EXHIBIT 99.1

    TRIPLE-S GROUP AGREES TO ACQUIRE GA LIFE ASSURANCE COMPANY OF PUERTO RICO

SAN JUAN, PUERTO RICO, December 19, 2005- Triple-S Management Corporation
announced today the execution of several agreements, which would result in the
acquisition of Great American Life Assurance Company of Puerto Rico (GA Life)
from Great American Financial Resources, Inc., for $97.5 million.

"This transaction demonstrates our commitment to Puerto Rico when, as a Puerto
Rican company, we acquire one of the leading life insurance companies on the
island from a U.S. conglomerate," said Ramon Ruiz, President and Chief Executive
Officer of Triple-S Management Corp., better known as Grupo Triple-S (Triple-S
Group).

With the acquisition of GA Life, one of the premier companies in life insurance
products for individual consumers in Puerto Rico, Triple-S Group becomes a
leader in the life insurance market segment, both in terms of individual and
group life insurance. The transaction solidifies Triple-S Group, as the leading
insurance group in Puerto Rico.

GA Life has $300 million assets and more than 700 employees distributed in 20
offices throughout Puerto Rico. Its portfolio includes life insurance, cancer,
annuities and funeral insurance products. "With the addition of GA Life, Grupo
Triple-S offers insurance products for every stage and every situation one faces
over a lifetime," said Ruiz.

"This acquisition is in line with our strategy to diversify our offerings in the
insurance market. We want to offer consumers all insurance products and services
under the same umbrella," said Ruiz, who instituted this strategic vision for
the Group when he became president and chief executive officer in 2002.

GA Life will contribute to increase the Group's total assets by 30% to $1.2
billion. This acquisition will be financed through the issuance of debt.

This transaction requires the approval of the Office of the Insurance
Commissioner.

Grupo Triple-S is comprised of six companies and 1,700 employees. The companies
include Triple-S Management Corp., the Group's holding company; Triple-S, Inc.
(health); Seguros de Vida Triple-S, Inc. (life); Seguros Triple-S, Inc.
(property and casualty); Triple-C, Inc. (third party administrator of health
services); Interactive Systems, Inc. (the company that provides technological
support to the Group) and Signature Agency (the insurance agency that represents
several companies and products).