ) | |||||||||||||||||||||
Balance, March 31, 2020 | $ | 0 | $ | 23,806 | $ | 53,762 | $ | 803,887 | $ | 45,395 | $ | 926,850 | $ | (700 | ) | $ | 926,150 | |||||||||||||||
Share-based compensation | 0 | 7 | 4,228 | 0 | 0 | 4,235 | 0 | 4,235 | ||||||||||||||||||||||||
Repurchase and retirement of common stock | 0 | (375 | ) | (5,618 | ) | 0 | 0 | (5,993 | ) | 0 | (5,993 | ) | ||||||||||||||||||||
Comprehensive income (loss) | 0 | 0 | 0 | 43,599 | 11,554 | 55,153 | (10 | ) | 55,143 | |||||||||||||||||||||||
Balance, June 30, 2020 | $ | 0 | $ | 23,438 | $ | 52,372 | $ | 847,486 | $ | 56,949 | $ | 980,245 | $ | (710 | ) | $ | 979,535 | |||||||||||||||
Share-based compensation | 0 | 7 | 1,842 | 0 | 0 | 1,849 | 0 | 1,849 | ||||||||||||||||||||||||
Repurchase and retirement of common stock | 0 | (15 | ) | (250 | ) | 0 | 0 | (265 | ) | 0 | (265 | ) | ||||||||||||||||||||
Comprehensive income (loss) | 0 | 0 | 0 | 23,581 | 4,990 | 28,571 | (3 | ) | 28,568 | |||||||||||||||||||||||
Balance, September 30, 2020 | $ | 0 | $ | 23,430 | $ | 53,964 | $ | 871,067 | $ | 61,939 | $ | 1,010,400 | $ | (713 | ) | $ | 1,009,687 | |||||||||||||||
Balance, December 31, 2018 | $ | 951 | $ | 21,980 | $ | 34,021 | $ | 761,970 | $ | 3,062 | $ | 821,984 | $ | (676 | ) | $ | 821,308 | |||||||||||||||
Share-based compensation | 0 | 177 | 1,409 | 0 | 0 | 1,586 | 0 | 1,586 | ||||||||||||||||||||||||
Repurchase and retirement of common stock | 0 | (1 | ) | (15 | ) | 0 | 0 | (16 | ) | 0 | (16 | ) | ||||||||||||||||||||
Comprehensive income (loss) | 0 | 0 | 0 | 34,786 | 13,497 | 48,283 | (3 | ) | 48,280 | |||||||||||||||||||||||
Balance, March 31, 2019 | $ | 951 | $ | 22,156 | $ | 35,415 | $ | 796,756 | $ | 16,559 | $ | 871,837 | $ | (679 | ) | $ | 871,158 | |||||||||||||||
Share-based compensation | 0 | 44 | 4,276 | 0 | 0 | 4,320 | 0 | 4,320 | ||||||||||||||||||||||||
Comprehensive income (loss) | 0 | 0 | 0 | 30,931 | 14,985 | 45,916 | (5 | ) | 45,911 | |||||||||||||||||||||||
Balance, June 30, 2019 | $ | 951 | $ | 22,200 | $ | 39,691 | $ | 827,687 | $ | 31,544 | $ | 922,073 | $ | (684 | ) | $ | 921,389 | |||||||||||||||
Share-based compensation | 0 | 1 | 2,816 | 0 | 0 | 2,817 | 0 | 2,817 | ||||||||||||||||||||||||
Issuance of Common Stock | 48 | 0 | 1,151 | 0 | 0 | 1,199 | 0 | 1,199 | ||||||||||||||||||||||||
Stock dividend | 0 | 1,133 | 23,522 | (24,655 | ) | 0 | 0 | 0 | 0 | |||||||||||||||||||||||
Dividend | 0 | 0 | 0 | (11 | ) | 0 | (11 | ) | 0 | (11 | ) | |||||||||||||||||||||
Common Stock Class A conversion to Class B | (999 | ) | 999 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||
Comprehensive income (loss) | 0 | 0 | 0 | 13,948 | 9,351 | 23,299 | (2 | ) | 23,297 | |||||||||||||||||||||||
Balance, September 30, 2019 | $ | 0 | $ | 24,333 | $ | 67,180 | $ | 816,969 | $ | 40,895 | $ | 949,377 | $ | (686 | ) | $ | 948,691 |
Six months ended June 30, | Nine months ended September 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income | $ | 17,437 | $ | 65,709 | $ | 41,015 | $ | 79,655 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||
Depreciation and amortization | 7,744 | 7,045 | 10,855 | 10,729 | ||||||||||||
Net amortization of investments | 1,270 | 847 | 2,151 | 1,484 | ||||||||||||
Additions to the allowance for doubtful receivables | 5,658 | 246 | ||||||||||||||
Deferred tax (benefit) expense | (4,976 | ) | 16,592 | |||||||||||||
Provision for doubtful receivables | 2,229 | 2,476 | ||||||||||||||
Deferred tax expense | 2,277 | 14,570 | ||||||||||||||
Net realized investment losses (gains) on sale of securities | 687 | (3,679 | ) | 180 | (4,766 | ) | ||||||||||
Net unrealized losses (gains) on equity investments | 28,468 | (22,992 | ) | 17,428 | (24,259 | ) | ||||||||||
Interest credited to policyholder deposits | 3,160 | 2,811 | 4,788 | 4,414 | ||||||||||||
Share-based compensation | 6,594 | 5,907 | 8,443 | 8,723 | ||||||||||||
Loss on disposition of property and equipment | 154 | - | ||||||||||||||
Gain on sale of property and equipment | 154 | 0 | ||||||||||||||
Decrease (increase) in assets: | ||||||||||||||||
Premium and other receivables, net | 22,359 | 18,674 | 26,038 | 17,663 | ||||||||||||
Deferred policy acquisition costs and value of business acquired | (5,588 | ) | (12,475 | ) | (10,827 | ) | (20,004 | ) | ||||||||
Deferred taxes | (91 | ) | 69 | (109 | ) | 114 | ||||||||||
Other assets | (35,348 | ) | (4,767 | ) | (29,831 | ) | (12,428 | ) | ||||||||
Increase (decrease) in liabilities: | ||||||||||||||||
Claim liabilities | 15,956 | (71,362 | ) | 77,662 | (134,798 | ) | ||||||||||
Liability for future policy benefits | 10,188 | �� | 13,164 | 22,099 | 19,769 | |||||||||||
Unearned premiums | (3,845 | ) | (521 | ) | 2,307 | 5,291 | ||||||||||
Liability to Federal Employees’ Health Benefits and Federal Employees’ Programs | 11,403 | 4,239 | ||||||||||||||
Liability to Federal Employees' Health Benefits and Federal Employees' Programs | 10,093 | 21 | ||||||||||||||
Accounts payable and accrued liabilities | 89,052 | 6,798 | 36,729 | 27,891 | ||||||||||||
Net cash provided by operating activities | 170,282 | 26,305 | ||||||||||||||
Net cash provided by (used in) operating activities | 223,681 | (3,455 | ) |
Six months ended June 30, | ||||||||
2020 | 2019 | |||||||
Cash flows from investing activities: | ||||||||
Proceeds from investments sold or matured: | ||||||||
Securities available for sale: | ||||||||
Fixed maturities sold | $ | 66,316 | $ | 315,495 | ||||
Fixed maturities matured/called | 18,752 | 14,420 | ||||||
Securities held to maturity: | ||||||||
Fixed maturities matured/called | 339 | 1,178 | ||||||
Equity investments sold | 72,775 | 70,054 | ||||||
Other invested assets sold | 11,814 | 2,096 | ||||||
Acquisition of investments: | ||||||||
Securities available for sale: | ||||||||
Fixed maturities | (91,930 | ) | (291,533 | ) | ||||
Securities held to maturity: | ||||||||
Fixed maturities | (340 | ) | (539 | ) | ||||
Equity investments | (160,104 | ) | (67,560 | ) | ||||
Other invested assets | (20,799 | ) | (15,424 | ) | ||||
Increase in other investments | (2,400 | ) | (2,692 | ) | ||||
Net change in policy loans | (97 | ) | (771 | ) | ||||
Net capital expenditures | (45,927 | ) | (10,659 | ) | ||||
Capital contribution on equity method investees | (4,933 | ) | - | |||||
Net cash (used in) provided by investing activities | (156,534 | ) | 14,065 | |||||
Cash flows from financing activities: | ||||||||
Change in outstanding checks in excess of bank balances | 34,024 | 13,189 | ||||||
Repayments of short-term borrowings | (39,000 | ) | - | |||||
Proceeds from long-term borrowings | 30,841 | - | ||||||
Repayments of long-term borrowings | (1,618 | ) | (1,613 | ) | ||||
Repurchase and retirement of common stock | (14,982 | ) | (1 | ) | ||||
Proceeds from policyholder deposits | 16,421 | 8,204 | ||||||
Surrenders of policyholder deposits | (8,200 | ) | (11,421 | ) | ||||
Net cash provided by financing activities | 17,486 | 8,358 | ||||||
Net increase in cash and cash equivalents | 31,234 | 48,728 | ||||||
Cash and cash equivalents: | ||||||||
Beginning of period | 109,837 | 117,544 | ||||||
End of period | $ | 141,071 | $ | 166,272 |
Nine months ended September 30, | ||||||||
2020 | 2019 | |||||||
Cash flows from investing activities: | ||||||||
Proceeds from investments sold or matured: | ||||||||
Securities available for sale: | ||||||||
Fixed maturities sold | $ | 94,557 | $ | 365,383 | ||||
Fixed maturities matured/called | 37,450 | 19,017 | ||||||
Securities held to maturity: | ||||||||
Fixed maturities matured/called | 1,079 | 1,378 | ||||||
Equity investments sold | 80,152 | 126,134 | ||||||
Other invested assets sold | 13,231 | 3,379 | ||||||
Acquisition of investments: | ||||||||
Securities available for sale: | ||||||||
Fixed maturities | (206,387 | ) | (397,956 | ) | ||||
Securities held to maturity: | ||||||||
Fixed maturities | (1,087 | ) | (748 | ) | ||||
Equity investments | (201,324 | ) | (88,945 | ) | ||||
Other invested assets | (25,442 | ) | (24,233 | ) | ||||
Increase in other investments | (3,924 | ) | (2,710 | ) | ||||
