Triple-S Management Corporation
	1441 F.D. Roosevelt Ave.
	San Juan, PR 00920
	www.triplesmanagement.com

AT THE COMPANY:	INVESTOR RELATIONS:
Juan José Román-Jiménez	Mr. Garrett Edson
EVP and Chief Financial Officer	ICR
(787) 749-4949	(787) 792-6488

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Net income of $26.2 million, or $1.13 per diluted share, versus net income of $13.2 million, or $0.55 per diluted share, in the prior-year period;

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Adjusted net income of $4.2 million, or $0.18 per diluted share, versus adjusted net income of $6.0 million, or $0.25 per diluted share, in the prior-year period;

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Operating revenues of $969.8 million, a 16.7% increase from the prior-year period, primarily reflecting higher Managed Care net premiums earned;

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Consolidated loss ratio of 86.2%, a 520 basis point increase from the fourth quarter of 2019, reflecting higher Managed Care utilization;

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Medical loss ratio (MLR) of 89.4%, 570 basis points higher than the same period last year;

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Consolidated operating loss of $3.9 million, compared with operating income of $8.7 million in the prior-year period.

●	Managed Care premiums earned were $873.1 million, up 17.7% year-over-year.

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Medicare premiums earned of $392.5 million increased 14.7% from the prior-year period. The increase was largely due to an addition of approximately 27,000 member months, which primarily reflects a more competitive product offering and higher premium rates resulting from an increase in the premium rate benchmark and membership risk score.

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Medicaid premiums earned of $270.3 million increased 34.8% from the prior-year period, primarily reflecting higher member months of approximately 168,000; higher average premium rates following two premium rate increases in 2020; and the reinstatement of the HIP Fee pass-through in 2020.

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Commercial premiums earned of $210.3 million increased 5.8% from the prior-year period, mainly reflecting higher average premium rates, the reinstatement of the HIP Fee pass-through in 2020 and a reduction in the estimated MLR rebate accrual (which was originally recorded as a reduction of premiums) as utilization of services trended to almost-normalized levels.  These increases were partially offset by a reduction of approximately 10,000 fully insured member months.

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Reported MLR of 89.4% increased 570 basis points from the prior-year period, primarily reflecting unfavorable prior period reserve development, higher non-COVID-19 utilization of services, higher costs associated with the treatment of COVID-19 and increased benefits in the Medicare product offering in 2020.

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Managed care operating expenses of $119.9 million decreased by $5.7 million, or 4.5%, from the prior-year period, primarily reflecting lower provision for bad debts and professional services, offset in part by the reinstatement of the HIP fee in 2020.  The segment operating expense ratio was 13.7%, a 320 basis-point improvement from the prior-year quarter.

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Premiums earned, net of $51.1 million increased 8.5% from the prior-year period, resulting from new sales and the acquisition of a life insurance portfolio in the second quarter of 2020.

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Operating income was $7.6 million, a 72.7% increase compared to $4.4 million in the prior-year period, primarily reflecting higher premiums in the 2020 quarter.

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Premiums earned, net of $25.1 million increased 10.1% from the prior-year period.

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Operating income was $8.9 million, compared with an operating loss of $0.5 million during the prior-year period, primarily driven by lower losses and operating expenses in the 2020 quarter.

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Reserves related to Hurricane Maria were $183 million as of December 31, 2020. As of December 31, 2020, 355 of the total 17,783 Maria-related claims remained outstanding.

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Consolidated operating revenue is expected to be between $3.98 billion and $4.02 billion, which includes Managed Care premiums earned, net between $3.58 billion and $3.62 billion;

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Consolidated claims incurred ratio is expected to be between 83.0% and 84.0%, while Managed Care MLR is expected to be between 86.0% and 87.0%;

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Consolidated operating expense ratio is expected to be between 15.5% and 16.5%;

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The effective tax rate is expected to be between 29.0% and 31.0%; and

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Adjusted net income per diluted share is expected to be between $2.95 and $3.15.  Adjusted net income per diluted share does not account for any potential share repurchase activity during 2021.  The Company is assuming a weighted average diluted share count for full year 2021 of 23.6 million shares.

