(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
(Address of principal executive offices) |
(Zip code) |
( |
(Registrant’s telephone number, including area code) |
Not applicable |
(Former name, former address and former fiscal year, if changed since last report) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Large accelerated filer ☐ |
|
Non-accelerated filer ☐ |
Smaller reporting company |
Emerging growth company |
Title of each class |
Outstanding at June 30, 2021 |
Common Stock, $1.00 par value |
3 |
|
28 |
|
28 |
|
28 |
|
29 |
|
32 |
|
32 |
|
33 |
|
35 |
|
38 |
|
40 |
|
41 |
|
43 |
|
43 |
|
44 |
|
44 |
|
44 |
|
44 |
|
44 |
|
44 |
|
44 |
|
45 |
|
46 |
June 30, 2021 |
December 31, 2020 |
|||||||
Assets |
||||||||
Investments and cash: |
||||||||
Fixed-maturities available-for-sale, at fair value |
$ |
$ |
||||||
Fixed-maturities held-to-maturity, at amortized cost |
||||||||
Equity investments, at fair value |
||||||||
Other invested assets, at net asset value |
||||||||
Policy loans |
||||||||
Cash and cash equivalents |
||||||||
Total investments and cash |
||||||||
Premiums and other receivables, net |
||||||||
Deferred policy acquisition costs and value of business acquired |
||||||||
Property and equipment, net |
||||||||
Deferred tax asset |
||||||||
Goodwill |
||||||||
Other assets |
||||||||
Total assets |
$ |
$ |
||||||
Liabilities and Stockholders’ Equity |
||||||||
Claim liabilities |
$ |
$ |
||||||
Liability for future policy benefits |
||||||||
Unearned premiums |
||||||||
Policyholder deposits |
||||||||
Liability to Federal Employees’ Health Benefits and Federal Employees’ Programs |
||||||||
Accounts payable and accrued liabilities |
||||||||
Deferred tax liability |
||||||||
Short-term borrowings |
||||||||
Long-term borrowings |
||||||||
Liability for pension benefits |
||||||||
Total liabilities |
||||||||
Stockholders’ equity: |
||||||||
Triple-S Management Corporation stockholders’ equity |
||||||||
Common stock, $ |
||||||||
Additional paid-in capital |
||||||||
Retained earnings |
||||||||
Accumulated other comprehensive loss, net |
( |
) |
( |
) |
||||
Total Triple-S Management Corporation stockholders’ equity |
||||||||
Non-controlling interest in consolidated subsidiary |
( |
) |
( |
) |
||||
Total stockholders’ equity |
||||||||
Total liabilities and stockholders’ equity |
$ |
$ |
||||||
Three months ended June 30, |
Six months ended June 30, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
Revenues |
||||||||||||||||
Premiums earned, net |
$ |
$ |
$ |
$ |
||||||||||||
Administrative service fees |
||||||||||||||||
Net investment income |
||||||||||||||||
Other operating revenues |
||||||||||||||||
Total operating revenues |
||||||||||||||||
Net realized investment gains (losses) |
( |
) |
( |
) |
||||||||||||
Net unrealized investment gains (losses) on equity investments |
( |
) |
||||||||||||||
Other income, net |
||||||||||||||||
Total revenues |
||||||||||||||||
Benefits and expenses |
||||||||||||||||
Claims incurred, net of reinsurance |
||||||||||||||||
Operating expenses |
||||||||||||||||
Total operating costs |
||||||||||||||||
Interest expense |
||||||||||||||||
Total benefits and expenses |
||||||||||||||||
Income before taxes |
||||||||||||||||
Income tax expense |
||||||||||||||||
Net income |
||||||||||||||||
Net loss attributable to non-controlling interest |
||||||||||||||||
Net income attributable to Triple-S Management Corporation |
$ |
$ |
$ |
$ |
||||||||||||
Earnings per share attributable to Triple-S Management Corporation |
||||||||||||||||
Basic net income per share |
$ |
$ |
$ |
$ |
||||||||||||
Diluted net income per share |
$ |
$ |
$ |
$ |
||||||||||||
Three months ended June 30, |
Six months ended June 30, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
Net income |
$ |
$ |
$ |
$ |
||||||||||||
Other comprehensive income (loss), net of tax: |
||||||||||||||||
Net unrealized change in fair value of available-for-sale securities, net of taxes |
( |
) |
||||||||||||||
Defined benefit pension plan: |
||||||||||||||||
Actuarial loss, net |
||||||||||||||||
Total other comprehensive income (loss), net of tax |
( |
) |
||||||||||||||
Comprehensive income |
||||||||||||||||
Comprehensive loss attributable to non-controlling interest |
||||||||||||||||
Comprehensive income attributable to Triple-S Management Corporation |
$ |
$ |
$ |
$ |
||||||||||||
Class A Common Stock |
Class B Common Stock |
Additional Paid-in Capital |
Retained Earnings |
Accumulated Other Comprehensive Income (Loss) |
Triple-S Management Corporation Stockholders’ Equity |
Non-controlling Interest in Consolidated Subsidiary |
Total Stockholders’ Equity |
|||||||||||||||||||||||||
Balance, December 31, 2020 |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
||||||||||||||||||||
Share-based compensation |
||||||||||||||||||||||||||||||||
Comprehensive income (loss) |
( |
) |
( |
) |
||||||||||||||||||||||||||||
Balance, March 31, 2021 |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
||||||||||||||||||||
Share-based compensation |
||||||||||||||||||||||||||||||||
Repurchase and retirement of common stock |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||
Comprehensive income (loss) |
( |
) |
||||||||||||||||||||||||||||||
Balance, June 30, 2021 |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
||||||||||||||||||||
Balance, December 31, 2019 |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
||||||||||||||||||||||
Share-based compensation |
||||||||||||||||||||||||||||||||
Repurchase and retirement of common stock |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||
Comprehensive (loss) income |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||
Cumulative effect adjustment due to implementation of ASU 2016-01 |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||
Balance, March 31, 2020 |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
||||||||||||||||||||||
Share-based compensation |
||||||||||||||||||||||||||||||||
Repurchase and retirement of common stock |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||
Comprehensive income (loss) |
( |
) |
||||||||||||||||||||||||||||||
Balance, June 30, 2020 |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
||||||||||||||||||||||
Six months ended June 30, |
||||||||
2021 |
2020 |
|||||||
Cash flows from operating activities: |
||||||||
Net income |
$ |
$ |
||||||
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
Depreciation and amortization |
||||||||
Net amortization of investments |
||||||||
Provision for doubtful receivables |
||||||||
Deferred tax expense (benefit) |
( |
) |
||||||
Net realized investment (gains) losses on sale of securities |
( |
) |
||||||
Net unrealized (gains) losses on equity investments |
( |
) |
||||||
Interest credited to policyholder deposits |
||||||||
Share-based compensation |
||||||||
Loss on disposition of property and equipment |
||||||||
(Increase) decrease in assets: |
||||||||
Premium and other receivables, net |
||||||||
Deferred policy acquisition costs and value of business acquired |
( |
) |
( |
) |
||||
Deferred taxes |
( |
) |
||||||
Other assets |
( |
) |
( |
) |
||||
Increase (decrease) in liabilities: |
||||||||
Claim liabilities |
||||||||
Liability for future policy benefits |
||||||||
Unearned premiums |
( |
) |
( |
) |
||||
Liability to Federal Employees’ Health Benefits and Federal Employees’ Programs |
||||||||
Accounts payable and accrued liabilities |
( |
) |
||||||
Net cash provided by operating activities |
||||||||
Six months ended June 30, |
||||||||
2021 |
2020 |
|||||||
Cash flows from investing activities: |
||||||||
Proceeds from investments sold or matured: |
||||||||
Securities available-for-sale: |
||||||||
Fixed-maturities sold |
$ |
$ |
||||||
Fixed-maturities matured/called |
||||||||
Securities held-to-maturity: |
||||||||
Fixed-maturities matured/called |
||||||||
Equity investments sold |
||||||||
Other invested assets sold |
||||||||
Other invested assets matured |
||||||||
Acquisition of investments: |
||||||||
Securities available for sale: |
||||||||
Fixed-maturities |
( |
) |
( |
) |
||||
Securities held to maturity: |
||||||||
Fixed-maturities |
( |
) |
||||||
Equity investments |
( |
) |
( |
) |
||||
Other invested assets |
( |
) |
( |
) |
||||
Increase in other investments |
( |
) |
( |
) |
||||
Net change in policy loans |
( |
) |
||||||
Net capital expenditures |
( |
) |
( |
) |
||||
Capital contribution on equity method investees |
( |
) |
||||||
Net cash used in investing activities |
( |
) |
( |
) |
||||
Cash flows from financing activities: |
||||||||
Change in outstanding checks in excess of bank balances |
||||||||
Proceeds from (repayments of) short-term borrowings |
( |
) |
||||||
Proceeds from long-term borrowings |
||||||||
Repayments of long-term borrowings |
( |
) |
( |
) |
||||
Repurchase and retirement of common stock |
( |
) |
||||||
Proceeds from policyholder deposits |
||||||||
Surrenders of policyholder deposits |
( |
) |
( |
) |
||||
Net cash provided by financing activities |
||||||||
Net increase in cash and cash equivalents |
||||||||
Cash and cash equivalents: |
||||||||
Beginning of period |
||||||||
End of period |
$ |
$ |
||||||
| 1. | Basis of Presentation |
| 2. | Significant Accounting Policies |
| 3. | Investment in Securities |
June 30, 2021 |
||||||||||||||||
Amortized cost |
Gross unrealized gains |
Gross unrealized losses |
Estimated fair value |
|||||||||||||
Fixed-maturities available-for-sale |
||||||||||||||||
Obligations of government-sponsored enterprises |
$ |
$ |
$ |
( |
) |
$ |
||||||||||
U.S. Treasury securities and obligations of U.S. government instrumentalities |
||||||||||||||||
Municipal securities |
( |
) |
||||||||||||||
Corporate bonds |
( |
) |
||||||||||||||
Residential mortgage-backed securities |
( |
) |
||||||||||||||
Collateralized mortgage obligations |
||||||||||||||||
Total fixed-maturities available-for-sale |
$ |
$ |
$ |
( |
) |
$ |
||||||||||
December 31, 2020 |
||||||||||||||||
Amortized cost |
Gross unrealized gains |
Gross unrealized losses |
Estimated fair value |
|||||||||||||
Fixed-maturities available-for-sale |
||||||||||||||||
Obligations of government-sponsored enterprises |
$ |
$ |
$ |
( |
) |
$ |
||||||||||
U.S. Treasury securities and obligations of U.S. government instrumentalities |
||||||||||||||||
Municipal securities |
||||||||||||||||
Corporate bonds |
||||||||||||||||
Residential mortgage-backed securities |
( |
) |
||||||||||||||
Collateralized mortgage obligations |
( |
) |
||||||||||||||
Total fixed-maturities available-for-sale |
$ |
$ |
$ |
( |
) |
$ |
||||||||||
June 30, 2021 |
||||||||||||||||
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 |
$ |
$ |
$ |
$ |
||||||||||||
Residential mortgage-backed securities |
||||||||||||||||
Certificates of deposit |
||||||||||||||||
Total fixed-maturities held-to-maturity |
$ |
$ |
$ |
$ |
||||||||||||
December 31, 2020 |
