Triple-s Management (GTS) 10-Q 9 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 2019shares
Entity Listings [Line Items]
Entity Registrant Name	TRIPLE-S MANAGEMENT CORP
Entity Central Index Key	0001171662
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-33865
Entity Tax Identification Number	66-0555678
Entity Incorporation, State or Country Code	PR
Entity Address, Address Line One	1441 F.D. Roosevelt Avenue
Entity Address, City or Town	San Juan
Entity Address, Country	PR
Entity Address, Postal Zip Code	00920
City Area Code	787
Local Phone Number	749-4949
Title of 12(b) Security	Common Stock Class B, $1.00 par value
Trading Symbol	GTS
Security Exchange Name	NYSE
Common Class A [Member]
Entity Listings [Line Items]
Entity Common Stock, Shares Outstanding	950,968
Common Class B [Member]
Entity Listings [Line Items]
Entity Common Stock, Shares Outstanding	22,200,045

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Investments and cash:
Fixed maturities available for sale, at fair value	$ 1,198,898	$ 1,199,402
Fixed maturities held to maturity, at amortized cost	1,853	2,492
Equity investments, at fair value	300,750	279,164
Other invested assets, at net asset value	88,439	74,015
Policy loans	10,240	9,469
Cash and cash equivalents	166,272	117,544
Total investments and cash	1,766,452	1,682,086
Premiums and other receivables, net	609,523	628,444
Deferred policy acquisition costs and value of business acquired	225,989	215,159
Property and equipment, net	85,710	81,923
Deferred tax asset	60,515	79,010
Goodwill	25,397	25,397
Other assets	63,479	48,229
Total assets	2,837,065	2,760,248
Liabilities and Stockholders' Equity
Claim liabilities	865,427	936,789
Liability for future policy benefits	374,659	361,495
Unearned premiums	82,469	82,990
Policyholder deposits	173,703	174,110
Liability to Federal Employees' Health Benefits and Federal Employees' Programs	49,165	44,926
Accounts payable and accrued liabilities	305,256	275,228
Deferred tax liability	8,692	3,245
Long-term borrowings	27,289	28,883
Liability for pension benefits	29,016	31,274
Total liabilities	1,915,676	1,938,940
Triple-S Management Corporation stockholders' equity
Additional paid-in capital	39,691	34,021
Retained earnings	827,687	761,970
Accumulated other comprehensive income	31,544	3,062
Total Triple-S Management Corporation stockholders' equity	922,073	821,984
Non-controlling interest in consolidated subsidiary	(684)	(676)
Total stockholders' equity	921,389	821,308
Total liabilities and stockholders' equity	2,837,065	2,760,248
Common Stock Class A [Member]
Triple-S Management Corporation stockholders' equity
Common stock	951	951
Common Stock Class B [Member]
Triple-S Management Corporation stockholders' equity
Common stock	$ 22,200	$ 21,980

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2019	Dec. 31, 2018
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)	950,968	950,968
Common stock, outstanding (in shares)	950,968	950,968
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)	22,200,045	21,980,492
Common stock, outstanding (in shares)	22,200,045	21,980,492

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues:
Premiums earned, net	$ 859,493	$ 741,770	$ 1,627,495	$ 1,493,804
Administrative service fees	2,456	4,066	5,088	7,414
Net investment income	15,062	15,707	30,438	29,462
Other operating revenues	1,591	1,588	3,168	2,659
Total operating revenues	878,602	763,131	1,666,189	1,533,339
Net realized investment gains (losses)	2,364	(921)	3,679	2,021
Net unrealized investment gains (losses) on equity investments	3,323	(776)	22,992	(16,975)
Other income, net	1,705	494	2,874	1,657
Total revenues	885,994	761,928	1,695,734	1,520,042
Benefits and expenses:
Claims incurred	706,304	692,138	1,329,494	1,311,127
Operating expenses	134,084	134,612	266,747	267,746
Total operating costs	840,388	826,750	1,596,241	1,578,873
Interest expense	1,831	1,825	3,619	3,515
Total benefits and expenses	842,219	828,575	1,599,860	1,582,388
Income (loss) before taxes	43,775	(66,647)	95,874	(62,346)
Income tax expense (benefit)	12,849	(27,901)	30,165	(27,514)
Net income (loss)	30,926	(38,746)	65,709	(34,832)
Net (loss) income attributable to non-controlling interest	(5)	1	(8)	1
Net income (loss) attributable to Triple-S Management Corporation	$ 30,931	$ (38,747)	$ 65,717	$ (34,833)
Earnings per share attributable to Triple-S Management Corporation
Basic net income (loss) per share (in dollars per share)	$ 1.35	$ (1.68)	$ 2.88	$ (1.50)
Diluted net income (loss) per share (in dollars per share)	$ 1.35	$ (1.68)	$ 2.87	$ (1.50)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Condensed Consolidated Statements of Comprehensive Income (Loss) Unaudited) [Abstract]
Net income (loss)	$ 30,926	$ (38,746)	$ 65,709	$ (34,832)
Other comprehensive income (loss), net of tax:
Net unrealized change in fair value of available for sale securities, net of taxes	14,929	(8,202)	28,370	(15,096)
Defined benefit pension plan:
Actuarial loss, net	56	131	112	262
Total other comprehensive income (loss), net of tax	14,985	(8,071)	28,482	(14,834)
Comprehensive income (loss)	45,911	(46,817)	94,191	(49,666)
Comprehensive (loss) income attributable to non-controlling interest	(5)	1	(8)	1
Comprehensive income (loss) attributable to Triple-S Management Corporation	$ 45,916	$ (46,818)	$ 94,199	$ (49,667)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]Class A Common Stock [Member]	Common Stock [Member]Class B Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Triple-S Management Corporation [Member]	Noncontrolling Interest in Consolidated Subsidiary [Member]	Total
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect adjustment due to implementation of ASU 2016-01 | ASU 2016-01 [Member]	$ 0	$ 0	$ 0	$ 39,882	$ (39,882)	$ 0	$ 0	$ 0
Balance at Dec. 31, 2017	951	22,627	53,142	785,390	51,254	913,364	(682)	912,682
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	0	285	106	0	0	391	0	391
Repurchase and retirement of common stock	0	(580)	(14,095)	0	0	(14,675)	0	(14,675)
Comprehensive income (loss)	0	0	0	3,914	(6,763)	(2,849)	0	(2,849)
Balance at Mar. 31, 2018	951	22,332	39,153	829,186	4,609	896,231	(682)	895,549
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect adjustment due to implementation of ASU 2016-01 | ASU 2016-01 [Member]	0	0	0	0	0	0	1	1
Share-based compensation	0	0	2,151	0	0	2,151	0	2,151
Repurchase and retirement of common stock	0	(89)	(2,254)	0	0	(2,343)	0	(2,343)
Comprehensive income (loss)	0	0	0	(38,747)	(8,071)	(46,818)	0	(46,818)
Balance at Jun. 30, 2018	951	22,243	39,050	790,439	(3,462)	849,221	(681)	848,540
Balance at Dec. 31, 2018	951	21,980	34,021	761,970	3,062	821,984	(676)	821,308
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	0	177	1,409	0	0	1,586	0	1,586
Repurchase and retirement of common stock	0	(1)	(15)	0	0	(16)	0	(16)
Comprehensive income (loss)	0	0	0	34,786	13,497	48,283	(3)	48,280
Balance at Mar. 31, 2019	951	22,156	35,415	796,756	16,559	871,837	(679)	871,158
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	0	44	4,276	0	0	4,320	0	4,320
Repurchase and retirement of common stock	0	0	0	0	0	0	0	0
Comprehensive income (loss)	0	0	0	30,931	14,985	45,916	(5)	45,911
Balance at Jun. 30, 2019	$ 951	$ 22,200	$ 39,691	$ 827,687	$ 31,544	$ 922,073	$ (684)	$ 921,389

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities:
Net income (loss)	$ 65,709	$ (34,832)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	7,045	6,986
Net amortization of investments	847	3,116
Additions to the allowance for doubtful receivables	246	1,729
Deferred tax expense (benefit)	16,592	(29,292)
Net realized investment gain on sale of securities	(3,679)	(2,021)
Net unrealized (gains) losses on equity investments	(22,992)	16,975
Interest credited to policyholder deposits	2,811	2,157
Share-based compensation	5,907	2,543
Decrease (increase) in assets:
Premium and other receivables, net	18,674	155,542
Deferred policy acquisition costs and value of business acquired	(12,475)	(2,355)
Deferred taxes	69	522
Other assets	(4,767)	(32,997)
(Decrease) increase in liabilities:
Claim liabilities	(71,362)	4,568
Liability for future policy benefits	13,164	9,669
Unearned premiums	(521)	83,189
Liability to Federal Employees' Health Benefits and Federal Employees' Programs	4,239	8,841
Accounts payable and accrued liabilities	6,798	(63,617)
Net cash provided by operating activities	26,305	130,723
Securities available for sale:
Fixed maturities sold	315,495	768,789
Fixed maturities matured/called	14,420	10,656
Securities held to maturity:
Fixed maturities matured/called	1,178	728
Equity investments sold	70,054	123,197
Other invested assets sold	2,096	1,788
Securities available for sale:
Fixed maturities	(291,533)	(829,010)
Securities held to maturity:
Fixed maturities	(539)	(893)
Equity investments	(67,560)	(99,944)
Other invested assets	(15,424)	(18,649)
(Increase) decrease in other investments	(2,692)	1,817
Net change in policy loans	(771)	(372)
Net capital expenditures	(10,659)	(9,116)
Net cash provided by (used in) investing activities	14,065	(51,009)
Cash flows from financing activities:
Change in outstanding checks in excess of bank balances	13,189	(1,564)
Repayments of long-term borrowings	(1,613)	(1,618)
Repurchase and retirement of common stock	(1)	(16,395)
Proceeds from policyholder deposits	8,204	11,606
Surrenders of policyholder deposits	(11,421)	(14,705)
Net cash provided by (used in) financing activities	8,358	(22,676)
Net increase in cash and cash equivalents	48,728	57,038
Cash and cash equivalents:
Beginning of period	117,544	198,941
End of period	$ 166,272	$ 255,979