Net change in policy loans | 240 | (1,097 | ) | |||||
Net capital expenditures | (52,549 | ) | (14,746 | ) | ||||
Capital contribution on equity method investees | (7,083 | ) | 0 | |||||
Net cash used in investing activities | (271,087 | ) | (15,144 | ) | ||||
Cash flows from financing activities: | ||||||||
Change in outstanding checks in excess of bank balances | 16,814 | 3,808 | ||||||
Net change in short-term borrowings | 28,500 | 0 | ||||||
Proceeds from long-term borrowings | 30,841 | 0 | ||||||
Repayments of long-term borrowings | (2,760 | ) | (2,425 | ) | ||||
Repurchase and retirement of common stock | (14,980 | ) | (1 | ) | ||||
Proceeds from policyholder deposits | 21,586 | 15,060 | ||||||
Surrenders of policyholder deposits | (12,829 | ) | (16,455 | ) | ||||
Net cash provided by (used in) financing activities | 67,172 | (13 | ) | |||||
Net increase (decrease) in cash and cash equivalents | 19,766 | (18,612 | ) | |||||
Cash and cash equivalents: | ||||||||
Beginning of period | 109,837 | 117,544 | ||||||
End of period | $ | 129,603 | $ | 98,932 |
Triple-S Management Corporation Notes to Condensed Consolidated Interim Financial Statements (dollar amounts in thousands, except per share data) (Unaudited) |
(1) | Basis of Presentation |
(2) | Significant Accounting Policies |
Triple-S Management Corporation Notes to Condensed Consolidated Interim Financial Statements (dollar amounts in thousands, except per share data) (Unaudited) |
Triple-S Management Corporation Notes to Condensed Consolidated Interim Financial Statements (dollar amounts in thousands, except per share data) (Unaudited) |
Triple-S Management Corporation Notes to Condensed Consolidated Interim Financial Statements (dollar amounts in thousands, except per share data) (Unaudited) |
Triple-S Management Corporation Notes to Condensed Consolidated Interim Financial Statements (dollar amounts in thousands, except per share data) (Unaudited) |
(3) | Investment in Securities |
June 30, 2020 | September 30, 2020 | |||||||||||||||||||||||||||||||
Amortized cost | Gross unrealized gains | Gross unrealized losses | Estimated fair value | Amortized cost | Gross unrealized gains | Gross unrealized losses | Estimated fair value | |||||||||||||||||||||||||
Fixed maturities available for sale | ||||||||||||||||||||||||||||||||
Obligations of government- sponsored enterprises | $ | 17,198 | $ | 834 | $ | - | $ | 18,032 | $ | 36,762 | $ | 784 | $ | (29 | ) | $ | 37,517 | |||||||||||||||
U.S. Treasury securities and obligations of U.S. government instrumentalities | 102,649 | 9,318 | - | 111,967 | 103,483 | 8,747 | 0 | 112,230 | ||||||||||||||||||||||||
Municipal securities | 592,541 | 51,941 | - | 644,482 | 628,689 | 56,009 | (126 | ) | 684,572 | |||||||||||||||||||||||
Corporate bonds | 195,227 | 31,534 | - | 226,761 | 195,293 | 31,863 | 0 | 227,156 | ||||||||||||||||||||||||
Residential mortgage-backed securities | 267,075 | 15,965 | (263 | ) | 282,777 | 263,715 | 17,230 | (376 | ) | 280,569 | ||||||||||||||||||||||
Collateralized mortgage obligations | 7,983 | 749 | - | 8,732 | 19,275 | 726 | (45 | ) | 19,956 | |||||||||||||||||||||||
Total fixed maturities available for sale | $ | 1,182,673 | $ | 110,341 | $ | (263 | ) | $ | 1,292,751 | $ | 1,247,217 | $ | 115,359 | $ | (576 | ) | $ | 1,362,000 |
December 31, 2019 | December 31, 2019 | |||||||||||||||||||||||||||||||
Amortized cost | Gross Unrealized gains | Gross Unrealized losses | Estimated fair value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||||||||||
Fixed maturities available for sale | ||||||||||||||||||||||||||||||||
Obligations of government- sponsored enterprises | $ | 17,209 | $ | 477 | $ | - | $ | 17,686 | $ | 17,209 | $ | 477 | $ | 0 | $ | 17,686 | ||||||||||||||||
U.S. Treasury securities and obligations of U.S. government instrumentalities | 102,230 | 4,779 | - | 107,009 | 102,230 | 4,779 | 0 | 107,009 | ||||||||||||||||||||||||
Municipal securities | 595,051 | 34,735 | (22 | ) | 629,764 | 595,051 | 34,735 | (22 | ) | 629,764 | ||||||||||||||||||||||
Corporate bonds | 187,096 | 21,721 | (74 | ) | 208,743 | 187,096 | 21,721 | (74 | ) | 208,743 | ||||||||||||||||||||||
Residential mortgage-backed securities | 262,783 | 8,073 | (320 | ) | 270,536 | 262,783 | 8,073 | (320 | ) | 270,536 | ||||||||||||||||||||||
Collateralized mortgage obligations | 8,674 | 471 | - | 9,145 | 8,674 | 471 | 0 | 9,145 | ||||||||||||||||||||||||
Total fixed maturities available for sale | $ | 1,173,043 | $ | 70,256 | $ | (416 | ) | $ | 1,242,883 | $ | 1,173,043 | $ | 70,256 | $ | (416 | ) | $ | 1,242,883 |
Triple-S Management Corporation Notes to Condensed Consolidated Interim Financial Statements (dollar amounts in thousands, except per share data) (Unaudited) |
June 30, 2020 | September 30, 2020 | |||||||||||||||||||||||||||||||
Amortized cost | Gross unrealized gains | Gross unrealized losses | Estimated fair value | Amortized cost | Gross unrealized gains | Gross unrealized losses | Estimated fair value | |||||||||||||||||||||||||
Fixed maturities held to maturity | ||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government instrumentalities | $ | 615 | $ | 223 | $ | - | $ | 838 | $ | 614 | $ | 217 | $ | 0 | $ | 831 | ||||||||||||||||
Residential mortgage-backed securities | 165 | 6 | - | 171 | 165 | 6 | 0 | 171 | ||||||||||||||||||||||||
Certificates of deposit | 1,080 | - | - | 1,080 | 1,088 | 0 | 0 | 1,088 | ||||||||||||||||||||||||
Total | $ | 1,860 | $ | 229 | $ | - | $ | 2,089 | $ | 1,867 | $ | 223 | $ | 0 | $ | 2,090 |
December 31, 2019 | December 31, 2019 | |||||||||||||||||||||||||||||||
Amortized cost | Gross unrealized gains | Gross unrealized losses | Estimated fair value | Amortized cost | Gross unrealized gains | Gross unrealized losses | Estimated fair value | |||||||||||||||||||||||||
Fixed maturities held to maturity | ||||||||||||||||||||||||||||||||
Securities held to maturity | ||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government instrumentalities | $ | 615 | $ | 158 | $ | - | $ | 773 | $ | 615 | $ | 158 | $ | 0 | $ | 773 | ||||||||||||||||
Residential mortgage-backed securities | 165 | 1 | - | 166 | 165 | 1 | 0 | 166 | ||||||||||||||||||||||||
Certificates of deposit | 1,080 | - | - | 1,080 | 1,080 | 0 | 0 | 1,080 | ||||||||||||||||||||||||
Total | $ | 1,860 | $ | 159 | $ | - | $ | 2,019 | $ | 1,860 | $ | 159 | $ | 0 | $ | 2,019 |
June 30, 2020 | ||||||||||||||||
Amortized cost | Gross unrealized gains | Gross unrealized losses | Estimated fair value | |||||||||||||
Other invested assets - Alternative investments | $ | 106,790 | $ | 2,082 | $ | (3,347 | ) | $ | 105,525 |
September 30, 2020 | ||||||||||||||||
Amortized cost | Gross unrealized gains | Gross unrealized losses | Estimated fair value | |||||||||||||
Other invested assets - Alternative investments | $ | 110,532 | $ | 3,795 | $ | (3,562 | ) | $ | 110,765 |
December 31, 2019 | ||||||||||||||||
Amortized cost | Gross unrealized gains | Gross unrealized losses | Estimated fair value | |||||||||||||
Other invested assets - Alternative investments | $ | 97,575 | $ | 3,721 | $ | (788 | ) | $ | 100,508 |
Triple-S Management Corporation Notes to Condensed Consolidated Interim Financial Statements (dollar amounts in thousands, except per share data) (Unaudited) |
June 30, 2020 | September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Fair Value | Gross Unrealized Loss | Number of Securities | Estimated Fair Value | Gross Unrealized Loss | Number of Securities | Estimated Fair Value | Gross Unrealized Loss | Number of Securities | Estimated Fair Value | Gross Unrealized Loss | Number of Securities | Estimated Fair Value | Gross Unrealized Loss | Number of Securities | Estimated Fair Value | Gross Unrealized Loss | Number of Securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities available for sale | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of government-sponsored enterprises | $ | 9,511 | $ | (29 | ) | 1 | $ | 0 | $ | 0 | 0 | $ | 9,511 | $ | (29 | ) | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal securities | 21,832 | (126 | ) | 4 | 0 | 0 | 0 | 21,832 | (126 | ) | 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | $ | 9,137 | $ | (263 | ) | 3 | $ | - | $ | - | - | $ | 9,137 | $ | (263 | ) | 3 | 22,551 | (376 | ) | 8 | 0 | 0 | 0 | 22,551 | (376 | ) | 8 | ||||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | 8,847 | (45 | ) | 2 | 0 | 0 | 0 | 8,847 | (45 | ) | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturities | $ | 9,137 | $ | (263 | ) | 3 | $ | - | $ | - | - | $ | 9,137 | $ | (263 | ) | 3 | $ | 62,741 | $ | (576 | ) | 15 | $ | 0 | $ | 0 | 0 | $ | 62,741 | $ | (576 | ) | 15 | ||||||||||||||||||||||||||||||||||||||
