Triple-s Management (GTS) 10-Q 6 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - Jun. 30, 2015 - shares	Total
Entity Information [Line Items]
Entity Registrant Name	TRIPLE-S MANAGEMENT CORP
Entity Central Index Key	1,171,662
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Common Class A [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding	2,377,689
Common Class B [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding	23,650,247

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Securities available for sale, at fair value:
Fixed maturities	$ 1,079,651	$ 1,115,899
Equity securities	155,657	197,756
Securities held to maturity, at amortized cost:
Fixed maturities	2,947	2,944
Policy loans	7,334	7,260
Cash and cash equivalents	212,504	110,037
Total investments and cash	1,458,093	1,433,896
Premiums and other receivables, net	354,090	315,622
Deferred policy acquisition costs and value of business acquired	186,143	184,100
Property and equipment, net	74,530	78,343
Deferred tax asset	77,819	68,695
Goodwill	25,397	25,397
Other assets	57,261	39,683
Total assets	2,233,333	2,145,736
Liabilities and Stockholders' Equity
Claim liabilities	462,186	390,086
Liability for future policy benefits	339,707	328,293
Unearned premiums	80,192	82,656
Policyholder deposits	118,921	118,912
Liability to Federal Employees' Health Benefits Program (FEHBP)	16,489	15,666
Accounts payable and accrued liabilities	206,483	162,458
Deferred tax liability	22,052	28,456
Long-term borrowings	62,647	74,467
Liability for pension benefits	81,200	86,716
Total liabilities	1,389,877	1,287,710
Triple-S Management Corporation stockholders' equity
Additional paid-in capital	99,617	121,405
Retained earnings	695,107	661,345
Accumulated other comprehensive income	23,291	48,776
Total Triple-S Management Corporation stockholders' equity	844,043	858,558
Non-controlling interest in consolidated subsidiary	(587)	(532)
Total stockholders' equity	843,456	858,026
Total liabilities and stockholders' equity	2,233,333	2,145,736
Class A Common Stock [Member]
Triple-S Management Corporation stockholders' equity
Common stock	2,378	2,378
Class B Common Stock [Member]
Triple-S Management Corporation stockholders' equity
Common stock	$ 23,650	$ 24,654

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Class A Common Stock [Member]
Triple-S Management Corporation stockholders' equity
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, authorized (in shares)	100,000,000	100,000,000
Common stock, issued (in shares)	2,377,689	2,377,689
Common stock, outstanding (in shares)	2,377,689	2,377,689
Class B Common Stock [Member]
Triple-S Management Corporation stockholders' equity
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, authorized (in shares)	100,000,000	100,000,000
Common stock, issued (in shares)	23,650,247	24,654,497
Common stock, outstanding (in shares)	23,650,247	24,654,497

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues:
Premiums earned, net	$ 754,107	$ 543,735	$ 1,286,665	$ 1,085,587
Administrative service fees	4,549	29,506	33,672	59,256
Net investment income	10,998	12,147	21,916	23,498
Other operating revenues	641	850	1,794	2,344
Total operating revenues	770,295	586,238	1,344,047	1,170,685
Net realized investment gains (losses):
Total other-than-temporary impairment losses on securities	(1,660)	(462)	(2,862)	(462)
Net realized gains, excluding other-than-temporary impairment losses on securities	12,267	4,390	19,682	4,516
Total net realized investment gains	10,607	3,928	16,820	4,054
Other income, net	1,083	575	2,842	821
Total revenues	781,985	590,741	1,363,709	1,175,560
Benefits and expenses :
Claims incurred	637,898	428,641	1,070,328	877,748
Operating expenses	126,824	123,589	254,199	248,956
Total operating costs	764,722	552,230	1,324,527	1,126,704
Interest expense	2,074	2,396	4,256	4,701
Total benefits and expenses	766,796	554,626	1,328,783	1,131,405
Income before taxes	15,189	36,115	34,926	44,155
Income tax expense (benefit)	(3,712)	8,662	1,219	9,773
Net income	18,901	27,453	33,707	34,382
Less: Net loss attributable to non-controlling interest	25	23	55	49
Net income attributable to Triple-S Management Corporation	$ 18,926	$ 27,476	$ 33,762	$ 34,431
Earnings per share attributable to Triple-S Management Corporation
Basic net income per share (in dollars per share)	$ 0.73	$ 1.01	$ 1.29	$ 1.27
Diluted net income per share (in dollars per share)	$ 0.73	$ 1.01	$ 1.28	$ 1.26

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Condensed Consolidated Statements of Comprehensive Income (Unaudited) [Abstract]
Net income	$ 18,901	$ 27,453	$ 33,707	$ 34,382
Other comprehensive income (loss), net of tax:
Net unrealized change in fair value of available for sale securities, net of taxes	(29,044)	19,080	(27,250)	41,382
Defined benefit pension plan:
Actuarial loss, net	1,016	649	1,903	1,354
Prior service credit, net	(77)	(70)	(138)	(144)
Total other comprehensive income (loss), net of tax	(28,105)	19,659	(25,485)	42,592
Comprehensive income (loss)	(9,204)	47,112	8,222	76,974
Comprehensive loss attributable to non-controlling interest	25	23	55	49
Comprehensive income (loss) attributable to Triple-S Management Corporation	$ (9,179)	$ 47,135	$ 8,277	$ 77,023

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) $ in Thousands	USD ($)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total Triple-S Management Corporation stockholders' equity	$ 785,381
Balance at January 1 at Dec. 31, 2013	785,381
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	1,221
Stock issued upon the exercise of stock options	2,885
Repurchase and retirement of common stock	(9,044)
Comprehensive income	77,023
Total Triple-S Management Corporation stockholders' equity	785,381
Balance at June 30 at Jun. 30, 2014	857,239
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total Triple-S Management Corporation stockholders' equity	857,466
Non-controlling interest in consolidated subsidiary	(227)
Total Triple-S Management Corporation stockholders' equity	858,558
Non-controlling interest in consolidated subsidiary	(532)
Balance at January 1 at Dec. 31, 2014	858,558
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	3,199
Stock issued upon the exercise of stock options	179
Repurchase and retirement of common stock	(26,170)
Comprehensive income	8,277
Total Triple-S Management Corporation stockholders' equity	858,558
Balance at June 30 at Jun. 30, 2015	843,456
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total Triple-S Management Corporation stockholders' equity	844,043
Non-controlling interest in consolidated subsidiary	$ (587)

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net income	$ 33,707	$ 34,382
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	8,138	10,578
Net amortization of investments	3,187	3,031
Additions to the allowance for doubtful receivables	11,626	6,388
Deferred tax benefit	(6,423)	(2,119)
Net realized investment gain on sale of securities	(16,820)	(4,054)
Share-based compensation	3,199	1,221
(Increase) decrease in assets:
Premium and other receivables, net	(56,003)	(70,556)
Deferred policy acquisition costs and value of business acquired	(2,043)	(2,826)
Deferred taxes	(4,876)	259
Other assets	(16,596)	(1,888)
Increase (decrease) in liabilities:
Claim liabilities	72,100	(5,713)
Liability for future policy benefits	11,414	11,693
Unearned premiums	(2,464)	(3,841)
Policyholder deposits	1,742	1,685
Liability to FEHBP	823	(3,523)
Accounts payable and accrued liabilities	36,017	28,292
Net cash provided by operating activities	76,728	3,009
Securities available for sale:
Fixed maturities sold	241,476	95,759
Fixed maturities matured/called	34,906	17,066
Equity securities sold	65,621	40,745
Securities held to maturity:
Fixed maturities matured/called	100	2,418
Securities available for sale:
Fixed maturities	(259,984)	(137,783)
Equity securities	(12,165)	(20,650)
Securities held to maturity:
Fixed maturities	(103)	(350)
Other investments	(2,522)	(424)
Net outflows from policy loans	(74)	(172)
Net capital expenditures	(3,003)	(2,791)
Net cash used in (provided by) investing activities	64,252	(6,182)
Cash flows from financing activities:
Change in outstanding checks in excess of bank balances	1,028	(3,593)
Repayments of long-term borrowings	(11,820)	(992)
Repurchase and retirement of common stock	(25,988)	(5,995)
Proceeds from policyholder deposits	4,538	3,305
Surrenders of policyholder deposits	(6,271)	(4,559)
Net cash used in financing activities	(38,513)	(11,834)
Net increase (decrease) in cash and cash equivalents	102,467	(15,007)
Cash and cash equivalents:
Beginning of period	110,037	74,356
End of period	$ 212,504	$ 59,349

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2015
Basis of Presentation [Abstract]
Basis of Presentation	(1) Basis of Presentation The accompanying condensed consolidated interim financial statements prepared by Triple-S Management Corporation and its subsidiaries are unaudited. In this filing, the “Corporation”, the “Company”, “TSM”, “we”, “us” and “our” refer to Triple-S Management Corporation and its subsidiaries. The condensed consolidated interim financial statements do not include all of the information and the footnotes required by accounting principles generally accepted in the U.S. (GAAP) for complete financial statements. These condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements included in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2014. In the opinion of management, all adjustments, consisting of a normal recurring nature necessary for a fair presentation of such condensed consolidated interim financial statements, have been included. The results of operations for the three months and six months ended June 30, 2015 are not necessarily indicative of the results for the full year ending December 31, 2015.

Recent Accounting Standards

Recent Accounting Standards	6 Months Ended
	Jun. 30, 2015
Recent Accounting Standards [Abstract]
Recent Accounting Standards	(2) Recent Accounting Standards On April 7, 2015, the Financial Accounting Standards Board (FASB) issued guidance addressing the different balance sheet presentation requirements for debt issuance costs and debt discount and premiums. This guidance requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs is not significantly affected. This guidance is effective for public companies for fiscal years and interim periods within such years beginning after December 15, 2015. We are currently evaluating the impact, if any, the adoption of this guidance may have on our financial position or results of operations. On May 1, 2015, the FASB issued guidance addressing the current diversity in practice regarding the manner in which certain investments measured at net asset value with redemption dates in the future, including periodic redemption dates, are categorized within the fair value hierarchy. This guidance eliminates the requirement to categorize within the fair value hierarchy investments for which fair values are measured at net asset value using the practical expedient. Additionally, it eliminates the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value practical expedient. This guidance is effective for public companies for fiscal years and interim periods within such years beginning after December 15, 2015. We are currently evaluating the impact, if any, the adoption of this guidance may have on our financial position or results of operations. On May 21, 2015, the FASB issued guidance requiring insurance entities to disclose for annual reporting periods, among other information about the liability for unpaid claims and claim adjustment expenses, (1) incurred and paid claims development information by accident year, on a net basis after risk mitigation through reinsurance, for the number of years for which claims incurred typically remain outstanding (that need not exceed 10 years, including the most recent reporting period presented in the statement of financial position). Each period presented in the disclosure about claims development that precedes the current reporting period is considered to be supplementary information; and (2) for each accident year presented of incurred claims development information, quantitative information about claim frequency (unless it is impracticable to do so) accompanied by a qualitative description of methodologies used for determining claim frequency information (as well as any changes to these methodologies). This guidance is effective for public companies for fiscal years beginning after December 31, 2015, and interim periods within such fiscal years beginning after December 15, 2016. We are currently evaluating the impact, if any, the adoption of this guidance may have on our financial position or results of operations. Other than the accounting pronouncement disclosed above, there were no other new accounting pronouncements issued during the three months and six months ended June 30, 2015 that could have a material impact on the Corporation’s financial position, operating results or financials statement disclosures.