||||||||||||||||
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 |
$ |
$ |
$ |
$ |
||||||||||||
Residential mortgage-backed securities |
||||||||||||||||
Certificates of deposit |
||||||||||||||||
Total fixed-maturities held-to-maturity |
$ |
$ |
$ |
$ |
||||||||||||
June 30, 2021 |
||||||||||||||||
Amortized cost |
Gross unrealized gains |
Gross unrealized losses |
Estimated fair value |
|||||||||||||
Other invested assets - Alternative investments |
$ |
$ |
$ |
( |
) |
$ |
||||||||||
December 31, 2020 |
||||||||||||||||
Amortized cost |
Gross unrealized gains |
Gross unrealized losses |
Estimated fair value |
|||||||||||||
Other invested assets - Alternative investments |
$ |
$ |
$ |
( |
) |
$ |
||||||||||
June 30, 2021 |
||||||||||||||||||||||||||||||||||||
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 |
$ |
$ |
( |
) |
$ |
$ |
$ |
$ |
( |
) |
||||||||||||||||||||||||||
Municipal securities |
( |
) |
( |
) |
||||||||||||||||||||||||||||||||
Corporate bonds |
( |
) |
( |
) |
||||||||||||||||||||||||||||||||
Residential mortgage-backed securities |
( |
) |
( |
) |
||||||||||||||||||||||||||||||||
Total fixed-maturities available-for-sale |
$ |
$ |
( |
) |
$ |
$ |
$ |
$ |
( |
) |
||||||||||||||||||||||||||
Other invested assets - Alternative investments |
$ |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
$ |
( |
) |
||||||||||||||||||||||||
December 31, 2020 |
||||||||||||||||||||||||||||||||||||
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 |
$ |
$ |
( |
) |
$ |
$ |
$ |
$ |
( |
) |
||||||||||||||||||||||||||
Residential mortgage-backed securities |
( |
) |
( |
) |
||||||||||||||||||||||||||||||||
Collateralized mortgage obligations |
( |
) |
( |
) |
||||||||||||||||||||||||||||||||
Total fixed-maturities available-for-sale |
$ |
$ |
( |
) |
$ |
$ |
$ |
$ |
( |
) |
||||||||||||||||||||||||||
Other invested assets - Alternative investments |
$ |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
$ |
( |
) |
||||||||||||||||||||||||
• |
Obligations of government-sponsored enterprises and Municipal securities: The unrealized losses of these securities were mainly caused by fluctuations in interest rates and general market conditions. The contractual terms of these investments do not permit the issuer to settle the securities at a price less than the par value of the investment. In addition, they have investment-grade ratings. The Company does not consider these investments to be credit-impaired because of several factors: the decline in fair value is attributable to changes in interest rates and not credit quality; the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be at maturity; and because the Company expects to collect all contractual cash flows. |
• |
Corporate bonds: The unrealized losses of these bonds were mainly caused by fluctuations in interest rates and general market conditions. All corporate bonds with an unrealized loss have investment grade ratings. The Company does not consider these investments to be credit-impaired because of several factors: the decline in fair value is attributable to changes in interest rates and not credit quality; the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be at maturity; and because the Company expects to collect all contractual cash flows. |
• |
Residential mortgage-backed securities: The unrealized losses on these investments were mostly caused by fluctuations in interest rates and credit spreads. The contractual cash flows of these securities are guaranteed by a U.S. government-sponsored enterprise. Any loss in these securities is determined according to the seniority level of each tranche, with the least senior, typically the unrated residual tranche, taking any initial loss. The investment grade credit rating of our securities reflects the seniority of the securities that the Company owns. The Company does not consider these investments to be credit-impaired because of several factors: the decline in fair value is attributable to changes in interest rates and not credit quality; the Company does not intend to sell the investments and it is more likely than not that the Company will not be required to sell the investments before recovery of their amortized cost basis, which may be at maturity; and because the Company expects to collect all contractual cash flows. |
• |
Alternative Investments: As of June 30, 2021, alternative investments with unrealized losses were not considered credit-impaired based on market conditions. |
June 30, 2021 |
||||||||
Amortized cost |
Estimated fair value |
|||||||
Fixed-maturities available-for-sale |
||||||||
Due in one year or less |
$ |
$ |
||||||
Due after one year through five years |
||||||||
Due after five years through ten years |
||||||||
Due after ten years |
||||||||
Residential mortgage-backed securities |
||||||||
Collateralized mortgage obligations |
||||||||
$ |
$ |
|||||||
Fixed-maturities held-to-maturity |
||||||||
Due in one year or less |
$ |
$ |
||||||
Due after five years through ten years |
||||||||
Residential mortgage-backed securities |
||||||||
$ |
$ |
|||||||
| 4. | Realized and Unrealized Gains (Losses) |
Three months ended June 30, |
Six months ended June 30, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
Realized gains (losses) |
||||||||||||||||
Fixed-maturity securities |
||||||||||||||||
Fixed-maturities available-for-sale: |
||||||||||||||||
Gross gains |
$ |
$ |
$ |
$ |
||||||||||||
Gross losses |
( |
) |
( |
) |
( |
) |
||||||||||
Total fixed-maturity securities |
( |
) |
( |
) |
||||||||||||
Equity investments |
||||||||||||||||
Gross gains |
||||||||||||||||
Gross losses |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Gross losses from impaired securities |
( |
) |
||||||||||||||
Total equity investments |
( |
) |
( |
) |
||||||||||||
Other invested assets |
||||||||||||||||
Gross gains |
||||||||||||||||
Total other invested assets |
||||||||||||||||
Net realized gains (losses) on securities |
$ |
$ |
( |
) |
$ |
$ |
( |
) |
||||||||
Three months ended June 30, |
Six months ended June 30, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
Changes in net unrealized (losses) gains: |
||||||||||||||||
Recognized in accumulated other comprehensive income (loss): |
||||||||||||||||
Fixed-maturities available-for-sale |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
||||||||
Other invested assets |
( |
) |
( |
) |
||||||||||||
$ |
$ |
$ |
( |
) |
$ |
|||||||||||
Not recognized in the consolidated financial statements: |
||||||||||||||||
Fixed-maturities held-to-maturity |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
||||||||
| 5. | Premiums and Other Receivables, Net |
June 30, 2021 |
December 31, 2020 |
|||||||
Premium |
$ |
$ |
||||||
Self-funded group receivables |
||||||||
FEHBP |
||||||||
Agent balances |
||||||||
Accrued interest |
||||||||
Reinsurance recoverable |
||||||||
Other |
||||||||
Less allowance for doubtful receivables: |
||||||||
Premium |
||||||||
Other |
||||||||
Total premium and other receivables, net |
$ |
$ |
||||||
| 6. | Fair Value Measurements |
June 30, 2021 |
||||||||||||||||
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Fixed-maturities available-for-sale |
||||||||||||||||
Obligations of government-sponsored enterprises |
$ |
$ |
$ |
$ |
||||||||||||
U.S. Treasury securities and obligations of U.S. government instrumentalities |
||||||||||||||||
Municipal securities |
||||||||||||||||
Corporate bonds |
||||||||||||||||
Residential agency mortgage-backed securities |
||||||||||||||||
Collateralized mortgage obligations |
||||||||||||||||
Total fixed-maturities available-for-sale |
$ |
$ |
$ |
$ |
||||||||||||
Equity investments |
$ |
$ |
$ |
$ |
||||||||||||
December 31, 2020 |
||||||||||||||||
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Fixed-maturities available-for-sale |
||||||||||||||||
Obligations of government-sponsored enterprises |
$ |
$ |
$ |
$ |
||||||||||||
U.S. Treasury securities and obligations of U.S. government instrumentalities |
||||||||||||||||
Municipal securities |
||||||||||||||||
Corporate bonds |
||||||||||||||||
Residential agency mortgage-backed securities |
||||||||||||||||
Collateralized mortgage obligations |
||||||||||||||||
Total fixed-maturities available-for-sale |
$ |
$ |
$ |
$ |
||||||||||||
Equity investments |
$ |
$ |
$ |
$ |
||||||||||||
Three months ended |
Six months ended |
|||||||
June 30, 2021 |
June 30, 2021 |
|||||||
Beginning Balance |
$ |
$ |
||||||
Unrealized gain in other accumulated comprehensive income |
||||||||
Balance as of June 30, |
$ |
$ |
||||||
| 7. | Claim Liabilities |
Six months ended June 30, 2021 |
||||||||||||
Managed Care |
Other Business Segments * |
Consolidated |
||||||||||
Claim liabilities at beginning of period |
$ |
$ |
$ |
|||||||||
Reinsurance recoverable on claim liabilities |
( |
) |
( |
) |
||||||||
Net claim liabilities at beginning of period |
||||||||||||
Claims incurred |
||||||||||||
Current period insured events |
||||||||||||
Prior period insured events |
( |
) |
( |
) |
( |
) |
||||||
Total |
||||||||||||
Payments of losses and loss-adjustment expenses |
||||||||||||
Current period insured events |
||||||||||||
Prior period insured events |
||||||||||||
Total |
||||||||||||
Net claim liabilities at end of period |
||||||||||||
Reinsurance recoverable on claim liabilities |
||||||||||||
Claim liabilities at end of period |
$ |
$ |
$ |
|||||||||
| * |
Six months ended June 30, 2020 |
||||||||||||
Managed Care |
Other Business Segments * |
Consolidated |
||||||||||
Claim liabilities at beginning of period |
$ |
$ |
$ |
|||||||||
Reinsurance recoverable on claim liabilities |
( |
) |
( |
) |
||||||||
Net claim liabilities at beginning of period |
||||||||||||
Claims incurred |
||||||||||||
Current period insured events |
||||||||||||
Prior period insured events |
( |
) |
( |
) |
( |
) |
||||||
Total |
||||||||||||
Payments of losses and loss-adjustment expenses |
||||||||||||
Current period insured events |
||||||||||||
Prior period insured events |
||||||||||||
Total |
||||||||||||
Net claim liabilities at end of period |
||||||||||||
Reinsurance recoverable on claim liabilities |
||||||||||||
Claim liabilities at end of period |
$ |
$ |
$ |
|||||||||
| * | Other Business Segments include the Life Insurance and Property and Casualty segments, as well as intersegment eliminations. |
Incurred Year |
Total of IBNR Liabilities Plus Expected Development on Reported Claims |
|||
2020 |
||||
2021 |
||||
| 8. | Short-Term Borrowings |
| • | In August 2019, TSS and TSV became members of the FHLBNY, which provides access to collateralized advances. The borrowing capacity of TSS and TSV is up to |
| • | TSA has a $ |
| 9. | Pension Plan |
Three months ended June 30, |
Six months ended June 30, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
Components of net periodic benefit cost: |
||||||||||||||||
Interest cost |
$ |
$ |
$ |
$ |
||||||||||||
