Second-Quarter Highlights
    -- Net premiums earned increased 11.1 percent year over year to $419.2
       million
    -- Operating income was $21.2 million
    -- Excluding net realized losses, unrealized losses, a gain from
       derivatives included within other income (expenses), net of tax, pro
       forma net income was $14.3 million, or a 23.3 percent year-over-year
       increase, and diluted earnings per share were $0.44 based on 32.2
       million weighted average shares outstanding
    -- Medical Loss Ratio (MLR) rose 230 basis points to 88.5 percent
    -- Consolidated operating expense ratio decreased 110 basis points to 14.5
       percent
    -- Continued expansion of Medicare Advantage business: over 80,000
       additional members at June 30, 2008, an 80.0 percent year-over-year
       increase

"We are pleased with our second-quarter results, particularly the 23.3 percent increase in our pro forma net income. The solid bottom-line performance reflects strong volume growth and continued improvements in key areas of our business. While the MLR in our rapidly expanding Medicare Advantage business rose more than expected, it was offset by further strengthening in our Commercial business, a stable Reform segment, and ongoing enhancement of our operating ratio, reflecting both our growth and inherent corporate leverage," said Ramón M. Ruiz-Comas, President and Chief Executive Officer. "We continue to execute on our focused business strategy and we remain convinced that we can profitably capture additional market share for several years."

Consolidated operating revenues for the three months ended June 30, 2008 were $437.4 million, 11.6 percent higher than the same period of the previous year. The increase was principally due to growth in Medicare Advantage membership enrollment and premium rate increases across all businesses in the managed care segment. Additionally, the three months ended June 30, 2007 included approximately $8.1 million, which resulted from a retroactive increase in the Reform premium rates between November 1, 2006 and March 31, 2007.

Consolidated claims incurred and operating expenses for the quarter were $416.2 million, an increase of 13.3 percent from a year ago. Consolidated claims incurred were up $46.8 million, or 15.2 percent, largely due to increased claims in the managed care segment driven by higher enrollment and utilization trends, particularly in the Medicare Advantage business. The consolidated loss ratio rose 300 basis points to 84.6 percent, primarily due to the fact that the 2007 MLR for the managed care segment included the retroactive premium rate adjustment discussed earlier, which represented a decrease of 110 basis points. Excluding the effect of the retroactive premium rate adjustment, the consolidated loss ratio increased 190 basis points. In addition, utilization trends in the Medicare business increased and, more specifically, in the dual eligible product where members grew over 100 percent in 2008. Consolidated operating expenses increased by $2.1 million, or 3.5 percent, to $61.4 million, primarily attributable to the higher Medicare Advantage volume of business. The consolidated operating expense ratio improved 110 basis points to 14.5 percent in 2008 mainly due to the aforementioned volume increase.

Net income for the three months ended June 30, 2008 was $12.1 million, or $0.38 per diluted share, based on weighted average shares outstanding of 32.2 million. This compares with net income for the three months ended June 30, 2007 of $20.8 million, or $0.78 per diluted share, based on weighted average shares of 26.7 million. Excluding the effect of realized gains (losses) and unrealized gains (losses), and derivative unrealized gains (losses) in the three months ended June 30 in both 2008 and 2007, as well as the second quarter 2007 retroactive Reform premium adjustments, net of taxes, pro forma net income was $14.3 million, or $0.44 per diluted share, based on weighted average shares outstanding of 32.2 million, in the quarter ended June 30, 2008, compared with $11.6 million, or $0.43 per diluted share, based on weighted average shares outstanding of 26.7 million, in the comparable 2007 quarter.

                               Pro Forma Net Income
    (Unaudited)
    (dollar amounts        Three months ended        Six months ended
    in millions)                June 30,                 June 30,
                            2008        2007         2008         2007
    Pro forma net income
     Net income             $12.1        20.8        $13.3         25.3
     Net realized
      investment gains
      (loss) net of tax      (1.5)        3.8         (0.9)         5.0
     Net unrealized
      investment gains
      (losses) on trading
      securities net of
      tax                    (0.8)        0.6         (7.1)        (1.4)
     Derivative gain (loss)
      net of tax              0.1         1.4         (2.3)         1.3
     Retroactive Reform
      premium adjustment
      net of tax                -         3.4            -          1.2
      Pro forma net income  $14.3        11.6        $23.6         19.2
     Diluted pro forma net
      income per share      $0.44        0.43        $0.73         0.72