Other invested assets - Alternative investments | $ | 56,414 | $ | (3,129 | ) | 14 | $ | 5,953 | $ | (218 | ) | 2 | $ | 62,367 | $ | (3,347 | ) | 16 | $ | 12,873 | $ | (1,933 | ) | 4 | $ | 16,308 | $ | (1,629 | ) | 6 | $ | 29,181 | $ | (3,562 | ) | 10 |
December 31, 2019 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Fair Value | Gross Unrealized Loss | Number of Securities | Estimated Fair Value | Gross Unrealized Loss | Number of Securities | Estimated Fair Value | Gross Unrealized Loss | Number of Securities | Estimated Fair Value | Gross Unrealized Loss | Number of Securities | Estimated Fair Value | Gross Unrealized Loss | Number of Securities | Estimated Fair Value | Gross Unrealized Loss | Number of Securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities available for sale | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal securities | $ | 10,656 | $ | (22 | ) | 3 | $ | - | $ | - | - | $ | 10,656 | $ | (22 | ) | 3 | $ | 10,656 | $ | (22 | ) | 3 | $ | 0 | $ | 0 | 0 | $ | 10,656 | $ | (22 | ) | 3 | ||||||||||||||||||||||||||||||||||||||
Corporate bonds | 5,047 | (74 | ) | 1 | - | - | - | 5,047 | (74 | ) | 1 | 5,047 | (74 | ) | 1 | 0 | 0 | 0 | 5,047 | (74 | ) | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | 79,902 | (320 | ) | 16 | - | - | - | 79,902 | (320 | ) | 16 | 79,902 | (320 | ) | 16 | 0 | 0 | 0 | 79,902 | (320 | ) | 16 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturities | $ | 95,605 | $ | (416 | ) | 20 | $ | - | $ | - | - | $ | 95,605 | $ | (416 | ) | 20 | $ | 95,605 | $ | (416 | ) | 20 | $ | 0 | $ | 0 | 0 | $ | 95,605 | $ | (416 | ) | 20 | ||||||||||||||||||||||||||||||||||||||
Other invested assets - Alternative investments | $ | 24,437 | $ | (605 | ) | 8 | $ | 10,580 | $ | (183 | ) | 1 | $ | 35,017 | $ | (788 | ) | 9 | $ | 24,437 | $ | (605 | ) | 8 | $ | 10,580 | $ | (183 | ) | 1 | $ | 35,017 | $ | (788 | ) | 9 |
Triple-S Management Corporation Notes to Condensed Consolidated Interim Financial Statements (dollar amounts in thousands, except per share data) (Unaudited) |
June 30, 2020 | September 30, 2020 | |||||||||||||||
Amortized cost | Estimated fair value | Amortized cost | Estimated fair value | |||||||||||||
Fixed maturities available for sale | ||||||||||||||||
Due in one year or less | $ | 27,639 | $ | 28,173 | $ | 33,764 | $ | 34,244 | ||||||||
Due after one year through five years | 498,068 | 535,717 | 564,825 | 610,357 | ||||||||||||
Due after five years through ten years | 205,045 | 225,692 | 204,234 | 220,251 | ||||||||||||
Due after ten years | 176,863 | 211,660 | 161,404 | 196,623 | ||||||||||||
Residential mortgage-backed securities | 267,075 | 282,777 | 263,715 | 280,569 | ||||||||||||
Collateralized mortgage obligations | 7,983 | 8,732 | 19,275 | 19,956 | ||||||||||||
$ | 1,182,673 | $ | 1,292,751 | $ | 1,247,217 | �� | $ | 1,362,000 | ||||||||
Fixed maturities held to maturity | ||||||||||||||||
Due in one year or less | $ | 1,080 | $ | 1,080 | $ | 1,088 | $ | 1,088 | ||||||||
Due after ten years | 615 | 838 | 614 | 831 | ||||||||||||
Residential mortgage-backed securities | 165 | 171 | 165 | 171 | ||||||||||||
$ | 1,860 | $ | 2,089 | $ | 1,867 | $ | 2,090 |
Triple-S Management Corporation Notes to Condensed Consolidated Interim Financial Statements (dollar amounts in thousands, except per share data) (Unaudited) |
(4) | Realized and Unrealized Gains (Losses) |
Three months ended June 30, | Six months ended June 30, | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||
Realized gains (losses) | ||||||||||||||||||||||||||||||||
Fixed maturity securities: | ||||||||||||||||||||||||||||||||
Securities available for sale: | ||||||||||||||||||||||||||||||||
Gross gains | $ | 777 | $ | 1,775 | $ | 1,551 | $ | 2,647 | $ | 402 | $ | 950 | $ | 1,953 | $ | 3,597 | ||||||||||||||||
Gross losses | - | (1 | ) | (6 | ) | (319 | ) | (1 | ) | 0 | (7 | ) | (319 | ) | ||||||||||||||||||
Total fixed securities | 777 | 1,774 | 1,545 | 2,328 | 401 | 950 | 1,946 | 3,278 | ||||||||||||||||||||||||
Equity investments: | ||||||||||||||||||||||||||||||||
Gross gains | 60 | 829 | 990 | 2,131 | 67 | 401 | 1,057 | 2,532 | ||||||||||||||||||||||||
Gross losses | (1,158 | ) | (408 | ) | (2,770 | ) | (1,045 | ) | (479 | ) | (443 | ) | (3,249 | ) | (1,488 | ) | ||||||||||||||||
Gross losses from impaired securities | - | - | (678 | ) | - | 0 | 0 | (678 | ) | 0 | ||||||||||||||||||||||
Total equity investments | (1,098 | ) | 421 | (2,458 | ) | 1,086 | (412 | ) | (42 | ) | (2,870 | ) | 1,044 | |||||||||||||||||||
Other invested assets: | ||||||||||||||||||||||||||||||||
Gross gains | 100 | 189 | 226 | 321 | 518 | 179 | 744 | 500 | ||||||||||||||||||||||||
Gross losses | - | (20 | ) | - | (56 | ) | 0 | 0 | 0 | (56 | ) | |||||||||||||||||||||
Total other invested assets | 100 | 169 | 226 | 265 | 518 | 179 | 744 | 444 | ||||||||||||||||||||||||
Net realized investment (losses) gains | $ | (221 | ) | $ | 2,364 | $ | (687 | ) | $ | 3,679 | ||||||||||||||||||||||
Net realized investment gains (losses) | $ | 507 | $ | 1,087 | $ | (180 | ) | $ | 4,766 |
Three months ended June 30, | Six months ended June 30, | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||
Changes in net unrealized gains (losses): | ||||||||||||||||||||||||||||||||
Recognized in accumulated other comprehensive income (loss): | ||||||||||||||||||||||||||||||||
Fixed maturities – available for sale | $ | 20,482 | $ | 19,461 | $ | 40,238 | $ | 36,551 | $ | 4,705 | $ | 11,544 | $ | 44,943 | $ | 48,095 | ||||||||||||||||
Other invested assets | (4,766 | ) | 99 | (4,198 | ) | 672 | 1,498 | 686 | (2,700 | ) | 1,358 | |||||||||||||||||||||
$ | 15,716 | $ | 19,560 | $ | 36,040 | $ | 37,223 | $ | 6,203 | $ | 12,230 | $ | 42,243 | $ | 49,453 | |||||||||||||||||
Not recognized in the consolidated financial statements: | ||||||||||||||||||||||||||||||||
Fixed maturities – held to maturity | $ | (2 | ) | $ | 21 | $ | 70 | $ | 36 | $ | (6 | ) | $ | 14 | $ | 64 | $ | 50 |
Triple-S Management Corporation Notes to Condensed Consolidated Interim Financial Statements (dollar amounts in thousands, except per share data) (Unaudited) |
(5) | Premiums and Other Receivables, Net |
June 30, 2020 | December 31, 2019 | September 30, 2020 | December 31, 2019 | |||||||||||||
Premium | $ | 145,775 | $ | 188,861 | $ | 135,133 | $ | 188,861 | ||||||||
Self-funded group receivables | 23,946 | 28,672 | 26,310 | 28,672 | ||||||||||||
FEHBP | 13,053 | 13,894 | 14,499 | 13,894 | ||||||||||||
Agent balances | 36,344 | 30,784 | 34,224 | 30,784 | ||||||||||||
Accrued interest | 10,595 | 11,307 | 9,753 | 11,307 | ||||||||||||
Reinsurance recoverable | 235,291 | 239,767 | 222,966 | 239,767 | ||||||||||||
Other | 135,938 | 110,952 | 153,839 | 110,952 | ||||||||||||
600,942 | 624,237 | 596,724 | 624,237 | |||||||||||||
Less allowance for doubtful receivables: | ||||||||||||||||
Premium | 41,406 | 36,622 | 37,489 | 36,622 | ||||||||||||
Other | 12,327 | 19,923 | 12,276 | 19,923 | ||||||||||||
53,733 | 56,545 | 49,765 | 56,545 | |||||||||||||
Total premium and other receivables, net | $ | 547,209 | $ | 567,692 | $ | 546,959 | $ | 567,692 |
(6) | Property and Equipment, Net |
June 30, | December 31, | September 30, | December 31, | |||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Land | $ | 10,976 | $ | 10,976 | $ | 15,867 | $ | 10,976 | ||||||||
Buildings and leasehold improvements | �� | 129,070 | 92,752 | 125,239 | 92,752 | |||||||||||