Expected return on assets |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Amortization of actuarial loss |
||||||||||||||||
Settlement loss |
||||||||||||||||
Net periodic benefit cost (income) |
$ |
$ |
( |
) |
$ |
$ |
( |
) |
||||||||
| 10. | Reinsurance |
| • | Casualty excess of loss treaty provides reinsurance for losses up to $ |
| • | Medical malpractice excess of loss treaty provides reinsurance for losses up to $ |
| • | Property reinsurance treaty includes proportional cessions and a per risk excess of loss contract limiting losses to $ |
| • | Catastrophe protection is purchased limiting losses to $ |
Three months ended June 30, |
Six months ended June 30, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
Net Unrealized Gain on Securities |
||||||||||||||||
Beginning Balance |
$ |
$ |
$ |
$ |
||||||||||||
Other comprehensive income (loss) before reclassifications |
( |
) |
||||||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income |
( |
) |
( |
) |
||||||||||||
Net current period change |
( |
) |
||||||||||||||
Ending Balance |
||||||||||||||||
Liability for Pension Benefits |
||||||||||||||||
Beginning Balance |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Amounts reclassified from accumulated other comprehensive income |
||||||||||||||||
Ending Balance |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Accumulated Other Comprehensive Income |
||||||||||||||||
Beginning Balance |
( |
) |
( |
) |
||||||||||||
Other comprehensive income (loss) before reclassifications |
( |
) |
||||||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income |
( |
) |
( |
) |
||||||||||||
Net current period change |
( |
) |
||||||||||||||
Ending Balance |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
||||||||
| 12. | Share-Based Compensation |
| 13. | Net Income Available to Stockholders and Net Income per Share |
Three months ended June 30, |
Six months ended June 30, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
Numerator for earnings per share: |
||||||||||||||||
Net income attributable to TSM available to stockholders |
$ |
$ |
$ |
$ |
||||||||||||
Denominator for basic earnings per share: |
||||||||||||||||
Weighted average of common shares |
||||||||||||||||
Effect of dilutive securities |
||||||||||||||||
Denominator for diluted earnings per share |
||||||||||||||||
Basic net income per share attributable to TSM |
$ |
$ |
$ |
$ |
||||||||||||
Diluted net income per share attributable to TSM |
$ |
$ |
$ |
$ |
||||||||||||
| 14. | Segment Information |
Three months ended June 30, |
Six months ended June 30, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
Operating revenues: |
||||||||||||||||
Managed Care: |
||||||||||||||||
Premiums earned, net |
$ |
$ |
$ |
$ |
||||||||||||
Administrative service fees |
||||||||||||||||
Intersegment premiums/service fees |
||||||||||||||||
Net investment income |
||||||||||||||||
Total Managed Care |
||||||||||||||||
Life Insurance: |
||||||||||||||||
Premiums earned, net |
||||||||||||||||
Intersegment premiums |
||||||||||||||||
Net investment income |
||||||||||||||||
Total Life Insurance |
||||||||||||||||
Property and Casualty Insurance: |
||||||||||||||||
Premiums earned, net |
||||||||||||||||
Intersegment premiums |
||||||||||||||||
Net investment income |
||||||||||||||||
Total Property and Casualty Insurance |
||||||||||||||||
Other segments: * |
||||||||||||||||
Intersegment service revenues |
||||||||||||||||
Operating revenues from external sources |
||||||||||||||||
Total other segments |
||||||||||||||||
Total business segments |
||||||||||||||||
TSM operating revenues from external sources |
||||||||||||||||
Elimination of intersegment premiums/service fees |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Elimination of intersegment service revenues |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Consolidated operating revenues |
$ |
$ |
$ |
$ |
||||||||||||
| * | Includes segments that are not required to be reported separately, primarily the health clinics. |
Three months ended June 30, |
Six months ended June 30, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
Operating income (loss): |
||||||||||||||||
Managed Care |
$ |
$ |
$ |
$ |
||||||||||||
Life Insurance |
||||||||||||||||
Property and Casualty Insurance |
||||||||||||||||
Other segments * |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Total business segments |
||||||||||||||||
TSM operating revenues from external sources |
||||||||||||||||
TSM unallocated operating expenses |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Elimination of TSM intersegment charges |
||||||||||||||||
Consolidated operating income |
||||||||||||||||
Consolidated net realized investment gains (losses) |
( |
) |
( |
) |
||||||||||||
Consolidated net unrealized investment gains (losses) on equity investments |
( |
) |
||||||||||||||
Consolidated interest expense |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Consolidated other income, net |
||||||||||||||||
Consolidated income before taxes |
$ |
$ |
$ |
$ |
||||||||||||
Depreciation and amortization expense: |
||||||||||||||||
Managed Care |
$ |
$ |
$ |
$ |
||||||||||||
Life Insurance |
||||||||||||||||
Property and Casualty Insurance |
||||||||||||||||
Other segments* |
||||||||||||||||
Total business segments |
||||||||||||||||
TSM depreciation expense |
||||||||||||||||
Consolidated depreciation and amortization expense |
$ |
$ |
$ |
$ |
||||||||||||
| * | Includes segments that are not required to be reported separately, primarily the health clinics. |
June 30, 2021 |
December 31, 2020 |
|||||||
Assets: |
||||||||
Managed Care |
$ |
$ |
||||||
Life Insurance |
||||||||
Property and Casualty Insurance |
||||||||
Other segments * |
||||||||
Total business segments |
||||||||
Unallocated amounts related to TSM: |
||||||||
Cash, cash equivalents, and investments |
||||||||
Property and equipment, net |
||||||||
Other assets |
||||||||
Elimination entries-intersegment receivables and others |
( |
) |
( |
) |
||||
Consolidated total assets |
$ |
$ |
||||||
| * |
| 15. | Subsequent Events |
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
As of June 30, |
||||||||
2021 |
2020 |
|||||||
Managed Care enrollment: |
||||||||
Commercial 1 |
418,414 |
433,471 |
||||||
Medicare |
136,490 |
134,601 |
||||||
Medicaid |
445,881 |
364,157 |
||||||
Total |
1,000,785 |
932,229 |
||||||
Managed Care enrollment by funding arrangement: |
||||||||
Fully insured |
898,573 |
823,247 |
||||||
Self-insured |
102,212 |
108,982 |
||||||
Total |
1,000,785 |
932,229 |
||||||
| (1) | Commercial membership includes corporate accounts, self-funded employers, individual accounts, Medicare Supplement, Federal government employees and local government employees. |
Three months ended |
Six months ended |
|||||||||||||||
June 30, |
June 30, |
|||||||||||||||
(dollar in millions) |
2021 |
2020 |
2021 |
2020 |
||||||||||||
Revenues |
||||||||||||||||
Premiums earned, net |
$ |
987.9 |
$ |
858.5 |
$ |
1,996.3 |
$ |
1,734.4 |
||||||||
Administrative service fees |
2.6 |
2.8 |
5.4 |
5.0 |
||||||||||||
Net investment income |
15.0 |
13.8 |
28.6 |
28.1 |
||||||||||||
Other operating revenues |
1.9 |
0.4 |
4.7 |
4.4 |
||||||||||||
Total operating revenues |
1,007.4 |
875.5 |
2,035.0 |
1,771.9 |
||||||||||||
Net realized investment gains (losses) |
2.5 |
(0.2 |
) |
2.7 |
(0.7 |
) |
||||||||||
Net unrealized investment gains (losses) on equity investments |
12.7 |
28.3 |
21.3 |
(28.5 |
) |
|||||||||||
Other income, net |
4.9 |
0.8 |
8.0 |
4.4 |
||||||||||||
Total revenues |
1,027.5 |
904.4 |
2,067.0 |
1,747.1 |
||||||||||||
Benefits and expenses |
||||||||||||||||
Claims incurred |
844.0 |
653.1 |
1,694.6 |
1,367.6 |
||||||||||||
Operating expenses |
151.3 |
178.7 |
302.4 |
340.9 |
||||||||||||
Total operating expenses |
995.3 |
831.8 |
1,997.0 |
1,708.5 |
||||||||||||
Interest expense |
2.2 |
1.8 |
4.2 |
3.7 |
||||||||||||
Total benefits and expenses |
997.5 |
833.6 |
2,001.2 |
1,712.2 |
||||||||||||
Income before taxes |
30.0 |
70.8 |
65.8 |
34.9 |
||||||||||||
Income tax expense |
6.4 |
27.2 |
18.9 |
17.5 |
||||||||||||
Net income attributable to TSM |
$ |
23.6 |
$ |
43.6 |
$ |
46.9 |
$ |
17.4 |
||||||||
Three months ended June 30, |
Six months ended June 30, |
|||||||||||||||
(dollar in millions) |
2021 |
2020 |
2021 |
2020 |
||||||||||||
Operating revenues |
||||||||||||||||
Medical premiums earned, net |
||||||||||||||||
Medicare |
$ |
408.4 |
$ |
372.4 |
$ |
810.7 |
$ |
760.2 |
||||||||
Medicaid |
291.8 |
221.1 |
614.5 |
442.0 |
||||||||||||
Commercial |
209.6 |
195.8 |
416.6 |
396.9 |
||||||||||||
Medical premiums earned, net |
909.8 |
789.3 |
1,841.8 |
1,599.1 |
||||||||||||
Administrative service fees |
3.0 |
3.4 |
6.1 |
6.7 |
||||||||||||
Net investment income |
5.9 |
4.7 |
11.0 |
9.7 |
||||||||||||
Total operating revenues |
918.7 |
797.4 |
1,858.9 |
1,615.5 |
||||||||||||
Medical operating costs |
||||||||||||||||
Medical claims incurred |
803.9 |
627.0 |
1,615.3 |
1,304.8 |
||||||||||||
Medical operating expenses |
107.6 |
141.1 |
217.6 |
267.2 |
||||||||||||
Total medical operating costs |
911.5 |
768.1 |
1,832.9 |
1,572.0 |
||||||||||||
Medical operating income |
$ |
7.2 |
$ |
29.3 |
$ |
26.0 |
$ |
43.5 |
||||||||
Additional data |
||||||||||||||||
Member months enrollment |
||||||||||||||||
Medicare |
409,012 |
405,203 |
817,793 |
813,110 |
||||||||||||
Medicaid |
1,332,994 |
1,077,456 |
2,629,183 |
2,145,472 |
||||||||||||
Commercial |
||||||||||||||||
Fully insured |
948,839 |
975,212 |
1,905,786 |
1,953,554 |
||||||||||||
Self-funded |
298,854 |
327,030 |
594,691 |
657,262 |
||||||||||||
Total Commercial |
1,247,693 |
1,302,242 |
2,500,477 |
2,610,816 |
||||||||||||
Total member months |
2,989,699 |
2,784,901 |
5,947,453 |
5,569,398 |
||||||||||||
Medical loss ratio |
88.4 |
% |
79.4 |
% |
87.7 |
% |
81.6 |
% |
||||||||
Operating expense ratio |
11.8 |
% |
17.8 |
% |
11.8 |
% |
16.6 |
% |
||||||||
| • | Premiums generated by the Medicaid business increased by $70.7 million, or 32.0%, to $291.8 million, primarily reflecting an increase in enrollment of approximately 256,000 member months and higher average premium rates following the premium rate increase effective July 2020. These increases were partially offset by the elimination of the HIP fee pass-through in 2021. |
| • | Premiums generated by the Medicare business increased by $36.0 million, or 9.7%, to $408.4 million, primarily due to higher average premium rates resulting from an increase in the premium rate benchmark and average membership risk score. Member months increased slightly compared with the prior-year period. |
| • | Premiums generated by the Commercial business increased by $13.8 million, or 7.0%, to $209.6 million, primarily reflecting higher average premium rates. This increase was partially offset by a decrease of approximately 26,000 fully insured member months and the elimination of the HIP Fee pass-through in 2021. |