Investment in Securities

Investment in Securities	6 Months Ended
	Jun. 30, 2015
Investment in Securities [Abstract]
Investment in Securities	(3) Investment in Securities The amortized cost for debt securities and cost for equity securities, gross unrealized gains, gross unrealized losses, and estimated fair value for available-for-sale and held-to-maturity securities by major security type and class of security at June 30, 2015 and December 31, 2014, were as follows: June 30, 2015 Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Securities available for sale: Fixed maturities: Obligations of government-sponsored enterprises $ 107,362 $ 1,047 $ (6 ) $ 108,403 U.S. Treasury securities and obligations of U.S. government instrumentalities 155,385 954 - 156,339 Obligations of the Commonwealth of Puerto Rico and its instrumentalities 26,650 - (23 ) 26,627 Municipal securities 588,989 36,023 (316 ) 624,696 Corporate bonds 119,190 12,003 - 131,193 Residential mortgage-backed securities 1,023 67 - 1,090 Collateralized mortgage obligations 30,195 1,108 - 31,303 Total fixed maturities 1,028,794 51,202 (345 ) 1,079,651 Equity securities - mutual funds 121,573 34,141 (57 ) 155,657 Total $ 1,150,367 $ 85,343 $ (402 ) $ 1,235,308 December 31, 2014 Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Securities available for sale: Fixed maturities: Obligations of government-sponsored enterprises $ 129,649 $ 1,014 $ (19 ) $ 130,644 U.S. Treasury securities and obligations of U.S. government instrumentalities 94,480 648 (28 ) 95,100 Obligations of the Commonwealth of Puerto Rico and its instrumentalities 35,115 138 - 35,253 Municipal securities 585,088 49,181 (50 ) 634,219 Corporate bonds 147,224 17,744 (134 ) 164,834 Residential mortgage-backed securities 6,808 311 - 7,119 Collateralized mortgage obligations 46,921 1,809 - 48,730 Total fixed maturities 1,045,285 70,845 (231 ) 1,115,899 Equity securities - mutual funds 150,799 47,049 (92 ) 197,756 Total $ 1,196,084 $ 117,894 $ (323 ) $ 1,313,655 June 30, 2015 Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Securities held to maturity: U.S. Treasury securities and obligations of U.S. government instrumentalities $ 621 $ 177 $ - $ 798 Residential mortgage-backed securities 217 22 - 239 Certificates of deposit 2,109 - - 2,109 Total $ 2,947 $ 199 $ - $ 3,146 December 31, 2014 Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Securities held to maturity: U.S. Treasury securities and obligations of U.S. government instrumentalities $ 622 $ 198 $ - $ 820 Residential mortgage-backed securities 217 21 - 238 Certificates of deposit 2,105 - - 2,105 Total $ 2,944 $ 219 $ - $ 3,163 Gross unrealized losses on investment securities and the estimated fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of June 30, 2015 and December 31, 2014 were as follows: June 30, 2015 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 Securites available for sale: Fixed maturities: Obligations of government-sponsored enterprises $ 6,393 $ (6 ) 1 $ - $ - - $ 6,393 $ (6 ) 1 Obligations of the Commonwealth of Puerto Rico and its instrumentalities 16,507 (23 ) 6 - - - 16,507 (23 ) 6 Municipal securities 31,228 (316 ) 9 - - - 31,228 (316 ) 9 Total fixed maturities 54,128 (345 ) 16 - - - 54,128 (345 ) 16 Equity securities - mutual funds 3,599 (57 ) 1 - - - 3,599 (57 ) 1 Total for securities available for sale $ 57,727 $ (402 ) 17 $ - $ - - $ 57,727 $ (402 ) 17 December 31, 2014 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 Securites available for sale: Fixed maturities: Obligations of government-sponsored enterprises $ 43,105 $ (19 ) 2 $ - $ - - $ 43,105 $ (19 ) 2 U.S. Treasury securities and obligations of U.S. governmental instrumentalities 39,966 (28 ) 2 - - - 39,966 (28 ) 2 Municipal securities 6,749 (24 ) 3 6,693 (26 ) 3 13,442 (50 ) 6 Corporate bonds 17,053 (50 ) 4 20,405 (84 ) 4 37,458 (134 ) 8 Total fixed maturities 106,873 (121 ) 11 27,098 (110 ) 7 133,971 (231 ) 18 Equity securities - mutual funds 7,773 (92 ) 2 - - - 7,773 (92 ) 2 Total for securities available for sale $ 114,646 $ (213 ) 13 $ 27,098 $ (110 ) 7 $ 141,744 $ (323 ) 20 The Corporation regularly monitors and evaluates the difference between the amortized cost and estimated fair value of investments. For investments with a fair value below amortized cost, the process includes evaluating: (1) the length of time and the extent to which the estimated fair value has been less than amortized cost for fixed maturity securities, or cost for equity securities, (2) the financial condition, near-term and long-term prospects for the issuer, including relevant industry conditions and trends, and implications of rating agency actions, (3) the Company’s intent to sell or the likelihood of a required sale prior to recovery, (4) the recoverability of principal and interest for fixed maturity securities, or cost for equity securities, and (5) other factors, as applicable. This process is not exact and requires further consideration of risks such as credit and interest rate risks. Consequently, if an investment’s cost exceeds its estimated fair value solely due to changes in interest rates, other-than temporary impairment may not be appropriate. Due to the subjective nature of the Corporation’s analysis, along with the judgment that must be applied in the analysis, it is possible that the Corporation could reach a different conclusion whether or not to impair a security if it had access to additional information about the investee. Additionally, it is possible that the investee’s ability to meet future contractual obligations may be different than what the Corporation determined during its analysis, which may lead to a different impairment conclusion in future periods. If after monitoring and analyzing impaired securities, the Corporation determines that a decline in the estimated fair value of any available-for-sale or held-to-maturity security below cost is other-than-temporary, the carrying amount of the security is reduced to its fair value in accordance with current accounting guidance. The new cost basis of an impaired security is not adjusted for subsequent increases in estimated fair value. In periods subsequent to the recognition of an other-than-temporary impairment, the impaired security is accounted for as if it had been purchased on the measurement date of the impairment. For debt securities, the discount (or reduced premium) based on the new cost basis may be accreted into net investment income in future periods based on prospective changes in cash flow estimates, to reflect adjustments to the effective yield. The Corporation’s process for identifying and reviewing invested assets for other-than temporary impairments during any quarter includes the following: • Identification and evaluation of securities that have possible indications of other-than-temporary impairment, which includes an analysis of all investments with gross unrealized investment losses that represent 20% or more of their cost and all investments with an unrealized loss greater than $100. • Review and evaluation of any other security based on the investee’s current financial condition, liquidity, near-term recovery prospects, implications of rating agency actions, the outlook for the business sectors in which the investee operates and other factors. This evaluation is in addition to the evaluation of those securities with a gross unrealized investment loss representing 20% or more of their cost. • Consideration of evidential matter, including an evaluation of factors or triggers that may or may not cause individual investments to qualify as having other-than-temporary impairments. • Determination of the status of each analyzed security as other-than-temporary or not, with documentation of the rationale for the decision; and • Equity securities are considered to be impaired when a position is in an unrealized loss for a period longer than 6 months. The Corporation reviews the investment portfolios under the Corporation’s impairment review policy. Given market conditions and the significant judgments involved, there is a continuing risk that declines in fair value may occur and material other-than-temporary impairments may be recorded in future periods. The Corporation from time to time may sell investments as part of its asset/liability management process or to reposition its investment portfolio based on current and expected market conditions. Obligations of Government-Sponsored Enterprises and Municipal Securities: Obligations of the Commonwealth of Puerto Rico and its Instrumentalities: Besides holdings in escrowed bonds, which are backed by US Government securities and therefore have an implicit AA+/Aaa rating, our exposure is in senior lien bonds issued by Cofina. Below we will discuss the Cofina structure and security, recent events and our impairment conclusion. Cofina bonds are backed by a sales tax levied on the island, which was increased to 11.5% from an original rate of 7%, effective July 1, 2015. The revenue of the incremental rate of 4.5% flows directly into the General Fund of the Commonwealth. The revenue of the original rate of 7% follows the flow of funds as described below. Of the original 7% tax rate, 1.5% is a separated revenue stream for municipalities. Of the remaining 5.5%, the larger of 2.75% or a base amount is pledged to the sales tax bonds. In terms of flow of funds, the 5.5% remaining revenue is first used for debt service on senior lien bonds, then for debt service on subordinate bonds and the excess flows into the General Fund. Effective government fiscal year 2015/16, the flow of funds has been somewhat revised to benefit Cofina. The municipality portion of 0.5% is first directed to Cofina in order to satisfy the above mentioned base amount. Once this base amount is reached, the municipality portion catches up by receiving the amounts which were previously diverted towards Cofina. Sales tax revenues are dependent on the Puerto Rico economic situation and the sales tax base amount mentioned above would need to grow over time to cover debt service, especially to cover the longer maturities. However, the Company mostly owns shorter Cofina senior bonds, for which debt service coverage based on current revenues is ample. According to the Government Development Bank, legal opinions from the Puerto Rico’s Secretary of Justice, Bond Counsel and Underwriters’ Counsel, pledged sales tax revenues do not constitute available resources of the Commonwealth. In other words, these revenues are not subject to the so called Puerto Rico general obligations (GO) debt “clawback” under the Commonwealth’s constitution, which provides that certain revenues used to support various bond issues are available to be applied first to the payment of GO debt if needed . This suggests that Cofina bonds could be somewhat isolated from the other Puerto Rico credits. General Obligation bonds and Cofina are generally considered to have the strongest legal protections. However, it seems that the Puerto Rico government is moving towards a consolidated debt restructuring across all issuers (see below). Cofina could either directly be included in this restructuring or the GO bond holders could challenge the separation of the sales tax revenue stream. During the last year, the Puerto Rico Government has tried to find several solutions to improve its fiscal situation. Among other initiatives, the Government has (1) sought to provide a legal framework for restructuring its public corporation debt, (2) has planned a bond sale backed by a new fuel tax and (3) has increased sales tax revenue. Intended to provide a legal framework for restructuring public corporation debt, the Puerto Rico Public Corporations Debt Enforcement and Recovery Act (the Recovery Act) was passed by the Legislature in June 2014. The Central Government, municipalities and related agencies (including bonds issued by Cofina) would explicitly not be eligible, i.e. these could be restructured under this new act. However , the U.S. District Court of Puerto Rico ruled the Recovery Act unconstitutional in February 2015. On July 6, 2005, the First Circuit Court of Appeals confirmed the decision of the District Court. The Government of Puerto Rico has announced it is considering taking the controversy to the U.S. Supreme Court. As a response to the District Court decision (later confirmed by the First Circuit), the Resident Commissioner of Puerto Rico, a non-voting member of the U.S. House of Representatives, filed a bill seeking to allow the public corporations to restructure their debt under Chapter 9 of the federal bankruptcy code, if needed. Currently, this bill is still being debated in the U.S. Congress. In December 2014, the Puerto Rico legislature approved a new fuel tax of 15%. This new tax was supposed to back a $2,900,000 bond sale by the Highway Authority, which would be used to pay off a $2,200,000 debt of that In an attempt to raise additional revenue, the Puerto Rico Government proposed a 16 percent value-added tax on goods and services in February 2015. This new tax would replace the 7 percent sales and use tax and would be combined with lower income tax rates. In a second attempt to raise revenue, in May 2015, the legislature passed a bill to increase the sales tax from 7% to 11.5%, effective July 1, 2015, and to introduce a 4% sales tax on services provided between businesses and on professional services, effective October 1 , 2015. Despite the initiatives above, more recently the Puerto Rico Government has changed its historical position and indicated that it is unable to support its debt burden. At the end of June 2015, the legislature passed a $9,800,000 budget for the next fiscal year. However, legislation was also passed that would allow suspending monthly General Obligation debt service deposits. These deposits would be suspended until next fiscal year unless the Government can raise funds through the issuance of tax revenue anticipation notes (TRANs) or other borrowings. As a first step towards debt restructuring, the Government held a meeting with creditors on July 14, 2015, but offered no specifics with regards to which obligations might be restructured. Officials acknowledged the need for capital market access, indicated that liquidity would be very tight in the beginning of the new fiscal year and mentioned that certain measures had been taken, including the issuance of $400,000 TRANs to certain Government entities and advances from Puerto Rico’s retirement system. Despite these measures, on August 1, 2015, the Puerto Rico Public Finance Corporation failed to remit enough cash to its paying agent to satisfy its entire debt service obligation. This is the first time that Puerto Rico has defaulted on any of its bonded debt obligations, showing its constrained liquidity position. This quarter, S&P and Moody’s have continued to downgrade Puerto Rico credits. On June 29, 2015, S&P downgraded General Obligation bonds and Cofina senior to CCC-, maintaining a negative outlook. S&P states that the potential for a restructuring of some or all of the Commonwealth’s debt is a significant possibility over the next six months. On July 1, 2015, Moody’s downgraded General Obligation bonds and Cofina senior to Caa3, maintaining a negative outlook. Moody’s notes that even those Puerto Rico securities with strong legal protections face a significant loss. We considered our unrealized loss position in Cofina to be other-than-temporarily impaired as of June 30, 2015, because: (a) the financial position of the Commonwealth has deteriorated further, evidenced by a lack of liquidity and market access, and (b) the Puerto Rico government is moving towards a consolidated debt restructuring, which could include Cofina or could jeopardize the separation of the sales tax revenue stream. As a result, during the three months and six months ended June 30, 2015, we recorded an other-than-temporary impairment for the Cofina positions amounting to $1,660 and $2,862, respectively. Maturities of investment securities classified as available for sale and held to maturity at June 30, 2015 were as follows: June 30, 2015 Amortized cost Estimated fair value Securities available for sale: Due in one year or less $ 48,258 $ 48,990 Due after one year through five years 330,556 336,761 Due after five years through ten years 111,151 117,524 Due after ten years 507,611 543,983 Residential mortgage-backed securities 1,023 1,090 Collateralized mortgage obligations 30,195 31,303 $ 1,028,794 $ 1,079,651 Securities held to maturity: Due in one year or less $ 2,109 $ 2,109 Due after ten years 621 798 Residential mortgage-backed securities 217 239 $ 2,947 $ 3,146 Expected maturities may differ from contractual maturities because some issuers have the right to call or prepay obligations with or without call or prepayment penalties. Information regarding realized and unrealized gains and losses from investments for the three months and six months ended June 30, 2015 and 2014 is as follows: Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Realized gains (losses): Fixed maturity securities: Securities available for sale: Gross gains from sales $ 2,328 $ 380 $ 6,337 $ 1,703 Gross losses from sales (129 ) (112 ) (404 ) (1,957 ) Gross losses from other-than-temporary impairments (1,660 ) (462 ) (2,862 ) (462 ) Total debt securities 539 (194 ) 3,071 (716 ) Equity securities: Securities available for sale: Gross gains from sales 10,138 2,697 13,874 4,616 Gross losses from sales (70 ) - (125 ) (1,271 ) Total equity securities 10,068 2,697 13,749 3,345 Net realized gains on securities available for sale 10,607 2,503 16,820 2,629 Gross gain from other investment - 1,425 - 1,425 Net realized investment gains $ 10,607 $ 3,928 $ 16,820 $ 4,054 The other-than-temporary impairments on fixed maturity securities are attributable to credit losses. Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Changes in net unrealized gains (losses): Recognized in accumulated other comprehensive income: Fixed maturities – available for sale $ (23,848 ) $ 16,162 $ (19,757 ) $ 39,917 Equity securities – available for sale (11,595 ) 6,292 (12,873 ) 8,947 $ (35,443 ) $ 22,454 $ (32,630 ) $ 48,864 Not recognized in the consolidated financial statements: Fixed maturities – held to maturity $ (37 ) $ 11 $ (20 ) $ 13 The deferred tax asset (liability) on unrealized gains change recognized in accumulated other comprehensive income during the six months ended June 30, 2015 and 2014 ($7,842), respectively. As of June 30, and December 31, 2014, no individual investment in securities exceeded 10% of stockholders’ equity. The components of net investment income were as follows: Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Fixed maturities $ 8,592 $ 9,569 $ 17,941 $ 19,239 Equity securities 1,777 2,270 3,124 3,616 Policy loans 135 133 266 258 Cash equivalents and interest-bearing deposits 33 14 63 26 Other 461 161 522 359 Total $ 10,998 $ 12,147 $ 21,916 $ 23,498

Premiums and Other Receivables,

Premiums and Other Receivables, Net	6 Months Ended
	Jun. 30, 2015
Premiums and Other Receivables, Net [Abstract]
Premiums and Other Receivables, Net	(4) Premiums and Other Receivables, Net Premiums and other receivables, net as of June 30, 2015 and December 31, 2014 were as follows: June 30, 2015 December 31, 2014 Premiums $ 159,874 $ 131,496 Self-insured group receivables 76,467 62,189 FEHBP 13,811 12,384 Agent balances 30,779 25,300 Accrued interest 12,276 11,737 Reinsurance recoverable 48,358 50,686 Unsettled sales 4,547 10,456 Other 47,706 47,742 393,818 351,990 Less allowance for doubtful receivables: Premiums 31,272 28,983 Other 8,456 7,385 39,728 36,368 Total premiums and other receivables, net $ 354,090 $ 315,622 As of June 30, 2015 and December 31, 2014, the Company had premiums and other receivables of $94,604 and $89,904, respectively, from the Government of Puerto Rico, including its agencies, municipalities and public corporations. The