Office furniture and equipment | 31,420 | 27,878 | 32,062 | 27,878 | ||||||||||||
Computer equipment and software | 132,405 | 133,922 | 135,456 | 133,922 | ||||||||||||
Automobiles | 700 | 761 | 671 | 761 | ||||||||||||
304,571 | 266,289 | 309,295 | 266,289 | |||||||||||||
Less accumulated depreciation and amortization | 177,886 | 177,701 | 179,075 | 177,701 | ||||||||||||
Property and equipment, net | $ | 126,685 | $ | 88,588 | $ | 130,220 | $ | 88,588 |
Triple-S Management Corporation Notes to Condensed Consolidated Interim Financial Statements (dollar amounts in thousands, except per share data) (Unaudited) |
(7) | Fair Value Measurements |
June 30, 2020 | September 30, 2020 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Fixed maturity securities available for sale | ||||||||||||||||||||||||||||||||
Obligations of government-sponsored enterprises | $ | - | $ | 18,032 | $ | - | $ | 18,032 | $ | 0 | $ | 37,517 | $ | 0 | $ | 37,517 | ||||||||||||||||
U.S. Treasury securities and obligations of U.S government instrumentalities | 111,967 | - | - | 111,967 | 112,230 | 0 | 0 | 112,230 | ||||||||||||||||||||||||
Municipal securities | - | 644,482 | - | 644,482 | 0 | 684,572 | 0 | 684,572 | ||||||||||||||||||||||||
Corporate bonds | - | 226,761 | - | 226,761 | 0 | 227,156 | 0 | 227,156 | ||||||||||||||||||||||||
Residential agency mortgage-backed securities | - | 282,777 | - | 282,777 | 0 | 280,569 | 0 | 280,569 | ||||||||||||||||||||||||
Collateralized mortgage obligations | - | 8,732 | - | 8,732 | 0 | 19,956 | 0 | 19,956 | ||||||||||||||||||||||||
Total fixed maturities | $ | 111,967 | $ | 1,180,784 | $ | - | $ | 1,292,751 | $ | 112,230 | $ | 1,249,770 | $ | 0 | $ | 1,362,000 | ||||||||||||||||
Equity investments | $ | 185,308 | $ | 154,059 | $ | 5,237 | $ | 344,604 | $ | 197,864 | $ | 186,048 | $ | 5,166 | $ | 389,078 |
December 31, 2019 | December 31, 2019 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Fixed maturity securities | ||||||||||||||||||||||||||||||||
Fixed maturity securities available for sale | ||||||||||||||||||||||||||||||||
Obligations of government-sponsored enterprises | $ | - | $ | 17,686 | $ | - | $ | 17,686 | $ | 0 | $ | 17,686 | $ | 0 | $ | 17,686 | ||||||||||||||||
U.S. Treasury securities and obligations of U.S government instrumentalities | 107,009 | - | - | 107,009 | 107,009 | 0 | 0 | 107,009 | ||||||||||||||||||||||||
Municipal securities | - | 629,764 | - | 629,764 | 0 | 629,764 | 0 | 629,764 | ||||||||||||||||||||||||
Corporate bonds | - | 208,743 | - | 208,743 | 0 | 208,743 | 0 | 208,743 | ||||||||||||||||||||||||
Residential agency mortgage-backed securities | - | 270,536 | - | 270,536 | 0 | 270,536 | 0 | 270,536 | ||||||||||||||||||||||||
Collateralized mortgage obligations | - | 9,145 | - | 9,145 | 0 | 9,145 | 0 | 9,145 | ||||||||||||||||||||||||
Total fixed maturities | $ | 107,009 | $ | 1,135,874 | $ | - | $ | 1,242,883 | $ | 107,009 | $ | 1,135,874 | $ | 0 | $ | 1,242,883 | ||||||||||||||||
Equity investments | $ | 177,136 | $ | 105,180 | $ | 5,209 | $ | 287,525 | $ | 177,136 | $ | 105,180 | $ | 5,209 | $ | 287,525 |
Triple-S Management Corporation Notes to Condensed Consolidated Interim Financial Statements (dollar amounts in thousands, except per share data) (Unaudited) |
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||
Three months ended | Six months ended | Three months ended | Nine months ended | |||||||||||||
June 30, 2020 | June 30, 2020 | September 30, 2020 | September 30, 2020 | |||||||||||||
Beginning Balance | $ | 5,239 | $ | 5,209 | $ | 5,237 | $ | 5,209 | ||||||||
Unrealized in other accumulated comprehensive income | (2 | ) | 28 | (71 | ) | (43 | ) | |||||||||
Ending Balance | $ | 5,237 | $ | 5,237 | $ | 5,166 | $ | 5,166 |
(8) | Claim Liabilities |
Six months ended June 30, 2020 | ||||||||||||
Managed Care | Other Business Segments * | Consolidated | ||||||||||
Claim liabilities at beginning of period | $ | 341,277 | $ | 367,981 | $ | 709,258 | ||||||
Reinsurance recoverable on claim liabilities | - | (137,017 | ) | (137,017 | ) | |||||||
Net claim liabilities at beginning of period | 341,277 | 230,964 | 572,241 | |||||||||
Claims incurred | ||||||||||||
Current period insured events | 1,308,194 | 58,559 | 1,366,753 | |||||||||
Prior period insured events | (3,392 | ) | (9,821 | ) | (13,213 | ) | ||||||
Total | 1,304,802 | 48,738 | 1,353,540 | |||||||||
Payments of losses and loss-adjustment expenses | ||||||||||||
Current period insured events | 1,039,871 | 23,660 | 1,063,531 | |||||||||
Prior period insured events | 257,073 | 27,952 | 285,025 | |||||||||
Total | 1,296,944 | 51,612 | 1,348,556 | |||||||||
Net claim liabilities at end of period | 349,135 | 228,090 | 577,225 | |||||||||
Reinsurance recoverable on claim liabilities | - | 147,989 | 147,989 | |||||||||
Claim liabilities at end of period | $ | 349,135 | $ | 376,079 | $ | 725,214 |
Nine months ended September 30, 2020 | ||||||||||||
Managed Care | Other Business Segments * | Consolidated | ||||||||||
Claim liabilities at beginning of period | $ | 341,277 | $ | 367,981 | $ | 709,258 | ||||||
Reinsurance recoverable on claim liabilities | 0 | (137,017 | ) | (137,017 | ) | |||||||
Net claim liabilities at beginning of period | 341,277 | 230,964 | 572,241 | |||||||||
Claims incurred | ||||||||||||
Current period insured events | 2,000,825 | 84,358 | 2,085,183 | |||||||||
Prior period insured events | 24,297 | (7,885 | ) | 16,412 | ||||||||
Total | 2,025,122 | 76,473 | 2,101,595 | |||||||||
Payments of losses and loss-adjustment expenses | ||||||||||||
Current period insured events | 1,678,400 | 45,815 | 1,724,215 | |||||||||
Prior period insured events | 267,427 | 41,081 | 308,508 | |||||||||
Total | 1,945,827 | 86,896 | 2,032,723 | |||||||||
Net claim liabilities at end of period | 420,572 | 220,541 | 641,113 | |||||||||
Reinsurance recoverable on claim liabilities | 0 | 145,807 | 145,807 | |||||||||
Claim liabilities at end of period | $ | 420,572 | $ | 366,348 | $ | 786,920 |
Triple-S Management Corporation Notes to Condensed Consolidated Interim Financial Statements (dollar amounts in thousands, except per share data) (Unaudited) |
Six months ended June 30, 2019 | Nine months ended September 30, 2019 | |||||||||||||||||||||||
Managed Care | Other Business Segments * | Consolidated | Managed Care | Other Business Segments * | Consolidated | |||||||||||||||||||
Claim liabilities at beginning of period | $ | 394,226 | $ | 542,563 | $ | 936,789 | $ | 394,226 | $ | 542,563 | $ | 936,789 | ||||||||||||
Reinsurance recoverable on claim liabilities | - | (315,543 | ) | (315,543 | ) | 0 | (315,543 | ) | (315,543 | ) | ||||||||||||||
Net claim liabilities at beginning of period | 394,226 | 227,020 | 621,246 | 394,226 | 227,020 | 621,246 | ||||||||||||||||||
Claims incurred | ||||||||||||||||||||||||
Current period insured events | 1,288,235 | 57,020 | 1,345,255 | 1,934,859 | 85,726 | 2,020,585 | ||||||||||||||||||
Prior period insured events | (27,588 | ) | (6,167 | ) | (33,755 | ) | (29,038 | ) | (8,254 | ) | (37,292 | ) | ||||||||||||
Total | 1,260,647 | 50,853 | 1,311,500 | 1,905,821 | 77,472 | 1,983,293 | ||||||||||||||||||
Payments of losses and loss-adjustment expenses | ||||||||||||||||||||||||
Current period insured events | 954,147 | 23,429 | 977,576 | 1,606,458 | 41,849 | 1,648,307 | ||||||||||||||||||
Prior period insured events | 277,624 | 26,581 | 304,205 | 303,289 | 32,145 | 335,434 | ||||||||||||||||||
Total | 1,231,771 | 50,010 | 1,281,781 | 1,909,747 | 73,994 | 1,983,741 | ||||||||||||||||||
Net claim liabilities at end of period | 423,102 | 227,863 | 650,965 | 390,300 | 230,498 | 620,798 | ||||||||||||||||||
Reinsurance recoverable on claim liabilities | - | 214,462 | 214,462 | 0 | 181,193 | 181,193 | ||||||||||||||||||
Claim liabilities at end of period | $ | 423,102 | $ | 442,325 | $ | 865,427 | $ | 390,300 | $ | 411,691 | $ | 801,991 |
Triple-S Management Corporation Notes to Condensed Consolidated Interim Financial Statements (dollar amounts in thousands, except per share data) (Unaudited) |