| • | Claims incurred in the Medicaid business increased by $68.1 million, or 32.9%, during the 2021 period. The MLR, at 94.3%, was 60 basis points higher than the same period last year. The increase in claims cost is due to higher member months, a more normalized utilization of services compared to the low utilization experienced in the prior-year quarter due to the pandemic, COVID-19-related testing and treatment costs, and the waiver of medical and payment policies. In addition, the 2021 MLR was impacted by the elimination of the HIP fee pass-through in 2021. |
| • | Claims incurred in the Medicare business increased by $61.6 million, or 21.4%, during the 2021 period and its MLR increased 830 basis points to 85.5%. These increases reflect a more normalized utilization of services compared to the low utilization experienced in the prior-year quarter due to the pandemic, improved benefits in the 2021 product offerings, COVID-19-related testing and treatment costs and the waiver of medical and payment policies, partially offset by favorable prior period reserve development in the 2021 period. |
| • | Claims incurred in the Commercial business increased by $47.2 million, or 35.7%, during 2021 and its MLR increased 1,810 basis points, to 85.6%. The higher MLR principally reflects higher claim trends, a more normalized utilization of services compared to the low utilization experienced in the prior-year quarter due to the pandemic, COVID-19-related testing and treatment costs and the elimination of the HIP fee pass-through in 2021. |
| • | Premiums generated by the Medicaid business increased by $172.5 million, or 39.0%, to $614.5 million, primarily reflecting higher average premium rates following two premium rates increases that were effective in May 2020 and July 2020 and an increase in enrollment of approximately 484,000 member months. In addition, following a reconciliation process with ASES this year, we recognized premiums corresponding to prior periods in the first quarter of 2021. These increases were partially offset by the elimination of the HIP fee pass-through in 2021. |
| • | Premiums generated by the Medicare business increased by $50.5 million, or 6.6%, to $810.7 million, primarily due to higher average premium rates reflecting an increase in the premium rate benchmark and membership risk score. Member months increased slightly when compared with the prior-year period. |
| • | Premiums generated by the Commercial business increased by $19.7 million, or 5.0%, to $416.6 million, mainly reflecting higher average premium rates in the 2021 period. This increase was partially offset by the elimination of the HIP fee pass-through in 2021 and a decrease of approximately 48,000 fully insured member months. |
| • | Claims incurred in the Medicaid business increased by $150.5 million, or 37.0%, during 2021 and its MLR decreased 130 basis points, to 90.7%. The increase in claim cost is due to higher member months. The lower MLR reflects the premium rates increases and prior period premiums recognized this year, partially offset by COVID-19-related testing and treatment costs, the waiver of medical and payment policies and the elimination of the HIP fee pass-through in 2021. |
| • | Claims incurred in the Medicare business increased by $92.2 million, or 15.2%, during the 2021 period and its MLR increased 640 basis points, to 86.4%. The higher MLR reflects a more normalized utilization of services compared to the low utilization experienced in the prior-year period due to the pandemic, improved benefits in the 2021 product offerings, COVID-19-related testing and treatment costs and the waiver of medical and payment policies. These increases were partially offset by favorable prior period reserve development in the 2021 period. |
| • | Claims incurred in the Commercial business increased by $67.8 million, or 23.4%, during 2021 and its MLR increased 1,290 basis points, to 85.9%. These increases primarily result from higher claim trends, a more normalized utilization of services compared to low utilization in the prior year due to the pandemic, COVID-19-related testing and treatment costs, the waiver of medical and payment policies and the elimination of the HIP fee pass-through in 2021. These increases were partially offset by the lower fully insured membership enrollment. |
Three months ended |
Six months ended |
|||||||||||||||
June 30, |
June 30, |
|||||||||||||||
(dollar in millions) |
2021 |
2020 |
2021 |
2020 |
||||||||||||
Operating revenues: |
||||||||||||||||
Premiums earned, net: |
||||||||||||||||
Premiums earned |
$ |
56.9 |
$ |
50.6 |
$ |
112.1 |
$ |
99.6 |
||||||||
Ceded premiums earned |
(2.9 |
) |
(2.5 |
) |
(5.6 |
) |
(4.8 |
) |
||||||||
Premiums earned, net |
54.0 |
48.1 |
106.5 |
94.8 |
||||||||||||
Net investment income |
6.7 |
6.8 |
13.1 |
13.7 |
||||||||||||
Total operating revenues |
60.7 |
54.9 |
119.6 |
108.5 |
||||||||||||
Operating costs: |
||||||||||||||||
Policy benefits and claims incurred |
29.6 |
20.6 |
59.0 |
48.0 |
||||||||||||
Underwriting and other expenses |
24.7 |
24.8 |
48.4 |
46.0 |
||||||||||||
Total operating costs |
54.3 |
45.4 |
107.4 |
94.0 |
||||||||||||
Operating income |
$ |
6.4 |
$ |
9.5 |
$ |
12.2 |
$ |
14.5 |
||||||||
Additional data: |
||||||||||||||||
Loss ratio |
54.8 |
% |
42.8 |
% |
55.4 |
% |
50.6 |
% |
||||||||
Operating expense ratio |
45.7 |
% |
51.6 |
% |
45.4 |
% |
48.5 |
% |
||||||||
Three months ended June 30, |
Six months ended June 30, |
|||||||||||||||
(dollar in millions) |
2021 |
2020 |
2021 |
2020 |
||||||||||||
Operating revenues |
||||||||||||||||
Premiums earned, net: |
||||||||||||||||
Premiums written |
$ |
41.2 |
$ |
38.4 |
$ |
77.8 |
$ |
71.6 |
||||||||
Premiums ceded |
(14.4 |
) |
(14.3 |
) |
(29.4 |
) |
(30.7 |
) |
||||||||
Change in unearned premiums |
(1.5 |
) |
(1.7 |
) |
2.2 |
2.1 |
||||||||||
Premiums earned, net |
25.3 |
22.4 |
50.6 |
43.0 |
||||||||||||
Net investment income |
2.3 |
2.3 |
4.3 |
4.4 |
||||||||||||
Total operating revenues |
27.6 |
24.7 |
54.9 |
47.4 |
||||||||||||
Operating costs |
||||||||||||||||
Claims incurred |
11.6 |
6.5 |
21.1 |
17.4 |
||||||||||||
Underwriting and other expenses |
14.0 |
11.5 |
28.0 |
23.5 |
||||||||||||
Total operating costs |
25.6 |
18.0 |
49.1 |
40.9 |
||||||||||||
Operating income |
$ |
2.0 |
$ |
6.7 |
$ |
5.8 |
$ |
6.5 |
||||||||
Additional data: |
||||||||||||||||
Loss ratio |
45.8 |
% |
29.0 |
% |
41.7 |
% |
40.5 |
% |
||||||||
Operating expense ratio |
55.3 |
% |
51.3 |
% |
55.3 |
% |
54.7 |
% |
||||||||
Six months ended June 30, |
||||||||
(dollar in millions) |
2021 |
2020 |
||||||
Sources (uses) of cash: |
||||||||
Cash provided by operating activities |
$ |
75.0 |
$ |
170.3 |
||||
Net purchases of investment securities |
(64.3 |
) |
(105.6 |
) |
||||
Net capital expenditures |
(11.2 |
) |
(45.9 |
) |
||||
Capital contribution on equity method investees |
- |
(4.9 |
) |
|||||
Proceeds from long-term borrowings |
- |
30.8 |
||||||
Payments of long-term borrowings |
(2.2 |
) |
(1.6 |
) |
||||
Net change in short-term borrowings |
15.0 |
(39.0 |
) |
|||||
Proceeds from policyholder deposits |
9.5 |
16.4 |
||||||
Surrenders of policyholder deposits |
(5.6 |
) |
(8.2 |
) |
||||
Repurchase and retirement of common stock |
- |
(14.9 |
) |
|||||
Other |
47.2 |
33.8 |
||||||
Net increase in cash and cash equivalents |
$ |
63.4 |
$ |
31.2 |
||||
| Item 3. | Quantitative and Qualitative Disclosures about Market Risk |
| Item 4. | Controls and Procedures |
| Item 1. | Legal Proceedings |
| Item 1A. | Risk Factors |
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
(Dollar amounts in millions, except per share data) |
Total Number of Shares Purchased (1) |
Average Price Paid per Share |
Total Number of Shares Purchased as Part of Publicly Announced Programs |
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Programs |
||||||||||||
April 1, 2021 to April 30, 2021 |
- |
$ |
- |
- |
$ |
- |
||||||||||
May 1, 2021 to May 31, 2021 |
- |
- |
- |
- |
||||||||||||
June 1, 2021 to June 30, 2021 |
20,823 |
23.15 |
- |
- |
||||||||||||
| Item 3. | Defaults Upon Senior Securities |
| Item 4. | Mine Safety Disclosures |
| Item 5. | Other Information |
| Item 6. | Exhibits |
Exhibits |
Description |
11 |
Statement re computation of per share earnings; an exhibit describing the computation of the earnings per share for the three and six months ended June 30, 2021 and 2020 has been omitted as the detail necessary to determine the computation of earnings per share can be clearly determined from the material contained in Part I of this Quarterly Report on Form 10-Q. |
Certification of the President and Chief Executive Officer required by Rule 13a-14(a)/15d-14(a). |
|
Certification of the Executive Vice President and Chief Financial Officer required by Rule 13a-14(a)/15d-14(a). |
|
Certification of the President and Chief Executive Officer required pursuant to 18 U.S.C Section 1350. |
|
Certification of the Executive Vice President and Chief Financial Officer required pursuant to 18 U.S.C Section 1350. |
Triple-S Management Corporation |
|||||
Registrant |
|||||
Date: |
August 5, 2021 |
By: |
/s/ Roberto García-Rodríguez |
||
Roberto García-Rodríguez |
|||||
President and Chief Executive Officer |
|||||
Date: |
August 5, 2021 |
By: |
/s/ Victor J. Haddock-Morales |
||
Victor J. Haddock-Morales |
|||||
Executive Vice President and Chief Financial Officer |
|||||
| 1. |
I have reviewed this quarterly report on Form 10-Q of Triple-S Management Corporation;
|
| 2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in
light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
| 3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition,
results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
| 4. |
The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules
13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
| a. |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material
information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
| b. |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
| c. |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure
controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
| d. |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that
has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
| 5. |
The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s
auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
| a. |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely
affect the registrant’s ability to record, process, summarize and report financial information; and
|
| b. |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
|
Date:
|
August 5, 2021
|
By:
|
/s/ Roberto García-Rodríguez
|
||
|
Roberto García-Rodríguez
|
|||||
|
President and Chief Executive Officer
|
|||||
| 1. |
I have reviewed this quarterly report on Form 10-Q of Triple-S Management Corporation;
|
| 2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in