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2019
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 the information and the footnotes required by accounting principles generally accepted in the United States of America (GAAP or U.S. GAAP) for complete financial statement presentation pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). 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, 2018. 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, 2019 are not necessarily indicative of the results for the full year ending December 31, 2019.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2019
Significant Accounting Policies [Abstract]
Significant Accounting Policies	(2) Significant Accounting Policies Recently Adopted Accounting Standards On February 25, 2016, the Financial Accounting Standards Board (FASB) issued guidance to increase transparency and comparability among organizations by requiring the recognition of a lease right-of-use (ROU) asset and a lease liability, initially measured at the present value of the lease payment on the balance sheet, for both finance and operating leases with lease terms of more than 12 months. The classification of finance or operating will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease, respectively. Lessors are required to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. In July 2018, the FASB issued the following guidance “Leases – Targeted Improvements” and “Codification Improvement to Leases” to assist in the implementation of leases and address certain technical corrections and improvement to the recently issued lease standard. Amendments include an additional transition method that allows entities to apply the new standard on the adoption date and recognize a cumulative effect adjustment to the opening balance of retained earnings, as well as a new practical expedient for lessors and other implementation considerations. For public companies, the amended guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company adopted the standard effective January 1, 2019 recognizing approximately $8,800 in ROU assets and lease liabilities for its operating leases in its condensed consolidated balance sheet. ROU assets are included within the other assets and the lease liabilities are included within the accounts payable and accrued liabilities line items in the accompanying condensed consolidated balance sheet. No cumulative effect adjustment to opening balance of retained earnings on the adoption date was required. Most of the operating leases are related to real estate. The Company adopted the following two accounting policies as a result of the adoption of the standard: (1) to not separate lease components from nonlease components and (2) to not apply the recognition requirements of ASC 842 to short-term leases. In addition, the Company implemented control processes and procedures, as necessary, based on changes resulting from the new standard. Future Adoptions of Accounting Standards On April 25, 2019, the FASB issued Accounting Standard Update (ASU) 2019-04: Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. The amendment in this update represent changes to clarify, correct errors in or improve the codification. Such amendments should make the codification easier to understand and easier to apply by eliminating inconsistencies and providing clarifications. Within the clarifications was the FASB’s intent to include all reinsurance recoverables within the scope of ASU 2016-13 (Topic 326). For public companies, the improvements related to ASU 2016-13 (Topic 326) and ASU 2016-01 (Topic 825) are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. We are currently evaluating the impact the adoption of this guidance may have on the Company’s condensed consolidated financial statements. Other than the accounting pronouncement disclosed above, there were no other new accounting pronouncements issued during the three months ended June 30, 2019 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, 2019
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 the Company’s investments in securities by major security type and class of security at June 30, 2019 and December 31, 2018, were as follows: June 30, 2019 Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Fixed maturities available for sale Obligations of government-sponsored enterprises $ 35,886 $ 1,013 $ - $ 36,899 U.S. Treasury securities and obligations of U.S. government instrumentalities 111,508 5,149 - 116,657 Municipal securities 631,722 36,458 - 668,180 Corporate bonds 173,677 19,409 - 193,086 Residential mortgage-backed securities 169,044 5,057 (7 ) 174,094 Collateralized mortgage obligations 9,477 505 - 9,982 Total fixed maturities available for sale $ 1,131,314 $ 67,591 $ (7 ) $ 1,198,898 June 30, 2019 Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Fixed maturities held to maturity U.S. Treasury securities and obligations of U.S. government instrumentalities $ 616 $ 161 $ - $ 777 Residential mortgage-backed securities 165 2 - 167 Certificates of deposit 1,072 - - 1,072 Total $ 1,853 $ 163 $ - $ 2,016 June 30, 2019 Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Other invested assets - Alternative investments $ 86,379 $ 2,461 $ (401 ) $ 88,439 December 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Securities available for sale Fixed maturities Obligations of government- sponsored enterprises $ 21,470 $ 120 $ (1 ) $ 21,589 U.S. Treasury securities and obligations of U.S. government instrumentalities 174,675 2,349 - 177,024 Obligations of the Commonwealth of Puerto Rico and its instrumentalities 8,295 - - 8,295 Municipal securities 692,205 18,112 (538 ) 709,779 Corporate bonds 186,085 9,724 (239 ) 195,570 Residential mortgage-backed securities 75,373 1,298 - 76,671 Collateralized mortgage obligations 10,266 208 - 10,474 Total fixed maturities $ 1,168,369 $ 31,811 $ (778 ) $ 1,199,402 December 31, 2018 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 $ 617 $ 125 $ - $ 742 Residential mortgage-backed securities 190 2 - 192 Certificates of deposit 1,685 - - 1,685 Total $ 2,492 $ 127 $ - $ 2,619 December 31, 2018 Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Other invested assets - Alternative investments $ 72,627 $ 2,042 $ (654 ) $ 74,015 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, 2019 and December 31, 2018 were as follows: June 30, 2019 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 Fixed maturities available for sale Residential mortgage-backed securities $ 10,180 $ (7 ) 2 - - - $ 10,180 $ (7 ) 2 Total fixed maturities $ 10,180 $ (7 ) 2 $ - $ - - $ 10,180 $ (7 ) 2 Other invested assets - Alternative investments $ 20,031 $ (265 ) 6 $ 9,867 $ (136 ) 1 $ 29,898 $ (401 ) 7 December 31, 2018 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 Fixed maturities available for sale Obligations of government- sponsored enterprises $ 1,469 $ (1 ) 1 $ - $ - - $ 1,469 $ (1 ) 1 Municipal securities 62,328 (349 ) 10 17,648 (189 ) 3 79,976 (538 ) 13 Corporate bonds 52,539 (239 ) 18 - - - 52,539 (239 ) 18 Total fixed maturities $ 116,336 $ (589 ) 29 $ 17,648 $ (189 ) 3 $ 133,984 $ (778 ) 32 Other invested assets - Alternative investments $ 7,399 $ (351 ) 3 $ 10,447 $ (303 ) 2 $ 17,846 $ (654 ) 5 The Company reviews the available for sale and other invested assets portfolios under the Company’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. Residential mortgage-backed securities Alternative investments: Maturities of investment securities classified as available for sale and held to maturity were as follows: June 30, 2019 Amortized cost Estimated fair value Fixed maturities available for sale Due in one year or less $ 2,623 $ 2,641 Due after one year through five years 405,075 419,406 Due after five years through ten years 316,779 336,392 Due after ten years 228,316 256,383 Residential mortgage-backed securities 169,044 174,094 Collateralized mortgage obligations 9,477 9,982 $ 1,131,314 $ 1,198,898 Fixed maturities held to maturity Due in one year or less $ 1,072 $ 1,072 Due after ten years 616 777 Residential mortgage-backed securities 165 167 $ 1,853 $ 2,016 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.

Realized and Unrealized Gains (

Realized and Unrealized Gains (Losses)	6 Months Ended
	Jun. 30, 2019
Realized and Unrealized Gains (Losses) [Abstract]
Realized and Unrealized Gains (Losses)	(4) Realized and Unrealized Gains (Losses) Information regarding realized and unrealized gains and losses from investments is as follows: Three months ended June 30, Six months ended June 30 2019 2018 2019 2018 Realized gains (losses) Fixed maturity securities: Securities available for sale: Gross gains $ 1,775 $ 1,340 $ 2,647 $ 1,512 Gross losses (1 ) (2,873 ) (319 ) (10,803 ) Total fixed securities 1,774 (1,533 ) 2,328 (9,291 ) Equity investments: Gross gains 829 551 2,131 8,754 Gross losses (408 ) (525 ) (1,045 ) (1,024 ) Total equity investments 421 26 1,086 7,730 Other invested assets: Gross gains 189 586 321 3,793 Gross losses (20 ) - (56 ) (211 ) Total other invested assets 169 586 265 3,582 Net realized investment gains (losses) $ 2,364 $ (921 ) $ 3,679 $ 2,021 Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Changes in net unrealized gains (losses): Recognized in accumulated other comprehensive income (loss): Fixed maturities – available for sale $ 19,461 $ (11,035 ) $ 36,551 $ (21,257 ) Other invested assets 99 464 672 439 $ 19,560 $ (10,571 ) $ 37,223 $ (20,818 ) Not recognized in the consolidated financial statements: Fixed maturities – held to maturity $ 21 $ (10 ) $ 36 $ (33 ) The change in deferred tax liability on unrealized gains recognized in accumulated other comprehensive income (loss) during the six months ended June 30, 2019 and 2018 was $7,446 and $6,147, respectively. As of June 30, 2019, and December 31, 2018, no individual investment in securities exceeded 10% of stockholders’ equity.

Premiums and Other Receivables,

Premiums and Other Receivables, Net	6 Months Ended
	Jun. 30, 2019
Premiums and Other Receivables, Net [Abstract]
Premiums and Other Receivables, Net	(5) Premiums and Other Receivables, Net Premiums and other receivables, net were as follows: June 30, 2019 December 31, 2018 Premium $ 148,316 $ 94,613 Self-funded group receivables 27,065 31,184 FEHBP 14,066 14,030 Agent balances 36,588 30,224 Accrued interest 11,544 12,426 Reinsurance recoverable 303,321 399,202 Other 108,120 88,807 649,020 670,486 Less allowance for doubtful receivables: Premium 27,358 32,487 Other 12,139 9,555 39,497 42,042 Total premium and other receivables, net $ 609,523 $ 628,444 As of June 30, 2019, and December 31, 2018, the Company had premiums and other receivables of $92,120 and $54,329, respectively, from the Government of Puerto Rico, including its agencies, municipalities and public corporations. The related allowance for doubtful receivables as of June 30, 2019 and December 31, 2018 were $14,703 and $20,984, respectively.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2019
Fair Value Measurements [Abstract]
Fair Value Measurements	(6) Fair Value Measurements Our condensed consolidated balance sheets include the following financial instruments: securities available for sale, equity investments, policy loans, policyholder deposits, and long-term borrowings. We consider the carrying amounts of policy loans, policyholder deposits, and long-term borrowings to approximate their fair value. Certain assets are measured at fair value on a recurring basis and are disclosed below. These assets are classified into one of three levels of a hierarchy defined by GAAP. For a description of the methods and assumptions that are used to estimate the fair value and determine the fair value hierarchy classification of each class of financial instrument, see the consolidated financial statements and notes thereto included in our 2018 Annual Report on Form 10-K. The following tables summarize fair value measurements by level for assets measured at fair value on a recurring basis: June 30, 2019 Level 1 Level 2 Level 3 Total Fixed maturity securities available for sale Obligations of government-sponsored enterprises $ - $ 36,899 $ - $ 36,899 U.S. Treasury securities and obligations of U.S government instrumentalities 116,657 - - 116,657 Municipal securities - 668,180 - 668,180 Corporate bonds - 193,086 - 193,086 Residential agency mortgage-backed securities - 174,094 - 174,094 Collateralized mortgage obligations - 9,982 - 9,982 Total fixed maturities $ 116,657 $ 1,082,241 $ - $ 1,198,898 Equity investments $ 153,567 $ 142,053 $ 5,130 $ 300,750 December 31, 2018 Level 1 Level 2 Level 3 Total Fixed maturity securities Obligations of government-sponsored enterprises $ - $ 21,589 $ - $ 21,589 U.S. Treasury securities and obligations of U.S government instrumentalities 177,024 - - 177,024 Obligations of the Commonwealth of Puerto Rico and its instrumentalities - 8,295 - 8,295 Municipal securities - 709,779 - 709,779 Corporate bonds - 195,570 - 195,570 Residential agency mortgage-backed securities - 76,671 - 76,671 Collateralized mortgage obligations - 10,474 - 10,474 Total fixed maturities $ 177,024 $ 1,022,378 $ - $ 1,199,402 Equity investments $ 147,348 $ 128,011 $ 3,805 $ 279,164 There were no transfers between Levels 1 and 2 during the three and six months ended June 30, 2019 and 2018. 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 and six months ended June 30 is as follows: Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Three months ended Six months ended June 30, 2019 June 30, 2019 Beginning Balance $ 5,049 $ 3,805 Realized gains - - Unrealized in other accumulated comprehensive income 81 75 Purchases - 1,250 Sales - - Capital Distributions - - Ending Balance $ 5,130 $ 5,130 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. A summary of the carrying value and fair value by level of financial instruments not recorded at fair value on our condensed consolidated balance sheets at June 30, 2019 and December 31, 2018 are as follows: June 30, 2019 Carrying Fair Value Value Level 1 Level 2 Level 3 Total Assets: Policy loans $ 10,240 $ - $ 10,240 $ - $ 10,240 Liabilities: Policyholder deposits $ 173,703 $ - $ 173,703 $ - $ 173,703 Long-term borrowings: Loans payable to bank - variable 27,497 - 27,497 - 27,497 Total liabilities $ 201,200 $ - $ 201,200 $ - $ 201,200 December 31, 2018 Carrying Fair Value Value Level 1 Level 2 Level 3 Total Assets: Policy loans $ 9,469 $ - $ 9,469 $ - $ 9,469 Liabilities: Policyholder deposits $ 174,110 $ - $ 174,110 $ - $ 174,110 Long-term borrowings: Loans payable to bank - variable 29,114 - 29,114 - 29,114 Total liabilities $ 203,224 $ - $ 203,224 $ - $ 203,224

Claim Liabilities

Claim Liabilities	6 Months Ended
	Jun. 30, 2019
Claim Liabilities [Abstract]
Claim Liabilities	(7) Claim Liabilities A reconciliation of the beginning and ending balances of claim liabilities is as follows: Six months ended June 30, 2019 Managed Care Other Business Segments * Consolidated Claim liabilities at beginning of period $ 394,226 $ 542,563 $ 936,789 Reinsurance recoverable on claim liabilities - (315,543 ) (315,543 ) Net claim liabilities at beginning of period 394,226 227,020 621,246 Claims incurred Current period insured events 1,288,235 57,020 1,345,255 Prior period insured events (27,588 ) (6,167 ) (33,755 ) Total 1,260,647 50,853 1,311,500 Payments of losses and loss-adjustment expenses Current period insured events 954,147 23,429 977,576 Prior period insured events 277,624 26,581 304,205 Total 1,231,771 50,010 1,281,781 Net claim liabilities at end of period 423,102 227,863 650,965 Reinsurance recoverable on claim liabilities - 214,462 214,462 Claim liabilities at end of period $ 423,102 $ 442,325 $ 865,427 * Other Business Segments include the Life Insurance and Property and Casualty segments, as well as intersegment eliminations. Six months ended June 30, 2018 Managed Care Other Business Segments * Consolidated Claim liabilities at beginning of period $ 367,357 $ 739,519 $ 1,106,876 Reinsurance recoverable on claim liabilities - (633,099 ) (633,099 ) Net claim liabilities at beginning of period 367,357 106,420 473,777 Claims incurred Current period insured events 1,198,689 57,434 1,256,123 Prior period insured events (31,126 ) 72,537 41,411 Total 1,167,563 129,971 1,297,534 Payments of losses and loss-adjustment expenses Current period insured events 873,736 22,690 896,426 Prior period insured events 223,726 34,071 257,797 Total 1,097,462 56,761 1,154,223 Net claim liabilities at end of period 437,458 179,630 617,088 Reinsurance recoverable on claim liabilities - 494,356 494,356 Claim liabilities at end of period $ 437,458 $ 673,986 $ 1,111,444 * Other Business Segments include the Life Insurance and Property and Casualty segments, as well as intersegment eliminations. The actual amounts of claims incurred in connection with insured events occurring in a prior period typically differ from estimates of such claims made in the prior period. Amounts included as incurred claims for prior period insured events reflect the aggregate net amount of these differences. The claims incurred disclosed in this table exclude the portion of the change in the liability for future policy benefits expense, which amounted to $9,297 and $17,994 during the three months and six months ended June 30, 2019, respectively. The change in the liability for future policy benefits during the three months and six months ended June 30, 2018 amounted to $ and $ , respectively. The following is information about total incurred but not reported (IBNR) liabilities plus expected development on reported claims included in the liability for unpaid claims adjustment expenses for the Managed Care segment as of June 30, 2019. Incurred Year Total of IBNR Liabilities Plus Expected Development on Reported Claims 2018 $ 30,365 2019 334,088