Incurred Year | Total of IBNR Liabilities Plus Expected Development on Reported Claims | Total of IBNR Liabilities Plus Expected Development on Reported Claims | ||||||
2019 | $ | 25,985 | $ | 29,283 | ||||
2020 | 268,323 | 322,425 |
(9) | Borrowings |
June 30, 2020 | December 31, 2019 | |||||||
Secured loan payable of $11,187, payable in monthly installments of $137 through October 1, 2023, plus interest at a rate reset periodically of 100 basis points over selected LIBOR maturity (which was 1.18% at June 30, 2020). | $ | 5,447 | $ | 6,267 | ||||
Secured loan payable of $20,150, payable in monthly installments of $84 through January 1, 2024, plus interest at a rate reset periodically of 275 basis points over selected LIBOR maturity (which was 4.20% at June 30, 2020). | 16,707 | 17,211 | ||||||
Secured loan payable of $4,116, payable in monthly installments of $49 through January 1, 2024, plus interest at a rate reset periodically of 325 basis points over selected LIBOR maturity (which was 4.70% at June 30, 2020). | 2,107 | 2,401 | ||||||
Secured loan payable of $31,350, payable in monthly installments of $105 through May 1, 2025, plus interest at prime rate (which was 3.25% at June 30, 2020). Last payment of $25,185 due on June 19, 2025. | 31,350 | - | ||||||
Total borrowings | 55,611 | 25,879 | ||||||
Less: unamortized debt issuance costs | 671 | 185 | ||||||
$ | 54,940 | $ | 25,694 |
September 30, 2020 | December 31, 2019 | |||||||
Secured loan payable of $11,187, payable in monthly installments of $137 through October 1, 2023, plus interest at a rate reset periodically of 100 basis points over selected LIBOR maturity (which was 1.16% at September 30, 2020). | $ | 5,037 | $ | 6,267 | ||||
Secured loan payable of $20,150, payable in monthly installments of $84 through January 1, 2024, plus interest at a rate reset periodically of 275 basis points over selected LIBOR maturity (which was 3.05% at September 30, 2020). | 16,456 | 17,211 | ||||||
Secured loan payable of $4,116, payable in monthly installments of $49 through January 1, 2024, plus interest at a rate reset periodically of 325 basis points over selected LIBOR maturity (which was 3.55% at September 30, 2020). | 1,960 | 2,401 | ||||||
Secured loan payable of $31,350, payable in monthly installments of $105 through May 1, 2025, plus interest at prime rate (which was 3.22% at September 30, 2020). Last payment of $25,185 due on June 19, 2025. | 31,036 | 0 | ||||||
Total borrowings | 54,489 | 25,879 | ||||||
Less: unamortized debt issuance costs | 653 | 185 | ||||||
$ | 53,836 | $ | 25,694 |
Triple-S Management Corporation Notes to Condensed Consolidated Interim Financial Statements (dollar amounts in thousands, except per share data) (Unaudited) |
Remaining of 2020 | $ | 2,245 | $ | 1,122 | ||||
2021 | 4,490 | 4,490 | ||||||
2022 | 4,490 | 4,490 | ||||||
2023 | 4,196 | 4,196 | ||||||
2024 | 14,484 | 14,484 | ||||||
Thereafter | 25,706 | 25,707 | ||||||
$ | 55,611 | $ | 54,489 |
Triple-S Management Corporation Notes to Condensed Consolidated Interim Financial Statements (dollar amounts in thousands, except per share data) (Unaudited) |
(10) | Pension Plan |
Three months ended June 30, | Six months ended June 30, | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||
Components of net periodic benefit cost: | ||||||||||||||||||||||||||||||||
Components of net periodic benefit cost (income): | ||||||||||||||||||||||||||||||||
Interest cost | $ | 1,540 | $ | 1,741 | $ | 3,080 | $ | 3,482 | $ | 1,474 | $ | 1,748 | $ | 4,554 | $ | 5,230 | ||||||||||||||||
Expected return on assets | (2,209 | ) | (2,217 | ) | (4,418 | ) | (4,434 | ) | (2,211 | ) | (2,209 | ) | (6,629 | ) | (6,643 | ) | ||||||||||||||||
Amortization of actuarial loss | 244 | 90 | 488 | 179 | 396 | 98 | 884 | 277 | ||||||||||||||||||||||||
Settlement loss | 356 | 375 | 712 | 750 | 356 | 555 | 1,068 | 1,305 | ||||||||||||||||||||||||
Net periodic benefit cost | $ | (69 | ) | $ | (11 | ) | $ | (138 | ) | $ | (23 | ) | ||||||||||||||||||||
Net periodic benefit cost (income) | $ | 15 | $ | 192 | $ | (123 | ) | $ | 169 |
(11) | Stock Repurchase Program |
(12) | Reinsurance |
Triple-S Management Corporation Notes to Condensed Consolidated Interim Financial Statements (dollar amounts in thousands, except per share data) (Unaudited) |
• | Casualty excess of loss treaty provides reinsurance for losses up to $20,000, subject to a retention of $225. |
• | Medical malpractice excess of loss treaty provides reinsurance for losses up to $3,000, subject to a retention of $150. |
• | Property reinsurance treaty includes proportional cessions and a per risk excess of loss contract limiting losses to $400 in $30,000 risks. |
• | Catastrophe protection is purchased limiting losses to $5,000 per event with losses up to approximately $809,000 in a $814,000 event. |
(13) | Leases |
Triple-S Management Corporation Notes to Condensed Consolidated Interim Financial Statements (dollar amounts in thousands, except per share data) (Unaudited) |
Remaning of 2020 | $ | 2,063 | $ | 1,062 | ||||
2021 | 3,935 | 3,998 | ||||||
2022 | 3,371 | 3,420 | ||||||
2023 | 2,273 | 2,329 | ||||||
2024 | 1,798 | 1,855 | ||||||
Thereafter | 3,415 | 3,590 | ||||||
Total lease payments | 16,855 | 16,254 | ||||||
Less: imputed interest | (2,200 | ) | (2,083 | ) | ||||
Total | $ | 14,655 | $ | 14,171 |
Six months ended | Nine months ended | |||||||
June 30, 2020 | September 30, 2020 | |||||||
Operating lease cost | $ | 1,903 | $ | 3,570 | ||||
Short-term lease cost | 629 | 801 | ||||||
Total lease cost | $ | 2,532 | $ | 4,371 |
Remaining of 2020 | $ | 945 | ||
2021 | 1,909 | |||
2022 | 1,947 | |||
2023 | 1,986 | |||
2024 | 2,026 | |||
Thereafter | 2,625 | |||
Total | $ | 11,438 |
Remaining of 2020 | $ | 473 | ||
2021 | 1,909 | |||
2022 | 1,947 | |||
2023 | 1,986 | |||
2024 | 2,026 | |||
Thereafter | 2,624 | |||
Total | $ | 10,965 |
Triple-S Management Corporation Notes to Condensed Consolidated Interim Financial Statements (dollar amounts in thousands, except per share data) (Unaudited) |
(14) | Comprehensive Income (Loss) |
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Net Unrealized Gain on Securities | ||||||||||||||||
Beginning Balance | $ | 73,709 | $ | 40,749 | $ | 57,830 | $ | 27,308 | ||||||||
Other comprehensive income before reclassifications | 10,681 | 16,820 | 26,730 | 31,313 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 720 | (1,891 | ) | 550 | (2,943 | ) | ||||||||||
Net current period change | 11,401 | 14,929 | 27,280 | 28,370 | ||||||||||||
Ending Balance | 85,110 | 55,678 | 85,110 | 55,678 | ||||||||||||
Liability for Pension Benefits Beginning Balance | (28,314 | ) | (24,190 | ) | (28,467 | ) | (24,246 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income | 153 | �� | 56 | 306 | 112 | |||||||||||
Ending Balance | (28,161 | ) | (24,134 | ) | (28,161 | ) | (24,134 | ) | ||||||||
Accumulated Other Comprehensive Income Beginning Balance | 45,395 | 16,559 | 29,363 | 3,062 | ||||||||||||
Other comprehensive income before reclassifications | 10,681 | 16,820 | 26,730 | 31,313 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 873 | (1,835 | ) | 856 | (2,831 | ) | ||||||||||
Net current period change | 11,554 | 14,985 | 27,586 | 28,482 | ||||||||||||
Ending Balance | $ | 56,949 | $ | 31,544 | $ | 56,949 | $ | 31,544 |
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Net Unrealized Gain on Securities | ||||||||||||||||
Beginning Balance | $ | 85,110 | $ | 55,678 | $ | 57,830 | $ | 27,308 | ||||||||
Other comprehensive income before reclassifications | 5,149 | 10,160 | 31,879 | 41,473 | ||||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income | (406 | ) | (870 | ) | 144 | (3,813 | ) | |||||||||
Net current period change | 4,743 | 9,290 | 32,023 | 37,660 | ||||||||||||
Ending Balance | 89,853 | 64,968 | 89,853 | 64,968 | ||||||||||||
Liability for Pension Benefits | ||||||||||||||||
Beginning Balance | (28,161 | ) | (24,134 | ) | (28,467 | ) | (24,246 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income | 247 | 61 | 553 | 173 | ||||||||||||