light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
| 3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition,
results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
| 4. |
The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules
13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
| a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material
information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
| b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
| c) |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure
controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
| d) |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that
has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
| 5. |
The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s
auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
| a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely
affect the registrant’s ability to record, process, summarize and report financial information; and
|
| b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
|
Date:
|
August 5, 2021
|
By:
|
/s/ Victor J. Haddock-Morales
|
||
|
Victor J. Haddock-Morales
|
|||||
|
Executive Vice President and Chief Financial Officer
|
|||||
| a) |
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
| b) |
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
|
Date:
|
August 5, 2021
|
By:
|
/s/ Roberto García-Rodríguez
|
||
|
Roberto García-Rodríguez
|
|||||
|
President and Chief Executive Officer
|
|||||
| a) |
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
| b) |
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
|
Date:
|
August 5, 2021
|
By:
|
/s/ Victor J. Haddock-Morales
|
||
|
Victor J. Haddock-Morales
|
|||||
|
Executive Vice President and Chief Financial Officer
|
|||||
Condensed Consolidated Interim Balance Sheets (Unaudited) (Parenthetical) - $ / shares |
Jun. 30, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Triple-S Management Corporation stockholders' equity | ||
| Common stock, par value (in dollars per share) | $ 1 | $ 1 |
| Common stock, authorized (in shares) | 100,000,000 | 100,000,000 |
| Common stock, issued (in shares) | 23,796,037 | 23,430,292 |
| Common stock, outstanding (in shares) | 23,796,037 | 23,430,292 |
Condensed Consolidated Interim Statements of Earnings (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
| Revenues | ||||
| Premiums earned, net | $ 987,880 | $ 858,535 | $ 1,996,316 | $ 1,734,432 |
| Administrative service fees | 2,676 | 2,809 | 5,441 | 5,003 |
| Net investment income | 14,960 | 13,815 | 28,606 | 28,126 |
| Other operating revenues | 1,817 | 303 | 4,593 | 4,342 |
| Total operating revenues | 1,007,333 | 875,462 | 2,034,956 | 1,771,903 |
| Net realized investment gains (losses) | 2,514 | (221) | 2,731 | (687) |
| Net unrealized investment gains (losses) on equity investments | 12,743 | 28,338 | 21,295 | (28,468) |
| Other income, net | 4,851 | 801 | 7,962 | 4,406 |
| Total revenues | 1,027,441 | 904,380 | 2,066,944 | 1,747,154 |
| Benefits and expenses | ||||
| Claims incurred, net of reinsurance | 844,064 | 653,087 | 1,694,622 | 1,367,609 |
| Operating expenses | 151,253 | 178,659 | 302,354 | 340,860 |
| Total operating costs | 995,317 | 831,746 | 1,996,976 | 1,708,469 |
| Interest expense | 2,217 | 1,864 | 4,209 | 3,717 |
| Total benefits and expenses | 997,534 | 833,610 | 2,001,185 | 1,712,186 |
| Income before taxes | 29,907 | 70,770 | 65,759 | 34,968 |
| Income tax expense | 6,353 | 27,181 | 18,898 | 17,531 |
| Net income | 23,554 | 43,589 | 46,861 | 17,437 |
| Net loss attributable to non-controlling interest | 6 | 10 | 9 | 17 |
| Net income attributable to Triple-S Management Corporation | $ 23,560 | $ 43,599 | $ 46,870 | $ 17,454 |
| Earnings per share attributable to Triple-S Management Corporation | ||||
| Basic net income per share (in dollars per share) | $ 1.00 | $ 1.88 | $ 2.01 | $ 0.75 |
| Diluted net income per share (in dollars per share) | $ 1.00 | $ 1.87 | $ 1.99 | $ 0.75 |
Condensed Consolidated Interim Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
| Condensed Consolidated Interim Statements of Comprehensive Income (Unaudited) [Abstract] | ||||
| Net income | $ 23,554 | $ 43,589 | $ 46,861 | $ 17,437 |
| Other comprehensive income (loss), net of tax: | ||||
| Net unrealized change in fair value of available-for-sale securities, net of taxes | 2,263 | 11,401 | (14,290) | 27,280 |
| Defined benefit pension plan: | ||||
| Actuarial loss, net | 609 | 153 | 1,218 | 306 |
| Total other comprehensive income (loss), net of tax | 2,872 | 11,554 | (13,072) | 27,586 |
| Comprehensive income | 26,426 | 55,143 | 33,789 | 45,023 |
| Comprehensive loss attributable to non-controlling interest | 6 | 10 | 9 | 17 |
| Comprehensive income attributable to Triple-S Management Corporation | $ 26,432 | $ 55,153 | $ 33,798 | $ 45,040 |
Condensed Consolidated Interim 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 |
Cumulative Effect, Period of Adoption, Adjustment [Member]
Common Stock [Member]
Class A Common Stock [Member]
|
Cumulative Effect, Period of Adoption, Adjustment [Member]
Common Stock [Member]
Class B Common Stock [Member]
|
Cumulative Effect, Period of Adoption, Adjustment [Member]
Additional Paid-in Capital [Member]
|
Cumulative Effect, Period of Adoption, Adjustment [Member]
Retained Earnings [Member]
|
Cumulative Effect, Period of Adoption, Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
|
Cumulative Effect, Period of Adoption, Adjustment [Member]
Triple-S Management Corporation [Member]
|
Cumulative Effect, Period of Adoption, Adjustment [Member]
Noncontrolling Interest in Consolidated Subsidiary [Member]
|
Cumulative Effect, Period of Adoption, Adjustment [Member] |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance at Dec. 31, 2019 | $ 0 | $ 23,800 | $ 60,504 | $ 830,198 | $ 29,363 | $ 943,865 | $ (693) | $ 943,172 | ||||||||
| Balance (ASU 2016-01 [Member]) at Dec. 31, 2019 | $ 0 | $ 0 | $ 0 | $ (166) | $ 0 | $ (166) | $ 0 | $ (166) | ||||||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
| Share-based compensation | 0 | 590 | 1,769 | 0 | 0 | 2,359 | 0 | 2,359 | ||||||||
| Repurchase and retirement of common stock | 0 | (584) | (8,511) | 0 | 0 | (9,095) | 0 | (9,095) | ||||||||
| Comprehensive income (loss) | 0 | 0 | 0 | (26,145) | 16,032 | (10,113) | (7) | (10,120) | ||||||||
| Balance at Mar. 31, 2020 | 0 | 23,806 | 53,762 | 803,887 | 45,395 | 926,850 | (700) | 926,150 | ||||||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
| Share-based compensation | 0 | 7 | 4,228 | 0 | 0 | 4,235 | 0 | 4,235 | ||||||||
| Repurchase and retirement of common stock | 0 | (375) | (5,618) | 0 | 0 | (5,993) | 0 | (5,993) | ||||||||
| Comprehensive income (loss) | 0 | 0 | 0 | 43,599 | 11,554 | 55,153 | (10) | 55,143 | ||||||||
| Balance at Jun. 30, 2020 | 0 | 23,438 | 52,372 | 847,486 | 56,949 | 980,245 | (710) | 979,535 | ||||||||
| Balance at Dec. 31, 2020 | 0 | 23,430 | 57,399 | 897,221 | (9,820) | 968,230 | (717) | 967,513 | ||||||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
| Share-based compensation | 0 | 250 | 932 | 0 | 0 | 1,182 | 0 | 1,182 | ||||||||
| Comprehensive income (loss) | 0 | 0 | 0 | 23,310 | (15,944) | 7,366 | (3) | 7,363 | ||||||||
| Balance at Mar. 31, 2021 | 0 | 23,680 | 58,331 | 920,531 | (25,764) | 976,778 | (720) | 976,058 | ||||||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
| Share-based compensation | 0 | 137 | 2,614 | 0 | 0 | 2,751 | 0 | 2,751 | ||||||||
| Repurchase and retirement of common stock | 0 | (21) | (461) | 0 | 0 | (482) | 0 | (482) | ||||||||
| Comprehensive income (loss) | 0 | 0 | 0 | 23,560 | 2,872 | 26,432 | (6) | 26,426 | ||||||||
| Balance at Jun. 30, 2021 | $ 0 | $ 23,796 | $ 60,484 | $ 944,091 | $ (22,892) | $ 1,005,479 | $ (726) | $ 1,004,753 |
Basis of Presentation |
6 Months Ended | ||
|---|---|---|---|
Jun. 30, 2021 | |||
| Basis of Presentation [Abstract] | |||
| Basis of Presentation |
The accompanying condensed consolidated interim financial statements prepared by Triple-S Management Corporation (Triple-S, TSM, the Company, the Corporation, we, us or our) and its subsidiaries are unaudited. 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). Accordingly, these condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.
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 and six months ended June 30, 2021 are not necessarily indicative of the results for the full year ending December 31, 2021.
|
Significant Accounting Policies |
6 Months Ended | ||
|---|---|---|---|
Jun. 30, 2021 | |||
| Significant Accounting Policies [Abstract] | |||
| Significant Accounting Policies |
Recently Adopted Accounting Standards
On August 28, 2018, the Financial Accounting Standards Board (FASB) issued guidance for Compensation – Retirement Benefits – Defined Benefit Plans – General which addresses changes to the disclosure requirement for defined benefit plans. The amendments in this guidance modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. Specifically, the guidance removes certain disclosure requirements, including the amounts of accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost over the next fiscal year, related-party disclosures concerning the amount of future annual benefits covered by an insurance and annuity contracts and significant transactions between the employer and related-parties and the plan, and adds other disclosures including the weighted-average interest crediting rates for cash balance plans and other plans with promised interest crediting rates, and an explanation for the reasons for significant gains and losses related to changes in the benefit obligation for the period. The Company adopted the standard effective January 1, 2021. The adoption of this guidance did not have a material impact on the presentation and disclosures of the Company’s consolidated financial statements.
On December 18, 2019, the FASB issued Accounting Standard Update (ASU) 2019-12: Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this update simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. Also, the amendments simplify the accounting for income taxes by requiring the following: (1) that an entity recognize a franchise tax that is partially based on income in accordance with Topic 740 and account for any incremental amount incurred as a non-income-based tax; (2) that an entity evaluate when a step-up in the tax basis of Goodwill should be considered part of the business combination in which the book goodwill was originally recognized and when it should instead be considered a separate transaction; and (3) that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that included the enactment date. The Company adopted the standard effective January 1, 2021. The adoption of this guidance did not have a material impact on the results of the Company’s consolidated financial statements.