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2015
Fair Value Measurements [Abstract]
Fair Value Measurements	(5) Fair Value Measurements Assets recorded at fair value in the condensed consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Level inputs, as defined by current accounting guidance for fair value measurements and disclosures, are as follows: Level Input: Input Definition: Level 1 Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets at the measurement date. Level 2 Inputs other than quoted prices included in Level 1 that are observable for the asset or liability through corroboration with market data at the measurement date. Level 3 Unobservable inputs that reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. The Corporation uses observable inputs when available. Fair value is based upon quoted market prices when available. The Corporation limits valuation adjustments to those deemed necessary to ensure that the security’s fair value adequately represents the price that would be received or paid in the marketplace. Valuation adjustments may include consideration of counterparty credit quality and liquidity as well as other criteria. The estimated fair value amounts are subjective in nature and may involve uncertainties and matters of significant judgment for certain financial instruments. Changes in the underlying assumptions used in estimating fair value could affect the results. The fair value measurement levels are not indicative of risk of investment. The fair value of investment securities is estimated based on quoted market prices for those or similar investments. Additional information pertinent to the estimated fair value of investment in securities is included in note 3. The following tables summarize fair value measurements by level at June 30, 2015 and December 31, 2014 for assets measured at fair value on a recurring basis: June 30, 2015 Level 1 Level 2 Level 3 Total Securities available for sale: Fixed maturity securities Obligations of government-sponsored enterprises $ - $ 108,403 $ - $ 108,403 U.S. Treasury securities and obligations of U.S government instrumentalities 156,339 - - 156,339 Obligations of the Commonwealth of Puerto Rico and its instrumentalities - 26,627 - 26,627 Municipal securities - 624,696 - 624,696 Corporate bonds - 131,193 - 131,193 Residential agency mortgage-backed securities - 1,090 - 1,090 Collateralized mortgage obligations - 31,303 - 31,303 Total fixed maturities 156,339 923,312 - 1,079,651 Equity securities - mutual funds 128,305 18,269 9,083 155,657 Total $ 284,644 $ 941,581 $ 9,083 $ 1,235,308 December 31, 2014 Level 1 Level 2 Level 3 Total Securities available for sale: Fixed maturity securities Obligations of government-sponsored enterprises $ - $ 130,644 $ - $ 130,644 U.S. Treasury securities and obligations of U.S government instrumentalities 95,100 - - 95,100 Obligations of the Commonwealth of Puerto Rico and its instrumentalities - 35,253 - 35,253 Municipal securities - 634,219 - 634,219 Corporate bonds - 164,834 - 164,834 Residential agency mortgage-backed securities - 7,119 - 7,119 Collateralized mortgage obligations - 48,730 - 48,730 Total fixed maturities 95,100 1,020,799 - 1,115,899 Equity securities - mutual funds 160,461 23,946 13,349 197,756 Total $ 255,561 $ 1,044,745 $ 13,349 $ 1,313,655 The fair value of fixed maturity and equity securities included in the Level 2 category were based on market values obtained from independent pricing services, which utilize evaluated pricing models that vary by asset class and incorporate available trade, bid and other market information and for structured securities, cash flow and when available loan performance data. Because many fixed income securities do not trade on a daily basis, the models used by independent pricing service providers to prepare evaluations apply available information, such as benchmark curves, benchmarking of like securities, sector groupings, and matrix pricing. For certain equity securities, quoted market prices for the identical security are not always available and the fair value is estimated by reference to similar securities for which quoted prices are available. The independent pricing service providers monitor market indicators, industry and economic events, and for broker-quoted only securities, obtain quotes from market makers or broker-dealers that they recognize to be market participants. The fair value of the investments in partnerships included in the Level 3 category was based on the net asset value (NAV) which is affected by the changes in the fair market value of the investments held in these partnerships. Transfers into or out of the Level 3 category occur when unobservable inputs, such as the Company’s best estimate of what a market participant would use to determine a current transaction price, become more or less significant to the fair value measurement. Transfers between levels, if any, are recorded as of the actual date of the event or change in circumstance that caused the transfer. There were no transfers in and/or out of Level 3 and between Levels 1 and 2 during the three months and six months ended June 30, 2015 and 2014. A reconciliation of the beginning and ending balances of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended June 30, 2015 and 2014 is as follows: Three months ended June 30, 2015 June 30, 2014 Fixed Maturity Securities Equity Securities Total Fixed Maturity Securities Equity Securities Total Beginning balance $ - $ 10,191 $ 10,191 $ - $ 18,868 $ 18,868 Realized gains - - - - - Unrealized loss in other accumulated comprehensive income - (700 ) (700 ) - (353 ) (353 ) Capital distributions - (519 ) (519 ) - (2,001 ) (2,001 ) Purchases - 111 111 - 345 345 Transfers in and/or out of Level 3 - - - - - - Ending balance $ - $ 9,083 $ 9,083 $ - $ 16,859 $ 16,859 Six months ended June 30, 2015 June 30, 2014 Fixed Maturity Securities Equity Securities Total Fixed Maturity Securities Equity Securities Total Beginning balance $ - $ 13,349 $ 13,349 $ - $ 17,910 $ 17,910 Realized gains - 1,412 1,412 - - - Unrealized gain (loss) in other accumulated comprehensive income - (3,302 ) (3,302 ) - 605 605 Capital distributions - (2,565 ) (2,565 ) - (2,001 ) (2,001 ) Purchases - 189 189 - 345 345 Transfers in and/or out of Level 3 - - - - - - Ending balance $ - $ 9,083 $ 9,083 $ - $ 16,859 $ 16,859 In addition to the preceding disclosures on assets recorded at fair value in the condensed consolidated balance sheets, accounting guidance also requires the disclosure of fair values for certain other financial instruments for which it is practicable to estimate fair value, whether or not such values are recognized in the condensed consolidated balance sheets. Non-financial instruments such as property and equipment, other assets, deferred income taxes and intangible assets, and certain financial instruments such as claim liabilities are excluded from the fair value disclosures. Therefore, the fair value amounts cannot be aggregated to determine our underlying economic value. The carrying amounts reported in the condensed consolidated balance sheets for cash and cash equivalents, receivables, accounts payable and accrued liabilities, and short-term borrowings approximate fair value because of the short term nature of these items. These assets and liabilities are not listed in the table below. The following methods, assumptions and inputs were used to estimate the fair value of each class of financial instrument: (i) Policy Loans Policy loans have no stated maturity dates and are part of the related insurance contract. The carrying amount of policy loans approximates fair value because their interest rate is reset periodically in accordance with current market rates. (ii) Policyholder Deposits The fair value of policyholder deposits is the amount payable on demand at the reporting date, and accordingly, the carrying value amount approximates fair value. (iii) Long-term Borrowings The carrying amount of the loans payable to bank – variable approximates fair value due to its floating interest-rate structure. The fair value of the senior unsecured notes payable was determined using broker quotations. (iv) Repurchase Agreement The value of the repurchase agreement with a long term maturity is based on the discounted value of the contractual cash flows using current estimated market discount rates for instruments with similar terms. A summary of the carrying value and fair value by level of financial instruments not recorded at fair value on our consolidated balance sheets at June 30, 2015 and December 31, 2014 are as follows: June 30, 2015 Carrying Fair Value Value Level 1 Level 2 Level 3 Total Assets: Policy loans $ 7,334 $ - $ 7,334 $ - $ 7,334 Liabilities: Policyholder deposits $ 118,921 $ - $ 118,921 $ - $ 118,921 Long-term borrowings: Loans payable to bank - variable 13,647 - 13,647 - 13,647 6.6% senior unsecured notes payable 24,000 - 25,173 - 25,173 Repurchase agreement 25,000 - 27,140 - 27,140 Total long-term borrowings 62,647 - 65,960 - 65,960 Total liabilities $ 181,568 $ - $ 184,881 $ - $ 184,881 December 31, 2014 Carrying Fair Value Value Level 1 Level 2 Level 3 Total Assets: Policy loans $ 7,260 $ - $ 7,260 $ - $ 7,260 Liabilities: Policyholder deposits $ 118,912 $ - $ 118,912 $ - $ 118,912 Long-term borrowings: Loans payable to bank - variable 14,467 - 14,467 - 14,467 6.6% senior unsecured notes payable 35,000 - 33,513 - 33,513 Repurchase agreement 25,000 - 25,337 - 25,337 Total long-term borrowings 74,467 - 73,317 - 73,317 Total liabilities $ 193,379 $ - $ 192,229 $ - $ 192,229

Claim Liabilities

Claim Liabilities	6 Months Ended
	Jun. 30, 2015
Claim Liabilities [Abstract]
Claim Liabilities	(6) Claim Liabilities The activity in the total claim liabilities for the three months and six months ended June 30, 2015 and 2014 is as follows: Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Claim liabilities at beginning of period $ 401,642 $ 446,710 $ 390,086 $ 420,421 Reinsurance recoverable on claim liabilities (39,958 ) (40,615 ) (40,635 ) (37,557 ) Net claim liabilities at beginning of period 361,684 406,095 349,451 382,864 Incurred claims and loss-adjustment expenses: Current period insured events 628,900 431,328 1,080,137 901,699 Prior period insured events 3,783 (8,764 ) (21,901 ) (35,283 ) Total 632,683 422,564 1,058,236 866,416 Payments of losses and loss-adjustment expenses: Current period insured events 539,085 416,046 783,813 657,917 Prior period insured events 32,252 37,737 200,844 216,487 Total 571,337 453,783 984,657 874,404 Net claim liabilities at end of period 423,030 374,876 423,030 374,876 Reinsurance recoverable on claim liabilities 39,156 39,832 39,156 39,832 Claim liabilities at end of period $ 462,186 $ 414,708 $ 462,186 $ 414,708 As a result of differences between actual amounts and estimates of insured events in prior years, the amounts included as incurred claims for prior period insured events differ from anticipated claims incurred. The amount in the incurred claims and loss-adjustment expenses for prior period insured events for the three month ended June 30, 2015 is due primarily to higher than anticipated utilization trends. The credit in the incurred claims and loss-adjustment expenses for prior period insured events for the six months ended June 30, 2015 and the three months and six months ended June 30, 2014 is due primarily to better than expected cost and utilization trends. Reinsurance recoverable on unpaid claims is reported within the premium and other receivables, net in the accompanying consolidated financial statements. The claims incurred disclosed in this table exclude the portion of the change in the liability for future policy benefits expense, which amounted to $5,215 and $12,092 during the three months and six months ended June 30, 2015, respectively. The change in the liability for future policy benefits during the three months and six months ended June 30, 2014 amounted to $6,077 and $11,332.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Taxes [Abstract]
Income Taxes	(7) Income Taxes Under Puerto Rico income tax law, the Corporation is not allowed to file consolidated tax returns with its subsidiaries. The Corporation and its subsidiaries are subject to Puerto Rico income taxes. The Corporation’s insurance subsidiaries are also subject to U.S. federal income taxes for foreign source dividend income. Managed Care and Property and Casualty corporations are taxed essentially the same as other corporations, with taxable income primarily determined on the basis of the statutory annual statements filed with the insurance regulatory authorities. The corporations are also subject to an alternative minimum income tax, which is calculated based on the formula established by existing tax laws. Any alternative minimum income tax paid may be used as a credit against the excess, if any, of regular income tax over the alternative minimum income tax in future years. The Corporation, through one of its Managed Care corporations, has a branch in the U.S. Virgin Islands that is subject to a 5% premium tax on policies underwritten therein. As a qualified foreign insurance company, the Company is subject to income taxes in the U.S. Virgin Islands, which has implemented a mirror tax law based on the U.S. Internal Revenue Code. The branch operations in the U.S. Virgin Islands had certain net operating losses for U.S. Virgin Islands tax purposes for which a valuation allowance has been recorded. Companies within our Life Insurance segment operate as qualified domestic life insurance companies and are subject to the alternative minimum tax and taxes on its capital gains. All other corporations within the group are subject to Puerto Rico income taxes as regular corporations, as defined in the P.R. Internal Revenue Code, as amended. The holding company within the Triple-S Advantage, Inc. (TSA) group of companies is a U.S.-based corporation and is subject to U.S. federal income taxes. This U.S.-based corporation within our group has not provided U.S. deferred taxes on an outside basis difference created as a result of the business combination of TSA and cumulative earnings of its Puerto Rico-based subsidiaries that are considered to be indefinitely reinvested. The total outside basis difference at December 31, 2014 is estimated at $54,000. We do not intend to repatriate earnings to fund U.S. and Puerto Rico operations nor do any transaction that would cause a reversal of that outside basis difference. Because of the availability of U.S. foreign tax credits, it is not practicable to determine the U.S. federal income tax liability if such outside basis difference was reversed. On July 1, 2014, the Governor of Puerto Rico signed into law Act No. 77 including multiple amendments to the Puerto Rico tax code that had a direct impact on the tax liabilities of individual and corporate taxpayers. The amendments to the Puerto Rico tax code include, among others, changes to the corporate tax rate on long-term capital gains, which was increased from 15% to 20% for all transactions occurring after June 30, 2014. Act No. 77 of 2014 also included changes to the gross receipts tax, (1) eliminating the additional gross receipts tax as a component of the corporate alternative minimum tax commencing on January 1, 2014 and thereafter, and (2) adding a new gross receipts tax. Although the new gross receipts tax will be an additional tax on the Corporation’s gross income, it will be deductible for purposes of computing taxable income, but only to the extent that the new gross receipts tax is paid on or before the filing date of the income tax return. On December 22, 2014, the Governor of Puerto Rico signed into law Act No. 238, which amended the Puerto Rico tax code to include, among others, that this gross receipt tax is not applicable for fiscal years beginning after December 31, 2014. The impact of the amendments to the gross receipts tax was not significant to the results of operations. Act No. 77 also allowed corporations to elect, during the period running from July 1, 2014 to October 31, 2014, to prepay at a reduced income tax rate of 12% on the increase in value of long-term capital assets. On December 22, 2014 and March 30, 2015, the Governor of Puerto Rico signed into law Act No. 238 and Act No. 44, respectively, providing further amendments to the provisions set forth by Act No. 77, extending the period to prepay at the reduced tax rate of 12% on the increase in value of long-term capital assets until April 30, 2015. In connection with this law, on April 15, 2015, the group of corporations that comprise TSM entered into a Closing Agreement with the Puerto Rico Department of Treasury. The Closing Agreement, among other matters, was related with the payment of the preferential tax rate on the increase in value of some of its long-term capital assets, as permitted by Act No. 238 of 2014 and Act No. 44 of 2015. The agreement also covered certain tax attributes of the Corporation. During the three months ended June 30, 2015, as a result of the aforementioned tax laws and the Closing Agreement, the Company: (1) obtained a benefit from the lower tax rate provided under these statutes, (2) reassessed the realizability of some of its deferred taxes and (3) recorded a tax benefit of $3,129. Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the consolidated statements of earnings in the period that includes the enactment date. Quarterly income taxes are calculated using the effective tax rate determined based on the income forecasted for the full fiscal year.

Pension Plan

Pension Plan	6 Months Ended
	Jun. 30, 2015
Pension Plan [Abstract]
Pension Plan	(8) Pension Plan The components of net periodic benefit cost for the three months and six months ended June 30, 2015 and 2014 were as follows: Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Components of net periodic benefit cost: Service cost $ 1,160 $ 923 $ 2,057 $ 1,950 Interest cost 2,322 2,132 4,222 4,393 Expected return on assets (2,350 ) (1,928 ) (4,214 ) (4,001 ) Amortization of prior service benefit (126 ) (116 ) (226 ) (237 ) Amortization of actuarial loss 1,665 1,064 3,119 2,220 Net periodic benefit cost $ 2,671 $ 2,075 $ 4,958 $ 4,325 Employer Contributions:

Stock Repurchase Program

Stock Repurchase Program	6 Months Ended
	Jun. 30, 2015
Stock Repurchase Program [Abstract]
Stock Repurchase Program	(9) Stock Repurchase Program In October 2014 the Company’s Board of Directors authorized a $50,000 repurchase program of its Class B common stock. Repurchases are conducted through open-market purchases of Class B shares only, in accordance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended. During the three months ended June 30, 2015, the Company repurchased and retired under this program 528,488 shares at an average per share price of $21.22, for an aggregate cost of $10,990. During the six months ended June 30, 2015, the Company repurchased and retired under this program 1,211,661 shares at an average per share price of $21.72, for an aggregate cost of $25,988.

Comprehensive Income

Comprehensive Income	6 Months Ended
	Jun. 30, 2015
Comprehensive Income [Abstract]
Comprehensive Income	(10) Comprehensive Income The accumulated balances for each classification of other comprehensive income, net of tax, are as follows: Net Unrealized gain on securities Liability for Pension benefits Accumulated Other Comprehensive income Balance at January 1, 2015 $ 101,467 $ (52,691 ) $ 48,776 Other comprehensive income before reclassifications (11,504 ) - (11,504 ) Amounts reclassified from accumulated other comprehensive income (15,746 ) 1,765 (13,981 ) Net current period change (27,250 ) 1,765 (25,485 ) Balance at June 30, 2015 $ 74,217 $ (50,926 ) $ 23,291

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2015
Share-Based Compensation [Abstract]
Share-Based Compensation	(11) Share-Based Compensation Share-based compensation expense recorded during the three months and six months ended June 30, 2015 was $1,316 and $3,199, respectively. Share-based compensation expense recorded during the three months and six months ended June 30, 2014 was $596 and $1,221, respectively. There was no cash received from stock option exercises during the six months ended June 30, 2015 and 2014. During the six months ended June 30, 2015 and June 30, 2014, 7,235 and 174,090 shares, respectively were repurchased and retired as a result of non-cash exercises of stock options.