Continued Progress for the Six Months

For the first half ended June 30, 2008, consolidated operating revenues rose 13.7 percent to $858.9 million, primarily reflecting the growth in the managed care segment. Consolidated claims incurred for the six months ended June 30, 2008 were $705.0 million, up 16.5 percent year over year. The consolidated loss ratio increased 220 basis points to 85.6 percent. Six-month consolidated operating expenses were $121.4 million and the operating expense ratio declined 120 basis points to 14.6 percent. Pro forma net income for the six months ended June 30, 2008 was $23.6 million, or $0.73 per diluted share, based on weighted average shares outstanding of 32.2 million, compared with $19.2 million, or $0.72 per diluted share, based on weighted average shares outstanding of 26.7 million at the same time last year.

For the six month period ended June 30 2008, net cash used in operating activities amounted to $25.2 million. This is mainly due to the fact that the Company collected $22.8 million in managed care premiums in December 2007 that were recognized in January 2008. In addition, premiums receivable for the six-month period increased by approximately $43.2 million, mostly from the Government of Puerto Rico and its instrumentalities, which were subsequently collected. Excluding both situations, cash flow from operations would have been $47.9 million.

As of June 30, 2008, Triple-S Management had $83.3 million in parent company cash, cash equivalents, and investments, most of which resulted from the IPO's net proceeds.

Segment Performance

Triple-S Management operates in three segments: 1) Managed Care, 2) Life Insurance, and 3) Property and Casualty Insurance. Management evaluates performance based primarily on the operating revenues and operating income of each segment. Operating revenues include premiums earned, net administrative service fees and net investment income. Operating costs include claims incurred and operating expenses. The Company calculates operating income or loss as operating revenues minus operating expenses. Operating margin is defined as operating gain or loss divided by operating revenues.

    (Unaudited)             Three months ended           Six months ended
    (dollar amounts              June 30,                    June 30,
     in millions)                         Percentage                Percentage
                         2008     2007     Change     2008    2007    Change
    Operating revenues:
     Managed Care       $385.1    340.8     13.0%    $755.1   655.5    15.2%
     Life Insurance       27.0     26.3      2.7%      53.1    52.4     1.3%
     Property and
      Casualty            26.1     26.8     (2.6%)     52.4    50.8     3.2%
     Other                (0.8)    (2.0)    60.0%      (1.7)   (3.6)   52.8%
      Total operating
       revenues         $437.4    391.9     11.6%    $858.9   755.1    13.8%

    Operating income:
     Managed Care         14.0     17.8    (21.4%)    $19.3    21.9   (11.9%)
     Life Insurance        3.2      2.7     18.5%       5.7     5.7       0%
     Property and Casualty 2.3      3.6    (36.1%)      4.4     5.0   (12.0%)
     Other                 1.7      0.5    240.0%       3.1     1.6    93.8%
      Total operating
       income            $21.2     24.6    (13.8%)    $32.5    34.2    (5.0%)

    Operating margin:
     Managed Care          3.6%     5.2%                2.6%    3.3%
     Life Insurance       11.9%    10.3%               10.7%   10.9%
     Property and Casualty 8.8%    13.4%                8.4%    9.8%
     Consolidated          4.9%     6.3%                3.8%    4.5%

Managed Care Results Summary

Total medical premiums earned for the three months ended June 30, 2008 were $374.2 million, up 12.9 percent versus the same period a year ago, primarily due to higher Medicare Advantage member enrollment and a change in the product mix within this sector, coupled with rate increases across all businesses. Additionally, during the three months ended June 30, 2007, the managed care segment recorded approximately $8.1 million that was associated with the retroactive increase in the Reform premium rates between November 1, 2006 and March 31, 2007.

Medical premiums earned in the Medicare business rose $49.3 million to $113.6 million for the three months ended June 30, 2008. This reflected an increase in member months enrollment of 79,614, or an increase of 58.4 percent, and a change in the product mix. The rise in member months is the net result of an increase of 81,384, or 80.0 percent, in Medicare membership and a decrease of 1,770, or 5.1 percent, in PDP membership.