Pension Plan

Pension Plan	6 Months Ended
	Jun. 30, 2019
Pension Plan [Abstract]
Pension Plan	(8) Pension Plan The components of net periodic benefit cost were as follows: Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Components of net periodic benefit cost: Interest cost $ 1,741 $ 1,693 $ 3,482 $ 3,386 Expected return on assets (2,217 ) (2,281 ) (4,434 ) (4,562 ) Amortization of actuarial loss 90 215 179 430 Settlement loss 375 325 750 650 Net periodic benefit cost $ (11 ) $ (48 ) $ (23 ) $ (96 ) Employer Contributions:

Reinsurance

Reinsurance	6 Months Ended
	Jun. 30, 2019
Reinsurance [Abstract]
Reinsurance	(9) Reinsurance Triple-S Propiedad, Inc. (TSP) uses facultative reinsurance, pro rata, and excess of loss reinsurance treaties to manage its exposure to losses, including those from catastrophe events. TSP has geographic exposure to catastrophe losses from hurricanes and earthquakes. The incidence and severity of catastrophes are inherently unpredictable. Under these treaties, TSP ceded premiums written were $10,245 and $12,688 for the three months ended June 30, 2019 and 2018, respectively, and $ 23,674 and $27,466 for the six months ended June 30, 2019, and 2018, respectively. During the six months ended June 30, 2019 and 2018, TSP ceded claims incurred amounting to $679 and $69,594, respectively, related to losses caused by Hurricanes Irma and Maria. Principal reinsurance agreements are as follows: • Casualty excess of loss treaty provides reinsurance for losses up to $12,000, subject to a retention of $225. • Medical malpractice excess of loss treaty provides reinsurance for losses up to $3,000, subject to a retention of $150. • Property reinsurance treaty includes proportional cessions and a per risk excess of loss contract limiting losses to $375 in $30,000 risks. • Catastrophe protection is purchased limiting losses to $5,000 per event with losses up to approximately $775,000. After this, there is a retention of $24,500 from the next $70,000, for a total protection of $815,000 in an $845,000 event. All principal reinsurance contracts are for a period of one year and are subject to modifications and negotiations in each renewal. TSP’s current property and catastrophe reinsurance program was renewed effective April 1, 2019 for a twelve months period ending March 31, 2020. Other contracts were renewed as expiring on January 1, 2019.

Comprehensive Income (Loss)

Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2019
Comprehensive Income (Loss) [Abstract]
Comprehensive Income (Loss)	(10) Comprehensive Income (Loss) The accumulated balances for each classification of other comprehensive income (loss), net of tax, are as follows: Three months ended Six months ended June 30, June 30, 2019 2018 2019 2018 Net Unrealized Gain on Securities Beginning Balance $ 40,749 $ 29,462 $ 27,308 $ 76,238 Unrealized loss reclassified to beginning retained earnings as a result of implementation new accounting pronouncement - - - (39,882 ) Other comprehensive income (loss) before reclassifications 16,820 (8,939 ) 31,313 (13,479 ) Amounts reclassified from accumulated other comprehensive (loss) income (1,891 ) 737 (2,943 ) (1,617 ) Net current period change 14,929 (8,202 ) 28,370 (15,096 ) Ending Balance 55,678 21,260 55,678 21,260 Liability for Pension Benefits Beginning Balance (24,190 ) (24,853 ) (24,246 ) (24,984 ) Amounts reclassified from accumulated other comprehensive income 56 131 112 262 Ending Balance (24,134 ) (24,722 ) (24,134 ) (24,722 ) Accumulated Other Comprehensive Income (Loss) Beginning Balance 16,559 4,609 3,062 51,254 Unrealized loss reclassified to beginning retained earnings as the result of implementing new accounting pronouncement - - - (39,882 ) Other comprehensive income (loss) before reclassifications 16,820 (8,939 ) 31,313 (13,479 ) Amounts reclassified from accumulated other comprehensive (loss) income (1,835 ) 868 (2,831 ) (1,355 ) Net current period change 14,985 (8,071 ) 28,482 (14,834 ) Ending Balance $ 31,544 $ (3,462 ) $ 31,544 $ (3,462 )

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2019
Share-Based Compensation [Abstract]
Share-Based Compensation	(11) Share-Based Compensation Share-based compensation expense recorded during the three months ended June 30, 2019 and 2018 was $4,320 and $2,151, respectively. Share-based compensation expense recorded during the six months ended June 30, 2019 and 2018 was $5,907 and $2,543, respectively. During the six months ended June 30, 2019, 602 shares were repurchased and retired as the result of non-cash tax withholdings upon vesting of shares. There were no non-cash tax withholdings during the three months ended June 30, 2019. During the three months and six months ended June 30, 2018, 8,525 and 24,796 shares, respectively, were repurchased and retired as the result of non-cash tax withholdings upon vesting of shares.

Net Income (Loss) Available to

Net Income (Loss) Available to Stockholders and Net Income (Loss) per Share	6 Months Ended
	Jun. 30, 2019
Net Income (Loss) Available to Stockholders and Net Income (Loss) per Share [Abstract]
Net Income (Loss) Available to Stockholders and Net Income (Loss) per Share	(12) Net Income (Loss) Available to Stockholders and Net Income (Loss) per Share The following table sets forth the computation of basic and diluted earnings per share: Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Numerator for earnings per share: Net income (loss) attributable to TSM available to stockholders $ 30,931 $ (38,747 ) $ 65,717 $ (34,833 ) Denominator for basic earnings per share: Weighted average of common shares 22,830,399 23,016,447 22,794,297 23,146,318 Effect of dilutive securities 64,601 - 72,394 - Denominator for diluted earnings per share 22,895,000 23,016,447 22,866,691 23,146,318 Basic net income (loss) per share attributable to TSM $ 1.35 $ (1.68 ) $ 2.88 $ (1.50 ) Diluted net income (loss) per share attributable to TSM $ 1.35 $ (1.68 ) $ 2.87 $ (1.50 ) The Company excluded the effect of dilutive securities during the three months and six months ended June 30, 2018 because their effect would have been anti-dilutive given the net loss attributable to stockholders in those periods. If the Company had generated income from continuing operations during the three months and six months ended June 30, 2018, the effect of restricted stock awards on the diluted shares calculation would have been an increase in shares of 80,929 and 92,933 shares, respectively.