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Trends in health care costs and utilization rates

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Ability to secure sufficient premium rate increases

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Competitor pricing below market trends of increasing costs

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Re-estimates of policy and contract liabilities and reserves

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Changes in government laws and regulations of managed care, life insurance or property and casualty insurance

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Significant acquisitions or divestitures by major competitors

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Introduction and use of new prescription drugs and technologies

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A downgrade in the Company’s financial strength ratings

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Litigation or legislation targeted at managed care, life insurance or property and casualty insurance companies

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Ability to contract with providers and government agencies consistent with past practice

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Ability to successfully implement the Company’s disease management, utilization management and Star ratings programs

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Ability to maintain Federal Employees, Medicare and Medicaid contracts

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Volatility in the securities markets and investment losses and defaults

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General economic downturns, major disasters and epidemics

Condensed Consolidated Balance Sheets	Exhibit I
Condensed Consolidated Statements of Earnings	Exhibit II
Condensed Consolidated Statements of Cash Flows	Exhibit III
Segment Performance Supplemental Information	Exhibit IV
Reconciliation of Non-GAAP Financial Measures	Exhibit V

		December 31, 2020				December 31, 2019
Assets
Investments		$	1,874,024			$	1,643,637
Cash and cash equivalents			110,989				109,837
Premium and other receivables, net			488,840				567,692
Deferred policy acquisition costs and value of business acquired			248,325				234,885
Property and equipment, net			131,974				88,588
Other assets			234,266				174,187
Total assets		$	3,088,418			$	2,818,826
Liabilities and Stockholders' Equity
Policy liabilities and accruals		$	1,550,798			$	1,425,477
Accounts payable and accrued liabilities			487,356				370,483
Short-term borrowings			30,000				54,000
Long-term borrowings			52,751				25,694
Total liabilities			2,120,905				1,875,654
Stockholders’ equity:
Common stock			23,430				23,800
Other stockholders’ equity			944,800				920,065
Total Triple-S Management Corporation stockholders’ equity			968,230				943,865
Non-controlling interest in consolidated subsidiary			(717	)			(693	)
Total stockholders’ equity			967,513				943,172
Total liabilities and stockholders’ equity		$	3,088,418			$	2,818,826

		For the Three Months Ended December 31,								For the Twelve Months Ended December 31,
		2020				2019				2020				2019
Revenues:
Premiums earned, net		$	948,084			$	810,364			$	3,605,450			$	3,252,880
Administrative service fees			3,830				2,251				12,585				9,946
Net investment income			15,253				16,393				57,547				62,007
Other operating revenues			2,597				2,218				8,991				8,553
Total operating revenues			969,764				831,226				3,684,573				3,333,386
Net realized investment gains on sale of securities			821				1,077				641				5,843
Net unrealized investment gains on equity investments			25,067				7,892				7,639				32,151
Other income, net			3,368				847				9,585				4,206
Total revenues			999,020				841,042				3,702,438				3,375,586
Benefits and expenses:
Claims incurred			817,419				656,752				2,946,820				2,666,256
Operating expenses			156,230				165,777				655,899				569,406
Total operating costs			973,649				822,529				3,602,719				3,235,662
Interest expense			2,173				1,991				7,986				7,672
Total benefits and expenses			975,822				824,520				3,610,705				3,243,334
Income before taxes			23,198				16,522				91,733				132,252
Income tax expense (benefit)			(2,952	)			3,300				24,568				39,375
Net income			26,150				13,222				67,165				92,877
Net loss attributable to the non-controlling interest			(4	)			(7	)			(24	)			(17	)
Net income attributable to Triple-S Management Corporation		$	26,154			$	13,229			$	67,189			$	92,894
Earnings per share attributable to Triple-S Management Corporation:
Basic net income per share		$	1.13			$	0.55			$	2.90			$	3.98
Diluted net income per share		$	1.13			$	0.55			$	2.88			$	3.97
Weighted average of common shares			23,067,274				23,839,165				23,179,544				23,318,742
Diluted weighted average of common shares			23,237,694				23,901,874				23,309,742				23,385,293