Medical premiums earned in the Reform business decreased $5.7 million, or 6.6 percent, to $80.9 million for the three months ended June 30, 2008. The fluctuation is primarily due to the effect of the $8.1 million retroactive premium rate increase recorded in the three months ended June 30, 2007 and a decline in member months enrollment of 37,053, or 3.5 percent. Partially offsetting this decrease is the increase in premium rates effective July 2007. In the 2007 period, this segment received a retroactive premium rate increase of approximately 6.7 percent which was effective November 1, 2006, but was not received until June 2007.

Medical premiums earned in the Commercial business fell by $0.9 million, or 0.5 percent, to $179.7 million for the three months ended June 30, 2008. The decrease is attributable to the net effect of a decline in fully-insured member months enrollment of 18,570, or 1.5 percent, and an increase in the average premium rates for corporate accounts of 4.5 percent. During the three months ended June 30, 2008, the self-funded member months enrollment increased by 14,812, or 3.1 percent.

Medical claims incurred were up $45.4 million, or 15.9 percent, to $331.2 million largely driven by the significant increase in Medicare Advantage member months and a higher MLR in the Medicare segment. The overall MLR rose 230 basis points for the three months ended June 30, 2008, to 88.5 percent. The Medicare business experienced an overall year-over-year increase in utilization trends and had a higher concentration of dual-eligible members. Partially offsetting the rise in the Medicare MLR was a decline in the Commercial and Reform loss ratios, along with the aforementioned effect of the Reform segment's 2007 retroactive premium rate increase.

Operating expenses rose $2.7 million, or 7.3 percent, to $39.9 million, compared with the same period last year. The increase is primarily attributable to the higher volume, particularly within the Medicare business. The segment's operating expense ratio decreased 60 basis points, to 10.5 percent.

    Managed Care       Three months ended June 30,  Six months ended June 30,
    Additional Data        2008          2007         2008         2007

    Member months enrollment
     Commercial:
      Fully-insured      1,228,783    1,247,353     2,464,272    2,501,096
      Self-funded          499,317      484,505       995,379      963,828
       Total Commercial  1,728,100    1,731,858     3,459,651    3,464,924

     Reform              1,031,631    1,068,684     2,065,291    2,133,530
     Medicare              215,828      136,214       406,357      264,844
      Total member
       months            2,975,559    2,936,756     5,931,299    5,863,298

    Medical loss ratio        88.5%        86.2%         89.8%        88.1%
    Operating expense
     ratio                    10.5%        11.1%         10.3%        11.2%


    Managed Care                                          As of June 30,
    Membership by Segment                               2008         2007

    Members
     Commercial:
      Fully-insured                                    408,949      414,723
      Self-funded                                      168,422      161,591
       Total Commercial                                577,371      576,314

      Reform                                           344,104      356,737
      Medicare                                          72,134       47,470
       Total members                                   993,609      980,521



    Managed Care                                      As of
    Days claims payable                  June 30, 2008     March 31, 2008

                                           60.5 days          59.4 days

Revised 2008 Guidance

Mr. Ruiz-Comas concluded, "As we enter the second half of the year, we remain well positioned to achieve our prior 2008 EPS guidance. Our revenue performance has exceeded our expectations and the steady improvement in our Commercial business has helped us weather the uptick in the Medicare Advantage MLR, which we believe has peaked and should trend lower in the final six months of the year."

    The Company's 2008 revised outlook is as follows:
    -- Total medical enrollment is expected to grow approximately 1-1.5
       percent, with Medicare Advantage enrollment rising approximately 45-48
       percent from our previous estimate of 30-35 percent.
    -- Consolidated operating revenues are now anticipated to be $1.70-$1.74
       billion, an increase from our prior estimate of $1.66-$1.70 billion.
    -- Consolidated loss ratio is expected to be 83.5-84.0 percent, a 50 basis
       point increase from previous guidance, with the managed care MLR now
       ranging between 88-88.5 percent, driven by the Company's Medicare dual
       eligible product.
    -- Consolidated operating expense ratio is anticipated to improve further
       to approximately 14.7 percent from our previous estimate of 15.2
       percent.
    -- The Company reiterates its earnings per share expectation of $1.88-
       $1.98, based on 32.2 million weighted average diluted shares
       outstanding, which excludes net realized and unrealized gains (losses)
       on investments and derivatives.