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 2019
Contingencies [Abstract]
Contingencies	(13) Contingencies The following information supplements and amends, as applicable, the disclosures in Note 24 to the Consolidated Financial Statements of the Company’s 2018 Annual Report on Form 10-K. The Company’s business is subject to numerous laws and regulations promulgated by Federal, Puerto Rico, U.S. Virgin Islands (USVI), Costa Rica, British Virgin Islands (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 and may require the Company to comply with corrective action plans or changes in our practices. The Company is 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, the Company 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 TSS are defending five individual lawsuits: Vera Sanchez, et al, v. Triple-S; Olivella Zalduondo, et al, v. Seguros de Servicios de Salud, et al; Montilla Lopez, et al v. Seguros de Servicio de Salud, et al; Cebollero Santamaria v. Triple-S Salud, Inc., et al; and Ruiz de Porras, et al, v. Triple-S Salud, Inc. All claims were filed in the Puerto Rico Court of First Instance by persons who claim to have inherited a total of 62 shares of the Company or one of its predecessors or affiliates (before giving effect to the 3,000-for-one stock Split). While each case presents unique facts and allegations, the lawsuits generally allege that the redemption of the shares by the Company pursuant to transfer and ownership restrictions contained in the Company’s (or its predecessors’ or affiliates’) articles of incorporation and bylaws was improper. Consequently, the remedy requested by the plaintiffs to be recognized as shareholders of the Company in the corresponding proportion. 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, these claims are being litigated on their merits. On January 11, 2019, local Court of Appeals confirmed Court of First Instance’s partial summary judgement in Wanda Irizarry Antonmattei, et al., v. Seguros de Servicios de Salud de Puerto Rico, Inc., et al. ordering the Company to issue 63,000 stock shares in favor of Plaintiffs. On April 23, 2019, the Supreme Court denied the Company’s petition for certiorari. The Company and Plaintiffs entered into a private settlement agreement on July 11, 2019 under which the Company issued Plaintiffs 48,602 shares of Class A common stock thus concluding this litigation. In Montilla López, et al. v. Seguros de Servicios de Salud, et al. local Court of First Instance entered summary judgment in favor of Company dismissing all claims on November 2, 2018. Plaintiffs filed an Appeal before Puerto Rico Court of Appeals and the Puerto Rico Supreme Court, both of which have been denied. Plaintiff’s request for reconsideration is pending before the Supreme Court. 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 by a group of providers and subscribers on July 24, 2012 and October 1, 2012, respectively, that has since been consolidated by the United States District Court for the Northern District of Alabama, Southern Division, in the case captioned In re Blue Cross Blue Shield Association Antitrust Litigation . Essentially, provider plaintiffs allege that the exclusive service area requirements of the Primary License Agreements with the Blue Plans constitute an illegal horizontal market allocation under federal antitrust laws. As per provider plaintiffs, the quid pro quo for said “market allocation” is a horizontal price fixing and boycott conspiracy implemented through BCBSA and whose benefits are allegedly derived through the BCBSA’s BlueCard/National Accounts Program. Among the remedies sought, provider plaintiffs seek increased compensation rates and operational changes. In turn, subscriber plaintiffs allege that the alleged conspiracy to allocate markets have prevented subscribers from being offered competitive prices and resulted in higher premiums for Blue Plan subscribers. Subscribers seek damages for the amounts that the Blue Plan premiums allegedly have been artificially inflated as a result of the alleged antitrust violations. Both actions seek injunctive relief. Prior to consolidation, motions to dismiss were filed by several plans, including TSS - whose request was ultimately denied by the court without prejudice. On April 6, 2015, plaintiffs filed suit in the United States District Court of Puerto Rico against TSS. Said complaint, nonetheless, is believed not to preclude TSS’ jurisdictional arguments. Since inception, the Company has joined BCBSA and other Blue Plans in vigorously contesting these claims. On April 5, 2018, the United States District Court for the Northern District of Alabama, Southern Division, issued it’s ruling on the parties’ respective motions for partial summary judgment on the standard of review applicable to plaintiffs’ claims under Section 1 of the Sherman Act and subscriber plaintiffs’ motion for partial summary judgment on the Blue Plan’s single entity defense. After considering the “undisputed” facts (for summary judgment purposes only) and evidence currently on record in the light most favorable to defendants, the court essentially found that: (a) the combination of Exclusive Service Areas and the National Best Efforts Rule are subject to the Per Se Rule of Reason On April 16, 2018 Defendants moved the Federal District Court for the Northern District of Alabama to certify for immediate interlocutory appeal the court’s April 5, 2018 Standard of Review Ruling. On June 12, 2018 Hon. Judge Proctor agreed to grant Defendant’s motion for certification pursuant to 28 U.S.C. §1292(b). Defendants filed their Notice of Appeal on July 12, 2018. On December 12, 2018, the Court of Appeals for the Eleventh Circuit denied Defendants’ petition to appeal the District Court’s Standard of Review Ruling. The parties re-commenced mediation in April 2019.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2019
Segment Information [Abstract]
Segment Information	(14) Segment Information The Company’s operations are conducted principally through three business segments: Managed Care, Life Insurance, and Property and Casualty Insurance. The Company 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 following tables summarize the operations by reportable segment for the three months and six months ended June 30, 2019 and 2018: Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Operating revenues: Managed Care: Premiums earned, net $ 793,355 $ 677,994 $ 1,498,405 $ 1,364,596 Administrative service fees 2,456 4,066 5,088 7,414 Intersegment premiums/service fees 1,645 1,323 3,129 2,671 Net investment income 5,479 5,914 11,357 10,771 Total managed care 802,935 689,297 1,517,979 1,385,452 Life Insurance: Premiums earned, net 44,511 41,180 88,233 82,269 Intersegment premiums 508 216 986 597 Net investment income 6,822 6,619 13,382 12,677 Total life insurance 51,841 48,015 102,601 95,543 Property and Casualty Insurance: Premiums earned, net 21,627 22,596 40,857 46,659 Intersegment premiums 154 154 307 307 Net investment income 2,384 2,764 4,871 5,206 Total property and casualty insurance 24,165 25,514 46,035 52,172 Other segments: * Intersegment service revenues 2,007 49 3,973 288 Operating revenues from external sources 1,591 1,588 3,168 2,659 Total other segments 3,598 1,637 7,141 2,947 Total business segments 882,539 764,463 1,673,756 1,536,114 TSM operating revenues from external sources 377 410 828 808 Elimination of intersegment premiums/service fees (2,307 ) (1,693 ) (4,422 ) (3,295 ) Elimination of intersegment service revenues (2,007 ) (49 ) (3,973 ) (288 ) Consolidated operating revenues $ 878,602 $ 763,131 $ 1,666,189 $ 1,533,339 * Includes segments that are not required to be reported separately, primarily the health clinics and the data processing services organization. Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Operating income (loss): Managed care $ 29,302 $ 1,417 $ 51,412 $ 12,035 Life insurance 5,215 5,331 10,855 8,956 Property and casualty insurance 4,784 (71,019 ) 8,338 (67,940 ) Other segments * (730 ) 427 (1,122 ) 602 Total business segments 38,571 (63,844 ) 69,483 (46,347 ) TSM operating revenues from external sources 377 410 828 808 TSM unallocated operating expenses (3,137 ) (2,585 ) (5,169 ) (4,795 ) Elimination of TSM intersegment charges 2,403 2,400 4,806 4,800 Consolidated operating income (loss) 38,214 (63,619 ) 69,948 (45,534 ) Consolidated net realized investment gains (losses) 2,364 (921 ) 3,679 2,021 Consolidated net unrealized investment gains (losses) on equity investments 3,323 (776 ) 22,992 (16,975 ) Consolidated interest expense (1,831 ) (1,825 ) (3,619 ) (3,515 ) Consolidated other income, net 1,705 494 2,874 1,657 Consolidated income (loss) before taxes $ 43,775 $ (66,647 ) $ 95,874 $ (62,346 ) Depreciation and amortization expense: Managed care $ 2,792 $ 2,804 $ 5,549 $ 5,445 Life insurance 273 296 545 596 Property and casualty insurance 86 108 180 212 Other segments* 193 172 378 340 Total business segments 3,344 3,380 6,652 6,593 TSM depreciation expense 196 196 393 393 Consolidated depreciation and amortization expense $ 3,540 $ 3,576 $ 7,045 $ 6,986 * Includes segments that are not required to be reported separately, primarily the health clinics and the data processing services organization. June 30, 2019 December 31, 2018 Assets: Managed care $ 1,237,890 $ 1,078,262 Life insurance 912,550 863,470 Property and casualty insurance 648,292 747,583 Other segments * 25,307 20,705 Total business segments 2,824,039 2,710,020 Unallocated amounts related to TSM: Cash, cash equivalents, and investments 32,541 57,818 Property and equipment, net 23,159 21,733 Other assets 32,492 22,521 88,192 102,072 Elimination entries-intersegment receivables and others (75,166 ) (51,844 ) Consolidated total assets $ 2,837,065 $ 2,760,248 * Includes segments that are not required to be reported separately, primarily the health clinics and the data processing services organization.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2019
Subsequent Events [Abstract]
Subsequent Events	(15) Subsequent Events On July 16, 2019, the Company announced that its Board of Directors authorized the conversion (Conversion) of the Company’s remaining issued and outstanding Class A common shares into Class B common shares, effective August 7, 2019. As the result of a recent litigation settlement, the Company will issue Class A shares to the heirs of a former shareholder preceding the Conversion. The issuance of these new Class A shares will entitle all Class B shareholders to certain anti-dilution rights; therefore, all holders of Class B shares at the close of business on (Record Date) will receive a share dividend of Class B shares for every Class B share they own as of that time, as determined by the anti-dilution formula in the Company’s articles of incorporation. The Class B share dividend will be payable on ; cash will be paid in lieu of fractional shares so that shareholders receive a whole number of shares of common stock. After the issuance of the Class A shares described above and the Class B share dividend, the Company’s total outstanding common stock is expected to be approximately shares. Effective upon the Company’s public announcement on August 7, 2019, all Class A holders of record will receive Class B share for each Class A share held. Upon the Conversion, all remaining outstanding Class A shares will be automatically cancelled and extinguished, and the Company will maintain a single class of common shares.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2019
Basis of Presentation [Abstract]
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 the information and the footnotes required by accounting principles generally accepted in the United States of America (GAAP or U.S. GAAP) for complete financial statement presentation pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). 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, 2018. 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, 2019 are not necessarily indicative of the results for the full year ending December 31, 2019.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
Significant Accounting Policies [Abstract]
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards On February 25, 2016, the Financial Accounting Standards Board (FASB) issued guidance to increase transparency and comparability among organizations by requiring the recognition of a lease right-of-use (ROU) asset and a lease liability, initially measured at the present value of the lease payment on the balance sheet, for both finance and operating leases with lease terms of more than 12 months. The classification of finance or operating will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease, respectively. Lessors are required to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. In July 2018, the FASB issued the following guidance “Leases – Targeted Improvements” and “Codification Improvement to Leases” to assist in the implementation of leases and address certain technical corrections and improvement to the recently issued lease standard. Amendments include an additional transition method that allows entities to apply the new standard on the adoption date and recognize a cumulative effect adjustment to the opening balance of retained earnings, as well as a new practical expedient for lessors and other implementation considerations. For public companies, the amended guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company adopted the standard effective January 1, 2019 recognizing approximately $8,800 in ROU assets and lease liabilities for its operating leases in its condensed consolidated balance sheet. ROU assets are included within the other assets and the lease liabilities are included within the accounts payable and accrued liabilities line items in the accompanying condensed consolidated balance sheet. No cumulative effect adjustment to opening balance of retained earnings on the adoption date was required. Most of the operating leases are related to real estate. The Company adopted the following two accounting policies as a result of the adoption of the standard: (1) to not separate lease components from nonlease components and (2) to not apply the recognition requirements of ASC 842 to short-term leases. In addition, the Company implemented control processes and procedures, as necessary, based on changes resulting from the new standard.
Future Adoptions of Accounting Standards	Table of Contents Future Adoptions of Accounting Standards On April 25, 2019, the FASB issued Accounting Standard Update (ASU) 2019-04: Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. The amendment in this update represent changes to clarify, correct errors in or improve the codification. Such amendments should make the codification easier to understand and easier to apply by eliminating inconsistencies and providing clarifications. Within the clarifications was the FASB’s intent to include all reinsurance recoverables within the scope of ASU 2016-13 (Topic 326). For public companies, the improvements related to ASU 2016-13 (Topic 326) and ASU 2016-01 (Topic 825) are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. We are currently evaluating the impact the adoption of this guidance may have on the Company’s condensed consolidated financial statements. Other than the accounting pronouncement disclosed above, there were no other new accounting pronouncements issued during the three months ended June 30, 2019 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, 2019
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 the Company’s investments in securities by major security type and class of security at June 30, 2019 and December 31, 2018, were as follows: June 30, 2019 Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Fixed maturities available for sale Obligations of government-sponsored enterprises $ 35,886 $ 1,013 $ - $ 36,899 U.S. Treasury securities and obligations of U.S. government instrumentalities 111,508 5,149 - 116,657 Municipal securities 631,722 36,458 - 668,180 Corporate bonds 173,677 19,409 - 193,086 Residential mortgage-backed securities 169,044 5,057 (7 ) 174,094 Collateralized mortgage obligations 9,477 505 - 9,982 Total fixed maturities available for sale $ 1,131,314 $ 67,591 $ (7 ) $ 1,198,898 June 30, 2019 Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Fixed maturities held to maturity U.S. Treasury securities and obligations of U.S. government instrumentalities $ 616 $ 161 $ - $ 777 Residential mortgage-backed securities 165 2 - 167 Certificates of deposit 1,072 - - 1,072 Total $ 1,853 $ 163 $ - $ 2,016 June 30, 2019 Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Other invested assets - Alternative investments $ 86,379 $ 2,461 $ (401 ) $ 88,439 December 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Securities available for sale Fixed maturities Obligations of government- sponsored enterprises $ 21,470 $ 120 $ (1 ) $ 21,589 U.S. Treasury securities and obligations of U.S. government instrumentalities 174,675 2,349 - 177,024 Obligations of the Commonwealth of Puerto Rico and its instrumentalities 8,295 - - 8,295 Municipal securities 692,205 18,112 (538 ) 709,779 Corporate bonds 186,085 9,724 (239 ) 195,570 Residential mortgage-backed securities 75,373 1,298 - 76,671 Collateralized mortgage obligations 10,266 208 - 10,474 Total fixed maturities $ 1,168,369 $ 31,811 $ (778 ) $ 1,199,402 December 31, 2018 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 $ 617 $ 125 $ - $ 742 Residential mortgage-backed securities 190 2 - 192 Certificates of deposit 1,685 - - 1,685 Total $ 2,492 $ 127 $ - $ 2,619 December 31, 2018 Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Other invested assets - Alternative investments $ 72,627 $ 2,042 $ (654 ) $ 74,015
Securities in Continuous Unrealized Loss Position	Table of Contents 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, 2019 and December 31, 2018 were as follows: June 30, 2019 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 Fixed maturities available for sale Residential mortgage-backed securities $ 10,180 $ (7 ) 2 - - - $ 10,180 $ (7 ) 2 Total fixed maturities $ 10,180 $ (7 ) 2 $ - $ - - $ 10,180 $ (7 ) 2 Other invested assets - Alternative investments $ 20,031 $ (265 ) 6 $ 9,867 $ (136 ) 1 $ 29,898 $ (401 ) 7 December 31, 2018 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 Fixed maturities available for sale Obligations of government- sponsored enterprises $ 1,469 $ (1 ) 1 $ - $ - - $ 1,469 $ (1 ) 1 Municipal securities 62,328 (349 ) 10 17,648 (189 ) 3 79,976 (538 ) 13 Corporate bonds 52,539 (239 ) 18 - - - 52,539 (239 ) 18 Total fixed maturities $ 116,336 $ (589 ) 29 $ 17,648 $ (189 ) 3 $ 133,984 $ (778 ) 32 Other invested assets - Alternative investments $ 7,399 $ (351 ) 3 $ 10,447 $ (303 ) 2 $ 17,846 $ (654 ) 5
Maturities of Investment Securities Classified as Available for Sale and Held to Maturity	June 30, 2019 Amortized cost Estimated fair value Fixed maturities available for sale Due in one year or less $ 2,623 $ 2,641 Due after one year through five years 405,075 419,406 Due after five years through ten years 316,779 336,392 Due after ten years 228,316 256,383 Residential mortgage-backed securities 169,044 174,094 Collateralized mortgage obligations 9,477 9,982 $ 1,131,314 $ 1,198,898 Fixed maturities held to maturity Due in one year or less $ 1,072 $ 1,072 Due after ten years 616 777 Residential mortgage-backed securities 165 167 $ 1,853 $ 2,016

Realized and Unrealized Gains_2

Realized and Unrealized Gains (Losses) (Tables)	6 Months Ended
	Jun. 30, 2019
Realized and Unrealized Gains (Losses) [Abstract]
Realized Gains and Losses from Investments	Information regarding realized and unrealized gains and losses from investments is as follows: Three months ended June 30, Six months ended June 30 2019 2018 2019 2018 Realized gains (losses) Fixed maturity securities: Securities available for sale: Gross gains $ 1,775 $ 1,340 $ 2,647 $ 1,512 Gross losses (1 ) (2,873 ) (319 ) (10,803 ) Total fixed securities 1,774 (1,533 ) 2,328 (9,291 ) Equity investments: Gross gains 829 551 2,131 8,754 Gross losses (408 ) (525 ) (1,045 ) (1,024 ) Total equity investments 421 26 1,086 7,730 Other invested assets: Gross gains 189 586 321 3,793 Gross losses (20 ) - (56 ) (211 ) Total other invested assets 169 586 265 3,582 Net realized investment gains (losses) $ 2,364 $ (921 ) $ 3,679 $ 2,021
Changes in Net Unrealized Gains (Losses)	Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Changes in net unrealized gains (losses): Recognized in accumulated other comprehensive income (loss): Fixed maturities – available for sale $ 19,461 $ (11,035 ) $ 36,551 $ (21,257 ) Other invested assets 99 464 672 439 $ 19,560 $ (10,571 ) $ 37,223 $ (20,818 ) Not recognized in the consolidated financial statements: Fixed maturities – held to maturity $ 21 $ (10 ) $ 36 $ (33 )

Premiums and Other Receivable_2

Premiums and Other Receivables, Net (Tables)	6 Months Ended
	Jun. 30, 2019
Premiums and Other Receivables, Net [Abstract]
Premiums and Other Receivables, Net	Premiums and other receivables, net were as follows: June 30, 2019 December 31, 2018 Premium $ 148,316 $ 94,613 Self-funded group receivables 27,065 31,184 FEHBP 14,066 14,030 Agent balances 36,588 30,224 Accrued interest 11,544 12,426 Reinsurance recoverable 303,321 399,202 Other 108,120 88,807 649,020 670,486 Less allowance for doubtful receivables: Premium 27,358 32,487 Other 12,139 9,555 39,497 42,042 Total premium and other receivables, net $ 609,523 $ 628,444