Ending Balance | (27,914 | ) | (24,073 | ) | (27,914 | ) | (24,073 | ) | ||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||
Beginning Balance | 56,949 | 31,544 | 29,363 | 3,062 | ||||||||||||
Other comprehensive income before reclassifications | 5,149 | 10,160 | 31,879 | 41,473 | ||||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income | (159 | ) | (809 | ) | 697 | (3,640 | ) | |||||||||
Net current period change | 4,990 | 9,351 | 32,576 | 37,833 | ||||||||||||
Ending Balance | $ | 61,939 | $ | 40,895 | $ | 61,939 | $ | 40,895 |
(15) | Share-Based Compensation |
(16) | Net Income Available to Stockholders and Net Income per Share |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Numerator for earnings per share: | ||||||||||||||||
Net income attributable to TSM available to stockholders | $ | 43,599 | $ | 30,931 | $ | 17,454 | $ | 65,717 | ||||||||
Denominator for basic earnings per share: | ||||||||||||||||
Weighted average of common shares | 23,193,626 | 22,830,399 | 23,287,787 | 22,794,297 | ||||||||||||
Effect of dilutive securities | 77,677 | 64,601 | 85,198 | 72,394 | ||||||||||||
Denominator for diluted earnings per share | 23,271,303 | 22,895,000 | 23,372,985 | 22,866,691 | ||||||||||||
Basic net income per share attributable to TSM | $ | 1.88 | $ | 1.35 | $ | 0.75 | $ | 2.88 | ||||||||
Diluted net income per share attributable to TSM | $ | 1.87 | $ | 1.35 | $ | 0.75 | $ | 2.87 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Numerator for earnings per share: | ||||||||||||||||
Net income attributable to TSM available to stockholders | $ | 23,581 | $ | 13,948 | $ | 41,035 | $ | 79,665 | ||||||||
Denominator for basic earnings per share: | ||||||||||||||||
Weighted average of common shares | 23,073,511 | 23,830,106 | 23,215,840 | 23,143,361 | ||||||||||||
Effect of dilutive securities | 120,469 | 63,701 | 102,229 | 73,937 | ||||||||||||
Denominator for diluted earnings per share | 23,193,980 | 23,893,807 | 23,318,069 | 23,217,298 | ||||||||||||
Basic net income per share attributable to TSM | $ | 1.02 | $ | 0.59 | $ | 1.77 | $ | 3.44 | ||||||||
Diluted net income per share attributable to TSM | $ | 1.02 | $ | 0.58 | $ | 1.76 | $ | 3.43 |
Triple-S Management Corporation Notes to Condensed Consolidated Interim Financial Statements (dollar amounts in thousands, except per share data) (Unaudited) |
Triple-S Management Corporation Notes to Condensed Consolidated Interim Financial Statements (dollar amounts in thousands, except per share data) (Unaudited) |
Triple-S Management Corporation Notes to Condensed Consolidated Interim Financial Statements (dollar amounts in thousands, except per share data) (Unaudited) |
(18) | Segment Information |
Triple-S Management Corporation Notes to Condensed Consolidated Interim Financial Statements (dollar amounts in thousands, except per share data) (Unaudited) |
Three months ended June 30, | Six months ended June 30, | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||
Operating revenues: | ||||||||||||||||||||||||||||||||
Managed Care: | ||||||||||||||||||||||||||||||||
Premiums earned, net | $ | 788,773 | $ | 793,355 | $ | 1,598,059 | $ | 1,498,405 | $ | 849,529 | $ | 746,043 | $ | 2,447,588 | $ | 2,244,448 | ||||||||||||||||
Administrative service fees | 2,809 | 2,456 | 5,003 | 5,088 | 3,013 | 2,607 | 8,755 | 7,695 | ||||||||||||||||||||||||
Intersegment premiums/service fees | 1,076 | 1,645 | 2,719 | 3,129 | 644 | 1,483 | 2,624 | 4,612 | ||||||||||||||||||||||||
Net investment income | 4,690 | 5,479 | 9,698 | 11,357 | 5,065 | 5,624 | 14,763 | 16,981 | ||||||||||||||||||||||||
Total managed care | 797,348 | 802,935 | 1,615,479 | 1,517,979 | 858,251 | 755,757 | 2,473,730 | 2,273,736 | ||||||||||||||||||||||||
Life Insurance: | ||||||||||||||||||||||||||||||||
Premiums earned, net | 47,523 | 44,511 | 93,709 | 88,233 | 49,616 | 45,365 | 143,325 | 133,598 | ||||||||||||||||||||||||
Intersegment premiums | 545 | 508 | 1,036 | 986 | 516 | 471 | 1,552 | 1,457 | ||||||||||||||||||||||||
Net investment income | 6,795 | 6,822 | 13,725 | 13,382 | 6,900 | 6,709 | 20,625 | 20,091 | ||||||||||||||||||||||||
Total life insurance | 54,863 | 51,841 | 108,470 | 102,601 | 57,032 | 52,545 | 165,502 | 155,146 | ||||||||||||||||||||||||
Property and Casualty Insurance: | ||||||||||||||||||||||||||||||||
Premiums earned, net | 22,239 | 21,627 | 42,664 | 40,857 | 23,789 | 23,613 | 66,453 | 64,470 | ||||||||||||||||||||||||
Intersegment premiums | 154 | 154 | 307 | 307 | 153 | 153 | 460 | 460 | ||||||||||||||||||||||||
Net investment income | 2,323 | 2,384 | 4,448 | 4,871 | 2,103 | 2,533 | 6,551 | 7,404 | ||||||||||||||||||||||||
Total property and casualty insurance | 24,716 | 24,165 | 47,419 | 46,035 | 26,045 | 26,299 | 73,464 | 72,334 | ||||||||||||||||||||||||
Other segments: * | �� | |||||||||||||||||||||||||||||||
Intersegment service revenues | 2,007 | 2,007 | 5,042 | 3,973 | 2,595 | 2,076 | 7,637 | 6,049 | ||||||||||||||||||||||||
Operating revenues from external sources | 303 | 1,591 | 4,342 | 3,168 | 2,052 | 3,167 | 6,394 | 6,335 | ||||||||||||||||||||||||
Total other segments | 2,310 | 3,598 | 9,384 | 7,141 | 4,647 | 5,243 | 14,031 | 12,384 | ||||||||||||||||||||||||
Total business segments | 879,237 | 882,539 | 1,780,752 | 1,673,756 | 945,975 | 839,844 | 2,726,727 | 2,513,600 | ||||||||||||||||||||||||
TSM operating revenues from external sources | 7 | 377 | 255 | 828 | 100 | 310 | 355 | 1,138 | ||||||||||||||||||||||||
Elimination of intersegment premiums/service fees | (1,775 | ) | (2,307 | ) | (4,062 | ) | (4,422 | ) | (574 | ) | (2,107 | ) | (4,636 | ) | (6,529 | ) | ||||||||||||||||
Elimination of intersegment service revenues | (2,007 | ) | (2,007 | ) | (5,042 | ) | (3,973 | ) | (2,595 | ) | (2,076 | ) | (7,637 | ) | (6,049 | ) | ||||||||||||||||
Consolidated operating revenues | $ | 875,462 | $ | 878,602 | $ | 1,771,903 | $ | 1,666,189 | $ | 942,906 | $ | 835,971 | $ | 2,714,809 | $ | 2,502,160 |
Triple-S Management Corporation Notes to Condensed Consolidated Interim Financial Statements (dollar amounts in thousands, except per share data) (Unaudited) |
Three months ended June 30, | Six months ended June 30, | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||
Operating income (loss): | ||||||||||||||||||||||||||||||||
Managed care | $ | 29,322 | $ | 29,302 | $ | 43,489 | $ | 51,412 | $ | 13,006 | $ | 5,393 | $ | 56,495 | $ | 56,805 | ||||||||||||||||
Life insurance | 9,457 | 5,215 | 14,506 | 10,855 | 5,682 | 6,686 | 20,188 | 17,541 | ||||||||||||||||||||||||
Property and casualty insurance | 6,777 | 4,784 | 6,535 | 8,338 | 4,386 | 6,620 | 10,921 | 14,958 | ||||||||||||||||||||||||
Other segments * | (2,409 | ) | (730 | ) | (2,913 | ) | (1,122 | ) | (1,639 | ) | (690 | ) | (4,552 | ) | (1,812 | ) | ||||||||||||||||
Total business segments | 43,147 | 38,571 | 61,617 | 69,483 | 21,435 | 18,009 | 83,052 | 87,492 | ||||||||||||||||||||||||
TSM operating revenues from external sources | 7 | 377 | 255 | 828 | 100 | 310 | 355 | 1,138 | ||||||||||||||||||||||||
TSM unallocated operating expenses | (1,841 | ) | (3,137 | ) | (3,244 | ) | (5,169 | ) | (1,633 | ) | (1,643 | ) | (4,877 | ) | (6,812 | ) | ||||||||||||||||
Elimination of TSM intersegment charges | 2,403 | 2,403 | 4,806 | 4,806 | 2,403 | 2,403 | 7,209 | 7,209 | ||||||||||||||||||||||||
Consolidated operating income | 43,716 | 38,214 | 63,434 | 69,948 | 22,305 | 19,079 | 85,739 | 89,027 | ||||||||||||||||||||||||
Consolidated net realized investment (losses) gains | (221 | ) | 2,364 | (687 | ) | 3,679 | ||||||||||||||||||||||||||
Consolidated net realized investment gains (losses) | 507 | 1,087 | (180 | ) | 4,766 | |||||||||||||||||||||||||||
Consolidated net unrealized investment gains (losses) on equity investments | 28,338 | 3,323 | (28,468 | ) | 22,992 | 11,040 | 1,267 | (17,428 | ) | 24,259 | ||||||||||||||||||||||
Consolidated interest expense | (1,864 | ) | (1,831 | ) | (3,717 | ) | (3,619 | ) | (2,096 | ) | (2,062 | ) | (5,813 | ) | (5,681 | ) | ||||||||||||||||
Consolidated other income, net | 801 | 1,705 | 4,406 | 2,874 | 1,811 | 485 | 6,217 | 3,359 | ||||||||||||||||||||||||