Net Income Available to Stockho

Net Income Available to Stockholders and Net Income per Share	6 Months Ended
	Jun. 30, 2015
Net Income Available to Stockholders and Net Income per Share [Abstract]
Net Income Available to Stockholders and Net Income per Share	(12) Net Income Available to Stockholders and Net Income per Share The following table sets forth the computation of basic and diluted earnings per share for the three months and six months ended June 30, 2015 and 2014: Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Numerator for earnings per share: Net income attributable to TSM available to stockholders $ 18,926 $ 27,476 $ 33,762 $ 34,431 Denominator for basic earnings per share: Weighted average of common shares 25,922,680 27,081,655 26,208,573 27,174,306 Effect of dilutive securities 74,984 65,610 86,793 83,045 Denominator for diluted earnings per share 25,997,664 27,147,265 26,295,366 27,257,351 Basic net income per share attributable to TSM $ 0.73 $ 1.01 $ 1.29 $ 1.27 Diluted net income per share attributable to TSM $ 0.73 $ 1.01 $ 1.28 $ 1.26

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 2015
Contingencies [Abstract]
Contingencies	(13) Contingencies Our business is subject to numerous laws and regulations promulgated by Federal, Puerto Rico, USVI, Costa Rica, BVI, and Anguilla governmental authorities. Compliance with these laws and regulations can be subject to government review and interpretation, as well as regulatory actions unknown and unasserted at this time. The Commissioner of Insurance of Puerto Rico, as well as other Federal, Puerto Rico, USVI, Costa Rica, BVI, and Anguilla government authorities, regularly make inquiries and conduct audits concerning the Company's compliance with such laws and regulations. Penalties associated with violations of these laws and regulations may include significant fines and exclusion from participating in certain publicly funded programs. As of June 30, 2015, we are involved in various legal actions arising in the ordinary course of business. We are also defendants in various other litigations and proceedings, some of which are described below. Where the Company believes that a loss is both probable and estimable, such amounts have been recorded. Although we believe our estimates of such losses are reasonable, these estimates could change as a result of further developments in these matters. In other cases, it is at least reasonably possible that the Company may incur a loss related to one or more of the mentioned pending lawsuits or investigations, but the Company is unable to estimate the range of possible loss which may be ultimately realized, either individually or in the aggregate, upon their resolution. The outcome of legal proceedings is inherently uncertain and pending matters for which accruals have not been established have not progressed sufficiently to enable us to estimate a range of possible loss, if any. Given the inherent unpredictability of these matters, it is possible that an adverse outcome in one or more of these matters could have a material adverse effect on the consolidated financial condition, operating results and/or cash flows of the Company. Additionally, we may face various potential litigation claims that have not been asserted to date, including claims from persons purporting to have rights to acquire shares of the Company on favorable terms pursuant to agreements previously entered by our predecessor managed care subsidiary, Seguros de Servicios de Salud de Puerto Rico, Inc. (SSS), with physicians or dentists who joined our provider network to sell such new provider shares of SSS at a future date (Share Acquisition Agreements) or to have inherited such shares notwithstanding applicable transfer and ownership restrictions. Claims by Heirs of Former Shareholders The Company and Triple-S Salud, Inc. ( In one of these cases, entitled Vera Sánchez, et al, v. Triple-S, the plaintiffs argued that the redemption of shares was fraudulent and was not subject to the two-year statute of limitations contained in the local securities law. The Puerto Rico’s Court of First Instance dismissed the claim and determined it was time barred under the local securities law. On January 2012, the Puerto Rico Court of Appeals upheld the dismissal. On March 28, 2012 the plaintiffs filed a petition for writ of certiorari before the Puerto Rico Supreme Court that was granted on May 31, 2012, and on October 1, 2013, the Puerto Rico Supreme Court reversed the dismissal, holding that the two-year statute of limitations contained in the local securities law did not apply and returning it to the Court of First Instance. Discovery is ongoing. In the second case, entitled Olivella Zalduondo, et al, v. Seguros de Servicios de Salud, et al, Puerto Rico’s Court of First Instance granted the Company’s motion to dismiss on grounds that the complaint was time-barred under the two-year statute of limitations of the local securities laws. On appeal, the Court of Appeals affirmed the decision of the lower court. Plaintiffs filed a petition for certiorari before the Puerto Rico Supreme Court which was granted on January 20, 2012. On January 8, 2013, the Puerto Rico Supreme Court ruled that the applicable statute of limitations is the fifteen-year period of the Puerto Rico’s Civil Code for collection of monies. On January 28, 2013, the Company filed a motion for reconsideration which was subsequently denied. On March 26, 2013, plaintiffs amended their complaint, which was answered by the Company on April 16, 2013. Discovery is ongoing. In the third case, entitled Heirs of Dr. Juan Acevedo, et al, v. Triple-S Management Corporation, et al, the Puerto Rico Court of First Instance denied our motion for summary judgment based on its determination that there are material issues of fact in controversy. In response to our appeal, the Puerto Rico Court of Appeals confirmed the decision of the Puerto Rico’s Court of First Instance. Our request for reconsideration was denied in December 2011. Subsequently, on June 24, 2015, the Court of First Instance ordered the parties to file motions for summary judgment. On July 5, 2015, plaintiff filed a motion for summary judgment. The Company will oppose plaintiff’s motion for summary judgment. The fourth case, entitled Montilla López, et al, v. Seguros de Servicios de Salud, et al, was filed on November 29, 2011. The Company filed a motion to dismiss on the grounds that the claim is time barred under the local securities laws, which was denied by the court on January 24, 2013. After two amendments to plaintiff’s complaint, the Company filed its response on June 13, 2013. A hearing is scheduled for September 30, 2015. The fifth case, entitled Cebollero Santamaría v. Triple-S Salud, Inc., et al, was filed on March 26, 2013, and the Company filed its response on May 16, 2013. On October 29, 2013, the Company filed a motion for summary judgment on the grounds that the claim is time-barred under the fifteen-year statute of limitations of the Puerto Rico Civil Code for collection of monies and, in the alternative, that plaintiff failed to state a claim for which relief can be granted. On November 6, 2014, plaintiffs filed their opposition and a motion for summary judgment. . A limited discovery in connection with plaintiff opposition to our motion for summary judgment is currently ongoing. The parties are awaiting court’s decision on their respective pleads. The sixth case, entitled Irizarry Antonmattei, et al, v. Seguros de Servicios de Salud, et al, was filed on April 16, 2013 and the Company filed its response on June 21, 2013. After several pleas, including a motion to dismiss filed by the Company, plaintiff amended their complaint. On November 5, 2013, the Company moved to dismiss the first amended complaint. On May 16, 2014, plaintiffs filed a motion for summary judgment, which the Company opposed on May 28, 2014. On June 16, 2014, the court ordered plaintiffs to file a memoranda of law and struck plaintiff’s motion for summary judgment. On September 18, 2014, the court denied our motion to dismiss the amended complaint. On September 29, 2014, the Company filed a motion for reconsideration, which was denied by the court on November 4, 2014. On December 4, 2014, the Company filed a petition of Certiorari to the Puerto Rico Court of Appeals of Puerto Rico, which was denied on April 1, 2015. Discovery is ongoing. The seventh case, entitled Allende Santos, et al, v. Triple-S Salud, et al, was filed on March 28, 2014. On July 2, 2014, the Company filed its response. Discovery is ongoing. A hearing is scheduled for August 5, 2015. The eighth case, entitled Gallardo Mendez, et al, v. Triple-S Management Corporation, was filed on December 30, 2014. On March 13, 2015, the Company filed a motion to dismiss. After an extension of time granted by the court, plaintiff did not file an opposition. Therefore, on June 16, 2015, the court deemed our motion to dismiss unopposed. We are awaiting further court proceedings. Management believes the aforesaid claims are time barred under one or more statutes of limitations and will vigorously defend them on these grounds; however, as a result of the Puerto Rico Supreme Court’s decision to deny the applicability of the statute of limitations contained in the local securities law, some of these claims will likely be litigated on their merits. Joint Underwriting Association Litigations On August 19, 2011, plaintiffs, purportedly a class of motor vehicle owners, filed an action in the United States District Court for the District of Puerto Rico against the Puerto Rico Joint Underwriting Association (JUA) and 18 other defendants, including TSP, alleging violations under the Puerto Rico Insurance Code, the Puerto Rico Civil Code, the Racketeer Influenced and Corrupt Organizations Act (RICO) and the local statute against organized crime and money laundering. JUA is a private association created by law to administer a compulsory public liability insurance program for motor vehicles in Puerto Rico (CLI). As required by its enabling act, JUA is composed of all the insurers that underwrite private motor vehicle insurance in Puerto Rico and exceed the minimum underwriting percentage established in such act. TSP is a member of JUA. In this lawsuit, entitled Noemí Torres Ronda, et al v. Joint Underwriting Association, et al., plaintiffs allege that the defendants illegally charged and misappropriated a portion of the CLI premiums paid by motor vehicle owners in violation of the Puerto Rico Insurance Code. Specifically, they claim that because the defendants did not incur acquisition or administration costs allegedly totaling 12% of the premium dollar, charging for such costs constitutes the illegal traffic of premiums. Plaintiffs also claim that the defendants, as members of JUA, violated RICO through various inappropriate actions designed to defraud motor vehicle owners located in Puerto Rico and embezzle a portion of the CLI premiums for their benefit. Plaintiffs seek the reimbursement of funds for the class amounting to $406,600, treble damages under RICO, and equitable relief, including a permanent injunction and declaratory judgment barring defendants from their alleged conduct and practices, along with costs and attorneys’ fees. On December 30, 2011, TSP and other insurance companies filed a joint motion to dismiss, which was opposed by plaintiffs on February 17, 2012. On October 2, 2012, the court issued an order certifying the class. On October 12, 2012, several defendants, including TSP, filed an appeal before the U.S. Court of Appeals for the First District, requesting the court to vacate the District Court's certification order. The First Circuit denied the authorization to file the writ of appeals. Discovery has been completed. On November 3, 2014, all defendants, including TSP, filed a joint motion to decertify the class and, on November 17, 2014, a joint motion for summary judgment requesting the dismissal of the claim. On February 2, 2015, the court ordered the stay of class notice proceedings. On March 10, 2015, plaintiff filed their opposition to the joint motion. The parties have filed several pleas in connection with the summary judgment, the petition to decertify the class and discovery matters. We are awaiting further court proceedings. In re Blue Cross Blue Shield Antitrust Litigation TSS is a co-defendant with multiple Blue Plans and the Blue Cross Blue Shield Association (BCBSA) in a multi-district class action litigation filed on July 24, 2012 that alleges that the exclusive service area (ESA) requirements of the Primary License Agreements with Plans violate antitrust law, and the plaintiffs in these suits seek monetary awards and in some instances, injunctive relief barring ESAs. Those cases have been centralized in the United States District Court for the Northern District of Alabama. Prior to centralization, motions to dismiss were filed by several plans, including TSS. Plaintiffs opposed TSS’ motion to dismiss. On April 9, 2014, the Court held an argumentative hearing to discuss the motions to dismiss. During the hearing, the Court did not issue a ruling on the motions to dismiss thus, decision on said motions are still pending. On June 18, 2014, the court denied TSS’ motion to dismiss. Discovery is ongoing. TSS refilled its motion to dismiss, asserting lack of personal jurisdiction and improper venue, which plaintiff opposed, and an argumentative hearing is set for May 19, 2015. Discovery is ongoing. Also, on April 6, 2015, plaintiffs filed suit in the United States District Court of Puerto Rico, which we believe does not preclude TSS’ jurisdictional arguments. The Company has joined BCBSA in vigorously contesting these claims. Claims Relating to the Provision of Health Care Services TSS is defendant in several claims for collection of monies in connection with the provision of health care services. Among them are individual complaints filed before the Puerto Rico Health Insurance Administration (ASES) by six community health centers alleging TSS’ breached their contracts with respect to certain capitation payments and other monetary claims. Such claims have an aggregate value of approximately $9,600. Discovery is ongoing, and given their early stage, the Company cannot assess the probability of an adverse outcome or the reasonable financial impact that any such outcome may have on the Company. TSS believes many of these complaints are time-barred and intends to vigorously defend them on these and other grounds. Also, on June 5, 2014, ASES initiated an administrative hearing against TSS moved by a primary medical group for alleged outstanding claims related to services provided to Medicaid beneficiaries from 2005 to 2010, totaling approximately $3,000. On June 19, 2014, TSS filed its response. The hearing officer ordered the parties to file a joint working plan and schedule, which the parties are executing. Discovery is ongoing. TSS intends to vigorously defend this claim. Regulatory Matters Our business is subject to review by regulators in Puerto Rico, U.S. Virgin Islands, British Virgin Islands, and Costa Rica. Also, our Medicare and Medicaid segments are subject to the review of federal regulatory authorities. These regulatory authorities conduct regular reviews of many aspects of our business, including, but not limited to, legal and regulatory compliance, business practices, privacy issues, delivery of services, among others. These reviews could result in fines or other sanctions being imposed on us or may require changes in our practices. Also, they could have a material adverse effect on our reputation and business, including mandatory disclosure to the media, significant increases in the cost of managing and remediating incidents and material fines, contract termination, penalties and litigation awards, among other consequences, any of which could have a material and adverse effect on our results of operations, financial position and cash flows. Specifically, the Office of Civil Rights of the U.S. Department of Health and Human Services (OCR) is conducting a review in connection with a data breach occurred in 2010 related to health information of individuals insured at the time under the Government of Puerto Rico Medicaid Program. The OCR has not issued its determination on this matter. Also, ASES and OCR are conducting investigations in connection with privacy-related incidents related to Medicare Advantage and dual Medicare/Medicaid beneficiaries. As part of one of these investigations, which involves 13,336 dual Medicare/Medicaid beneficiaries, on February 11, 2014, ASES’s notified TSS of its intention to impose a civil monetary penalty of $6,800 and other administrative sanctions. Subsequently, on March 11, 2014, the Company filed a notice of removal in the federal District Court for the District of Puerto Rico. On April 10, 2014, ASES filed a motion to remand which was granted by the court. Consequently this matter is being addressed in an administrative hearing with ASES. On June 18, 2015, as part of the administrative proceedings, the hearing officer concluded that ASES’s intent to impose a civil monetary penalty is not a final administrative determination and gave parties a 60-day period to dialog and determine next steps. On July 18, ASES filed a motion requesting an additional 30-day period to continue conversations Audits The Company is subject to numerous audits in connection with the provision of services to private and governmental entities. These audits may include numerous aspects of our business, including claim payment practices, contractual obligations, service delivery, third-party obligations, and business practices, among others. Deficiencies in audits could have a material adverse effect on our reputation and business, including termination of contracts, significant increases in the cost of managing and remediating deficiencies, payment of contractual penal clauses, and others, any of which could have a material and adverse effect on our results of operations, financial position and cash flows. On July 2, 2014, ASES notified TSS that the results of an audit conducted in connection with the government health plan contract for several periods between October 2005 to September 2013, reflected overpayment of premiums made to TSS pursuant to prior contracts with ASES in the amount of $7,900. The alleged overpayments were related to duplicated payments or payments made to deceased members, and requested the reimbursement of the alleged overpayment. TSS contends that ASES request for reimbursement has no merits on several grounds, including a 2011 settlement between both parties covering the majority of the amount claimed by ASES, and that ASES, under the terms of the contracts, was responsible for certifying the membership. On March 24, 2015, the court ruled that the scope of the 2011 settlement agreement did not preclude ASES from recovering “future claims” including the alleged improper payments. TSS moved for reconsideration and for the formulation of additional finding of facts, which was denied. On June 18, 2015, TSS filed a petition for Certiorari before the Puerto Rico Court of Appeals. The Puerto Rico Court of Appeals ordered ASES to file its opposition within 20 days. On August 3, 2015, ASES filed its opposition to our petition of Certiorari. The parties are awaiting further court proceedings.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2015
Segment Information [Abstract]
Segment Information	(14) Segment Information The operations of the Corporation are conducted principally through three business segments: Managed Care, Life Insurance, and Property and Casualty Insurance. The Corporation evaluates performance based primarily on the operating revenues and operating income of each segment. Operating revenues include premiums earned, net, administrative service fees, net investment income, and revenues derived from other segments. Operating costs include claims incurred and operating expenses. The Corporation calculates operating income or loss as operating revenues less operating costs. The Managed Care segment by administering the provision of the physical health component in designated service regions in Puerto Rico. We served all eight service regions on an administrative service only basis (ASO) until March 31, 2015. the three months ended March 31, 2015 and 2014 Effective April 1, 2015, we started to The following tables summarize the operations by reportable segment for the three months and six months ended June 30, 2015 and 2014: Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Operating revenues: Managed Care: Premiums earned, net $ 695,517 $ 485,311 $ 1,167,684 $ 968,997 Administrative service fees 4,549 29,506 33,672 59,256 Intersegment premiums /service fees 3,312 1,504 4,505 2,841 Net investment income 2,719 3,906 5,717 7,610 Total managed care 706,097 520,227 1,211,578 1,038,704 Life Insurance: Premiums earned, net 36,245 34,826 74,025 69,690 Intersegment premiums 70 77 131 182 Net investment income 6,103 5,997 11,884 11,651 Total life insurance 42,418 40,900 86,040 81,523 Property and Casualty Insurance: Premiums earned, net 22,345 23,598 44,956 46,900 Intersegment premiums 154 154 307 307 Net investment income 2,131 2,184 4,221 4,108 Total property and casualty insurance 24,630 25,936 49,484 51,315 Other segments: * Intersegment service revenues 2,779 2,817 5,162 4,531 Operating revenues from external sources 680 851 1,863 2,345 Total other segments 3,459 3,668 7,025 6,876 Total business segments 776,604 590,731 1,354,127 1,178,418 TSM operating revenues from external sources 16 28 30 67 Elimination of intersegment premiums (3,536 ) (1,735 ) (4,943 ) (3,330 ) Elimination of intersegment service fees (2,779 ) (2,817 ) (5,162 ) (4,531 ) Other intersegment eliminations (10 ) 31 (5 ) 61 Consolidated operating revenues $ 770,295 $ 586,238 $ 1,344,047 $ 1,170,685 * Includes segments that are not required to be reported separately, primarily the data processing services organization and the health clinic. Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Operating income: Managed care $ (2,515 ) $ 27,903 $ 8,457 $ 32,025 Life insurance 5,286 5,195 10,102 10,409 Property and casualty insurance 2,454 4,524 3,960 5,221 Other segments * (121 ) 114 (284 ) (251 ) Total business segments 5,104 37,736 22,235 47,404 TSM operating revenues from external sources 16 28 30 67 TSM unallocated operating expenses (1,937 ) (6,184 ) (7,540 ) (8,347 ) Elimination of TSM intersegment charges 2,390 2,428 4,795 4,857 Consolidated operating income 5,573 34,008 19,520 43,981 Consolidated net realized investment gains 10,607 3,928 16,820 4,054 Consolidated interest expense (2,074 ) (2,396 ) (4,256 ) (4,701 ) Consolidated other income, net 1,083 575 2,842 821 Consolidated income before taxes $ 15,189 $ 36,115 $ 34,926 $ 44,155 Depreciation and amortization expense: Managed care $ 3,281 $ 4,698 $ 6,760 $ 8,983 Life insurance 279 194 549 417 Property and casualty insurance 88 124 190 247 Other segments* 119 258 245 516 Total business segments 3,767 5,274 7,744 10,163 TSM depreciation expense 197 199 394 415 Consolidated depreciation and amortization expense $ 3,964 $ 5,473 $ 8,138 $ 10,578 * Includes segments that are not required to be reported separately, primarily the data processing services organization and the health clinic. June 30, 2015 December 31, 2014 Assets: Managed care $ 1,023,842 $ 975,999 Life insurance 767,212 764,268 Property and casualty insurance 363,402 362,620 Other segments * 23,899 22,682 Total business segments 2,178,355 2,125,569 Unallocated amounts related to TSM: Cash, cash equivalents, and investments 44,948 44,157 Property and equipment, net 19,987 20,415 Other assets 37,948 37,851 102,883 102,423 Elimination entries-intersegment receivables and others (47,905 ) (82,256 ) Consolidated total assets $ 2,233,333 $ 2,145,736 * Includes segments that are not required to be reported separately, primarily the data processing services organization and the health clinic.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	(15) Subsequent Events The Company evaluated subsequent events through the date the financial statements were issued. No events, other than those described in these notes, have occurred that require adjustment or disclosure pursuant to current Accounting Standards Codification.