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2019
Fair Value Measurements [Abstract]
Fair Value Measurements by Level for Assets Measured at Fair Value on a Recurring Basis	The following tables summarize fair value measurements by level for assets measured at fair value on a recurring basis: June 30, 2019 Level 1 Level 2 Level 3 Total Fixed maturity securities available for sale Obligations of government-sponsored enterprises $ - $ 36,899 $ - $ 36,899 U.S. Treasury securities and obligations of U.S government instrumentalities 116,657 - - 116,657 Municipal securities - 668,180 - 668,180 Corporate bonds - 193,086 - 193,086 Residential agency mortgage-backed securities - 174,094 - 174,094 Collateralized mortgage obligations - 9,982 - 9,982 Total fixed maturities $ 116,657 $ 1,082,241 $ - $ 1,198,898 Equity investments $ 153,567 $ 142,053 $ 5,130 $ 300,750 December 31, 2018 Level 1 Level 2 Level 3 Total Fixed maturity securities Obligations of government-sponsored enterprises $ - $ 21,589 $ - $ 21,589 U.S. Treasury securities and obligations of U.S government instrumentalities 177,024 - - 177,024 Obligations of the Commonwealth of Puerto Rico and its instrumentalities - 8,295 - 8,295 Municipal securities - 709,779 - 709,779 Corporate bonds - 195,570 - 195,570 Residential agency mortgage-backed securities - 76,671 - 76,671 Collateralized mortgage obligations - 10,474 - 10,474 Total fixed maturities $ 177,024 $ 1,022,378 $ - $ 1,199,402 Equity investments $ 147,348 $ 128,011 $ 3,805 $ 279,164
Reconciliation of Assets Measured at Fair Value on Recurring Basis	Table of Contents 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 and six months ended June 30 is as follows: Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Three months ended Six months ended June 30, 2019 June 30, 2019 Beginning Balance $ 5,049 $ 3,805 Realized gains - - Unrealized in other accumulated comprehensive income 81 75 Purchases - 1,250 Sales - - Capital Distributions - - Ending Balance $ 5,130 $ 5,130
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 condensed consolidated balance sheets at June 30, 2019 and December 31, 2018 are as follows: June 30, 2019 Carrying Fair Value Value Level 1 Level 2 Level 3 Total Assets: Policy loans $ 10,240 $ - $ 10,240 $ - $ 10,240 Liabilities: Policyholder deposits $ 173,703 $ - $ 173,703 $ - $ 173,703 Long-term borrowings: Loans payable to bank - variable 27,497 - 27,497 - 27,497 Total liabilities $ 201,200 $ - $ 201,200 $ - $ 201,200 December 31, 2018 Carrying Fair Value Value Level 1 Level 2 Level 3 Total Assets: Policy loans $ 9,469 $ - $ 9,469 $ - $ 9,469 Liabilities: Policyholder deposits $ 174,110 $ - $ 174,110 $ - $ 174,110 Long-term borrowings: Loans payable to bank - variable 29,114 - 29,114 - 29,114 Total liabilities $ 203,224 $ - $ 203,224 $ - $ 203,224

Claim Liabilities (Tables)

Claim Liabilities (Tables)	6 Months Ended
	Jun. 30, 2019
Claim Liabilities [Abstract]
Reconciliation of Beginning and Ending Balances of Claim Liabilities	Six months ended June 30, 2019 Managed Care Other Business Segments * Consolidated Claim liabilities at beginning of period $ 394,226 $ 542,563 $ 936,789 Reinsurance recoverable on claim liabilities - (315,543 ) (315,543 ) Net claim liabilities at beginning of period 394,226 227,020 621,246 Claims incurred Current period insured events 1,288,235 57,020 1,345,255 Prior period insured events (27,588 ) (6,167 ) (33,755 ) Total 1,260,647 50,853 1,311,500 Payments of losses and loss-adjustment expenses Current period insured events 954,147 23,429 977,576 Prior period insured events 277,624 26,581 304,205 Total 1,231,771 50,010 1,281,781 Net claim liabilities at end of period 423,102 227,863 650,965 Reinsurance recoverable on claim liabilities - 214,462 214,462 Claim liabilities at end of period $ 423,102 $ 442,325 $ 865,427 * Other Business Segments include the Life Insurance and Property and Casualty segments, as well as intersegment eliminations. Six months ended June 30, 2018 Managed Care Other Business Segments * Consolidated Claim liabilities at beginning of period $ 367,357 $ 739,519 $ 1,106,876 Reinsurance recoverable on claim liabilities - (633,099 ) (633,099 ) Net claim liabilities at beginning of period 367,357 106,420 473,777 Claims incurred Current period insured events 1,198,689 57,434 1,256,123 Prior period insured events (31,126 ) 72,537 41,411 Total 1,167,563 129,971 1,297,534 Payments of losses and loss-adjustment expenses Current period insured events 873,736 22,690 896,426 Prior period insured events 223,726 34,071 257,797 Total 1,097,462 56,761 1,154,223 Net claim liabilities at end of period 437,458 179,630 617,088 Reinsurance recoverable on claim liabilities - 494,356 494,356 Claim liabilities at end of period $ 437,458 $ 673,986 $ 1,111,444 * Other Business Segments include the Life Insurance and Property and Casualty segments, as well as intersegment eliminations.
Incurred But Not Reported (IBNR) Liabilities Plus Expected Development on Reported Claims Included in the Liability for Unpaid Claims Adjustment Expenses	The following is information about total incurred but not reported (IBNR) liabilities plus expected development on reported claims included in the liability for unpaid claims adjustment expenses for the Managed Care segment as of June 30, 2019. Incurred Year Total of IBNR Liabilities Plus Expected Development on Reported Claims 2018 $ 30,365 2019 334,088

Pension Plan (Tables)

Pension Plan (Tables)	6 Months Ended
	Jun. 30, 2019
Pension Plan [Abstract]
Components of Net Periodic Benefit	The components of net periodic benefit cost were as follows: Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Components of net periodic benefit cost: Interest cost $ 1,741 $ 1,693 $ 3,482 $ 3,386 Expected return on assets (2,217 ) (2,281 ) (4,434 ) (4,562 ) Amortization of actuarial loss 90 215 179 430 Settlement loss 375 325 750 650 Net periodic benefit cost $ (11 ) $ (48 ) $ (23 ) $ (96 )

Comprehensive Income (Loss) (Ta

Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2019
Comprehensive Income (Loss) [Abstract]
Accumulated Balances of Other Comprehensive Income (Loss), Net of Tax	The accumulated balances for each classification of other comprehensive income (loss), net of tax, are as follows: Three months ended Six months ended June 30, June 30, 2019 2018 2019 2018 Net Unrealized Gain on Securities Beginning Balance $ 40,749 $ 29,462 $ 27,308 $ 76,238 Unrealized loss reclassified to beginning retained earnings as a result of implementation new accounting pronouncement - - - (39,882 ) Other comprehensive income (loss) before reclassifications 16,820 (8,939 ) 31,313 (13,479 ) Amounts reclassified from accumulated other comprehensive (loss) income (1,891 ) 737 (2,943 ) (1,617 ) Net current period change 14,929 (8,202 ) 28,370 (15,096 ) Ending Balance 55,678 21,260 55,678 21,260 Liability for Pension Benefits Beginning Balance (24,190 ) (24,853 ) (24,246 ) (24,984 ) Amounts reclassified from accumulated other comprehensive income 56 131 112 262 Ending Balance (24,134 ) (24,722 ) (24,134 ) (24,722 ) Accumulated Other Comprehensive Income (Loss) Beginning Balance 16,559 4,609 3,062 51,254 Unrealized loss reclassified to beginning retained earnings as the result of implementing new accounting pronouncement - - - (39,882 ) Other comprehensive income (loss) before reclassifications 16,820 (8,939 ) 31,313 (13,479 ) Amounts reclassified from accumulated other comprehensive (loss) income (1,835 ) 868 (2,831 ) (1,355 ) Net current period change 14,985 (8,071 ) 28,482 (14,834 ) Ending Balance $ 31,544 $ (3,462 ) $ 31,544 $ (3,462 )

Net Income (Loss) Available t_2

Net Income (Loss) Available to Stockholders and Net Income (Loss) per Share (Tables)	6 Months Ended
	Jun. 30, 2019
Net Income (Loss) Available to Stockholders and Net Income (Loss) 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: Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Numerator for earnings per share: Net income (loss) attributable to TSM available to stockholders $ 30,931 $ (38,747 ) $ 65,717 $ (34,833 ) Denominator for basic earnings per share: Weighted average of common shares 22,830,399 23,016,447 22,794,297 23,146,318 Effect of dilutive securities 64,601 - 72,394 - Denominator for diluted earnings per share 22,895,000 23,016,447 22,866,691 23,146,318 Basic net income (loss) per share attributable to TSM $ 1.35 $ (1.68 ) $ 2.88 $ (1.50 ) Diluted net income (loss) per share attributable to TSM $ 1.35 $ (1.68 ) $ 2.87 $ (1.50 )

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2019
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, 2019 and 2018: Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Operating revenues: Managed Care: Premiums earned, net $ 793,355 $ 677,994 $ 1,498,405 $ 1,364,596 Administrative service fees 2,456 4,066 5,088 7,414 Intersegment premiums/service fees 1,645 1,323 3,129 2,671 Net investment income 5,479 5,914 11,357 10,771 Total managed care 802,935 689,297 1,517,979 1,385,452 Life Insurance: Premiums earned, net 44,511 41,180 88,233 82,269 Intersegment premiums 508 216 986 597 Net investment income 6,822 6,619 13,382 12,677 Total life insurance 51,841 48,015 102,601 95,543 Property and Casualty Insurance: Premiums earned, net 21,627 22,596 40,857 46,659 Intersegment premiums 154 154 307 307 Net investment income 2,384 2,764 4,871 5,206 Total property and casualty insurance 24,165 25,514 46,035 52,172 Other segments: * Intersegment service revenues 2,007 49 3,973 288 Operating revenues from external sources 1,591 1,588 3,168 2,659 Total other segments 3,598 1,637 7,141 2,947 Total business segments 882,539 764,463 1,673,756 1,536,114 TSM operating revenues from external sources 377 410 828 808 Elimination of intersegment premiums/service fees (2,307 ) (1,693 ) (4,422 ) (3,295 ) Elimination of intersegment service revenues (2,007 ) (49 ) (3,973 ) (288 ) Consolidated operating revenues $ 878,602 $ 763,131 $ 1,666,189 $ 1,533,339 * Includes segments that are not required to be reported separately, primarily the health clinics and the data processing services organization.
Operating Income (Loss) and Depreciation and Amortization Expense	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 the information and the footnotes required by accounting principles generally accepted in the United States of America (GAAP or U.S. GAAP) for complete financial statement presentation pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). 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, 2018. 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, 2019 are not necessarily indicative of the results for the full year ending December 31, 2019. Recently Adopted Accounting Standards On February 25, 2016, the Financial Accounting Standards Board (FASB) issued guidance to increase transparency and comparability among organizations by requiring the recognition of a lease right-of-use (ROU) asset and a lease liability, initially measured at the present value of the lease payment on the balance sheet, for both finance and operating leases with lease terms of more than 12 months. The classification of finance or operating will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease, respectively. Lessors are required to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. In July 2018, the FASB issued the following guidance “Leases – Targeted Improvements” and “Codification Improvement to Leases” to assist in the implementation of leases and address certain technical corrections and improvement to the recently issued lease standard. Amendments include an additional transition method that allows entities to apply the new standard on the adoption date and recognize a cumulative effect adjustment to the opening balance of retained earnings, as well as a new practical expedient for lessors and other implementation considerations. For public companies, the amended guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company adopted the standard effective January 1, 2019 recognizing approximately $8,800 in ROU assets and lease liabilities for its operating leases in its condensed consolidated balance sheet. ROU assets are included within the other assets and the lease liabilities are included within the accounts payable and accrued liabilities line items in the accompanying condensed consolidated balance sheet. No cumulative effect adjustment to opening balance of retained earnings on the adoption date was required. Most of the operating leases are related to real estate. The Company adopted the following two accounting policies as a result of the adoption of the standard: (1) to not separate lease components from nonlease components and (2) to not apply the recognition requirements of ASC 842 to short-term leases. In addition, the Company implemented control processes and procedures, as necessary, based on changes resulting from the new standard. Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Operating income (loss): Managed care $ 29,302 $ 1,417 $ 51,412 $ 12,035 Life insurance 5,215 5,331 10,855 8,956 Property and casualty insurance 4,784 (71,019 ) 8,338 (67,940 ) Other segments * (730 ) 427 (1,122 ) 602 Total business segments 38,571 (63,844 ) 69,483 (46,347 ) TSM operating revenues from external sources 377 410 828 808 TSM unallocated operating expenses (3,137 ) (2,585 ) (5,169 ) (4,795 ) Elimination of TSM intersegment charges 2,403 2,400 4,806 4,800 Consolidated operating income (loss) 38,214 (63,619 ) 69,948 (45,534 ) Consolidated net realized investment gains (losses) 2,364 (921 ) 3,679 2,021 Consolidated net unrealized investment gains (losses) on equity investments 3,323 (776 ) 22,992 (16,975 ) Consolidated interest expense (1,831 ) (1,825 ) (3,619 ) (3,515 ) Consolidated other income, net 1,705 494 2,874 1,657 Consolidated income (loss) before taxes $ 43,775 $ (66,647 ) $ 95,874 $ (62,346 ) Depreciation and amortization expense: Managed care $ 2,792 $ 2,804 $ 5,549 $ 5,445 Life insurance 273 296 545 596 Property and casualty insurance 86 108 180 212 Other segments* 193 172 378 340 Total business segments 3,344 3,380 6,652 6,593 TSM depreciation expense 196 196 393 393 Consolidated depreciation and amortization expense $ 3,540 $ 3,576 $ 7,045 $ 6,986 * Includes segments that are not required to be reported separately, primarily the health clinics and the data processing services organization.
Assets	June 30, 2019 December 31, 2018 Assets: Managed care $ 1,237,890 $ 1,078,262 Life insurance 912,550 863,470 Property and casualty insurance 648,292 747,583 Other segments * 25,307 20,705 Total business segments 2,824,039 2,710,020 Unallocated amounts related to TSM: Cash, cash equivalents, and investments 32,541 57,818 Property and equipment, net 23,159 21,733 Other assets 32,492 22,521 88,192 102,072 Elimination entries-intersegment receivables and others (75,166 ) (51,844 ) Consolidated total assets $ 2,837,065 $ 2,760,248 * Includes segments that are not required to be reported separately, primarily the health clinics and the data processing services organization.