On January 16, 2020, the FASB issued guidance to clarify the interaction between the accounting standards on recognition and measurement of financial instruments in Topic 321: Investments – Equity Securities, the one on equity method investments in Topic 323: Investments – Equity Method and Joint Ventures, and forward contracts and purchased options in Topic 815: Derivatives and Hedging. The amendments clarify that upon an increase or decrease in level of ownership or degree of influence, a company should remeasure the interest held in the investee to take into account observable transactions immediately before applying or discontinuing the equity method of accounting under Topic 323. The guidance also clarifies that an entity should not consider whether, upon the settlement of the forward contract or exercise of the purchase option, individually or with existing investments, the underlying securities would be accounted for under the equity method in Topic 323 or the fair value option. The Company adopted the standard effective January 1, 2021. The adoption of this guidance did not have a material impact on the results of the Company’s consolidated financial statements.
Future Adoptions of Accounting Standards
On January 7, 2021, the FASB issued ASU 2021-01: Reference Rate Reform (Topic 848): Scope Refinement – to clarify the scope of the recent reference reform guidance in Topic 848. This ASU refines the scope of Topic 848 and clarifies that certain optional expedients and exceptions therein for contract modifications and hedge accounting apply to contracts that are affected by the discounting transition. Specifically, modifications related to reference rate reform would not be considered an event that requires reassessment of previous accounting conclusions. The ASU also amends the expedients and exceptions in Topic 848 to capture the incremental consequences of the scope clarification and to tailor the existing guidance to derivative instruments affected by the discounting transition. The amendments in the ASU are effective immediately for all entities. The Company is currently in the process of identifying its LIBOR-based contracts that will be affected by the phase-out of LIBOR and expects to use the optional expedients provided in this ASU.
Other than the accounting pronouncements disclosed above, there were no other new accounting pronouncements issued during the three and six months ended June 30, 2021 that could have a material impact on the Company’s financial position, operating results or financials statement disclosures.
|
Investment in Securities |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment in Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment in Securities |
The amortized cost for debt securities and alternative investments, gross unrealized gains and losses, and estimated fair value for the Company’s investments in securities by major security type and class of security as of June 30, 2021 and December 31, 2020, were as follows:
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, 2021 and December 31, 2020 were as follows:
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 allowances for credit losses may be recorded in future periods. The Company 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.
Maturities of investment securities classified as available-for-sale and held-to-maturity were as follows:
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.
Investments with an amortized cost of $220,696 and $227,890 (fair value of $236,233 and $250,088) at June 30, 2021 and December 31, 2020, respectively were pledged with the Federal Home Loan Bank of New York (FHLBNY) to secure short-term borrowings.
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Realized and Unrealized Gains (Losses) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Realized and Unrealized Gains (Losses) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Realized and Unrealized Gains (Losses) |
Information regarding realized and unrealized gains and losses from investments is as follows:
The gross losses from impaired securities during the six months ended June 30, 2020 are related to an equity method investment held by the Company.
The change in deferred tax asset (liability) on unrealized gains (losses) recognized in Accumulated Other Comprehensive Income during the six months ended June 30, 2021 and 2020 was $3,290 and ($7,205), respectively.
As of June 30, 2021 and December 31, 2020, no individual investment in securities exceeded 10% of stockholders’ equity.
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Premiums and Other Receivables, Net |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Premiums and Other Receivables, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Premiums and Other Receivables, Net |
Premiums and Other Receivables, Net were as follows:
As of June 30, 2021 and December 31, 2020, the Company had premiums and other receivables of $79,211 and $53,397, respectively, from the Government of Puerto Rico, including its agencies, municipalities and public corporations. The related allowance for doubtful receivables as of June 30, 2021 and December 31, 2020 were $24,563 and $23,752, respectively.
Reinsurance recoverable as of June 30, 2021 and December 31, 2020 includes $124,877 and $172,021, respectively, related to catastrophe losses covered by the Property and Casualty segment’s reinsurance program.
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Fair Value Measurements |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements |
Our condensed Consolidated Balance Sheets include the following financial instruments: fixed-maturities available-for-sale, equity investments, policy loans, policyholder deposits, short-term borrowings and long-term borrowings. We consider the carrying amounts of policy loans, policyholder deposits, short-term borrowings and long-term borrowings to approximate their fair value and are considered Level 2 financial instruments. 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 2020 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:
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.
There were no transfers between Levels 1 and 2 during the three and six months ended June 30, 2021 and the year ended December 31, 2020.
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 and six months ended June 30 is as follows:
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
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Claim Liabilities |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Claim Liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Claim Liabilities |
The tables below present a reconciliation of the beginning and ending balances of Claim Liabilities during the six months ended June 30:
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 favorable developments in the claims incurred and loss-adjustment expenses for prior-period insured events for the six months ended June 30, 2021 and 2020 were primarily due to better than expected utilization trends. Reinsurance recoverable on unpaid claims is reported as Premium and Other Receivables, Net in the accompanying consolidated financial statements.
The claims incurred disclosed in the table above exclude the portion of the change in the liability for future policy benefits amounting to $10,767 and $21,413 during the three months and six months ended June 30, 2021, respectively, and $4,746 and $14,069 during the three months and six months ended June 30, 2020, respectively, which is included within the consolidated Claims Incurred.
The following is information about incurred and paid claims development, net of reinsurance, as of June 30, 2021, as well as cumulative claim frequency. Additional information presented includes total incurred-but-not-reported liabilities plus expected development on reported claims which is included within the net incurred claims amounts.
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Short-Term Borrowings |
6 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||
| Short-Term Borrowings [Abstract] | |||||||||
| Short-Term Borrowings |
The Company has several short-term facilities available to address timing differences between cash receipts and disbursements, consisting of collateralized advances from FHLBNY and a revolving credit facility.
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Pension Plan |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pension Plan [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pension Plan |
The components of net periodic benefit cost were as follows:
Employer Contributions: The Company disclosed in its audited consolidated financial statements for the year ended December 31, 2020 that it expected to contribute $10,000 to the pension program in 2021. As of June 30, 2021, the Company has contributed $10,000 to the pension program.
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Reinsurance |
6 Months Ended | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||
| Reinsurance [Abstract] | |||||||||||||||
| 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 $14,471 and $14,310 for the three months ended June 30, 2021 and 2020, respectively, and $29,454 and $30,717 for the six months ended June 30, 2021 and 2020, respectively. (Refunded) ceded incurred losses and loss adjustment expenses during the three months and six months ended June 30, 2021 and 2020 were $(323) and $1,565, respectively, and $(267) and $39,956, respectively. The ceded incurred losses and loss adjustment expenses for the six months ended June 30, 2020 include $40,000 related to earthquake losses ceded under catastrophe reinsurance.
Principal reinsurance agreements are as follows:
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, 2021 for a twelve-month period ending March 31, 2022. Other contracts that expired on January 1, 2021 were renewed.
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Comprehensive Income (Loss) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Comprehensive Income (Loss) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Comprehensive Income (Loss) |
The accumulated balances for each classification of other comprehensive income (loss), net of tax, are as follows:
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Share-Based Compensation |
6 Months Ended | ||
|---|---|---|---|
Jun. 30, 2021 | |||
| Share-Based Compensation [Abstract] | |||
| Share-Based Compensation |
Share-based compensation expense recorded during the three months ended June 30, 2021 and 2020 was $2,751 and $4,235, respectively. Share-based compensation expense recorded during the six months ended June 30, 2021 and 2020 was $3,933 and $6,594, respectively. During the three and six months ended June 30, 2021, 20,823 shares were repurchased and retired as the result of non-cash tax withholdings upon vesting of shares. During the six months ended June 30, 2020, 6,882 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, 2020.
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Net Income Available to Stockholders and Net Income per Share |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Income Available to Stockholders and Net Income per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Income Available to Stockholders and Net Income per Share |
The following table sets forth the computation of basic and diluted earnings per share:
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Segment Information |
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Information |
The operations of the Company are conducted principally through three reportable 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 and Net Investment Income. Operating costs include Claims Incurred and Operating Expenses. The Company 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, 2021 and 2020:
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Subsequent Events |
6 Months Ended | ||
|---|---|---|---|
Jun. 30, 2021 | |||
| Subsequent Events [Abstract] | |||
| Subsequent Events |
The Company evaluated subsequent events through the date the unaudited condensed consolidated interim financial statements were issued. No events, other than those described in these notes, have occurred that require adjustment or disclosure pursuant to current Accounting Standard Codification.
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Basis of Presentation (Policies) |
6 Months Ended |
|---|---|
Jun. 30, 2021 | |
| Basis of Presentation [Abstract] | |
| Basis of Presentation |
The accompanying condensed consolidated interim financial statements prepared by Triple-S Management Corporation (Triple-S, TSM, the Company, the Corporation, we, us or our) and its subsidiaries are unaudited. 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). Accordingly, these condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.
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 and six months ended June 30, 2021 are not necessarily indicative of the results for the full year ending December 31, 2021.
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Significant Accounting Policies (Policies) |
6 Months Ended |
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Jun. 30, 2021 | |
| Significant Accounting Policies [Abstract] | |
| Recently Adopted Accounting Standards and Future Adoptions of Accounting Standards |
Recently Adopted Accounting Standards
On August 28, 2018, the Financial Accounting Standards Board (FASB) issued guidance for Compensation – Retirement Benefits – Defined Benefit Plans – General which addresses changes to the disclosure requirement for defined benefit plans. The amendments in this guidance modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. Specifically, the guidance removes certain disclosure requirements, including the amounts of accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost over the next fiscal year, related-party disclosures concerning the amount of future annual benefits covered by an insurance and annuity contracts and significant transactions between the employer and related-parties and the plan, and adds other disclosures including the weighted-average interest crediting rates for cash balance plans and other plans with promised interest crediting rates, and an explanation for the reasons for significant gains and losses related to changes in the benefit obligation for the period. The Company adopted the standard effective January 1, 2021. The adoption of this guidance did not have a material impact on the presentation and disclosures of the Company’s consolidated financial statements.
On December 18, 2019, the FASB issued Accounting Standard Update (ASU) 2019-12: Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this update simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. Also, the amendments simplify the accounting for income taxes by requiring the following: (1) that an entity recognize a franchise tax that is partially based on income in accordance with Topic 740 and account for any incremental amount incurred as a non-income-based tax; (2) that an entity evaluate when a step-up in the tax basis of Goodwill should be considered part of the business combination in which the book goodwill was originally recognized and when it should instead be considered a separate transaction; and (3) that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that included the enactment date. The Company adopted the standard effective January 1, 2021. The adoption of this guidance did not have a material impact on the results of the Company’s consolidated financial statements.