Recent Accounting Standards (Po

Recent Accounting Standards (Policies)	6 Months Ended
	Jun. 30, 2015
Recent Accounting Standards [Abstract]
Recent Accounting Standards	On April 7, 2015, the Financial Accounting Standards Board (FASB) issued guidance addressing the different balance sheet presentation requirements for debt issuance costs and debt discount and premiums. This guidance requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs is not significantly affected. This guidance is effective for public companies for fiscal years and interim periods within such years beginning after December 15, 2015. We are currently evaluating the impact, if any, the adoption of this guidance may have on our financial position or results of operations. On May 1, 2015, the FASB issued guidance addressing the current diversity in practice regarding the manner in which certain investments measured at net asset value with redemption dates in the future, including periodic redemption dates, are categorized within the fair value hierarchy. This guidance eliminates the requirement to categorize within the fair value hierarchy investments for which fair values are measured at net asset value using the practical expedient. Additionally, it eliminates the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value practical expedient. This guidance is effective for public companies for fiscal years and interim periods within such years beginning after December 15, 2015. We are currently evaluating the impact, if any, the adoption of this guidance may have on our financial position or results of operations. On May 21, 2015, the FASB issued guidance requiring insurance entities to disclose for annual reporting periods, among other information about the liability for unpaid claims and claim adjustment expenses, (1) incurred and paid claims development information by accident year, on a net basis after risk mitigation through reinsurance, for the number of years for which claims incurred typically remain outstanding (that need not exceed 10 years, including the most recent reporting period presented in the statement of financial position). Each period presented in the disclosure about claims development that precedes the current reporting period is considered to be supplementary information; and (2) for each accident year presented of incurred claims development information, quantitative information about claim frequency (unless it is impracticable to do so) accompanied by a qualitative description of methodologies used for determining claim frequency information (as well as any changes to these methodologies). This guidance is effective for public companies for fiscal years beginning after December 31, 2015, and interim periods within such fiscal years beginning after December 15, 2016. We are currently evaluating the impact, if any, the adoption of this guidance may have on our financial position or results of operations. Other than the accounting pronouncement disclosed above, there were no other new accounting pronouncements issued during the three months and six months ended June 30, 2015 that could have a material impact on the Corporation’s financial position, operating results or financials statement disclosures.

Investment in Securities (Table

Investment in Securities (Tables)	6 Months Ended
	Jun. 30, 2015
Investment in Securities [Abstract]
Amortized cost and estimated fair value for available-for-sale and held-to-maturity securities by major security type and class of security	The amortized cost for debt securities and cost for equity securities, gross unrealized gains, gross unrealized losses, and estimated fair value for available-for-sale and held-to-maturity securities by major security type and class of security at June 30, 2015 and December 31, 2014, were as follows: June 30, 2015 Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Securities available for sale: Fixed maturities: Obligations of government-sponsored enterprises $ 107,362 $ 1,047 $ (6 ) $ 108,403 U.S. Treasury securities and obligations of U.S. government instrumentalities 155,385 954 - 156,339 Obligations of the Commonwealth of Puerto Rico and its instrumentalities 26,650 - (23 ) 26,627 Municipal securities 588,989 36,023 (316 ) 624,696 Corporate bonds 119,190 12,003 - 131,193 Residential mortgage-backed securities 1,023 67 - 1,090 Collateralized mortgage obligations 30,195 1,108 - 31,303 Total fixed maturities 1,028,794 51,202 (345 ) 1,079,651 Equity securities - mutual funds 121,573 34,141 (57 ) 155,657 Total $ 1,150,367 $ 85,343 $ (402 ) $ 1,235,308 December 31, 2014 Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Securities available for sale: Fixed maturities: Obligations of government-sponsored enterprises $ 129,649 $ 1,014 $ (19 ) $ 130,644 U.S. Treasury securities and obligations of U.S. government instrumentalities 94,480 648 (28 ) 95,100 Obligations of the Commonwealth of Puerto Rico and its instrumentalities 35,115 138 - 35,253 Municipal securities 585,088 49,181 (50 ) 634,219 Corporate bonds 147,224 17,744 (134 ) 164,834 Residential mortgage-backed securities 6,808 311 - 7,119 Collateralized mortgage obligations 46,921 1,809 - 48,730 Total fixed maturities 1,045,285 70,845 (231 ) 1,115,899 Equity securities - mutual funds 150,799 47,049 (92 ) 197,756 Total $ 1,196,084 $ 117,894 $ (323 ) $ 1,313,655 June 30, 2015 Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Securities held to maturity: U.S. Treasury securities and obligations of U.S. government instrumentalities $ 621 $ 177 $ - $ 798 Residential mortgage-backed securities 217 22 - 239 Certificates of deposit 2,109 - - 2,109 Total $ 2,947 $ 199 $ - $ 3,146 December 31, 2014 Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Securities held to maturity: U.S. Treasury securities and obligations of U.S. government instrumentalities $ 622 $ 198 $ - $ 820 Residential mortgage-backed securities 217 21 - 238 Certificates of deposit 2,105 - - 2,105 Total $ 2,944 $ 219 $ - $ 3,163
Securities in continuous unrealized loss position	Gross unrealized losses on investment securities and the estimated fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of June 30, 2015 and December 31, 2014 were as follows: June 30, 2015 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 Securites available for sale: Fixed maturities: Obligations of government-sponsored enterprises $ 6,393 $ (6 ) 1 $ - $ - - $ 6,393 $ (6 ) 1 Obligations of the Commonwealth of Puerto Rico and its instrumentalities 16,507 (23 ) 6 - - - 16,507 (23 ) 6 Municipal securities 31,228 (316 ) 9 - - - 31,228 (316 ) 9 Total fixed maturities 54,128 (345 ) 16 - - - 54,128 (345 ) 16 Equity securities - mutual funds 3,599 (57 ) 1 - - - 3,599 (57 ) 1 Total for securities available for sale $ 57,727 $ (402 ) 17 $ - $ - - $ 57,727 $ (402 ) 17 December 31, 2014 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 Securites available for sale: Fixed maturities: Obligations of government-sponsored enterprises $ 43,105 $ (19 ) 2 $ - $ - - $ 43,105 $ (19 ) 2 U.S. Treasury securities and obligations of U.S. governmental instrumentalities 39,966 (28 ) 2 - - - 39,966 (28 ) 2 Municipal securities 6,749 (24 ) 3 6,693 (26 ) 3 13,442 (50 ) 6 Corporate bonds 17,053 (50 ) 4 20,405 (84 ) 4 37,458 (134 ) 8 Total fixed maturities 106,873 (121 ) 11 27,098 (110 ) 7 133,971 (231 ) 18 Equity securities - mutual funds 7,773 (92 ) 2 - - - 7,773 (92 ) 2 Total for securities available for sale $ 114,646 $ (213 ) 13 $ 27,098 $ (110 ) 7 $ 141,744 $ (323 ) 20
Maturities of investment securities classified as available for sale and held to maturity	Maturities of investment securities classified as available for sale and held to maturity at June 30, 2015 were as follows: June 30, 2015 Amortized cost Estimated fair value Securities available for sale: Due in one year or less $ 48,258 $ 48,990 Due after one year through five years 330,556 336,761 Due after five years through ten years 111,151 117,524 Due after ten years 507,611 543,983 Residential mortgage-backed securities 1,023 1,090 Collateralized mortgage obligations 30,195 31,303 $ 1,028,794 $ 1,079,651 Securities held to maturity: Due in one year or less $ 2,109 $ 2,109 Due after ten years 621 798 Residential mortgage-backed securities 217 239 $ 2,947 $ 3,146
Realized gains and losses from investments	Information regarding realized and unrealized gains and losses from investments for the three months and six months ended June 30, 2015 and 2014 is as follows: Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Realized gains (losses): Fixed maturity securities: Securities available for sale: Gross gains from sales $ 2,328 $ 380 $ 6,337 $ 1,703 Gross losses from sales (129 ) (112 ) (404 ) (1,957 ) Gross losses from other-than-temporary impairments (1,660 ) (462 ) (2,862 ) (462 ) Total debt securities 539 (194 ) 3,071 (716 ) Equity securities: Securities available for sale: Gross gains from sales 10,138 2,697 13,874 4,616 Gross losses from sales (70 ) - (125 ) (1,271 ) Total equity securities 10,068 2,697 13,749 3,345 Net realized gains on securities available for sale 10,607 2,503 16,820 2,629 Gross gain from other investment - 1,425 - 1,425 Net realized investment gains $ 10,607 $ 3,928 $ 16,820 $ 4,054
Changes in net unrealized gains (losses)	The other-than-temporary impairments on fixed maturity securities are attributable to credit losses. Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Changes in net unrealized gains (losses): Recognized in accumulated other comprehensive income: Fixed maturities – available for sale $ (23,848 ) $ 16,162 $ (19,757 ) $ 39,917 Equity securities – available for sale (11,595 ) 6,292 (12,873 ) 8,947 $ (35,443 ) $ 22,454 $ (32,630 ) $ 48,864 Not recognized in the consolidated financial statements: Fixed maturities – held to maturity $ (37 ) $ 11 $ (20 ) $ 13
Components of net investment income	The components of net investment income were as follows: Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Fixed maturities $ 8,592 $ 9,569 $ 17,941 $ 19,239 Equity securities 1,777 2,270 3,124 3,616 Policy loans 135 133 266 258 Cash equivalents and interest-bearing deposits 33 14 63 26 Other 461 161 522 359 Total $ 10,998 $ 12,147 $ 21,916 $ 23,498

Premiums and Other Receivable25

Premiums and Other Receivables, Net (Tables)	6 Months Ended
	Jun. 30, 2015
Premiums and Other Receivables, Net [Abstract]
Premiums and other receivables, net	Premiums and other receivables, net as of June 30, 2015 and December 31, 2014 were as follows: June 30, 2015 December 31, 2014 Premiums $ 159,874 $ 131,496 Self-insured group receivables 76,467 62,189 FEHBP 13,811 12,384 Agent balances 30,779 25,300 Accrued interest 12,276 11,737 Reinsurance recoverable 48,358 50,686 Unsettled sales 4,547 10,456 Other 47,706 47,742 393,818 351,990 Less allowance for doubtful receivables: Premiums 31,272 28,983 Other 8,456 7,385 39,728 36,368 Total premiums and other receivables, net $ 354,090 $ 315,622