Significant Accounting Polici_3

Significant Accounting Policies (Details) - ASU 2016-02 [Member]	Jun. 30, 2019USD ($)
Recently Adopted Accounting Standards [Abstract]
Operating leases, ROU assets	$ 8,800
Operating leases, lease liabilities	$ 8,800

Investment in Securities, Fixed

Investment in Securities, Fixed Maturities Available for Sale (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Fixed maturities available for sale [Abstract]
Amortized cost	$ 1,131,314	$ 1,168,369
Gross unrealized gains	67,591	31,811
Gross unrealized losses	(7)	(778)
Estimated fair value	1,198,898	1,199,402
Obligations of Government-sponsored Enterprises [Member]
Fixed maturities available for sale [Abstract]
Amortized cost	35,886	21,470
Gross unrealized gains	1,013	120
Gross unrealized losses	0	(1)
Estimated fair value	36,899	21,589
U.S. Treasury Securities and Obligations of U.S. Government Instrumentalities [Member]
Fixed maturities available for sale [Abstract]
Amortized cost	111,508	174,675
Gross unrealized gains	5,149	2,349
Gross unrealized losses	0	0
Estimated fair value	116,657	177,024
Obligations of the Commonwealth of Puerto Rico and its Instrumentalities [Member]
Fixed maturities available for sale [Abstract]
Amortized cost		8,295
Gross unrealized gains		0
Gross unrealized losses		0
Estimated fair value		8,295
Municipal Securities [Member]
Fixed maturities available for sale [Abstract]
Amortized cost	631,722	692,205
Gross unrealized gains	36,458	18,112
Gross unrealized losses	0	(538)
Estimated fair value	668,180	709,779
Corporate Bonds [Member]
Fixed maturities available for sale [Abstract]
Amortized cost	173,677	186,085
Gross unrealized gains	19,409	9,724
Gross unrealized losses	0	(239)
Estimated fair value	193,086	195,570
Residential Mortgage-backed Securities [Member]
Fixed maturities available for sale [Abstract]
Amortized cost	169,044	75,373
Gross unrealized gains	5,057	1,298
Gross unrealized losses	(7)	0
Estimated fair value	174,094	76,671
Collateralized Mortgage Obligations [Member]
Fixed maturities available for sale [Abstract]
Amortized cost	9,477	10,266
Gross unrealized gains	505	208
Gross unrealized losses	0	0
Estimated fair value	$ 9,982	$ 10,474

Investment in Securities, Fix_2

Investment in Securities, Fixed Maturities Held to Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Fixed maturities held to maturity [Abstract]
Amortized cost	$ 1,853	$ 2,492
Gross unrealized gains	163	127
Gross unrealized losses	0	0
Estimated fair value	2,016	2,619
U.S. Treasury Securities and Obligations of U.S. Government Instrumentalities [Member]
Fixed maturities held to maturity [Abstract]
Amortized cost	616	617
Gross unrealized gains	161	125
Gross unrealized losses	0	0
Estimated fair value	777	742
Residential Mortgage-backed Securities [Member]
Fixed maturities held to maturity [Abstract]
Amortized cost	165	190
Gross unrealized gains	2	2
Gross unrealized losses	0	0
Estimated fair value	167	192
Certificates of Deposit [Member]
Fixed maturities held to maturity [Abstract]
Amortized cost	1,072	1,685
Gross unrealized gains	0	0
Gross unrealized losses	0	0
Estimated fair value	$ 1,072	$ 1,685

Investment in Securities, Other

Investment in Securities, Other Invested Assets - Alternative Investments (Details) - Other Invested Assets - Alternative investments [Member] - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Other invested assets - Alternative investments [Abstract]
Amortized cost	$ 86,379	$ 72,627
Gross unrealized gains	2,461	2,042
Gross unrealized losses	(401)	(654)
Estimated fair value	$ 88,439	$ 74,015

Investment in Securities, Secur

Investment in Securities, Securities in Continuous Unrealized Loss Position (Details) $ in Thousands	Jun. 30, 2019USD ($)Security	Dec. 31, 2018USD ($)Security
Fixed maturities available for sale, estimated fair value [Abstract]
Less than 12 months	$ 10,180	$ 116,336
12 months or longer	0	17,648
Total	10,180	133,984
Fixed maturities available for sale, gross unrealized loss [Abstract]
Less than 12 months	(7)	(589)
12 months or longer	0	(189)
Total	$ (7)	$ (778)
Fixed maturities available for sale, number of securities [Abstract]
Less than 12 months | Security	2	29
12 months or longer | Security	0	3
Total | Security	2	32
Obligations of Government-sponsored Enterprises [Member]
Fixed maturities available for sale, estimated fair value [Abstract]
Less than 12 months		$ 1,469
12 months or longer		0
Total		1,469
Fixed maturities available for sale, gross unrealized loss [Abstract]
Less than 12 months		(1)
12 months or longer		0
Total		$ (1)
Fixed maturities available for sale, number of securities [Abstract]
Less than 12 months | Security		1
12 months or longer | Security		0
Total | Security		1
Municipal Securities [Member]
Fixed maturities available for sale, estimated fair value [Abstract]
Less than 12 months		$ 62,328
12 months or longer		17,648
Total		79,976
Fixed maturities available for sale, gross unrealized loss [Abstract]
Less than 12 months		(349)
12 months or longer		(189)
Total		$ (538)
Fixed maturities available for sale, number of securities [Abstract]
Less than 12 months | Security		10
12 months or longer | Security		3
Total | Security		13
Corporate Bonds [Member]
Fixed maturities available for sale, estimated fair value [Abstract]
Less than 12 months		$ 52,539
12 months or longer		0
Total		52,539
Fixed maturities available for sale, gross unrealized loss [Abstract]
Less than 12 months		(239)
12 months or longer		0
Total		$ (239)
Fixed maturities available for sale, number of securities [Abstract]
Less than 12 months | Security		18
12 months or longer | Security		0
Total | Security		18
Residential Mortgage-backed Securities [Member]
Fixed maturities available for sale, estimated fair value [Abstract]
Less than 12 months	$ 10,180
12 months or longer	0
Total	10,180
Fixed maturities available for sale, gross unrealized loss [Abstract]
Less than 12 months	(7)
12 months or longer	0
Total	$ (7)
Fixed maturities available for sale, number of securities [Abstract]
Less than 12 months | Security	2
12 months or longer | Security	0
Total | Security	2
Equity Investments - Alternative Investments [Member]
Alternative investments, estimated fair value [Abstract]
Less than 12 months	$ 20,031	$ 7,399
12 months or longer	9,867	10,447
Total	29,898	17,846
Alternative investments, gross unrealized loss [Abstract]
Less than 12 months	(265)	(351)
12 months or longer	(136)	(303)
Total	$ (401)	$ (654)
Alternative investments, number of securities [Abstract]
Less than 12 months | Security	6	3
12 months or longer | Security	1	2
Total | Security	7	5

Investment in Securities, Matur

Investment in Securities, Maturities of Investment Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Fixed maturities available for sale, amortized cost [Abstract]
Due in one year or less	$ 2,623
Due after one year through five years	405,075
Due after five years through ten years	316,779
Due after ten years	228,316
Amortized cost	1,131,314	$ 1,168,369
Fixed maturities available for sale, estimated fair value [Abstract]
Due in one year or less	2,641
Due after one year through five	419,406
Due after five years through ten years	336,392
Due after ten years	256,383
Estimated fair value	1,198,898	1,199,402
Fixed maturities held to maturity, amortized cost [Abstract]
Due in one year or less	1,072
Due after ten years	616
Amortized cost	1,853	2,492
Fixed maturities held to maturity, estimated fair value [Abstract]
Due in one year or less	1,072
Due after ten years	777
Estimated fair value	2,016	2,619
Residential Mortgage-backed Securities [Member]
Fixed maturities available for sale, amortized cost [Abstract]
Without single maturity date	169,044
Amortized cost	169,044	75,373
Fixed maturities available for sale, estimated fair value [Abstract]
Without single maturity date	174,094
Estimated fair value	174,094	76,671
Fixed maturities held to maturity, amortized cost [Abstract]
Without single maturity date	165
Amortized cost	165	190
Fixed maturities held to maturity, estimated fair value [Abstract]
Without single maturity date	167
Estimated fair value	167	192
Collateralized Mortgage Obligations [Member]
Fixed maturities available for sale, amortized cost [Abstract]
Without single maturity date	9,477
Amortized cost	9,477	10,266
Fixed maturities available for sale, estimated fair value [Abstract]
Without single maturity date	9,982
Estimated fair value	$ 9,982	$ 10,474

Realized and Unrealized Gains_3

Realized and Unrealized Gains (Losses) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)Investment	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)Investment	Jun. 30, 2018USD ($)	Dec. 31, 2018Investment
Fixed maturity securities, available for sale [Abstract]
Gross gains	$ 1,775	$ 1,340	$ 2,647	$ 1,512
Gross losses	(1)	(2,873)	(319)	(10,803)
Total fixed securities	1,774	(1,533)	2,328	(9,291)
Equity investments [Abstract]
Gross gains	829	551	2,131	8,754
Gross losses	(408)	(525)	(1,045)	(1,024)
Total equity investments	421	26	1,086	7,730
Other invested assets [Abstract]
Gross gains	189	586	321	3,793
Gross losses	(20)	0	(56)	(211)
Total other invested assets	169	586	265	3,582
Net realized investment gains (losses)	2,364	(921)	3,679	2,021
Recognized in accumulated other comprehensive income (loss) [Abstract]
Net unrealized gains (losses)	19,560	(10,571)	37,223	(20,818)
Not recognized in the consolidated financial statements [Abstract]
Fixed maturities - held to maturity	21	(10)	36	(33)
Deferred tax liability on unrealized gains	$ 7,446	6,147	$ 7,446	6,147
Number of individual investment in securities exceeding 10% of stockholders' equity | Investment	0		0		0
Fixed Maturities - Available for Sale [Member]
Recognized in accumulated other comprehensive income (loss) [Abstract]
Net unrealized gains (losses)	$ 19,461	(11,035)	$ 36,551	(21,257)
Other Invested Assets [Member]
Recognized in accumulated other comprehensive income (loss) [Abstract]
Net unrealized gains (losses)	$ 99	$ 464	$ 672	$ 439

Premiums and Other Receivable_3

Premiums and Other Receivables, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Premiums and other receivables, net [Abstract]
Premium	$ 148,316	$ 94,613
Self-funded group receivables	27,065	31,184
FEHBP	14,066	14,030
Agent balances	36,588	30,224
Accrued interest	11,544	12,426
Reinsurance recoverable	303,321	399,202
Other	108,120	88,807
Premiums and other receivables, total	649,020	670,486
Less allowance for doubtful receivables [Abstract]
Premium	27,358	32,487
Other	12,139	9,555
Premiums and other receivables, allowance	39,497	42,042
Total premium and other receivables, net	609,523	628,444
Government of Puerto Rico [Member]
Premiums and other receivables, net [Abstract]
Premiums and other receivables, total	92,120	54,329
Less allowance for doubtful receivables [Abstract]
Premiums and other receivables, allowance	$ 14,703	$ 20,984