On January 16, 2020, the FASB issued guidance to clarify the interaction between the accounting standards on recognition and measurement of financial instruments in Topic 321: Investments – Equity Securities, the one on equity method investments in Topic 323: Investments – Equity Method and Joint Ventures, and forward contracts and purchased options in Topic 815: Derivatives and Hedging. The amendments clarify that upon an increase or decrease in level of ownership or degree of influence, a company should remeasure the interest held in the investee to take into account observable transactions immediately before applying or discontinuing the equity method of accounting under Topic 323. The guidance also clarifies that an entity should not consider whether, upon the settlement of the forward contract or exercise of the purchase option, individually or with existing investments, the underlying securities would be accounted for under the equity method in Topic 323 or the fair value option. The Company adopted the standard effective January 1, 2021. The adoption of this guidance did not have a material impact on the results of the Company’s consolidated financial statements.
Future Adoptions of Accounting Standards
On January 7, 2021, the FASB issued ASU 2021-01: Reference Rate Reform (Topic 848): Scope Refinement – to clarify the scope of the recent reference reform guidance in Topic 848. This ASU refines the scope of Topic 848 and clarifies that certain optional expedients and exceptions therein for contract modifications and hedge accounting apply to contracts that are affected by the discounting transition. Specifically, modifications related to reference rate reform would not be considered an event that requires reassessment of previous accounting conclusions. The ASU also amends the expedients and exceptions in Topic 848 to capture the incremental consequences of the scope clarification and to tailor the existing guidance to derivative instruments affected by the discounting transition. The amendments in the ASU are effective immediately for all entities. The Company is currently in the process of identifying its LIBOR-based contracts that will be affected by the phase-out of LIBOR and expects to use the optional expedients provided in this ASU.
Other than the accounting pronouncements disclosed above, there were no other new accounting pronouncements issued during the three and six months ended June 30, 2021 that could have a material impact on the Company’s financial position, operating results or financials statement disclosures.
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Investment in Securities (Tables) |
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| 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 alternative investments, gross unrealized gains and losses, and estimated fair value for the Company’s investments in securities by major security type and class of security as of June 30, 2021 and December 31, 2020, were as follows:
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| Securities in Continuous Unrealized Loss Position |
Gross unrealized losses on investment securities and the estimated fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of June 30, 2021 and December 31, 2020 were as follows:
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| Maturities of Investment Securities Classified as Available for Sale and Held to Maturity |
Maturities of investment securities classified as available-for-sale and held-to-maturity were as follows:
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Realized and Unrealized Gains (Losses) (Tables) |
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| 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:
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| Changes in Net Unrealized Gains (Losses) |
The gross losses from impaired securities during the six months ended June 30, 2020 are related to an equity method investment held by the Company.
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Premiums and Other Receivables, Net (Tables) |
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| Premiums and Other Receivables, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Premium and Other Receivables, Net |
Premiums and Other Receivables, Net were as follows:
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Fair Value Measurements (Tables) |
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| 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:
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| Reconciliation of Assets Measured at Fair Value on Recurring Basis |
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 and six months ended June 30 is as follows:
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
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Claim Liabilities (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Claim Liabilities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation of Beginning and Ending Balances of Claim Liabilities |
The tables below present a reconciliation of the beginning and ending balances of Claim Liabilities during the six months ended June 30:
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| Incurred and Paid Claims Development, Net of Reinsurance and Total Incurred But Not Reported Liabilities Plus Expected Development on Reported Claims Included in Net Incurred Claims Amounts |
The following is information about incurred and paid claims development, net of reinsurance, as of June 30, 2021, as well as cumulative claim frequency. Additional information presented includes total incurred-but-not-reported liabilities plus expected development on reported claims which is included within the net incurred claims amounts.
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Pension Plan (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pension Plan [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of Net Periodic Benefit |
The components of net periodic benefit cost were as follows:
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Comprehensive Income (Loss) (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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:
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Net Income Available to Stockholders and Net Income per Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Income Available to Stockholders and Net Income per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Computation of Basic and Diluted Earnings per Share |
The following table sets forth the computation of basic and diluted earnings per share:
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Segment Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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, 2021 and 2020:
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| Operating Income (Loss) and Depreciation and Amortization Expense |
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| Assets |
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Investment in Securities, Fixed Maturities Held-to-Maturity (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Fixed-maturities held-to-maturity [Abstract] | ||
| Amortized cost | $ 1,866 | $ 1,867 |
| Gross unrealized gains | 173 | 218 |
| Gross unrealized losses | 0 | 0 |
| Estimated fair value | 2,039 | 2,085 |
| U.S. Treasury Securities and Obligations of U.S. Government Instrumentalities [Member] | ||
| Fixed-maturities held-to-maturity [Abstract] | ||
| Amortized cost | 613 | 614 |
| Gross unrealized gains | 164 | 201 |
| Gross unrealized losses | 0 | 0 |
| Estimated fair value | 777 | 815 |
| Residential Mortgage-backed Securities [Member] | ||
| Fixed-maturities held-to-maturity [Abstract] | ||
| Amortized cost | 164 | 164 |
| Gross unrealized gains | 9 | 17 |
| Gross unrealized losses | 0 | 0 |
| Estimated fair value | 173 | 181 |
| Certificates of Deposit [Member] | ||
| Fixed-maturities held-to-maturity [Abstract] | ||
| Amortized cost | 1,089 | 1,089 |
| Gross unrealized gains | 0 | 0 |
| Gross unrealized losses | 0 | 0 |
| Estimated fair value | $ 1,089 | $ 1,089 |
Investment in Securities, Other Invested Assets - Alternative Investments (Details) - Other Invested Assets - Alternative investments [Member] - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Other invested assets - Alternative investments [Abstract] | ||
| Amortized cost | $ 107,658 | $ 112,171 |
| Gross unrealized gains | 14,066 | 6,119 |
| Gross unrealized losses | (3,957) | (3,385) |
| Estimated fair value | $ 117,767 | $ 114,905 |
Premiums and Other Receivables, Net (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Premiums and Other Receivables, Net [Abstract] | ||
| Premium | $ 157,606 | $ 106,322 |
| Self-funded group receivables | 26,395 | 26,412 |
| FEHBP | 13,120 | 12,830 |
| Agent balances | 34,996 | 31,509 |
| Accrued interest | 10,171 | 10,418 |
| Reinsurance recoverable | 165,236 | 216,314 |
| Other | 128,917 | 135,774 |
| Premiums and other receivables, total | 536,441 | 539,579 |
| Less allowance for doubtful receivables [Abstract] | ||
| Premium | 37,293 | 37,231 |
| Other | 14,531 | 13,508 |
| Premiums and other receivables, allowance | 51,824 | 50,739 |
| Total premium and other receivables, net | 484,617 | 488,840 |
| Property and Casualty Insurance [Member] | ||
| Premiums and Other Receivables, Net [Abstract] | ||
| Reinsurance recoverable | 124,877 | 172,021 |
| Government of Puerto Rico [Member] | ||
| Premiums and Other Receivables, Net [Abstract] | ||
| Premiums and other receivables, total | 79,211 | 53,397 |
| Less allowance for doubtful receivables [Abstract] | ||
| Premiums and other receivables, allowance | $ 24,563 | $ 23,752 |
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, 2021 |
Jun. 30, 2021 |
Dec. 31, 2020 |
|
| 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 | 5,142 | 5,102 | |
| Unrealized gain in other accumulated comprehensive income | 57 | 97 | |
| Balance as of June 30 | $ 5,199 | $ 5,199 |
Claim Liabilities, Total Incurred But Not Reported Liabilities Plus Expected Development on Reported Claims Included in Net Incurred Claims Amounts (Details) - Managed Care [Member] $ in Thousands |
Jun. 30, 2021
USD ($)
|
|---|---|
| Incurred Year 2020 [Member] | |
| Insurance Claims Development, Net of Reinsurance [Abstract] | |
| Total of IBNR liabilities plus expected development on reported claims | $ 129,300 |
| Incurred Year 2021 [Member] | |
| Insurance Claims Development, Net of Reinsurance [Abstract] | |
| Total of IBNR liabilities plus expected development on reported claims | $ 352,651 |
Short-Term Borrowings (Details) - USD ($) $ in Thousands |
6 Months Ended | |
|---|---|---|
Jun. 30, 2021 |
Dec. 31, 2020 |
|
| Short-term Debt [Abstract] | ||
| Maximum borrowing capacity | $ 193,732 | $ 200,338 |
| Outstanding balance | $ 45,000 | $ 30,000 |
| Average interest rate of outstanding balance | 0.34% | 0.33% |
| TSS [Member] | Maximum [Member] | ||
| Short-term Debt [Abstract] | ||
| Borrowing capacity of admitted assets percentage | 30.00% | |
| TSV [Member] | Maximum [Member] | ||
| Short-term Debt [Abstract] | ||
| Borrowing capacity of admitted assets percentage | 30.00% | |
| Commercial Bank in Puerto Rico [Member] | TSA [Member] | ||