Consolidated income before taxes | $ | 70,770 | $ | 43,775 | $ | 34,968 | $ | 95,874 | $ | 33,567 | $ | 19,856 | $ | 68,535 | $ | 115,730 | ||||||||||||||||
Depreciation and amortization expense: | ||||||||||||||||||||||||||||||||
Managed care | $ | 2,930 | $ | 2,792 | $ | 5,976 | $ | 5,549 | $ | 2,085 | $ | 2,931 | $ | 8,061 | $ | 8,480 | ||||||||||||||||
Life insurance | 308 | 273 | 580 | 545 | 289 | 268 | 869 | 813 | ||||||||||||||||||||||||
Property and casualty insurance | 91 | 86 | 203 | 180 | 93 | 86 | 296 | 266 | ||||||||||||||||||||||||
Other segments* | 352 | 193 | 673 | 378 | 240 | 249 | 913 | 627 | ||||||||||||||||||||||||
Total business segments | 3,681 | 3,344 | 7,432 | 6,652 | 2,707 | 3,534 | 10,139 | 10,186 | ||||||||||||||||||||||||
TSM depreciation expense | 156 | 196 | 312 | 393 | 404 | 150 | 716 | 543 | ||||||||||||||||||||||||
Consolidated depreciation and amortization expense | $ | 3,837 | $ | 3,540 | $ | 7,744 | $ | 7,045 | $ | 3,111 | $ | 3,684 | $ | 10,855 | $ | 10,729 |
June 30, 2020 | December 31, 2019 | |||||||
Assets: | ||||||||
Managed care | $ | 1,344,379 | $ | 1,190,538 | ||||
Life insurance | 1,030,522 | 981,370 | ||||||
Property and casualty insurance | 603,537 | 592,758 | ||||||
Other segments * | 30,304 | 28,346 | ||||||
Total business segments | 3,008,742 | 2,793,012 | ||||||
Unallocated amounts related to TSM: | ||||||||
Cash, cash equivalents, and investments | 20,214 | 28,167 | ||||||
Property and equipment, net | 65,461 | 25,623 | ||||||
Other assets | 46,134 | 37,176 | ||||||
131,809 | 90,966 | |||||||
Elimination entries-intersegment receivables and others | (119,121 | ) | (65,152 | ) | ||||
Consolidated total assets | $ | 3,021,430 | $ | 2,818,826 |
September 30, 2020 | December 31, 2019 | |||||||
Assets: | ||||||||
Managed care | $ | 1,406,356 | $ | 1,190,538 | ||||
Life insurance | 1,039,765 | 981,370 | ||||||
Property and casualty insurance | 603,728 | 592,758 | ||||||
Other segments * | 30,408 | 28,346 | ||||||
Total business segments | 3,080,257 | 2,793,012 | ||||||
Unallocated amounts related to TSM: | ||||||||
Cash, cash equivalents, and investments | 19,881 | 28,167 | ||||||
Property and equipment, net | 67,316 | 25,623 | ||||||
Other assets | 45,927 | 37,176 | ||||||
133,124 | 90,966 | |||||||
Elimination entries-intersegment receivables and others | (93,094 | ) | (65,152 | ) | ||||
Consolidated total assets | $ | 3,120,287 | $ | 2,818,826 |
Triple-S Management Corporation Notes to Condensed Consolidated Interim Financial Statements (dollar amounts in thousands, except per share data) (Unaudited) |
(19) | Subsequent Events |
As of June 30, | As of September 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Managed care enrollment: | ||||||||||||||||
Commercial 1 | 433,471 | 436,407 | 429,503 | 442,069 | ||||||||||||
Medicare | 134,601 | 128,670 | 136,135 | 128,660 | ||||||||||||
Medicaid | 364,157 | 364,495 | 385,344 | 354,230 | ||||||||||||
Total | 932,229 | 929,572 | 950,982 | 924,959 | ||||||||||||
Managed care enrollment by funding arrangement: | ||||||||||||||||
Fully-insured | 823,247 | 811,594 | ||||||||||||||
Fully insured | 843,152 | 805,882 | ||||||||||||||
Self-insured | 108,982 | 117,978 | 107,830 | 119,077 | ||||||||||||
Total | 932,229 | 929,572 | 950,982 | 924,959 |
(1) | Commercial membership includes corporate accounts, self-funded employers, individual accounts, Medicare Supplement, Federal government employees and local government employees. |
Three months ended | Six months ended | |||||||||||||||||||||||||||||||
June 30, | June 30, | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||
(dollar amounts in millions) | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||
Premiums earned, net | $ | 858.5 | $ | 859.5 | $ | 1,734.4 | $ | 1,627.5 | $ | 923.0 | $ | 815.0 | $ | 2,657.4 | $ | 2,442.5 | ||||||||||||||||
Administrative service fees | 2.8 | 2.5 | 5.0 | 5.1 | 3.7 | 2.6 | 8.7 | 7.7 | ||||||||||||||||||||||||
Net investment income | 13.8 | 15.0 | 28.1 | 30.4 | 14.2 | 15.2 | 42.3 | 45.6 | ||||||||||||||||||||||||
Other operating revenues | 0.4 | 1.6 | 4.4 | 3.2 | 2.0 | 3.1 | 6.4 | 6.3 | ||||||||||||||||||||||||
Total operating revenues | 875.5 | 878.6 | 1,771.9 | 1,666.2 | 942.9 | 835.9 | 2,714.8 | 2,502.1 | ||||||||||||||||||||||||
Net realized investment (losses) gains | (0.2 | ) | 2.4 | (0.7 | ) | 3.6 | ||||||||||||||||||||||||||
Net realized investment gains (losses) | 0.5 | 1.1 | (0.2 | ) | 4.8 | |||||||||||||||||||||||||||
Net unrealized investment gains (losses) on equity investments | 28.3 | 3.3 | (28.5 | ) | 23.0 | 11.1 | 1.3 | (17.4 | ) | 24.3 | ||||||||||||||||||||||
Other income, net | 0.8 | 1.7 | 4.4 | 2.9 | 1.8 | 0.5 | 6.2 | 3.4 | ||||||||||||||||||||||||
Total revenues | 904.4 | 886.0 | 1,747.1 | 1,695.7 | 956.3 | 838.8 | 2,703.4 | 2,534.6 | ||||||||||||||||||||||||
Benefits and expenses: | ||||||||||||||||||||||||||||||||
Claims incurred | 653.1 | 706.3 | 1,367.6 | 1,329.5 | 761.8 | 680.0 | 2,129.4 | 2,009.5 | ||||||||||||||||||||||||
Operating expenses | 178.7 | 134.1 | 340.9 | 266.7 | 158.8 | 136.9 | 499.7 | 403.6 | ||||||||||||||||||||||||
Total operating expenses | 831.8 | 840.4 | 1,708.5 | 1,596.2 | 920.6 | 816.9 | 2,629.1 | 2,413.1 | ||||||||||||||||||||||||
Interest expense | 1.8 | 1.8 | 3.7 | 3.6 | 2.1 | 2.1 | 5.8 | 5.7 | ||||||||||||||||||||||||
Total benefits and expenses | 833.6 | 842.2 | 1,712.2 | 1,599.8 | 922.7 | 819.0 | 2,634.9 | 2,418.8 | ||||||||||||||||||||||||
Income before taxes | 70.8 | 43.8 | 34.9 | 95.9 | 33.6 | 19.8 | 68.5 | 115.8 | ||||||||||||||||||||||||
Income tax expense | 27.2 | 12.9 | 17.5 | 30.2 | 10.0 | 5.9 | 27.5 | 36.1 | ||||||||||||||||||||||||
Net income attributable to TSM | $ | 43.6 | $ | 30.9 | $ | 17.4 | $ | 65.7 | $ | 23.6 | $ | 13.9 | $ | 41.0 | $ | 79.7 |
Three months ended | Six months ended | |||||||||||||||||||||||||||||||
June 30, | June 30, | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||
(dollar amounts in millions) | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||
Operating revenues: | ||||||||||||||||||||||||||||||||
Medical premiums earned, net: | ||||||||||||||||||||||||||||||||
Medicare | $ | 372.4 | $ | 366.0 | $ | 760.2 | $ | 698.6 | $ | 400.7 | $ | 367.1 | $ | 1,160.9 | $ | 1,065.7 | ||||||||||||||||
Medicaid | 221.1 | 227.0 | 442.0 | 401.4 | 240.9 | 176.3 | 682.9 | 577.7 | ||||||||||||||||||||||||
Commercial | 195.8 | 200.8 | 396.9 | 399.3 | 208.4 | 203.1 | 605.3 | 602.4 | ||||||||||||||||||||||||
Medical premiums earned, net | 789.3 | 793.8 | 1,599.1 | 1,499.3 | 850.0 | 746.5 | 2,449.1 | 2,245.8 | ||||||||||||||||||||||||
Administrative service fees | 3.4 | 3.6 | 6.7 | 7.3 | 3.1 | 3.6 | 9.8 | 10.9 | ||||||||||||||||||||||||
Net investment income | 4.7 | 5.5 | 9.7 | 11.4 | 5.1 | 5.7 | 14.8 | 17.0 | ||||||||||||||||||||||||
Total operating revenues | 797.4 | 802.9 | 1,615.5 | 1,518.0 | 858.2 | 755.8 | 2,473.7 | 2,273.7 | ||||||||||||||||||||||||
Medical operating costs: | ||||||||||||||||||||||||||||||||
Medical claims incurred | 627.0 | 670.7 | 1,304.8 | 1,260.7 | 720.3 | 645.2 | 2,025.1 | 1,905.9 | ||||||||||||||||||||||||
Medical operating expenses | 141.1 | 102.9 | 267.2 | 205.9 | 124.9 | 105.2 | 392.1 | 311.0 | ||||||||||||||||||||||||
Total medical operating costs | 768.1 | 773.6 | 1,572.0 | 1,466.6 | 845.2 | 750.4 | 2,417.2 | 2,216.9 | ||||||||||||||||||||||||
Medical operating income | $ | 29.3 | $ | 29.3 | $ | 43.5 | $ | 51.4 | $ | 13.0 | $ | 5.4 | $ | 56.5 | $ | 56.8 | ||||||||||||||||
Additional data: | ||||||||||||||||||||||||||||||||
Member months enrollment: | ||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Fully-insured | 975,212 | 955,463 | 1,953,554 | 1,908,515 | ||||||||||||||||||||||||||||
Fully insured | 966,906 | 964,321 | 2,920,460 | 2,872,836 | ||||||||||||||||||||||||||||
Self-funded | 327,030 | 353,961 | 657,262 | 716,451 | 324,372 | 356,059 | 981,634 | 1,072,510 | ||||||||||||||||||||||||
Total commercial | 1,302,242 | 1,309,424 | 2,610,816 | 2,624,966 | 1,291,278 | 1,320,380 | 3,902,094 | 3,945,346 | ||||||||||||||||||||||||