Fair Value Measurements, Fair V

Fair Value Measurements, Fair Value Measurements by Level for Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Fair value measurements by level for assets measured at fair value on a recurring basis [Abstract]
Fixed maturities	$ 1,198,898	$ 1,199,402
Equity investments	300,750	279,164
Obligations of Government-sponsored Enterprises [Member]
Fair value measurements by level for assets measured at fair value on a recurring basis [Abstract]
Fixed maturities	36,899	21,589
U.S. Treasury Securities and Obligations of U.S. Government Instrumentalities [Member]
Fair value measurements by level for assets measured at fair value on a recurring basis [Abstract]
Fixed maturities	116,657	177,024
Obligations of the Commonwealth of Puerto Rico and its Instrumentalities [Member]
Fair value measurements by level for assets measured at fair value on a recurring basis [Abstract]
Fixed maturities		8,295
Municipal Securities [Member]
Fair value measurements by level for assets measured at fair value on a recurring basis [Abstract]
Fixed maturities	668,180	709,779
Corporate Bonds [Member]
Fair value measurements by level for assets measured at fair value on a recurring basis [Abstract]
Fixed maturities	193,086	195,570
Residential Agency Mortgage-backed Securities [Member]
Fair value measurements by level for assets measured at fair value on a recurring basis [Abstract]
Fixed maturities	174,094	76,671
Collateralized Mortgage Obligations [Member]
Fair value measurements by level for assets measured at fair value on a recurring basis [Abstract]
Fixed maturities	9,982	10,474
Fair Value, Measurements, Recurring [Member]
Fair value measurements by level for assets measured at fair value on a recurring basis [Abstract]
Fixed maturities	1,198,898	1,199,402
Equity investments	300,750	279,164
Fair Value, Measurements, Recurring [Member] | Level 1 [Member]
Fair value measurements by level for assets measured at fair value on a recurring basis [Abstract]
Fixed maturities	116,657	177,024
Equity investments	153,567	147,348
Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Fair value measurements by level for assets measured at fair value on a recurring basis [Abstract]
Fixed maturities	1,082,241	1,022,378
Equity investments	142,053	128,011
Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Fair value measurements by level for assets measured at fair value on a recurring basis [Abstract]
Fixed maturities	0	0
Equity investments	5,130	3,805
Fair Value, Measurements, Recurring [Member] | Obligations of Government-sponsored Enterprises [Member]
Fair value measurements by level for assets measured at fair value on a recurring basis [Abstract]
Fixed maturities	36,899	21,589
Fair Value, Measurements, Recurring [Member] | Obligations of Government-sponsored Enterprises [Member] | Level 1 [Member]
Fair value measurements by level for assets measured at fair value on a recurring basis [Abstract]
Fixed maturities	0	0
Fair Value, Measurements, Recurring [Member] | Obligations of Government-sponsored Enterprises [Member] | Level 2 [Member]
Fair value measurements by level for assets measured at fair value on a recurring basis [Abstract]
Fixed maturities	36,899	21,589
Fair Value, Measurements, Recurring [Member] | Obligations of Government-sponsored Enterprises [Member] | Level 3 [Member]
Fair value measurements by level for assets measured at fair value on a recurring basis [Abstract]
Fixed maturities	0	0
Fair Value, Measurements, Recurring [Member] | U.S. Treasury Securities and Obligations of U.S. Government Instrumentalities [Member]
Fair value measurements by level for assets measured at fair value on a recurring basis [Abstract]
Fixed maturities	116,657	177,024
Fair Value, Measurements, Recurring [Member] | U.S. Treasury Securities and Obligations of U.S. Government Instrumentalities [Member] | Level 1 [Member]
Fair value measurements by level for assets measured at fair value on a recurring basis [Abstract]
Fixed maturities	116,657	177,024
Fair Value, Measurements, Recurring [Member] | U.S. Treasury Securities and Obligations of U.S. Government Instrumentalities [Member] | Level 2 [Member]
Fair value measurements by level for assets measured at fair value on a recurring basis [Abstract]
Fixed maturities	0	0
Fair Value, Measurements, Recurring [Member] | U.S. Treasury Securities and Obligations of U.S. Government Instrumentalities [Member] | Level 3 [Member]
Fair value measurements by level for assets measured at fair value on a recurring basis [Abstract]
Fixed maturities	0	0
Fair Value, Measurements, Recurring [Member] | Obligations of the Commonwealth of Puerto Rico and its Instrumentalities [Member]
Fair value measurements by level for assets measured at fair value on a recurring basis [Abstract]
Fixed maturities		8,295
Fair Value, Measurements, Recurring [Member] | Obligations of the Commonwealth of Puerto Rico and its Instrumentalities [Member] | Level 1 [Member]
Fair value measurements by level for assets measured at fair value on a recurring basis [Abstract]
Fixed maturities		0
Fair Value, Measurements, Recurring [Member] | Obligations of the Commonwealth of Puerto Rico and its Instrumentalities [Member] | Level 2 [Member]
Fair value measurements by level for assets measured at fair value on a recurring basis [Abstract]
Fixed maturities		8,295
Fair Value, Measurements, Recurring [Member] | Obligations of the Commonwealth of Puerto Rico and its Instrumentalities [Member] | Level 3 [Member]
Fair value measurements by level for assets measured at fair value on a recurring basis [Abstract]
Fixed maturities		0
Fair Value, Measurements, Recurring [Member] | Municipal Securities [Member]
Fair value measurements by level for assets measured at fair value on a recurring basis [Abstract]
Fixed maturities	668,180	709,779
Fair Value, Measurements, Recurring [Member] | Municipal Securities [Member] | Level 1 [Member]
Fair value measurements by level for assets measured at fair value on a recurring basis [Abstract]
Fixed maturities	0	0
Fair Value, Measurements, Recurring [Member] | Municipal Securities [Member] | Level 2 [Member]
Fair value measurements by level for assets measured at fair value on a recurring basis [Abstract]
Fixed maturities	668,180	709,779
Fair Value, Measurements, Recurring [Member] | Municipal Securities [Member] | Level 3 [Member]
Fair value measurements by level for assets measured at fair value on a recurring basis [Abstract]
Fixed maturities	0	0
Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member]
Fair value measurements by level for assets measured at fair value on a recurring basis [Abstract]
Fixed maturities	193,086	195,570
Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member] | Level 1 [Member]
Fair value measurements by level for assets measured at fair value on a recurring basis [Abstract]
Fixed maturities	0	0
Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member] | Level 2 [Member]
Fair value measurements by level for assets measured at fair value on a recurring basis [Abstract]
Fixed maturities	193,086	195,570
Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member] | Level 3 [Member]
Fair value measurements by level for assets measured at fair value on a recurring basis [Abstract]
Fixed maturities	0	0
Fair Value, Measurements, Recurring [Member] | Residential Agency Mortgage-backed Securities [Member]
Fair value measurements by level for assets measured at fair value on a recurring basis [Abstract]
Fixed maturities	174,094	76,671
Fair Value, Measurements, Recurring [Member] | Residential Agency Mortgage-backed Securities [Member] | Level 1 [Member]
Fair value measurements by level for assets measured at fair value on a recurring basis [Abstract]
Fixed maturities	0	0
Fair Value, Measurements, Recurring [Member] | Residential Agency Mortgage-backed Securities [Member] | Level 2 [Member]
Fair value measurements by level for assets measured at fair value on a recurring basis [Abstract]
Fixed maturities	174,094	76,671
Fair Value, Measurements, Recurring [Member] | Residential Agency Mortgage-backed Securities [Member] | Level 3 [Member]
Fair value measurements by level for assets measured at fair value on a recurring basis [Abstract]
Fixed maturities	0	0
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Obligations [Member]
Fair value measurements by level for assets measured at fair value on a recurring basis [Abstract]
Fixed maturities	9,982	10,474
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Obligations [Member] | Level 1 [Member]
Fair value measurements by level for assets measured at fair value on a recurring basis [Abstract]
Fixed maturities	0	0
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Obligations [Member] | Level 2 [Member]
Fair value measurements by level for assets measured at fair value on a recurring basis [Abstract]
Fixed maturities	9,982	10,474
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Obligations [Member] | Level 3 [Member]
Fair value measurements by level for assets measured at fair value on a recurring basis [Abstract]
Fixed maturities	$ 0	$ 0

Fair Value Measurements, Reconc

Fair Value Measurements, Reconciliation of Assets Measured at Fair Value Using Significant Unobservable Inputs (Level 3) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019	Jun. 30, 2018
Fair Value Measurements [Abstract]
Level 1 to level 2 transfers	$ 0	$ 0	$ 0
Level 2 to level 1 transfers	0	0	$ 0
Reconciliation of beginning and ending balances of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) [Roll Forward]
Beginning Balance	5,049	3,805
Realized gains	0	0
Unrealized in other accumulated comprehensive income	81	75
Purchases	0	1,250
Sales	0	0
Capital Distributions	0	0
Ending Balance	$ 5,130	$ 5,130

Fair Value Measurements, Summar

Fair Value Measurements, Summary of Carrying Value and Fair Value by Level of Financial Instruments Not Recorded at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Carrying Value [Member]
Assets [Abstract]
Policy loans	$ 10,240	$ 9,469
Liabilities [Abstract]
Policyholder deposits	173,703	174,110
Total liabilities	201,200	203,224
Carrying Value [Member] | Loans Payable [Member] | Loans Payable to Bank - Variable [Member]
Liabilities [Abstract]
Long-term borrowings	27,497	29,114
Fair Value [Member]
Assets [Abstract]
Policy loans	10,240	9,469
Liabilities [Abstract]
Policyholder deposits	173,703	174,110
Total liabilities	201,200	203,224
Fair Value [Member] | Loans Payable [Member] | Loans Payable to Bank - Variable [Member]
Liabilities [Abstract]
Long-term borrowings	27,497	29,114
Fair Value [Member] | Level 1 [Member]
Assets [Abstract]
Policy loans	0	0
Liabilities [Abstract]
Policyholder deposits	0	0
Total liabilities	0	0
Fair Value [Member] | Level 1 [Member] | Loans Payable [Member] | Loans Payable to Bank - Variable [Member]
Liabilities [Abstract]
Long-term borrowings	0	0
Fair Value [Member] | Level 2 [Member]
Assets [Abstract]
Policy loans	10,240	9,469
Liabilities [Abstract]
Policyholder deposits	173,703	174,110
Total liabilities	201,200	203,224
Fair Value [Member] | Level 2 [Member] | Loans Payable [Member] | Loans Payable to Bank - Variable [Member]
Liabilities [Abstract]
Long-term borrowings	27,497	29,114
Fair Value [Member] | Level 3 [Member]
Assets [Abstract]
Policy loans	0	0
Liabilities [Abstract]
Policyholder deposits	0	0
Total liabilities	0	0
Fair Value [Member] | Level 3 [Member] | Loans Payable [Member] | Loans Payable to Bank - Variable [Member]
Liabilities [Abstract]
Long-term borrowings	$ 0	$ 0

Claim Liabilities, Reconciliati

Claim Liabilities, Reconciliation of Beginning and Ending Balances of Claim Liabilities (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Reconciliation of beginning and ending balances of claim liabilities [Roll Forward]
Claim liabilities at beginning of period				$ 936,789	$ 1,106,876
Reinsurance recoverable on claim liabilities				(315,543)	(633,099)
Net claim liabilities at beginning of period				621,246	473,777
Claims incurred [Abstract]
Current period insured events				1,345,255	1,256,123
Prior period insured events				(33,755)	41,411
Total				1,311,500	1,297,534
Payments of losses and loss-adjustment expenses [Abstract]
Current period insured events				977,576	896,426
Prior period insured events				304,205	257,797
Total				1,281,781	1,154,223
Net claim liabilities at end of period		$ 650,965	$ 617,088	650,965	617,088
Reinsurance recoverable on claim liabilities		214,462	494,356	214,462	494,356
Claim liabilities at end of period		865,427	1,111,444	865,427	1,111,444
Change in liability for future policy (benefits) expense		9,297	7,414	17,994	13,593
Managed Care [Member]
Reconciliation of beginning and ending balances of claim liabilities [Roll Forward]
Claim liabilities at beginning of period				394,226	367,357
Reinsurance recoverable on claim liabilities				0	0
Net claim liabilities at beginning of period				394,226	367,357
Claims incurred [Abstract]
Current period insured events				1,288,235	1,198,689
Prior period insured events				(27,588)	(31,126)
Total				1,260,647	1,167,563
Payments of losses and loss-adjustment expenses [Abstract]
Current period insured events				954,147	873,736
Prior period insured events				277,624	223,726
Total				1,231,771	1,097,462
Net claim liabilities at end of period		423,102	437,458	423,102	437,458
Reinsurance recoverable on claim liabilities		0	0	0	0
Claim liabilities at end of period		423,102	437,458	423,102	437,458
Other Business Segments [Member]
Reconciliation of beginning and ending balances of claim liabilities [Roll Forward]
Claim liabilities at beginning of period	[1]			542,563	739,519
Reinsurance recoverable on claim liabilities	[1]			(315,543)	(633,099)
Net claim liabilities at beginning of period	[1]			227,020	106,420
Claims incurred [Abstract]
Current period insured events	[1]			57,020	57,434
Prior period insured events	[1]			(6,167)	72,537
Total	[1]			50,853	129,971
Payments of losses and loss-adjustment expenses [Abstract]
Current period insured events	[1]			23,429	22,690
Prior period insured events	[1]			26,581	34,071
Total	[1]			50,010	56,761
Net claim liabilities at end of period	[1]	227,863	179,630	227,863	179,630
Reinsurance recoverable on claim liabilities	[1]	214,462	494,356	214,462	494,356
Claim liabilities at end of period	[1]	$ 442,325	$ 673,986	$ 442,325	$ 673,986
[1]	Other Business Segments include the Life Insurance and Property and Casualty segments, as well as intersegment eliminations.