| Short-term Debt [Abstract] | ||
| Maximum borrowing capacity | $ 10,000 | |
| Outstanding balance | $ 0 | |
| Expiration date | Jun. 30, 2021 | |
| Commercial Bank in Puerto Rico [Member] | TSA [Member] | LIBOR [Member] | ||
| Short-term Debt [Abstract] | ||
| Variable rate, term | 30 days | |
| Basis spread on variable rate | 2.50% |
Pension Plan (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
|
| Components of net periodic benefit cost [Abstract] | |||||
| Interest cost | $ 1,375 | $ 1,540 | $ 2,750 | $ 3,080 | |
| Expected return on assets | (1,100) | (2,209) | (2,200) | (4,418) | |
| Amortization of actuarial loss | 975 | 244 | 1,950 | 488 | |
| Settlement loss | 1,000 | 356 | 2,000 | 712 | |
| Net periodic benefit cost | $ 2,250 | $ (69) | 4,500 | $ (138) | |
| Expected employer future contributions | $ 10,000 | ||||
| Employer contribution | $ 10,000 | ||||
Reinsurance (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
| Reinsurance [Abstract] | ||||
| Period of reinsurance contracts | 1 year | |||
| TSP [Member] | ||||
| Reinsurance [Abstract] | ||||
| Ceded premiums written | $ 14,471 | $ 14,310 | $ 29,454 | $ 30,717 |
| (Refunded) ceded incurred loss adjustment expenses | $ (323) | $ 1,565 | (267) | 39,956 |
| TSP [Member] | Catastrophe [Member] | ||||
| Reinsurance [Abstract] | ||||
| Claims ceded | $ 40,000 | |||
| Maximum amount of claim to be covered, per person | 811,450 | |||
| Amount of claim covered after retention | 816,450 | |||
| 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 | 400 | |||
| 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 | 20,000 | |||
| 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 | |||
Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
| Accumulated balances for each classification of other comprehensive income, net of tax [Roll Forward] | ||||
| Balance | $ 976,058 | $ 926,150 | $ 967,513 | $ 943,172 |
| Total other comprehensive income (loss), net of tax | 2,872 | 11,554 | (13,072) | 27,586 |
| Balance | 1,004,753 | 979,535 | 1,004,753 | 979,535 |
| Net Unrealized Gain on Securities [Member] | ||||
| Accumulated balances for each classification of other comprehensive income, net of tax [Roll Forward] | ||||
| Balance | 75,136 | 73,709 | 91,689 | 57,830 |
| Other comprehensive income (loss) before reclassifications | 4,274 | 10,681 | (12,105) | 26,730 |
| Amounts reclassified from accumulated other comprehensive (loss) income | (2,011) | 720 | (2,185) | 550 |
| Total other comprehensive income (loss), net of tax | 2,263 | 11,401 | (14,290) | 27,280 |
| Balance | 77,399 | 85,110 | 77,399 | 85,110 |
| Liability for Pension Benefits [Member] | ||||
| Accumulated balances for each classification of other comprehensive income, net of tax [Roll Forward] | ||||
| Balance | (100,900) | (28,314) | (101,509) | (28,467) |
| Amounts reclassified from accumulated other comprehensive (loss) income | 609 | 153 | 1,218 | 306 |
| Balance | (100,291) | (28,161) | (100,291) | (28,161) |
| Accumulated Other Comprehensive Income [Member] | ||||
| Accumulated balances for each classification of other comprehensive income, net of tax [Roll Forward] | ||||
| Balance | (25,764) | 45,395 | (9,820) | 29,363 |
| Other comprehensive income (loss) before reclassifications | 4,274 | 10,681 | (12,105) | 26,730 |
| Amounts reclassified from accumulated other comprehensive (loss) income | (1,402) | 873 | (967) | 856 |
| Total other comprehensive income (loss), net of tax | 2,872 | 11,554 | (13,072) | 27,586 |
| Balance | $ (22,892) | $ 56,949 | $ (22,892) | $ 56,949 |
Share-Based Compensation (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
| Share-Based Compensation [Abstract] | ||||
| Share-based compensation expense | $ 2,751 | $ 4,235 | $ 3,933 | $ 6,594 |
| Shares repurchased and retired as a result of non-cash tax withholdings upon vesting of shares (in shares) | 20,823 | 0 | 20,823 | 6,882 |
Net Income Available to Stockholders and Net Income per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
| Numerator for earnings per share [Abstract] | ||||
| Net income attributable to TSM available to stockholders | $ 23,560 | $ 43,599 | $ 46,870 | $ 17,454 |
| Denominator for basic earnings per share [Abstract] | ||||
| Weighted average of common shares (in shares) | 23,478,867 | 23,193,626 | 23,355,965 | 23,287,787 |
| Effect of dilutive securities (in shares) | 120,111 | 77,677 | 160,331 | 85,198 |
| Denominator for diluted earnings per share (in shares) | 23,598,978 | 23,271,303 | 23,516,296 | 23,372,985 |
| Basic net income per share attributable to TSM (in dollars per share) | $ 1.00 | $ 1.88 | $ 2.01 | $ 0.75 |
| Diluted net income per share attributable to TSM (in dollars per share) | $ 1.00 | $ 1.87 | $ 1.99 | $ 0.75 |
Segment Information (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | |||||
|---|---|---|---|---|---|---|---|
|
Jun. 30, 2021
USD ($)
|
Jun. 30, 2020
USD ($)
|
Jun. 30, 2021
USD ($)
Segment
|
Jun. 30, 2020
USD ($)
|
Dec. 31, 2020
USD ($)
|
|||
| Segment Information [Abstract] | |||||||
| Number of operating segments | Segment | 3 | ||||||
| Operating revenues [Abstract] | |||||||
| Premiums earned, net | $ 987,880 | $ 858,535 | $ 1,996,316 | $ 1,734,432 | |||
| Administrative service fees | 2,676 | 2,809 | 5,441 | 5,003 | |||
| Net investment income | 14,960 | 13,815 | 28,606 | 28,126 | |||
| Consolidated operating revenues | 1,007,333 | 875,462 | 2,034,956 | 1,771,903 | |||
| Operating income (loss) [Abstract] | |||||||
| Consolidated operating income | 12,016 | 43,716 | 37,980 | 63,434 | |||
| Consolidated net realized investment gains (losses) | 2,514 | (221) | 2,731 | (687) | |||
| Consolidated net unrealized investment gains (losses) on equity investments | 12,743 | 28,338 | 21,295 | (28,468) | |||
| Consolidated interest expense | (2,217) | (1,864) | (4,209) | (3,717) | |||
| Consolidated other income, net | 4,851 | 801 | 7,962 | 4,406 | |||
| Consolidated income before taxes | 29,907 | 70,770 | 65,759 | 34,968 | |||
| Depreciation and amortization expense [Abstract] | |||||||
| Depreciation and amortization expense | 3,594 | 3,837 | 7,113 | 7,744 | |||
| Assets [Abstract] | |||||||
| Assets | 3,225,462 | 3,225,462 | $ 3,088,418 | ||||
| Cash, cash equivalents, and investments | 2,116,566 | 2,116,566 | 1,985,013 | ||||
| Property and equipment, net | 136,146 | 136,146 | 131,974 | ||||
| Other assets | 99,513 | 99,513 | 86,118 | ||||
| Other Segments [Member] | |||||||
| Operating revenues [Abstract] | |||||||
| TSM operating revenues from external sources | [1] | 1,817 | 303 | 4,593 | 4,342 | ||
| Consolidated operating revenues | [1] | 6,035 | 2,310 | 12,042 | 9,384 | ||
| Operating income (loss) [Abstract] | |||||||
| Operating income (loss) | [1] | (2,334) | (2,409) | (4,432) | (2,913) | ||
| TSM operating revenues from external sources | [1] | 1,817 | 303 | 4,593 | 4,342 | ||
| Depreciation and amortization expense [Abstract] | |||||||
| Depreciation and amortization expense | [1] | 351 | 352 | 702 | 673 | ||
| Assets [Abstract] | |||||||
| Assets | [1] | 38,692 | 38,692 | 34,020 | |||
| Reportable Segment [Member] | |||||||
| Operating revenues [Abstract] | |||||||
| Consolidated operating revenues | 1,013,025 | 879,237 | 2,045,346 | 1,780,752 | |||
| Operating income (loss) [Abstract] | |||||||
| Operating income (loss) | 13,201 | 43,147 | 39,501 | 61,617 | |||
| Depreciation and amortization expense [Abstract] | |||||||
| Depreciation and amortization expense | 3,183 | 3,681 | 6,283 | 7,432 | |||
| Assets [Abstract] | |||||||
| Assets | 3,142,799 | 3,142,799 | 2,988,632 | ||||
| Reportable Segment [Member] | Managed Care [Member] | |||||||
| Operating revenues [Abstract] | |||||||
| Premiums earned, net | 909,229 | 788,773 | 1,840,659 | 1,598,059 | |||
| Administrative service fees | 2,676 | 2,809 | 5,441 | 5,003 | |||
| Net investment income | 5,890 | 4,690 | 11,000 | 9,698 | |||
| Consolidated operating revenues | 918,694 | 797,348 | 1,858,821 | 1,615,479 | |||
| Operating income (loss) [Abstract] | |||||||
| Operating income (loss) | 7,210 | 29,322 | 25,964 | 43,489 | |||
| Depreciation and amortization expense [Abstract] | |||||||
| Depreciation and amortization expense | 2,440 | 2,930 | 4,792 | 5,976 | |||
| Assets [Abstract] | |||||||
| Assets | 1,478,811 | 1,478,811 | 1,319,389 | ||||
| Reportable Segment [Member] | Life Insurance [Member] | |||||||
| Operating revenues [Abstract] | |||||||
| Premiums earned, net | 53,479 | 47,523 | 105,389 | 93,709 | |||
| Net investment income | 6,658 | 6,795 | 13,066 | 13,725 | |||
| Consolidated operating revenues | 60,723 | 54,863 | 119,630 | 108,470 | |||
| Operating income (loss) [Abstract] | |||||||
| Operating income (loss) | 6,378 | 9,457 | 12,181 | 14,506 | |||
| Depreciation and amortization expense [Abstract] | |||||||
| Depreciation and amortization expense | 318 | 308 | 645 | 580 | |||
| Assets [Abstract] | |||||||
| Assets | 1,095,606 | 1,095,606 | 1,051,819 | ||||
| Reportable Segment [Member] | Property and Casualty Insurance [Member] | |||||||
| Operating revenues [Abstract] | |||||||
| Premiums earned, net | 25,172 | 22,239 | 50,268 | 42,664 | |||
| Net investment income | 2,247 | 2,323 | 4,278 | 4,448 | |||
| Consolidated operating revenues | 27,573 | 24,716 | 54,853 | 47,419 | |||
| Operating income (loss) [Abstract] | |||||||
| Operating income (loss) | 1,947 | 6,777 | 5,788 | 6,535 | |||
| Depreciation and amortization expense [Abstract] | |||||||
| Depreciation and amortization expense | 74 | 91 | 144 | 203 | |||
| Assets [Abstract] | |||||||
| Assets | 529,690 | 529,690 | 583,404 | ||||
| Unallocated Amount to Segment [Member] | |||||||
| Operating revenues [Abstract] | |||||||
| TSM operating revenues from external sources | 165 | 7 | 262 | 255 | |||
| Operating income (loss) [Abstract] | |||||||
| TSM operating revenues from external sources | 165 | 7 | 262 | 255 | |||
| TSM unallocated operating expenses | (3,753) | (1,841) | (6,589) | (3,244) | |||
| Depreciation and amortization expense [Abstract] | |||||||
| Depreciation and amortization expense | 411 | 156 | 830 | 312 | |||
| Assets [Abstract] | |||||||
| Assets | 183,376 | 183,376 | 173,851 | ||||
| Cash, cash equivalents, and investments | 17,369 | 17,369 | 16,489 | ||||
| Property and equipment, net | 73,088 | 73,088 | 68,678 | ||||
| Other assets | 92,919 | 92,919 | 88,684 | ||||
| Intersegment Elimination [Member] | |||||||
| Operating revenues [Abstract] | |||||||
| Premiums earned, net | (1,639) | (1,775) | (3,203) | (4,062) | |||
| Consolidated operating revenues | (4,218) | (2,007) | (7,449) | (5,042) | |||
| Operating income (loss) [Abstract] | |||||||
| Elimination of TSM intersegment charges | 2,403 | 2,403 | 4,806 | 4,806 | |||
| Assets [Abstract] | |||||||
| Assets | (100,713) | (100,713) | $ (74,065) | ||||
| Intersegment Elimination [Member] | Managed Care [Member] | |||||||
| Operating revenues [Abstract] | |||||||
| Premiums earned, net | 899 | 1,076 | 1,721 | 2,719 | |||
| Intersegment Elimination [Member] | Life Insurance [Member] | |||||||
| Operating revenues [Abstract] | |||||||
| Premiums earned, net | 586 | 545 | 1,175 | 1,036 | |||
| 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] | $ 4,218 | $ 2,007 | $ 7,449 | $ 5,042 | ||
| |||||||
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