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Measurements [Abstract]
Fair value measurements by level	The following tables summarize fair value measurements by level at June 30, 2015 and December 31, 2014 for assets measured at fair value on a recurring basis: June 30, 2015 Level 1 Level 2 Level 3 Total Securities available for sale: Fixed maturity securities Obligations of government-sponsored enterprises $ - $ 108,403 $ - $ 108,403 U.S. Treasury securities and obligations of U.S government instrumentalities 156,339 - - 156,339 Obligations of the Commonwealth of Puerto Rico and its instrumentalities - 26,627 - 26,627 Municipal securities - 624,696 - 624,696 Corporate bonds - 131,193 - 131,193 Residential agency mortgage-backed securities - 1,090 - 1,090 Collateralized mortgage obligations - 31,303 - 31,303 Total fixed maturities 156,339 923,312 - 1,079,651 Equity securities - mutual funds 128,305 18,269 9,083 155,657 Total $ 284,644 $ 941,581 $ 9,083 $ 1,235,308 December 31, 2014 Level 1 Level 2 Level 3 Total Securities available for sale: Fixed maturity securities Obligations of government-sponsored enterprises $ - $ 130,644 $ - $ 130,644 U.S. Treasury securities and obligations of U.S government instrumentalities 95,100 - - 95,100 Obligations of the Commonwealth of Puerto Rico and its instrumentalities - 35,253 - 35,253 Municipal securities - 634,219 - 634,219 Corporate bonds - 164,834 - 164,834 Residential agency mortgage-backed securities - 7,119 - 7,119 Collateralized mortgage obligations - 48,730 - 48,730 Total fixed maturities 95,100 1,020,799 - 1,115,899 Equity securities - mutual funds 160,461 23,946 13,349 197,756 Total $ 255,561 $ 1,044,745 $ 13,349 $ 1,313,655
Reconciliation of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3)	A reconciliation of the beginning and ending balances of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended June 30, 2015 and 2014 is as follows: Three months ended June 30, 2015 June 30, 2014 Fixed Maturity Securities Equity Securities Total Fixed Maturity Securities Equity Securities Total Beginning balance $ - $ 10,191 $ 10,191 $ - $ 18,868 $ 18,868 Realized gains - - - - - Unrealized loss in other accumulated comprehensive income - (700 ) (700 ) - (353 ) (353 ) Capital distributions - (519 ) (519 ) - (2,001 ) (2,001 ) Purchases - 111 111 - 345 345 Transfers in and/or out of Level 3 - - - - - - Ending balance $ - $ 9,083 $ 9,083 $ - $ 16,859 $ 16,859 Six months ended June 30, 2015 June 30, 2014 Fixed Maturity Securities Equity Securities Total Fixed Maturity Securities Equity Securities Total Beginning balance $ - $ 13,349 $ 13,349 $ - $ 17,910 $ 17,910 Realized gains - 1,412 1,412 - - - Unrealized gain (loss) in other accumulated comprehensive income - (3,302 ) (3,302 ) - 605 605 Capital distributions - (2,565 ) (2,565 ) - (2,001 ) (2,001 ) Purchases - 189 189 - 345 345 Transfers in and/or out of Level 3 - - - - - - Ending balance $ - $ 9,083 $ 9,083 $ - $ 16,859 $ 16,859
Carrying value and fair value by level of financial instruments not recorded at fair value on consolidated balance sheet	A summary of the carrying value and fair value by level of financial instruments not recorded at fair value on our consolidated balance sheets at June 30, 2015 and December 31, 2014 are as follows: June 30, 2015 Carrying Fair Value Value Level 1 Level 2 Level 3 Total Assets: Policy loans $ 7,334 $ - $ 7,334 $ - $ 7,334 Liabilities: Policyholder deposits $ 118,921 $ - $ 118,921 $ - $ 118,921 Long-term borrowings: Loans payable to bank - variable 13,647 - 13,647 - 13,647 6.6% senior unsecured notes payable 24,000 - 25,173 - 25,173 Repurchase agreement 25,000 - 27,140 - 27,140 Total long-term borrowings 62,647 - 65,960 - 65,960 Total liabilities $ 181,568 $ - $ 184,881 $ - $ 184,881 December 31, 2014 Carrying Fair Value Value Level 1 Level 2 Level 3 Total Assets: Policy loans $ 7,260 $ - $ 7,260 $ - $ 7,260 Liabilities: Policyholder deposits $ 118,912 $ - $ 118,912 $ - $ 118,912 Long-term borrowings: Loans payable to bank - variable 14,467 - 14,467 - 14,467 6.6% senior unsecured notes payable 35,000 - 33,513 - 33,513 Repurchase agreement 25,000 - 25,337 - 25,337 Total long-term borrowings 74,467 - 73,317 - 73,317 Total liabilities $ 193,379 $ - $ 192,229 $ - $ 192,229

Claim Liabilities (Tables)

Claim Liabilities (Tables)	6 Months Ended
	Jun. 30, 2015
Claim Liabilities [Abstract]
Activity in total claim liabilities	The activity in the total claim liabilities for the three months and six months ended June 30, 2015 and 2014 is as follows: Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Claim liabilities at beginning of period $ 401,642 $ 446,710 $ 390,086 $ 420,421 Reinsurance recoverable on claim liabilities (39,958 ) (40,615 ) (40,635 ) (37,557 ) Net claim liabilities at beginning of period 361,684 406,095 349,451 382,864 Incurred claims and loss-adjustment expenses: Current period insured events 628,900 431,328 1,080,137 901,699 Prior period insured events 3,783 (8,764 ) (21,901 ) (35,283 ) Total 632,683 422,564 1,058,236 866,416 Payments of losses and loss-adjustment expenses: Current period insured events 539,085 416,046 783,813 657,917 Prior period insured events 32,252 37,737 200,844 216,487 Total 571,337 453,783 984,657 874,404 Net claim liabilities at end of period 423,030 374,876 423,030 374,876 Reinsurance recoverable on claim liabilities 39,156 39,832 39,156 39,832 Claim liabilities at end of period $ 462,186 $ 414,708 $ 462,186 $ 414,708

Pension Plan (Tables)

Pension Plan (Tables)	6 Months Ended
	Jun. 30, 2015
Pension Plan [Abstract]
Components of net periodic benefit cost	The components of net periodic benefit cost for the three months and six months ended June 30, 2015 and 2014 were as follows: Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Components of net periodic benefit cost: Service cost $ 1,160 $ 923 $ 2,057 $ 1,950 Interest cost 2,322 2,132 4,222 4,393 Expected return on assets (2,350 ) (1,928 ) (4,214 ) (4,001 ) Amortization of prior service benefit (126 ) (116 ) (226 ) (237 ) Amortization of actuarial loss 1,665 1,064 3,119 2,220 Net periodic benefit cost $ 2,671 $ 2,075 $ 4,958 $ 4,325

Comprehensive Income (Tables)

Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2015
Comprehensive Income [Abstract]
Accumulated balances of other comprehensive income, net of tax	The accumulated balances for each classification of other comprehensive income, net of tax, are as follows: Net Unrealized gain on securities Liability for Pension benefits Accumulated Other Comprehensive income Balance at January 1, 2015 $ 101,467 $ (52,691 ) $ 48,776 Other comprehensive income before reclassifications (11,504 ) - (11,504 ) Amounts reclassified from accumulated other comprehensive income (15,746 ) 1,765 (13,981 ) Net current period change (27,250 ) 1,765 (25,485 ) Balance at June 30, 2015 $ 74,217 $ (50,926 ) $ 23,291

Net Income Available to Stock30

Net Income Available to Stockholders and Net Income per Share (Tables)	6 Months Ended
	Jun. 30, 2015
Net Income Available to Stockholders and Net Income per Share [Abstract]
Computation of basic and diluted earnings per share	The following table sets forth the computation of basic and diluted earnings per share for the three months and six months ended June 30, 2015 and 2014: Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Numerator for earnings per share: Net income attributable to TSM available to stockholders $ 18,926 $ 27,476 $ 33,762 $ 34,431 Denominator for basic earnings per share: Weighted average of common shares 25,922,680 27,081,655 26,208,573 27,174,306 Effect of dilutive securities 74,984 65,610 86,793 83,045 Denominator for diluted earnings per share 25,997,664 27,147,265 26,295,366 27,257,351 Basic net income per share attributable to TSM $ 0.73 $ 1.01 $ 1.29 $ 1.27 Diluted net income per share attributable to TSM $ 0.73 $ 1.01 $ 1.28 $ 1.26

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Information [Abstract]
Operating revenues by major operating segment	The following tables summarize the operations by reportable segment for the three months and six months ended June 30, 2015 and 2014: Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Operating revenues: Managed Care: Premiums earned, net $ 695,517 $ 485,311 $ 1,167,684 $ 968,997 Administrative service fees 4,549 29,506 33,672 59,256 Intersegment premiums /service fees 3,312 1,504 4,505 2,841 Net investment income 2,719 3,906 5,717 7,610 Total managed care 706,097 520,227 1,211,578 1,038,704 Life Insurance: Premiums earned, net 36,245 34,826 74,025 69,690 Intersegment premiums 70 77 131 182 Net investment income 6,103 5,997 11,884 11,651 Total life insurance 42,418 40,900 86,040 81,523 Property and Casualty Insurance: Premiums earned, net 22,345 23,598 44,956 46,900 Intersegment premiums 154 154 307 307 Net investment income 2,131 2,184 4,221 4,108 Total property and casualty insurance 24,630 25,936 49,484 51,315 Other segments: * Intersegment service revenues 2,779 2,817 5,162 4,531 Operating revenues from external sources 680 851 1,863 2,345 Total other segments 3,459 3,668 7,025 6,876 Total business segments 776,604 590,731 1,354,127 1,178,418 TSM operating revenues from external sources 16 28 30 67 Elimination of intersegment premiums (3,536 ) (1,735 ) (4,943 ) (3,330 ) Elimination of intersegment service fees (2,779 ) (2,817 ) (5,162 ) (4,531 ) Other intersegment eliminations (10 ) 31 (5 ) 61 Consolidated operating revenues $ 770,295 $ 586,238 $ 1,344,047 $ 1,170,685 * Includes segments that are not required to be reported separately, primarily the data processing services organization and the health clinic.
Operating income (loss)	Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Operating income: Managed care $ (2,515 ) $ 27,903 $ 8,457 $ 32,025 Life insurance 5,286 5,195 10,102 10,409 Property and casualty insurance 2,454 4,524 3,960 5,221 Other segments * (121 ) 114 (284 ) (251 ) Total business segments 5,104 37,736 22,235 47,404 TSM operating revenues from external sources 16 28 30 67 TSM unallocated operating expenses (1,937 ) (6,184 ) (7,540 ) (8,347 ) Elimination of TSM intersegment charges 2,390 2,428 4,795 4,857 Consolidated operating income 5,573 34,008 19,520 43,981 Consolidated net realized investment gains 10,607 3,928 16,820 4,054 Consolidated interest expense (2,074 ) (2,396 ) (4,256 ) (4,701 ) Consolidated other income, net 1,083 575 2,842 821 Consolidated income before taxes $ 15,189 $ 36,115 $ 34,926 $ 44,155 Depreciation and amortization expense: Managed care $ 3,281 $ 4,698 $ 6,760 $ 8,983 Life insurance 279 194 549 417 Property and casualty insurance 88 124 190 247 Other segments* 119 258 245 516 Total business segments 3,767 5,274 7,744 10,163 TSM depreciation expense 197 199 394 415 Consolidated depreciation and amortization expense $ 3,964 $ 5,473 $ 8,138 $ 10,578 * Includes segments that are not required to be reported separately, primarily the data processing services organization and the health clinic.
Assets	June 30, 2015 December 31, 2014 Assets: Managed care $ 1,023,842 $ 975,999 Life insurance 767,212 764,268 Property and casualty insurance 363,402 362,620 Other segments * 23,899 22,682 Total business segments 2,178,355 2,125,569 Unallocated amounts related to TSM: Cash, cash equivalents, and investments 44,948 44,157 Property and equipment, net 19,987 20,415 Other assets 37,948 37,851 102,883 102,423 Elimination entries-intersegment receivables and others (47,905 ) (82,256 ) Consolidated total assets $ 2,233,333 $ 2,145,736 * Includes segments that are not required to be reported separately, primarily the data processing services organization and the health clinic.