		For the Twelve Months Ended December 31,
		2020				2019
Net cash provided by (used in) operating activities		$	257,845			$	(16,826	)
Cash flows from investing activities:
Proceeds from investments sold or matured:
Securities available for sale:
Fixed maturities sold			149,265				424,239
Fixed maturities matured/called			84,416				21,258
Securities held to maturity - fixed maturities matured/called			1,079				1,708
Equity investments sold			134,926				169,153
Other invested assets sold			17,013				4,554
Acquisition of investments:
Securities available for sale - fixed maturities			(287,998	)			(449,043	)
Securities held to maturity - fixed maturities			(1,088	)			(1,078	)
Equity investments			(248,123	)			(143,972	)
Other invested assets			(30,178	)			(28,501	)
Increase in other investments			(5,683	)			(2,981	)
Net change in policy loans			402				(1,392	)
Net capital expenditures			(57,873	)			(20,820	)
Capital contribution to equity method investees			(8,184	)			(11,418	)
Net cash used in investing activities			(252,026	)			(38,293	)
Cash flows from financing activities:
Change in outstanding checks in excess of bank balances			(3,249	)			(2,384	)
Net change in short-term borrowings			(24,000	)			54,000
Proceeds of long-term borrowings			30,841				-
Repayments of long-term borrowings			(3,883	)			(3,236	)
Repurchase and retirement of common stock			(14,982	)			(9,989	)
Dividends paid			-				(11	)
Proceeds from policyholder deposits			25,740				28,879
Surrender of policyholder deposits			(15,134	)			(19,847	)
Net cash (used in) provided by financing activities			(4,667	)			47,412
Net increase (decrease) in cash and cash equivalents			1,152				(7,707	)
Cash and cash equivalents, beginning of period			109,837				117,544
Cash and cash equivalents, end of period		$	110,989			$	109,837

(Unaudited)		Three months ended December 31,												Twelve months ended December 31,
(dollar amounts in millions)		2020				2019				Percentage Change				2020				2019				Percentage Change
Premiums earned, net:
Managed Care:
Commercial		$	210.3			$	198.8				5.8	%		$	815.6			$	801.2				1.8	%
Medicare			392.5				342.3				14.7	%			1,553.5				1,408.0				10.3	%
Medicaid			270.3				200.5				34.8	%			953.2				778.3				22.5	%
Total Managed Care			873.1				741.6				17.7	%			3,322.3				2,987.5				11.2	%
Life Insurance			51.1				47.1				8.5	%			196.0				182.2				7.6	%
Property and Casualty			25.1				22.8				10.1	%			92.0				87.7				4.9	%
Other			(1.2	)			(1.1	)			(9.1	%)			(4.8	)			(4.5	)			(6.7	%)
Consolidated premiums earned, net		$	948.1			$	810.4				17.0	%		$	3,605.5			$	3,252.9				10.8	%
Operating revenues: 1
Managed Care		$	882.3			$	751.5				17.4	%		$	3,356.1			$	3,025.3				10.9	%
Life Insurance			57.8				54.4				6.3	%			223.3				209.5				6.6	%
Property and Casualty			27.5				25.1				9.6	%			101.0				97.5				3.6	%
Other			2.2				0.2				1000.0	%			4.2				1.1				281.8	%
Consolidated operating revenues		$	969.8			$	831.2				16.7	%		$	3,684.6			$	3,333.4				10.5	%
Operating income (loss): 2
Managed Care		$	(18.2	)		$	5.1				(456.9	%)		$	38.3			$	61.9				(38.1	%)
Life Insurance			7.6				4.4				72.7	%			27.8				21.9				26.9	%
Property and Casualty			8.9				(0.5	)			1880.0	%			19.9				14.5				37.2	%
Other			(2.2	)			(0.3	)			633.3	%			(4.1	)			(0.6	)			583.3	%
Consolidated operating (loss) income		$	(3.9	)		$	8.7				(144.8	%)		$	81.9			$	97.7				(16.2	%)
Operating margin: 3
Managed Care			(2.1	%)			0.7	%			-280	bp			1.1	%			2.0	%			-90	bp
Life Insurance			13.1	%			8.1	%			500	bp			12.4	%			10.5	%			190	bp
Property and Casualty			32.4	%			(2.0	%)			3,440	bp			19.7	%			14.9	%			480	bp
Consolidated			(0.4	%)			1.0	%			-140	bp			2.2	%			2.9	%			-70	bp
Depreciation and amortization expense		$	3.5			$	3.9				(10.3	%)		$	14.4			$	14.6				(1.4	%)