Medicare | 405,203 | 385,835 | 813,110 | 769,443 | 407,170 | 386,995 | 1,220,280 | 1,156,438 | ||||||||||||||||||||||||
Medicaid | 1,077,456 | 1,092,132 | 2,145,472 | 2,121,868 | 1,132,626 | 1,065,885 | 3,278,098 | 3,187,753 | ||||||||||||||||||||||||
Total member months | 2,784,901 | 2,787,391 | 5,569,398 | 5,516,277 | 2,831,074 | 2,773,260 | 8,400,472 | 8,289,537 | ||||||||||||||||||||||||
Medical loss ratio | 79.4 | % | 84.5 | % | 81.6 | % | 84.1 | % | 84.7 | % | 86.4 | % | 82.7 | % | 84.9 | % | ||||||||||||||||
Operating expense ratio | 17.8 | % | 12.9 | % | 16.6 | % | 13.7 | % | 14.6 | % | 14.0 | % | 15.9 | % | 13.8 | % |
Premiums generated by the Medicare business increased by $95.2 million, or 8.9%, to $1,160.9 million, |
Three months ended | Six months ended | |||||||||||||||||||||||||||||||
June 30, | June 30, | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||
(dollar amounts in millions) | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||
Operating revenues: | ||||||||||||||||||||||||||||||||
Premiums earned, net: | ||||||||||||||||||||||||||||||||
Premiums earned | $ | 50.6 | $ | 46.8 | $ | 99.6 | $ | 92.4 | $ | 52.6 | $ | 47.3 | $ | 152.2 | $ | 139.7 | ||||||||||||||||
Assumed earned premiums | - | 0.3 | - | 1.0 | 0.1 | 0.6 | 0.1 | 1.6 | ||||||||||||||||||||||||
Ceded premiums earned | (2.5 | ) | (2.1 | ) | (4.8 | ) | (4.2 | ) | (2.6 | ) | (2.1 | ) | (7.4 | ) | (6.2 | ) | ||||||||||||||||
Premiums earned, net | 48.1 | 45.0 | 94.8 | 89.2 | 50.1 | 45.8 | 144.9 | 135.1 | ||||||||||||||||||||||||
Net investment income | 6.8 | 6.8 | 13.7 | 13.4 | 6.9 | 6.7 | 20.6 | 20.0 | ||||||||||||||||||||||||
Total operating revenues | 54.9 | 51.8 | 108.5 | 102.6 | 57.0 | 52.5 | 165.5 | 155.1 | ||||||||||||||||||||||||
Operating costs: | ||||||||||||||||||||||||||||||||
Policy benefits and claims incurred | 20.6 | 27.3 | 48.0 | 53.3 | 30.6 | 25.9 | 78.6 | 79.2 | ||||||||||||||||||||||||
Underwriting and other expenses | 24.8 | 19.3 | 46.0 | 38.4 | 20.7 | 20.0 | 66.7 | 58.4 | ||||||||||||||||||||||||
Total operating costs | 45.4 | 46.6 | 94.0 | 91.7 | 51.3 | 45.9 | 145.3 | 137.6 | ||||||||||||||||||||||||
Operating income | $ | 9.5 | $ | 5.2 | $ | 14.5 | $ | 10.9 | $ | 5.7 | $ | 6.6 | $ | 20.2 | $ | 17.5 | ||||||||||||||||
Additional data: | ||||||||||||||||||||||||||||||||
Loss ratio | 42.8 | % | 60.7 | % | 50.6 | % | 59.8 | % | 61.1 | % | 56.6 | % | 54.2 | % | 58.6 | % | ||||||||||||||||
Operating expense ratio | 51.6 | % | 42.9 | % | 48.5 | % | 43.0 | % | 41.3 | % | 43.7 | % | 46.0 | % | 43.2 | % |
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(dollar amounts in millions) | 2020 | 2019 | 2020 | 2019 | ||||||||||||
Operating revenues: | ||||||||||||||||
Premiums earned, net: | ||||||||||||||||
Premiums written | $ | 38.4 | $ | 36.4 | $ | 71.6 | $ | 67.3 | ||||||||
Premiums ceded | (14.3 | ) | (10.3 | ) | (30.7 | ) | (23.7 | ) | ||||||||
Change in unearned premiums | (1.7 | ) | (4.3 | ) | 2.1 | (2.5 | ) | |||||||||
Premiums earned, net | 22.4 | 21.8 | 43.0 | 41.1 | ||||||||||||
Net investment income | 2.3 | 2.4 | 4.4 | 4.9 | ||||||||||||
Total operating revenues | 24.7 | 24.2 | 47.4 | 46.0 | ||||||||||||
Operating costs: | ||||||||||||||||
Claims incurred | 6.5 | 9.4 | 17.4 | 18.0 | ||||||||||||
Underwriting and other expenses | 11.5 | 10.0 | 23.5 | 19.7 | ||||||||||||
Total operating costs | 18.0 | 19.4 | 40.9 | 37.7 | ||||||||||||
Operating income | $ | 6.7 | $ | 4.8 | $ | 6.5 | $ | 8.3 | ||||||||
Additional data: | ||||||||||||||||
Loss ratio | 29.0 | % | 43.1 | % | 40.5 | % | 43.8 | % | ||||||||
Operating expense ratio | 51.3 | % | 45.9 | % | 54.7 | % | 47.9 | % |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
(dollar amounts in millions) | 2020 | 2019 | 2020 | 2019 | ||||||||||||
Operating revenues: | ||||||||||||||||
Premiums earned, net: | ||||||||||||||||
Premiums written | $ | 44.0 | $ | 40.0 | $ | 115.6 | $ | 107.4 | ||||||||
Premiums ceded | (14.9 | ) | (12.3 | ) | (45.6 | ) | (36.0 | ) | ||||||||
Change in unearned premiums | (5.2 | ) | (4.0 | ) | (3.1 | ) | (6.5 | ) | ||||||||
Premiums earned, net | 23.9 | 23.7 | 66.9 | 64.9 | ||||||||||||
Net investment income | 2.2 | 2.5 | 6.6 | 7.4 | ||||||||||||
Total operating revenues | 26.1 | 26.2 | 73.5 | 72.3 | ||||||||||||
Operating costs: | ||||||||||||||||
Claims incurred | 10.4 | 10.2 | 27.8 | 28.3 | ||||||||||||
Underwriting and other expenses | 11.3 | 9.4 | 34.8 | 29.1 | ||||||||||||
Total operating costs | 21.7 | 19.6 | 62.6 | 57.4 | ||||||||||||
Operating income | $ | 4.4 | $ | 6.6 | $ | 10.9 | $ | 14.9 | ||||||||
Additional data: | ||||||||||||||||
Loss ratio | 43.5 | % | 43.0 | % | 41.6 | % | 43.6 | % | ||||||||
Operating expense ratio | 47.3 | % | 39.7 | % | 52.0 | % | 44.8 | % |
Six months ended | ||||||||||||||||
June 30, | Nine months ended September 30, | |||||||||||||||
(dollar amounts in millions) | 2020 | 2019 | 2020 | 2019 | ||||||||||||
Sources (uses) of cash: | ||||||||||||||||
Cash provided by operating activities | $ | 170.3 | $ | 26.3 | ||||||||||||
Cash provided by (used in) operating activities | $ | 223.7 | $ | (3.5 | ) | |||||||||||
Net (purchases) proceeds of investment securities | (105.6 | ) | 25.5 | (211.7 | ) | 0.7 | ||||||||||
Net capital expenditures | (45.9 | ) | (10.7 | ) | (52.5 | ) | (14.7 | ) | ||||||||
Capital contribution on equity method investees | (4.9 | ) | - | (7.1 | ) | - | ||||||||||
Proceeds from long-term borrowings | 30.8 | - | 30.9 | - | ||||||||||||
Net change in short-term borrowings | 28.5 | - | ||||||||||||||
Payments of long-term borrowings | (1.6 | ) | (1.6 | ) | (2.8 | ) | (2.4 | ) | ||||||||
Net change in short-term borrowings | (39.0 | ) | - | |||||||||||||
Proceeds from policyholder deposits | 16.4 | 8.2 | 21.6 | 15.1 | ||||||||||||
Surrenders of policyholder deposits | (8.2 | ) | (11.4 | ) | (12.8 | ) | (16.5 | ) | ||||||||
Repurchase and retirement of common stock | (14.9 | ) | - | (14.9 | ) | - | ||||||||||
Other | 33.8 | 12.4 | 16.9 | 2.7 | ||||||||||||
Net increase in cash and cash equivalents | $ | 31.2 | $ | 48.7 | ||||||||||||
Net increase (decrease) in cash and cash equivalents | $ | 19.8 | $ | (18.6 | ) |
(Dollar amounts in millions, except per share data) | Total Number of Shares Purchased (1) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Programs (1) | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Programs | ||||||||||||
Apri 1, 2020 to April 30, 2020 | 197,739 | $ | 15.15 | 197,739 | $ | 3.0 | ||||||||||
May 1, 2020 to May 31, 2020 | 177,634 | 16.87 | 177,634 | - | ||||||||||||
June 1, 2020 to June 30, 2020 | - | - | - | - |
(Dollar amounts in millions, except per share data) | Total Number of Shares Purchased (1) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Programs | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Programs | ||||||||||||
July 1, 2020 to July 31, 2020 | - | $ | - | - | $ | - | ||||||||||
August 1, 2020 to August 31, 2020 | - | - | - | - | ||||||||||||
September 1, 2020 to September 30, 2020 | 14,040 | 18.85 | - | - |
Exhibits | Description |
Amendment to the contract between | |
Amendment to the contract between | |
Amendment to the contract between | |
Statement re computation of per share earnings; an exhibit describing the computation of the earnings per share for the three and | |
Certification of the President and Chief Executive Officer required by Rule 13a-14(a)/15d-14(a). | |
Certification of the Executive Vice President and Chief Financial Officer required by Rule 13a-14(a)/15d-14(a). | |
Certification of the President and Chief Executive Officer required pursuant to 18 U.S.C Section 1350. | |
Certification of the Executive Vice President and Chief Financial Officer required pursuant to 18 U.S.C Section 1350. |
Triple-S Management Corporation | ||||||
Registrant | ||||||
Date: | By: | /s/ Roberto García-Rodríguez | ||||
Roberto García-Rodríguez | ||||||
President and Chief Executive Officer | ||||||
Date: | By: | /s/ Juan J. Román-Jiménez | ||||
Juan J. Román-Jiménez | ||||||
Executive Vice President and Chief Financial Officer |