Investment in Securities (Detai

Investment in Securities (Details) $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended		12 Months Ended
	May. 31, 2015	Feb. 28, 2015	Jun. 30, 2015USD ($)Security	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)Security	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)Security
Available-for-sale debt securities, amortized cost basis [Abstract]
Amortized cost			$ 1,028,794		$ 1,028,794		$ 1,045,285
Gross unrealized gains			51,202		51,202		70,845
Gross unrealized losses			(345)		(345)		(231)
Estimated fair value			1,079,651		1,079,651		1,115,899
Available-for-sale equity securities, amortized cost basis [Abstract]
Estimated fair value			155,657		155,657		197,756
Available-for-sale securities, amortized cost basis [Abstract]
Amortized cost			1,150,367		1,150,367		1,196,084
Gross unrealized gains			85,343		85,343		117,894
Gross unrealized losses			(402)		(402)		(323)
Estimated fair value			1,235,308		1,235,308		1,313,655
Securities held to maturity [Abstract]
Amortized cost			2,947		2,947		2,944
Gross unrealized gains			199		199		219
Gross unrealized losses			0		0		0
Estimated fair value			3,146		3,146		3,163
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract]
Less than 12 months, Estimated Fair Value			57,727		57,727		114,646
12 months or longer, Estimated Fair Value			0		0		27,098
Estimated Fair Value, Total			57,727		57,727		141,744
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract]
Less than 12 months, Gross Unrealized Losses			(402)		(402)		(213)
12 months or longer, Gross Unrealized Losses			0		0		(110)
Gross Unrealized Losses, Total			$ (402)		$ (402)		$ (323)
Available-for-sale, Securities in Unrealized Loss Positions, Number of Securities [Abstract]
Less than 12 months, Number of Securities | Security			17		17		13
12 months or longer, Number of Securities | Security			0		0		7
Number of Securities | Security			17		17		20
Minimum percentage of gross unrealized investment losses as cost (in hundredths)					20.00%
Minimum unrealized loss of investment as indicator of other-than-temporary impairment					$ 100
Percentage of sales tax levied on bonds (in hundredths)					7.00%
Percentage of portion on sales tax bonds belongs to municipalities (in hundredths)					1.50%
Percentage of remaining portion on sales tax bonds (in hundredths)					5.50%
Covenant percentage pledged on sales tax bond (in hundredths)					2.75%
Fair value of the positions other-than-temporarily impaired			$ 1,660	$ 462	$ 2,862	$ 462
Budget amount for next fiscal year					9,800,000
Issuance of TRAN					400,000
Securities available for sale, Amortized Cost [Abstract]
Due in one year or less, amortized cost			48,258		48,258
Due after one year through five, amortized cost			330,556		330,556
Due after five year through ten years, amortized cost			111,151		111,151
Due after ten years, amortized cost			507,611		507,611
Residential mortgage-backed securities, amortized cost			1,023		1,023
Collateralized mortgage obligations, amortized cost			30,195		30,195
Amortized cost			1,028,794		1,028,794		$ 1,045,285
Securities available for sale, Estimated Fair Value [Abstract]
Due in one year or less, estimated fair value			48,990		48,990
Due after one year through five, estimated fair value			336,761		336,761
Due after five year through ten years, estimated fair value			117,524		117,524
Due after ten years, estimated fair value			543,983		543,983
Residential mortgage-backed securities, estimated fair value			1,090		1,090
Collateralized mortgage obligations, estimated fair value			31,303		31,303
Estimated fair value			1,079,651		1,079,651		1,115,899
Securities held to maturity, Amortized Cost [Abstract]
Due in one year or less, amortized cost			2,109		2,109
Due after ten years, amortized cost			621		621
Residential mortgage-backed securities, amortized cost			217		217
Amortized cost			2,947		2,947		2,944
Securities held to maturity, Estimated Fair Value [Abstract]
Due in one year or less, estimated fair value			2,109		2,109
Due after ten years, estimated fair value			798		798
Residential mortgage-backed securities, estimated fair value			239		239
Estimated fair value			3,146		3,146		$ 3,163
Securities available for sale [Abstract]
Net realized gains on securities available for sale			10,607	2,503	16,820	2,629
Gross gain from other investment			0	1,425	0	1,425
Total net realized investment gains			10,607	3,928	16,820	4,054
Recognized in accumulated other comprehensive income [Abstract]
Available-for-sale Securities			(35,443)	22,454	(32,630)	48,864
Not recognized in the consolidated financial statements [Abstract]
Fixed maturities - held to maturity			(37)	11	(20)	13
Deferred tax asset (liability) related to unrealized gains and losses			5,380	(7,842)	$ 5,380	(7,842)
Percentage of individual investment in securities to stockholders' equity (in hundredths)					10.00%		10.00%
Obligation of Government-sponsored Enterprises [Member]
Available-for-sale debt securities, amortized cost basis [Abstract]
Amortized cost			107,362		$ 107,362		$ 129,649
Gross unrealized gains			1,047		1,047		1,014
Gross unrealized losses			(6)		(6)		(19)
Estimated fair value			108,403		108,403		130,644
Available-for-sale securities, amortized cost basis [Abstract]
Gross unrealized losses					118
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract]
Less than 12 months, Estimated Fair Value			6,393		6,393		43,105
12 months or longer, Estimated Fair Value			0		0		0
Estimated Fair Value, Total			6,393		6,393		43,105
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract]
Less than 12 months, Gross Unrealized Losses			(6)		(6)		(19)
12 months or longer, Gross Unrealized Losses			0		0		0
Gross Unrealized Losses, Total			$ (6)		$ (6)		$ (19)
Available-for-sale, Securities in Unrealized Loss Positions, Number of Securities [Abstract]
Less than 12 months, Number of Securities | Security			1		1		2
12 months or longer, Number of Securities | Security			0		0		0
Number of Securities | Security			1		1		2
Percentage of gross unrealized losses book value (in hundredths)					2.10%
Securities available for sale, Amortized Cost [Abstract]
Amortized cost			$ 107,362		$ 107,362		$ 129,649
Securities available for sale, Estimated Fair Value [Abstract]
Estimated fair value			108,403		108,403		130,644
U.S. Treasury Securities and Obligations of U.S. Government Instrumentalities [Member]
Available-for-sale debt securities, amortized cost basis [Abstract]
Amortized cost			155,385		155,385		94,480
Gross unrealized gains			954		954		648
Gross unrealized losses			0		0		(28)
Estimated fair value			156,339		156,339		95,100
Securities held to maturity [Abstract]
Amortized cost			621		621		622
Gross unrealized gains			177		177		198
Gross unrealized losses			0		0		0
Estimated fair value			798		798		820
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract]
Less than 12 months, Estimated Fair Value							39,966
12 months or longer, Estimated Fair Value							0
Estimated Fair Value, Total							39,966
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract]
Less than 12 months, Gross Unrealized Losses							(28)
12 months or longer, Gross Unrealized Losses							0
Gross Unrealized Losses, Total							$ (28)
Available-for-sale, Securities in Unrealized Loss Positions, Number of Securities [Abstract]
Less than 12 months, Number of Securities | Security							2
12 months or longer, Number of Securities | Security							0
Number of Securities | Security							2
Securities available for sale, Amortized Cost [Abstract]
Amortized cost			155,385		155,385		$ 94,480
Securities available for sale, Estimated Fair Value [Abstract]
Estimated fair value			156,339		156,339		95,100
Securities held to maturity, Amortized Cost [Abstract]
Amortized cost			621		621		622
Securities held to maturity, Estimated Fair Value [Abstract]
Estimated fair value			798		798		820
Obligations of The Commonwealth of Puerto Rico and Its Instrumentalities [Member]
Available-for-sale debt securities, amortized cost basis [Abstract]
Amortized cost			26,650		26,650		35,115
Gross unrealized gains			0		0		138
Gross unrealized losses			(23)		(23)		0
Estimated fair value			26,627		26,627		35,253
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract]
Less than 12 months, Estimated Fair Value			16,507		16,507
12 months or longer, Estimated Fair Value			0		0
Estimated Fair Value, Total			16,507		16,507
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract]
Less than 12 months, Gross Unrealized Losses			(23)		(23)
12 months or longer, Gross Unrealized Losses			0		0
Gross Unrealized Losses, Total			$ (23)		$ (23)
Available-for-sale, Securities in Unrealized Loss Positions, Number of Securities [Abstract]
Less than 12 months, Number of Securities | Security			6		6
12 months or longer, Number of Securities | Security			0		0
Number of Securities | Security			6		6
Securities available for sale, Amortized Cost [Abstract]
Amortized cost			$ 26,650		$ 26,650		35,115
Securities available for sale, Estimated Fair Value [Abstract]
Estimated fair value			26,627		26,627		35,253
Municipal Securities [Member]
Available-for-sale debt securities, amortized cost basis [Abstract]
Amortized cost			588,989		588,989		585,088
Gross unrealized gains			36,023		36,023		49,181
Gross unrealized losses			(316)		(316)		(50)
Estimated fair value			624,696		624,696		634,219
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract]
Less than 12 months, Estimated Fair Value			31,228		31,228		6,749
12 months or longer, Estimated Fair Value			0		0		6,693
Estimated Fair Value, Total			31,228		31,228		13,442
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract]
Less than 12 months, Gross Unrealized Losses			(316)		(316)		(24)
12 months or longer, Gross Unrealized Losses			0		0		(26)
Gross Unrealized Losses, Total			$ (316)		$ (316)		$ (50)
Available-for-sale, Securities in Unrealized Loss Positions, Number of Securities [Abstract]
Less than 12 months, Number of Securities | Security			9		9		3
12 months or longer, Number of Securities | Security			0		0		3
Number of Securities | Security			9		9		6
Securities available for sale, Amortized Cost [Abstract]
Amortized cost			$ 588,989		$ 588,989		$ 585,088
Securities available for sale, Estimated Fair Value [Abstract]
Estimated fair value			624,696		624,696		634,219
Corporate Bonds [Member]
Available-for-sale debt securities, amortized cost basis [Abstract]
Amortized cost			119,190		119,190		147,224
Gross unrealized gains			12,003		12,003		17,744
Gross unrealized losses			0		0		(134)
Estimated fair value			131,193		131,193		164,834
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract]
Less than 12 months, Estimated Fair Value							17,053
12 months or longer, Estimated Fair Value							20,405
Estimated Fair Value, Total							37,458
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract]
Less than 12 months, Gross Unrealized Losses							(50)
12 months or longer, Gross Unrealized Losses							(84)
Gross Unrealized Losses, Total							$ (134)
Available-for-sale, Securities in Unrealized Loss Positions, Number of Securities [Abstract]
Less than 12 months, Number of Securities | Security							4
12 months or longer, Number of Securities | Security							4
Number of Securities | Security							8
Securities available for sale, Amortized Cost [Abstract]
Amortized cost			119,190		119,190		$ 147,224
Securities available for sale, Estimated Fair Value [Abstract]
Estimated fair value			131,193		131,193		164,834
Residential Mortgage-backed Securities [Member]
Available-for-sale debt securities, amortized cost basis [Abstract]
Amortized cost			1,023		1,023		6,808
Gross unrealized gains			67		67		311
Gross unrealized losses			0		0		0
Estimated fair value			1,090		1,090		7,119
Securities held to maturity [Abstract]
Amortized cost			217		217		217
Gross unrealized gains			22		22		21
Gross unrealized losses			0		0		0
Estimated fair value			239		239		238
Securities available for sale, Amortized Cost [Abstract]
Amortized cost			1,023		1,023		6,808
Securities available for sale, Estimated Fair Value [Abstract]
Estimated fair value			1,090		1,090		7,119
Securities held to maturity, Amortized Cost [Abstract]
Amortized cost			217		217		217
Securities held to maturity, Estimated Fair Value [Abstract]
Estimated fair value			239		239		238
Collateralized Mortgage Obligations [Member]
Available-for-sale debt securities, amortized cost basis [Abstract]
Amortized cost			30,195		30,195		46,921
Gross unrealized gains			1,108		1,108		1,809
Gross unrealized losses			0		0		0
Estimated fair value			31,303		31,303		48,730
Securities available for sale, Amortized Cost [Abstract]
Amortized cost			30,195		30,195		46,921
Securities available for sale, Estimated Fair Value [Abstract]
Estimated fair value			31,303		31,303		48,730
Fixed Maturities [Member]
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract]
Less than 12 months, Estimated Fair Value			54,128		54,128		106,873
12 months or longer, Estimated Fair Value			0		0		27,098
Estimated Fair Value, Total			54,128		54,128		133,971
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract]
Less than 12 months, Gross Unrealized Losses			(345)		(345)		(121)
12 months or longer, Gross Unrealized Losses			0		0		(110)
Gross Unrealized Losses, Total			$ (345)		$ (345)		$ (231)
Available-for-sale, Securities in Unrealized Loss Positions, Number of Securities [Abstract]
Less than 12 months, Number of Securities | Security			16		16		11
12 months or longer, Number of Securities | Security			0		0		7
Number of Securities | Security			16		16		18
Securities available for sale [Abstract]
Gross gains from sales			$ 2,328	380	$ 6,337	1,703
Gross losses from sales			(129)	(112)	(404)	(1,957)
Gross losses from other-than-temporary impairments			(1,660)	(462)	(2,862)	(462)
Total debt securities			539	(194)	3,071	(716)
Recognized in accumulated other comprehensive income [Abstract]
Available-for-sale Securities			(23,848)	16,162	(19,757)	39,917
Mutual Funds [Member]
Available-for-sale equity securities, amortized cost basis [Abstract]
Amortized cost			121,573		121,573		$ 150,799
Gross unrealized gains			34,141		34,141		47,049
Gross unrealized losses			(57)		(57)		(92)
Estimated fair value			155,657		155,657		197,756
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract]
Less than 12 months, Estimated Fair Value			3,599		3,599		7,773
12 months or longer, Estimated Fair Value			0		0		0
Estimated Fair Value, Total			3,599		3,599		7,773
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract]
Less than 12 months, Gross Unrealized Losses			(57)		(57)		(92)
12 months or longer, Gross Unrealized Losses			0		0		0
Gross Unrealized Losses, Total			$ (57)		$ (57)		$ (92)
Available-for-sale, Securities in Unrealized Loss Positions, Number of Securities [Abstract]
Less than 12 months, Number of Securities | Security			1		1		2
12 months or longer, Number of Securities | Security			0		0		0
Number of Securities | Security			1		1		2
Equity Securities [Member]
Securities available for sale [Abstract]
Gross gains from sales			$ 10,138	2,697	$ 13,874	4,616
Gross losses from sales			(70)	0	(125)	(1,271)
Total equity securities			10,068	2,697	13,749	3,345
Recognized in accumulated other comprehensive income [Abstract]
Available-for-sale Securities			(11,595)	$ 6,292	(12,873)	$ 8,947
Certificates of Deposit [Member]
Securities held to maturity [Abstract]
Amortized cost			2,109		2,109		$ 2,105
Gross unrealized gains			0		0		0
Gross unrealized losses			0		0		0
Estimated fair value			2,109		2,109		2,105
Securities held to maturity, Amortized Cost [Abstract]
Amortized cost			2,109		2,109		2,105
Securities held to maturity, Estimated Fair Value [Abstract]
Estimated fair value			2,109		2,109		$ 2,105
Escrow Bonds [Member]
Available-for-sale debt securities, amortized cost basis [Abstract]
Estimated fair value			16,507		16,507
Available-for-sale securities, amortized cost basis [Abstract]
Gross unrealized losses			23
Securities available for sale, Estimated Fair Value [Abstract]
Estimated fair value			16,507		16,507
Cofina Bonds [Member]
Available-for-sale debt securities, amortized cost basis [Abstract]
Estimated fair value			10,120		$ 10,120
Available-for-sale, Securities in Unrealized Loss Positions, Number of Securities [Abstract]
Percentage of increase in sales tax levied on bonds (in hundredths)					11.50%
Percentage of revenue incremental rate (in hundredths)					4.50%
Percentage of sales tax levied on bonds (in hundredths)					7.00%
Percentage of portion on sales tax bonds belongs to municipalities (in hundredths)					0.50%
Fair value of the positions other-than-temporarily impaired			1,660		$ 2,862
Securities available for sale, Estimated Fair Value [Abstract]
Estimated fair value			$ 10,120		$ 10,120
Puerto Rico Bonds [Member]
Available-for-sale, Securities in Unrealized Loss Positions, Number of Securities [Abstract]
Percentage of new fuel tax (in hundredths)							15.00%
Amount of tax received from bond sales							$ 2,900,000
Amount used to pay off government development bank debt							$ 2,200,000
Percentage of increase in sales tax levied on bonds (in hundredths)	11.50%
Percentage of sales tax levied on bonds (in hundredths)	7.00%
Percentage sales tax on services provided between businesses and on professional services (in hundredths)	4.00%
Percentage of value-added tax (in hundredths)		16.00%
Percentage sales tax percentage (in hundredths)		7.00%

Investment in Securities, Incom

Investment in Securities, Income By Category (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Components of net investment income [Abstract]
Total	$ 10,998	$ 12,147	$ 21,916	$ 23,498
Fixed Maturities [Member]
Components of net investment income [Abstract]
Total	8,592	9,569	17,941	19,239
Equity Securities [Member]
Components of net investment income [Abstract]
Total	1,777	2,270	3,124	3,616
Policy Loans [Member]
Components of net investment income [Abstract]
Total	135	133	266	258
Cash Equivalents and Interest-Bearing Deposits [Member]
Components of net investment income [Abstract]
Total	33	14	63	26
Other [Member]
Components of net investment income [Abstract]
Total	$ 461	$ 161	$ 522	$ 359

Premiums and Other Receivable34

Premiums and Other Receivables, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Premiums and Other Receivables [Line Items]
Premiums	$ 159,874	$ 131,496
Self-insured group receivables	76,467	62,189
FEHBP	13,811	12,384
Agent balances	30,779	25,300
Accrued interest	12,276	11,737
Reinsurance recoverable	48,358	50,686
Unsettled sales	4,547	10,456
Other	47,706	47,742
Premiums and other receivables	393,818	351,990
Less allowance for doubtful receivables [Abstract]
Premiums	31,272	28,983
Other	8,456	7,385
Allowance for doubtful receivables	39,728	36,368
Total premiums and other receivables, net	354,090	315,622
Government of Puerto Rico [Member]
Premiums and Other Receivables [Line Items]
Premiums and other receivables	94,604	89,904
Less allowance for doubtful receivables [Abstract]
Allowance for doubtful receivables	$ 19,447	$ 11,614