1	Operating revenues include premiums earned, net, administrative service fees and net investment income.

2	Operating income or loss include operating revenues minus operating costs. Operating costs include claims incurred and operating expenses.

3	Operating margin is defined as operating income or loss divided by operating revenues.

Managed Care Additional Data		Three months ended December 31,								Twelve months ended December 31,
(Unaudited)		2020				2019				2020				2019
Member months enrollment:
Commercial:
Fully-insured			961,725				971,270				3,882,185				3,844,106
Self-insured			303,732				353,843				1,285,366				1,426,353
Total Commercial			1,265,457				1,325,113				5,167,551				5,270,459
Medicare Advantage			410,779				384,038				1,631,059				1,540,476
Medicaid			1,237,098				1,069,428				4,515,196				4,257,181
Total member months			2,913,334				2,778,579				11,313,806				11,068,116
Claim liabilities (in millions)										$	445.7			$	341.3
Days claim payable											58				49
Premium PMPM:
Managed Care		$	334.57			$	305.85			$	331.29			$	309.85
Commercial			218.67				204.68				210.09				208.42
Medicare Advantage			955.50				891.32				952.45				914.00
Medicaid			218.50				187.48				211.11				182.82
Medical loss ratio:			89.4	%			83.7	%			84.5	%			84.6	%
Commercial			87.8	%			81.3	%			79.1	%			82.4	%
Medicare Advantage			82.7	%			75.0	%			80.9	%			79.8	%
Medicaid			100.3	%			100.9	%			94.9	%			95.4	%
Adjusted medical loss ratio: 1			87.1	%			85.7	%			83.5	%			86.1	%
Commercial			82.8	%			80.6	%			78.0	%			84.0	%
Medicare Advantage			82.8	%			81.9	%			79.9	%			81.4	%
Medicaid			96.7	%			97.1	%			94.1	%			96.8	%
Operating expense ratio:
Consolidated			16.4	%			20.4	%			18.1	%			17.5	%
Managed Care			13.7	%			16.9	%			15.4	%			14.5	%

1	The adjusted medical loss ratio accounts for subsequent adjustments to estimates, such as prior-period reserve developments and Medicare premium adjustments and presents them in their corresponding period.

Managed Care Membership by Segment		As of December 31,
		2020				2019
Members:
Commercial:
Fully-insured			320,180				322,973
Self-insured			99,478				117,696
Total Commercial			419,658				440,669
Medicare Advantage			137,092				127,789
Medicaid			422,023				355,465
Total members			978,773				923,923

		Adjusted Net Income
(Unaudited)		Three months ended December 31,								Twelve months ended December 31,
(dollar amounts in millions)		2020				2019				2020				2019
Net income		$	26.2			$	13.2			$	67.2			$	92.9
Less adjustments:
Net realized investment gains, net of tax			0.7				0.8				0.5				4.7
Unrealized gains on equity investments			20.1				6.3				6.1				25.7
Private equity investment income, net of tax			1.2				0.1				3.7				1.0
Contingency accrual			-				-				(20.0	)			-
Adjusted net income		$	4.2			$	6.0			$	76.9			$	61.5
Diluted adjusted net income per share		$	0.18			$	0.25			$	3.30			$	2.63