Claim Liabilities, Incurred But

Claim Liabilities, Incurred But Not Reported (IBNR) Liabilities Plus Expected Development on Reported Claims Included in the Liability for Unpaid Claims Adjustment Expenses (Details) - Managed Care [Member] $ in Thousands	Jun. 30, 2019USD ($)
Incurred Year 2018 [Member]
Insurance Claims Development, Net of Reinsurance [Abstract]
Total of IBNR liabilities plus expected development on reported claims	$ 30,365
Incurred Year 2019 [Member]
Insurance Claims Development, Net of Reinsurance [Abstract]
Total of IBNR liabilities plus expected development on reported claims	$ 334,088

Pension Plan (Details)

Pension Plan (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Components of net periodic benefit cost [Abstract]
Interest cost	$ 1,741	$ 1,693	$ 3,482	$ 3,386
Expected return on assets	(2,217)	(2,281)	(4,434)	(4,562)
Amortization of actuarial loss	90	215	179	430
Settlement loss	375	325	750	650
Net periodic benefit cost	$ (11)	$ (48)	(23)	$ (96)
Expected employer future contributions					$ 2,000
Employer contribution			$ 2,000

Reinsurance (Details)

Reinsurance (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Reinsurance [Abstract]
Period of reinsurance contracts			1 year
TSP [Member]
Reinsurance [Abstract]
Ceded premiums written	$ 10,245	$ 12,688	$ 23,674	$ 27,466
TSP [Member] | Catastrophe [Member]
Reinsurance [Abstract]
Retention limit amount			24,500
Increase in amount of claim covered			70,000
Maximum amount of claim to be covered, per person			815,000
Amount of claim covered after retention			845,000
TSP [Member] | Hurricanes Irma and Maria [Member]
Reinsurance [Abstract]
Claims ceded			679	$ 69,594
TSP [Member] | Minimum [Member] | Casualty Excess of Loss Treaty [Member]
Reinsurance [Abstract]
Amount of claim covered, per person			225
TSP [Member] | Minimum [Member] | Medical Malpractice Excess of Loss [Member]
Reinsurance [Abstract]
Amount of claim covered, per person			150
TSP [Member] | Minimum [Member] | Property Reinsurance Treaty [Member]
Reinsurance [Abstract]
Amount of claim covered, per person			375
TSP [Member] | Minimum [Member] | Catastrophe [Member]
Reinsurance [Abstract]
Amount of claim covered, per person			5,000
TSP [Member] | Maximum [Member] | Casualty Excess of Loss Treaty [Member]
Reinsurance [Abstract]
Amount of claim covered, per person			12,000
TSP [Member] | Maximum [Member] | Medical Malpractice Excess of Loss [Member]
Reinsurance [Abstract]
Amount of claim covered, per person			3,000
TSP [Member] | Maximum [Member] | Property Reinsurance Treaty [Member]
Reinsurance [Abstract]
Amount of claim covered, per person			30,000
TSP [Member] | Maximum [Member] | Catastrophe [Member]
Reinsurance [Abstract]
Amount of claim covered, per person			$ 775,000

Comprehensive Income (Loss) (De

Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Accumulated balances for each classification of other comprehensive income, net of tax [Roll Forward]
Balance	$ 871,158	$ 895,549	$ 821,308	$ 912,682
Total other comprehensive income (loss), net of tax	14,985	(8,071)	28,482	(14,834)
Balance	921,389	848,540	921,389	848,540
Net Unrealized Gain on Securities [Member]
Accumulated balances for each classification of other comprehensive income, net of tax [Roll Forward]
Balance	40,749	29,462	27,308	76,238
Unrealized loss reclassified to beginning retained earnings as the result of implementing new accounting pronouncement	0	0	0	(39,882)
Other comprehensive income (loss) before reclassifications	16,820	(8,939)	31,313	(13,479)
Amounts reclassified from accumulated other comprehensive (loss) income	(1,891)	737	(2,943)	(1,617)
Total other comprehensive income (loss), net of tax	14,929	(8,202)	28,370	(15,096)
Balance	55,678	21,260	55,678	21,260
Liability for Pension Benefits [Member]
Accumulated balances for each classification of other comprehensive income, net of tax [Roll Forward]
Balance	(24,190)	(24,853)	(24,246)	(24,984)
Amounts reclassified from accumulated other comprehensive (loss) income	56	131	112	262
Balance	(24,134)	(24,722)	(24,134)	(24,722)
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated balances for each classification of other comprehensive income, net of tax [Roll Forward]
Balance	16,559	4,609	3,062	51,254
Unrealized loss reclassified to beginning retained earnings as the result of implementing new accounting pronouncement	0	0	0	(39,882)
Other comprehensive income (loss) before reclassifications	16,820	(8,939)	31,313	(13,479)
Amounts reclassified from accumulated other comprehensive (loss) income	(1,835)	868	(2,831)	(1,355)
Total other comprehensive income (loss), net of tax	14,985	(8,071)	28,482	(14,834)
Balance	$ 31,544	$ (3,462)	$ 31,544	$ (3,462)

Share-Based Compensation (Detai

Share-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Share-Based Compensation [Abstract]
Share-based compensation expense	$ 4,320	$ 2,151	$ 5,907	$ 2,543
Shares repurchased and retired as a result of non-cash tax withholdings upon vesting of shares (in shares)	0	8,525	602	24,796

Net Income (Loss) Available t_3

Net Income (Loss) Available to Stockholders and Net Income (Loss) per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Numerator for earnings per share [Abstract]
Net income (loss) attributable to TSM available to stockholders	$ 30,931	$ (38,747)	$ 65,717	$ (34,833)
Denominator for basic earnings per share [Abstract]
Weighted average of common shares (in shares)	22,830,399	23,016,447	22,794,297	23,146,318
Effect of dilutive securities (in shares)	64,601	0	72,394	0
Denominator for diluted earnings per share (in shares)	22,895,000	23,016,447	22,866,691	23,146,318
Basic net income (loss) per share attributable to TSM (in dollars per share)	$ 1.35	$ (1.68)	$ 2.88	$ (1.50)
Diluted net income (loss) per share attributable to TSM (in dollars per share)	$ 1.35	$ (1.68)	$ 2.87	$ (1.50)
Restricted Stock [Member]
Net Income (Loss) Available to Stockholders and Net Income (Loss) per Share [Abstract]
Anti-dilutive securities excluded from diluted earnings per share calculation (in shares)		80,929		92,933

Contingencies (Details)

Contingencies (Details) - Claims by Heirs of Former Shareholders [Member]	Jul. 16, 2019shares	Jul. 11, 2019shares	Jan. 11, 2019shares	Jun. 30, 2019Lawsuitshares
Contingencies [Abstract]
Number of defending individual lawsuits | Lawsuit				5
Number of shares claimed to have inherited (in shares)				62
Stock split conversion ratio				3,000
Number of shares awarded to plaintiff (in shares)			63,000
Class A Common Stock [Member] | Subsequent Event [Member]
Contingencies [Abstract]
Number of shares awarded to plaintiff (in shares)	48,602	48,602

Segment Information (Details)

Segment Information (Details) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)Segment	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Segment Information [Abstract]
Number of operating segments | Segment				3
Operating revenues [Abstract]
Premiums earned, net		$ 859,493	$ 741,770	$ 1,627,495	$ 1,493,804
Net investment income		15,062	15,707	30,438	29,462
Consolidated operating revenues		878,602	763,131	1,666,189	1,533,339
Operating income (loss) [Abstract]
Consolidated operating income (loss)		38,214	(63,619)	69,948	(45,534)
Consolidated net realized investment gains (losses)		2,364	(921)	3,679	2,021
Consolidated net unrealized investment gains (losses) on equity investments		3,323	(776)	22,992	(16,975)
Consolidated interest expense		(1,831)	(1,825)	(3,619)	(3,515)
Consolidated other income, net		1,705	494	2,874	1,657
Consolidated income (loss) before taxes		43,775	(66,647)	95,874	(62,346)
Depreciation and amortization expense [Abstract]
Depreciation and amortization expense		3,540	3,576	7,045	6,986
Assets [Abstract]
Assets		2,837,065		2,837,065		$ 2,760,248
Cash, cash equivalents, and investments		1,766,452		1,766,452		1,682,086
Property and equipment, net		85,710		85,710		81,923
Other assets		63,479		63,479		48,229
Unallocated Amount to Segment [Member]
Operating revenues [Abstract]
TSM operating revenues from external sources		377	410	828	808
Operating income (loss) [Abstract]
TSM operating revenues from external sources		377	410	828	808
TSM unallocated operating expenses		(3,137)	(2,585)	(5,169)	(4,795)
Depreciation and amortization expense [Abstract]
Depreciation and amortization expense		196	196	393	393
Assets [Abstract]
Assets		88,192		88,192		102,072
Cash, cash equivalents, and investments		32,541		32,541		57,818
Property and equipment, net		23,159		23,159		21,733
Other assets		32,492		32,492		22,521
Other Segments [Member]
Operating revenues [Abstract]
TSM operating revenues from external sources	[1]	1,591	1,588	3,168	2,659
Consolidated operating revenues	[1]	3,598	1,637	7,141	2,947
Operating income (loss) [Abstract]
Operating income (loss)	[1]	(730)	427	(1,122)	602
TSM operating revenues from external sources	[1]	1,591	1,588	3,168	2,659
Depreciation and amortization expense [Abstract]
Depreciation and amortization expense	[1]	193	172	378	340
Assets [Abstract]
Assets	[1]	25,307		25,307		20,705
Reportable Segment [Member]
Operating revenues [Abstract]
Consolidated operating revenues		882,539	764,463	1,673,756	1,536,114
Operating income (loss) [Abstract]
Operating income (loss)		38,571	(63,844)	69,483	(46,347)
Depreciation and amortization expense [Abstract]
Depreciation and amortization expense		3,344	3,380	6,652	6,593
Assets [Abstract]
Assets		2,824,039		2,824,039		2,710,020
Reportable Segment [Member] | Managed Care [Member]
Operating revenues [Abstract]
Premiums earned, net		793,355	677,994	1,498,405	1,364,596
Net investment income		5,479	5,914	11,357	10,771
Consolidated operating revenues		802,935	689,297	1,517,979	1,385,452
Operating income (loss) [Abstract]
Operating income (loss)		29,302	1,417	51,412	12,035
Depreciation and amortization expense [Abstract]
Depreciation and amortization expense		2,792	2,804	5,549	5,445
Assets [Abstract]
Assets		1,237,890		1,237,890		1,078,262
Reportable Segment [Member] | Managed Care [Member] | Administrative Service Fee [Member]
Operating revenues [Abstract]
Consolidated operating revenues		2,456	4,066	5,088	7,414
Reportable Segment [Member] | Life Insurance [Member]
Operating revenues [Abstract]
Premiums earned, net		44,511	41,180	88,233	82,269
Net investment income		6,822	6,619	13,382	12,677
Consolidated operating revenues		51,841	48,015	102,601	95,543
Operating income (loss) [Abstract]
Operating income (loss)		5,215	5,331	10,855	8,956
Depreciation and amortization expense [Abstract]
Depreciation and amortization expense		273	296	545	596
Assets [Abstract]
Assets		912,550		912,550		863,470
Reportable Segment [Member] | Property and Casualty Insurance [Member]
Operating revenues [Abstract]
Premiums earned, net		21,627	22,596	40,857	46,659
Net investment income		2,384	2,764	4,871	5,206
Consolidated operating revenues		24,165	25,514	46,035	52,172
Operating income (loss) [Abstract]
Operating income (loss)		4,784	(71,019)	8,338	(67,940)
Depreciation and amortization expense [Abstract]
Depreciation and amortization expense		86	108	180	212
Assets [Abstract]
Assets		648,292		648,292		747,583
Intersegment Elimination [Member]
Operating revenues [Abstract]
Premiums earned, net		(2,307)	(1,693)	(4,422)	(3,295)
Consolidated operating revenues		(2,007)	(49)	(3,973)	(288)
Operating income (loss) [Abstract]
Elimination of TSM intersegment charges		2,403	2,400	4,806	4,800
Assets [Abstract]
Assets		(75,166)		(75,166)		$ (51,844)
Intersegment Elimination [Member] | Managed Care [Member]
Operating revenues [Abstract]
Premiums earned, net		1,645	1,323	3,129	2,671
Intersegment Elimination [Member] | Life Insurance [Member]
Operating revenues [Abstract]
Premiums earned, net		508	216	986	597
Intersegment Elimination [Member] | Property and Casualty Insurance [Member]
Operating revenues [Abstract]
Premiums earned, net		154	154	307	307
Intersegment Elimination [Member] | Other Segments [Member]
Operating revenues [Abstract]
Consolidated operating revenues	[1]	$ 2,007	$ 49	$ 3,973	$ 288
[1]	Includes segments that are not required to be reported separately, primarily the health clinics and the data processing services organization.

Subsequent Events (Details)

Subsequent Events (Details) - shares	Jul. 16, 2019	Jul. 11, 2019	Jan. 11, 2019	Aug. 07, 2019	Aug. 06, 2019	Jun. 30, 2019	Dec. 31, 2018
Claims by Heirs of Former Shareholders [Member]
Stock Transactions [Abstract]
Number of shares awarded to plaintiff (in shares)			63,000
Class A Common Stock [Member]
Stock Transactions [Abstract]
Outstanding common stock (in shares)						950,968	950,968
Forecast [Member]
Stock Transactions [Abstract]
Outstanding common stock (in shares)					24,334,000
Subsequent Event [Member]
Stock Transactions [Abstract]
Dividends payable, record date	Jul. 26, 2019
Share dividend (in shares)	0.051107
Dividends payable date	Aug. 6, 2019
Number of shares of Class B Common Stock to be issued for each Class A share in stock conversion (in shares)				1
Subsequent Event [Member] | Class A Common Stock [Member] | Claims by Heirs of Former Shareholders [Member]
Stock Transactions [Abstract]
Number of shares awarded to plaintiff (in shares)	48,602	48,602