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
6.6% Senior Unsecured Notes Payable [Member]
Long-term borrowings [Abstract]
Fixed rate of interest on notes payable (in hundredths)	6.60%		6.60%		6.60%
Fair Value, Measurements, Recurring [Member]
Fixed maturity securities [Abstract]
Obligations of government-sponsored enterprises	$ 108,403		$ 108,403		$ 130,644
U.S. Treasury securities and obligations of U.S. government instrumentalities	156,339		156,339		95,100
Obligations of the Commonwealth of Puerto Rico and its instrumentalities	26,627		26,627		35,253
Municipal securities	624,696		624,696		634,219
Corporate bonds	131,193		131,193		164,834
Residential agency mortgage-backed securities	1,090		1,090		7,119
Collateralized mortgage obligations	31,303		31,303		48,730
Total fixed maturities	1,079,651		1,079,651		1,115,899
Equity securities [Abstract]
Equity securities - mutual funds	155,657		155,657		197,756
Total	1,235,308		1,235,308		1,313,655
Reconciliation of assets measured at fair value on a recurring basis using significant unobservable inputs [Roll Forward]
Beginning balance	10,191	$ 18,868	13,349	$ 17,910
Realized gains	0	0	1,412	0
Unrealized gain (loss) in other accumulated comprehensive income	(700)	(353)	(3,302)	605
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetCapitalDistributions	(519)	(2,001)	(2,565)	(2,001)
Purchases	111	345	189	345
Transfers in and/or out of Level 3	0	0	0	0
Ending balance	9,083	16,859	9,083	16,859
Fair Value, Measurements, Recurring [Member] | Level 1 [Member]
Fixed maturity securities [Abstract]
Obligations of government-sponsored enterprises	0		0		0
U.S. Treasury securities and obligations of U.S. government instrumentalities	156,339		156,339		95,100
Obligations of the Commonwealth of Puerto Rico and its instrumentalities	0		0		0
Municipal securities	0		0		0
Corporate bonds	0		0		0
Residential agency mortgage-backed securities	0		0		0
Collateralized mortgage obligations	0		0		0
Total fixed maturities	156,339		156,339		95,100
Equity securities [Abstract]
Equity securities - mutual funds	128,305		128,305		160,461
Total	284,644		284,644		255,561
Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Fixed maturity securities [Abstract]
Obligations of government-sponsored enterprises	108,403		108,403		130,644
U.S. Treasury securities and obligations of U.S. government instrumentalities	0		0		0
Obligations of the Commonwealth of Puerto Rico and its instrumentalities	26,627		26,627		35,253
Municipal securities	624,696		624,696		634,219
Corporate bonds	131,193		131,193		164,834
Residential agency mortgage-backed securities	1,090		1,090		7,119
Collateralized mortgage obligations	31,303		31,303		48,730
Total fixed maturities	923,312		923,312		1,020,799
Equity securities [Abstract]
Equity securities - mutual funds	18,269		18,269		23,946
Total	941,581		941,581		1,044,745
Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Fixed maturity securities [Abstract]
Obligations of government-sponsored enterprises	0		0		0
U.S. Treasury securities and obligations of U.S. government instrumentalities	0		0		0
Obligations of the Commonwealth of Puerto Rico and its instrumentalities	0		0		0
Municipal securities	0		0		0
Corporate bonds	0		0		0
Residential agency mortgage-backed securities	0		0		0
Collateralized mortgage obligations	0		0		0
Total fixed maturities	0		0		0
Equity securities [Abstract]
Equity securities - mutual funds	9,083		9,083		13,349
Total	9,083		9,083		13,349
Fair Value, Measurements, Recurring [Member] | Fixed Maturities Securities [Member]
Reconciliation of assets measured at fair value on a recurring basis using significant unobservable inputs [Roll Forward]
Beginning balance	0	0	0	0
Realized gains	0	0	0	0
Unrealized gain (loss) in other accumulated comprehensive income	0	0	0	0
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetCapitalDistributions	0	0	0	0
Purchases	0	0	0	0
Transfers in and/or out of Level 3	0	0	0	0
Ending balance	0	0	0	0
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member]
Reconciliation of assets measured at fair value on a recurring basis using significant unobservable inputs [Roll Forward]
Beginning balance	10,191	18,868	13,349	17,910
Realized gains	0	0	1,412	0
Unrealized gain (loss) in other accumulated comprehensive income	(700)	(353)	(3,302)	605
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetCapitalDistributions	(519)	(2,001)	(2,565)	(2,001)
Purchases	111	345	189	345
Transfers in and/or out of Level 3	0	0	0	0
Ending balance	9,083	$ 16,859	9,083	$ 16,859
Carrying Value [Member]
Assets [Abstract]
Policy loans	7,334		7,334		7,260
Liabilities [Abstract]
Policyholder deposits	118,921		118,921		118,912
Long-term borrowings [Abstract]
Loans payable to bank - variable	13,647		13,647		14,467
6.6% senior unsecured notes payable	24,000		24,000		35,000
Repurchase agreement	25,000		25,000		25,000
Total long-term borrowings	62,647		62,647		74,467
Total liabilities	181,568		181,568		193,379
Fair Value [Member]
Assets [Abstract]
Policy loans	7,334		7,334		7,260
Liabilities [Abstract]
Policyholder deposits	118,921		118,921		118,912
Long-term borrowings [Abstract]
Loans payable to bank - variable	13,647		13,647		14,467
6.6% senior unsecured notes payable	25,173		25,173		33,513
Repurchase agreement	27,140		27,140		25,337
Total long-term borrowings	65,960		65,960		73,317
Total liabilities	184,881		184,881		192,229
Fair Value [Member] | Level 1 [Member]
Assets [Abstract]
Policy loans	0		0		0
Liabilities [Abstract]
Policyholder deposits	0		0		0
Long-term borrowings [Abstract]
Loans payable to bank - variable	0		0		0
6.6% senior unsecured notes payable	0		0		0
Repurchase agreement	0		0		0
Total long-term borrowings	0		0		0
Total liabilities	0		0		0
Fair Value [Member] | Level 2 [Member]
Assets [Abstract]
Policy loans	7,334		7,334		7,260
Liabilities [Abstract]
Policyholder deposits	118,921		118,921		118,912
Long-term borrowings [Abstract]
Loans payable to bank - variable	13,647		13,647		14,467
6.6% senior unsecured notes payable	25,173		25,173		33,513
Repurchase agreement	27,140		27,140		25,337
Total long-term borrowings	65,960		65,960		73,317
Total liabilities	184,881		184,881		192,229
Fair Value [Member] | Level 3 [Member]
Assets [Abstract]
Policy loans	0		0		0
Liabilities [Abstract]
Policyholder deposits	0		0		0
Long-term borrowings [Abstract]
Loans payable to bank - variable	0		0		0
6.6% senior unsecured notes payable	0		0		0
Repurchase agreement	0		0		0
Total long-term borrowings	0		0		0
Total liabilities	$ 0		$ 0		$ 0

Claim Liabilities (Details)

Claim Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Claim liabilities [Roll Forward]
Claim liabilities at beginning of period	$ 401,642	$ 446,710	$ 390,086	$ 420,421
Reinsurance recoverable on claim liabilities	(39,958)	(40,615)	40,635	37,557
Net claim liabilities at beginning of period	361,684	406,095	349,451	382,864
Incurred claims and loss-adjustment expenses [Abstract]
Current period insured events	628,900	431,328	1,080,137	901,699
Prior period insured events	3,783	(8,764)	(21,901)	(35,283)
Total	632,683	422,564	1,058,236	866,416
Payments of losses and loss-adjustment expenses [Abstract]
Current period insured events	539,085	416,046	783,813	657,917
Prior period insured events	32,252	37,737	200,844	216,487
Total	571,337	453,783	984,657	874,404
Net claim liabilities at end of period	423,030	374,876	423,030	374,876
Reinsurance recoverable on claim liabilities	39,156	39,832	39,156	39,832
Claim liabilities at end of period	462,186	414,708	462,186	414,708
Change in liability for future policy benefits, expense	$ 5,215	$ 6,077	$ 12,092	$ 11,332

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		4 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Oct. 31, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Income Tax Examination [Line Items]
Total outside basis difference						$ 54,000
Income tax prepayments at reduced rate (in hundredths )			12.00%
Income tax expense benefit	$ (3,712)	$ 8,662		$ 1,219	$ 9,773
Puerto Rico [Member]
Income Tax Examination [Line Items]
Percentage of premium tax on policies underwritten (in hundredths)				5.00%
Income tax expense benefit	$ 3,129
Puerto Rico [Member] | Minimum [Member]
Income Tax Examination [Line Items]
Changes to the corporate tax (in hundredths )	15.00%			15.00%
Puerto Rico [Member] | Maximum [Member]
Income Tax Examination [Line Items]
Changes to the corporate tax (in hundredths )	20.00%			20.00%

Pension Plan (Details)

Pension Plan (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Components of net periodic benefit cost [Abstract]
Service cost	$ 1,160	$ 923	$ 2,057	$ 1,950
Interest cost	2,322	2,132	4,222	4,393
Expected return on assets	(2,350)	(1,928)	(4,214)	(4,001)
Amortization of prior service benefit	(126)	(116)	(226)	(237)
Amortization of actuarial loss	1,665	1,064	3,119	2,220
Net periodic benefit cost	$ 2,671	$ 2,075	4,958	$ 4,325
Expected employer future contributions			$ 8,000

Stock Repurchase Program (Detai

Stock Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2014	Oct. 31, 2014
Equity, Class of Treasury Stock [Line Items]
Number of stock repurchased and retired (in shares)		7,235	174,090
Common Class B [Member]
Equity, Class of Treasury Stock [Line Items]
Repurchase of shares authorized value				$ 50,000
Number of stock repurchased and retired (in shares)	528,488,000	1,211,661,000
Average cost per share repurchased (in dollars per share)	$ 21.22	$ 21.72
Value of stock repurchased	$ 10,990	$ 25,988

Comprehensive Income (Details)

Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Accumulated Other Comprehensive Income Loss [Line Items]
Balance, beginning of period			$ 48,776
Other comprehensive income before reclassifications			(11,504)
Amounts reclassified from accumulated other comprehensive income			(13,981)
Total other comprehensive income (loss), net of tax	$ (28,105)	$ 19,659	(25,485)	$ 42,592
Balance, end of period	23,291		23,291
Net Unrealized Gain on Securities [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balance, beginning of period			101,467
Other comprehensive income before reclassifications			(11,504)
Amounts reclassified from accumulated other comprehensive income			(15,746)
Total other comprehensive income (loss), net of tax			(27,250)
Balance, end of period	74,217		74,217
Liability for Pension Benefits [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balance, beginning of period			(52,691)
Other comprehensive income before reclassifications			0
Amounts reclassified from accumulated other comprehensive income			1,765
Total other comprehensive income (loss), net of tax			1,765
Balance, end of period	$ (50,926)		$ (50,926)

Share-Based Compensation (Detai

Share-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Share-Based Compensation [Abstract]
Compensation expense	$ 1,316	$ 596	$ 3,199	$ 1,221
Stock option exercises during period (in shares)			0
Non-cash exercise of stock options (in shares)			7,235	174,090

Net Income Available to Stock42

Net Income Available to Stockholders and Net Income per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Numerator for earnings per share [Abstract]
Net income attributable to TSM available to stockholders	$ 18,926	$ 27,476	$ 33,762	$ 34,431
Denominator for basic earnings per share [Abstract]
Weighted average of common shares (in shares)	25,922,680	27,081,655	26,208,573	27,174,306
Effect of dilutive securities (in shares)	74,984	65,610	86,793	83,045
Denominator for diluted earnings per share (in shares)	25,997,664	27,147,265	26,295,366	27,257,351
Basic net income per share attributable to TSM (in dollars per share)	$ 0.73	$ 1.01	$ 1.29	$ 1.27
Diluted net income per share attributable to TSM (in dollars per share)	$ 0.73	$ 1.01	$ 1.28	$ 1.26

Contingencies (Details)

Contingencies (Details) $ in Thousands	Feb. 11, 2014USD ($)Beneficiary	Jun. 30, 2015USD ($)Lawsuitshares	Jul. 02, 2014USD ($)
Claims of Heirs of Former Shareholders [Member]
Loss Contingencies [Line Items]
Number of defending individual lawsuits | Lawsuit		8
Number of shares claimed to have inherited (in shares) | shares		112
Split conversion ratio		3,000
Joint Underwriting Association Litigations [Member]
Loss Contingencies [Line Items]
Number of defending individual lawsuits | Lawsuit		18
Lawsuit filing date		August 19, 2011
Amount of claims for damages		$ 406,600
Percentage of premium amount charged as administrative cost (in hundredths)		12.00%
Community Health Centers - Puerto Rico [Member]
Loss Contingencies [Line Items]
Number of defending individual lawsuits | Lawsuit		6
Claims Relating to the Provision of Health Care Services [Abstract]
Amount of claim for collection of unpaid invoices		$ 9,600
Outstanding claims		$ 3,000
Unauthorized Disclosure of Protected Health Information [Member]
Claims Relating to the Provision of Health Care Services [Abstract]
Civil monetary penalty	$ 6,800
Number of dual eligible medicare beneficiaries | Beneficiary	13,336
TSS [Member]
Claims Relating to the Provision of Health Care Services [Abstract]
Overpayment of premium			$ 7,900

Segment Information (Details)

Segment Information (Details) $ in Thousands		3 Months Ended						6 Months Ended
		Jun. 30, 2015USD ($)		Mar. 31, 2015USD ($)	Jun. 30, 2014USD ($)		Mar. 31, 2014USD ($)	Jun. 30, 2015USD ($)SegmentRegion	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Segment Information [Abstract]
Number of operating segments | Segment								3
Number of service regions | Region								8
Number of regions of medicaid program | Region								2
Operating revenues [Abstract]
Premiums earned, net		$ 754,107			$ 543,735			$ 1,286,665	$ 1,085,587
Total revenues		781,985			590,741			1,363,709	1,175,560
Consolidated operating revenues		770,295			586,238			1,344,047	1,170,685
Operating income [Abstract]
Consolidated operating income		5,573			34,008			19,520	43,981
Consolidated net realized investment gains		10,607			3,928			16,820	4,054
Consolidated interest expense		(2,074)			(2,396)			(4,256)	(4,701)
Consolidated other income, net		1,083			575			2,842	821
Consolidated income before taxes		15,189			36,115			34,926	44,155
Depreciation and amortization expense [Abstract]
Consolidated depreciation and amortization expense		3,964			5,473			8,138	10,578
Assets [Abstract]
Assets		2,233,333						2,233,333		$ 2,145,736
Managed Care [Member]
Segment Reporting Information [Line Items]
Administrative service fees				$ 23,642			$ 23,822
Managed Care [Member] | Risk Based Model [Member]
Operating income [Abstract]
Operating income		7,271
Unallocated Amount to Segment [Member]
Operating revenues [Abstract]
TSM operating revenues from external sources		16			28			30	67
Operating income [Abstract]
TSM operating revenues from external sources		16			28			30	67
TSM unallocated operating expenses		(1,937)			(6,184)			(7,540)	(8,347)
Depreciation and amortization expense [Abstract]
TSM depreciation expense		197			199			394	415
Unallocated amounts related to TSM [Abstract]
Cash, cash equivalents, and investments		44,948						44,948		44,157
Property and equipment, net		19,987						19,987		20,415
Other assets		37,948						37,948		37,851
Unallocated amount related to TSM		102,883						102,883		102,423
Other Segments [Member]
Operating revenues [Abstract]
TSM operating revenues from external sources	[1]	680			851			1,863	2,345
Total revenues	[1]	3,459			3,668			7,025	6,876
Operating income [Abstract]
Operating income	[1]	(121)			114			(284)	(251)
TSM operating revenues from external sources	[1]	680			851			1,863	2,345
Depreciation and amortization expense [Abstract]
Depreciation and amortization expense		119	[1]		258	[1]		245	516
Assets [Abstract]
Assets	[1]	23,899						23,899		22,682
Reportable Segment [Member]
Operating revenues [Abstract]
Total business segments		776,604			590,731			1,354,127	1,178,418
Operating income [Abstract]
Operating income		5,104			37,736			22,235	47,404
Depreciation and amortization expense [Abstract]
Depreciation and amortization expense		3,767			5,274			7,744	10,163
Assets [Abstract]
Assets		2,178,355						2,178,355		2,125,569
Reportable Segment [Member] | Managed Care [Member]
Operating revenues [Abstract]
Premiums earned, net		695,517			485,311			1,167,684	968,997
Administrative service fees		4,549			29,506			33,672	59,256
Intersegment premiums/service fees								4,505	2,841
Net investment income		2,719			3,906			5,717	7,610
Total revenues		706,097			520,227			1,211,578	1,038,704
Operating income [Abstract]
Operating income		(2,515)			27,903			8,457	32,025
Depreciation and amortization expense [Abstract]
Depreciation and amortization expense		3,281			4,698			6,760	8,983
Assets [Abstract]
Assets		1,023,842						1,023,842		975,999
Reportable Segment [Member] | Life Insurance [Member]
Operating revenues [Abstract]
Premiums earned, net		36,245			34,826			74,025	69,690
Intersegment premiums/service fees		70			77			131	182
Net investment income		6,103			5,997			11,884	11,651
Total revenues		42,418			40,900			86,040	81,523
Operating income [Abstract]
Operating income		5,286			5,195			10,102	10,409
Depreciation and amortization expense [Abstract]
Depreciation and amortization expense		279			194			549	417
Assets [Abstract]
Assets		767,212						767,212		764,268
Reportable Segment [Member] | Property and Casualty Insurance [Member]
Operating revenues [Abstract]
Premiums earned, net		22,345			23,598			44,956	46,900
Intersegment premiums/service fees								307	307
Net investment income		2,131			2,184			4,221	4,108
Total revenues		24,630			25,936			49,484	51,315
Operating income [Abstract]
Operating income		2,454			4,524			3,960	5,221
Depreciation and amortization expense [Abstract]
Depreciation and amortization expense		88			124			190	247
Assets [Abstract]
Assets		363,402						363,402		362,620
Intersegment Eliminations [Member]
Operating revenues [Abstract]
Elimination of intersegment premiums/service fees		(3,536)			(1,735)			(4,943)	(3,330)
Elimination of intersegment service revenues		(2,779)			(2,817)			(5,162)	(4,531)
Other intersegment eliminations		(10)			31			(5)	61
Operating income [Abstract]
Elimination of TSM intersegment charges		2,390			2,428			4,795	4,857
Unallocated amounts related to TSM [Abstract]
Elimination entries-intersegment receivables and others		(47,905)						(47,905)		$ (82,256)
Intersegment Eliminations [Member] | Managed Care [Member]
Operating revenues [Abstract]
Intersegment premiums/service fees		3,312			1,504
Intersegment Eliminations [Member] | Property and Casualty Insurance [Member]
Operating revenues [Abstract]
Intersegment premiums/service fees		154			154
Intersegment Eliminations [Member] | Other Segments [Member]
Operating revenues [Abstract]
Intersegment premiums/service fees	[1]	$ 2,779			$ 2,817			$ 5,162	$ 4,531
[1]	Includes segments that are not required to be reported separately, primarily the data processing services organization and the health clinic.