Conference Call and Webcast

Management will host a conference call and webcast Tuesday, August 5 at 10:00 a.m. Eastern Time to discuss its financial results for the second quarter and six months ended June 30, 2008, as well as expectations for future earnings. To participate, callers within the U.S. and Canada should dial 1- 800-257-7087, and international callers should dial 1-303-262-2142 about five minutes before the presentation.

To listen to the webcast, participants should visit the Investor Relations section of the Company's Web site at www.triplesmanagement.com several minutes before the event is broadcast and follow the instructions provided to ensure they have the necessary audio application downloaded and installed. This program is provided at no charge to the user. An archived version of the call, also located on the Investor Relations section of Triple-S Management's Web site, will be available about two hours after the call ends and for at least the following two weeks. This news release, along with other information relating to the call, will be available on the Investor Relations section of the Web site.

About Triple-S Management Corporation

Triple-S Management Corporation is the largest managed care company in Puerto Rico and has the exclusive right to use the Blue Shield name and mark throughout the country. It holds a leading market position, with approximately 1 million members across all regions, or about 25 percent of the population. With more than 45 years of experience in the industry, Triple-S Management offers a broad portfolio of managed care and related products in the commercial, Medicare and the Reform markets. It also provides complementary products and services. The Company is the largest provider of life and accident and health insurance and the fourth largest provider of property and casualty insurance in its market.

For more information about Triple-S Management, visit www.triplesmanagement.com.

Forward-looking Statements

This document contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information about possible or assumed future sales, results of operations, developments, regulatory approvals or other circumstances. Sentences that include "believe", "expect", "plan", "intend", "estimate", "anticipate", "project", "may", "will", "shall", "should" and similar expressions, whether in the positive or negative, are intended to identify forward-looking statements.

All forward-looking statements in this news release reflect management's current views about future events and are based on assumptions and subject to risks and uncertainties. Consequently, actual results may differ materially from those expressed here as a result of various factors, including all the risks discussed and identified in public filings with the U.S. Securities and Exchange Commission (SEC).

In addition, the Company operates in a highly competitive, constantly changing environment, influenced by very large organizations that have resulted from business combinations, aggressive marketing and pricing practices of competitors, and regulatory oversight. The following factors, if markedly different from the Company's planning assumptions (either individually or in combination), could cause Triple-S Management's results to differ materially from those expressed in any forward-looking statements shared here:

    -- Trends in health care costs and utilization rates
    -- Ability to secure sufficient premium rate increases
    -- Competitor pricing below market trends of increasing costs
    -- Re-estimates of policy and contract liabilities
    -- Changes in government regulation of managed care, life insurance or
       property and casualty insurance
    -- Significant acquisitions or divestitures by major competitors
    -- Introduction and use of new prescription drugs and technologies
    -- A downgrade in the Company's financial strength ratings
    -- Litigation or legislation targeted at managed care, life insurance or
       property and casualty insurance companies
    -- Ability to contract with providers consistent with past practice
    -- Ability to successfully implement the Company's disease management and
       utilization management programs
    -- Volatility in the securities markets and investment losses and defaults
    -- General economic downturns, major disasters, and epidemics

This list is not exhaustive. Management believes the forward-looking statements in this release are reasonable. However, there is no assurance that the actions, events or results anticipated by the forward-looking statements will occur or, if any of them do, what impact they will have on the Company's results of operations or financial condition. In view of these uncertainties, investors should not place undue reliance on any forward- looking statements, which are based on current expectations. In addition, forward-looking statements are based on information available the day they are made, and (other than as required by applicable law, including the securities laws of the United States) the Company does not intend to update or revise any of them in light of new information or future events.

Readers are advised to carefully review and consider the various disclosures in the Company's SEC reports.

                      Condensed Consolidated Balance Sheets
              (Dollar amounts in thousands, except per share data)

                                               Unaudited
                                               June 30,        December 31,
                                                 2008              2007
                        Assets

    Investments                                $1,076,110       $1,011,009
    Cash and cash equivalents                      41,283          240,153
    Premium and other receivables, net            237,845          202,268
    Deferred policy acquisition costs
     and value of business acquired               121,453          117,239
    Property and equipment, net                    46,951           43,415
    Other assets                                   50,740           45,458

      Total assets                             $1,574,382       $1,659,542

         Liabilities and Stockholders' Equity

    Policy liabilities and accruals              $711,194         $726,519
    Accounts payable and accrued liabilities      177,201          279,539
    Borrowings                                    202,202          170,946

      Total liabilities                         1,090,597        1,177,004

    Stockholders' equity:
     Common stock                                  32,329           32,309
     Other stockholders' equity                   451,456          450,229

      Total stockholders' equity                  483,785          482,538

      Total liabilities and
       stockholders' equity                    $1,574,382       $1,659,542



                  Condensed Consolidated Statements of Earnings
               (Dollar amounts in thousands, except per share data)

                                                 For the Six Months Ended
                                                         June 30,
                                                  Unaudited      Historical
                                                     2008           2007
    Revenues:
      Premiums earned, net                         $823,556        $725,811
      Administrative service fees                     7,633           7,126
      Net investment income                          27,734          22,168

        Total operating revenues                    858,923         755,105

      Net realized investment gains (losses)         (1,132)          4,980
      Net unrealized investment loss on
       trading securities                            (7,201)         (1,352)
      Other income, net                                (161)          2,367

        Total revenues                              850,429         761,100

    Benefits and expenses:
      Claims incurred                               704,987         605,341
      Operating expenses                            121,430         115,495

        Total operating costs                       826,417         720,836

      Interest expense                                7,599           8,010

        Total benefits and expenses                 834,016         728,846

        Income before taxes                          16,413          32,254

    Income tax expense                                3,074           6,944

        Net income                                  $13,339         $25,310

    Basic net income per share                        $0.41           $0.95

    Diluted earnings per share                        $0.41           $0.95


                  Condensed Consolidated Statements of Earnings
               (Dollar amounts in thousands, except per share data)

                                                For the Three Months Ended
                                                         June 30,
                                                Unaudited         Historical
                                                   2008               2007
    Revenues:
      Premiums earned, net                       $419,157           $377,346
      Administrative service fees                   3,920              3,617
      Net investment income                        14,302             11,047

        Total operating revenues                  437,379            392,010

      Net realized investment gains (losses)       (1,741)             3,784
      Net unrealized investment loss on
       trading securities                            (951)               573
      Other income, net                             1,360              2,158

        Total revenues                            436,047            398,525

    Benefits and expenses:
      Claims incurred                             354,780            308,023
      Operating expenses                           61,399             59,358

        Total operating costs                     416,179            367,381

      Interest expense                              3,926              4,058

        Total benefits and expenses               420,105            371,439

        Income before taxes                        15,942             27,086

    Income tax expense                              3,805              6,281

        Net income                                $12,137            $20,805

    Basic net income per share                      $0.38              $0.78

    Diluted earnings per share                      $0.38              $0.78



                 Condensed Consolidated Statements of Cash Flows
               (Dollar amounts in thousands, except per share data)

                                              For the Six Months Ended
                                                      June 30,
                                             Unaudited       Historical
                                                2008            2007

    Net cash (used in) provided by
     operating activities                    $(25,189)         $6,392

    Cash flows from investing
     activities:
     Proceeds from investments sold or
      matured:
      Securities available for sale:
       Fixed maturities sold                  153,393          76,904
       Fixed maturities matured                54,166          10,852
       Equity securities                        2,019           1,011
      Securities held to maturity:
       Fixed maturities matured                19,526           1,285
     Acquisition of investments:
      Securities available for sale:
       Fixed maturities                      (428,476)       (100,668)
       Equity securities                      (16,717)        (14,507)
     Net disbursements for policy loans           104            (145)
     Capital expenditures                      (7,119)         (3,440)

        Net cash used in investing
         activities                          (223,104)        (28,708)

    Cash flows from financing activities:
     Change in outstanding checks in
      excess of bank balances                  15,649          16,989
     Repayments of short-term
      borrowings                             (474,156)        (23,110)
     Proceeds from short-term
      borrowings                              506,231          23,110
     Repayments of long-term borrowings          (819)           (820)
     Dividends                                      -          (2,448)
     Proceeds from policyholder
      deposits                                  5,895           2,844
     Surrenders of policyholder
      deposits                                 (3,383)         (4,033)
     Other                                          6               -

        Net cash provided by financing
         activities                            49,423          12,532

        Net decrease in cash and cash
         equivalents                         (198,870)         (9,784)

    Cash and cash equivalents,
     beginning of period                      240,153          81,320

    Cash and cash equivalents, end of
     period                                   $41,283         $71,536