Investor Presentation September 2020 Safe Harbor Statement *This - PowerPoint PPT Presentation

Investor Presentation September 2020

Safe Harbor Statement *This document contains forward-looking statements, as defined in the Private  Trends in health care costs and utilization rates Securities Litigation Reform Act of 1995. Forward-looking statements include  Ability to secure sufficient premium rate increases information about possible or assumed future sales, results of operations,  Competitor pricing below market trends of increasing costs developments, regulatory approvals or other circumstances. Sentences that  Re-estimates of policy and contract liabilities include "believe", "expect", "plan", "intend", "estimate", "anticipate", "project",  Changes in government laws and regulations of managed care, life "may", "will", "shall", "should" and similar expressions, whether in the positive or insurance or property and casualty insurance negative, are intended to identify forward-looking statements.  Significant acquisitions or divestitures by major competitors All forward-looking statements in this news release reflect management's current  Introduction and use of new prescription drugs and technologies views about future events and are based on assumptions and subject to risks  A downgrade in the Company's financial strength ratings and uncertainties. Consequently, actual results may differ materially from those  Litigation or legislation targeted at managed care, life insurance or expressed here as a result of various factors, including all the risks discussed property and casualty insurance companies and identified in public filings with the U.S. Securities and Exchange  Ability to contract with providers consistent with past practice Commission (SEC).  Ability to successfully implement the Company's disease In addition, the Company operates in a highly competitive, constantly changing management, utilization management and Star ratings programs environment, influenced by very large organizations that have resulted from  Ability to maintain Federal Employees, Medicare and Medicaid business combinations, aggressive marketing and pricing practices of contracts competitors, and regulatory oversight. The following factors, if markedly different  Volatility in the securities markets and investment losses and from the Company's planning assumptions (either individually or in combination), defaults could cause Triple-S Management's results to differ materially from those  General economic downturns, major disasters, and epidemics expressed in any forward-looking statements shared here: This list is not exhaustive. Management believes the forward-looking statements in this release are reasonable. However, there is no assurance that the actions, events or results anticipated by the forward-looking statements will occur or, if any of them do, what impact they will have on the Company's results of operations or financial condition. In view of these uncertainties, investors should not place undue reliance on any forward-looking statements, which are based on current expectations. In addition, forward-looking statements are based on information available the day they are made, and (other than as required by applicable law, including the securities laws of the United States) the Company does not intend to update or revise any of them in light of new information or future events. Readers are advised to carefully review and consider the various disclosures in the Company's SEC reports. 2

Investment Highlights Well positioned to Strong Well regulated market Upgrading Management team grow business as balance sheet = strong barrier to entry technology and with deep premier healthcare information managed care company in Puerto systems to expertise Rico improve healthcare leveraging management and 60+ year outcomes experience and brand equity 3

Introduction to Triple-S Who we are  Most experienced managed care organization (MCO) in Puerto Rico  Exclusive BCBS licensee for Puerto Rico, Costa Rica and U.S. Virgin Islands  NYSE: GTS Solid Financials  Premiums earned 5-year CAGR of 8.9%  2019 medical loss ratio (MLR) of 84.6%  As of June 30, 2020, approximately $141 million in cash and cash equivalents and only $55 million of long-term debt on balance sheet Recent Progress  Four consecutive years of 4.0 Star rating or higher for Medicare Advantage (MA) HMO product  Grew MA membership by over 8,200 members during 2020 open enrollment, expanded MA market share to 22%  Established ambulatory clinic network in Puerto Rico 4

Deep Senior Management Expertise Juan José Madeline Juan Arturo José Roberto Román-Jiménez Hernández-Urquiza Serrano Carrión-Crespo Del Amo-Mojica García-Rodríguez CFO & Executive VP, COO & Executive VP, Chief Strategy Officer and President President President & CEO Ancillary Business Managed Care EVP, Healthcare Delivery Triple-S Vida Triple-S Propiedad • 30+ years of • 25+ years of health • 30+ years of financial • 30+ years of health • Joined in July 2020 • 30+ years of property • 30+ years of broad life/health insurance care / legal industry and health care care and financial and casualty industry experience experience industry experience, industry experience multi-sectorial insurance experience • President of Triple-S • Has held various • Was Chief Risk Officer • Joined Triple-S in CPA experience in the • Prior to rejoining health plan, care Vida since 1998 roles since joining for Commercial and 1998 • Also spent 11 years • Grew through the Triple-S in 2008, Triple-S, was CFO of Medicaid businesses delivery and risk • Successfully at Great American including COO from EVERTEC, a NYSE- management fields ranks from Surety Life Assurance 2013-2016 listed payments reorganized Medicare across the Medicare Manager to Sr. VP of • Member of the Company of Puerto services company Advantage subsidiary, Advantage, Underwriting and • Previously spent 15 Medicaid and Rico Board of Directors leading to upgraded Claims of the Blue Cross years at Triple-S in HMO rating commercial Blue Shield various positions insurance segments. Association 5

Market Share in Puerto Rico Premiums written for all managed care segments 0% 0% 1% 1% 2018 1% 2019 2% TSS TSS 11% 10% 28% MMM MMM 27% 4% 7% MCS MCS 5% Humana Humana 4% Molina Molina 20% First Medical First Medical 22% MAPFRE MAPFRE 26% 31% Constellation PSM PSM *Based on Premiums Written per statutory filings. 6

Managed Care Market in Puerto Rico Key segments • Highest MA penetration in the nation; almost half Duals • 22% market share – significant growth opportunity Medicare Advantage • PMPM premiums = 4x Medicaid and Commercial • Strong retention and member affinity for Triple-S • Represents close to 40% of Puerto Rico population Medicaid • 30% market share, expected to grow as competitor exits • Delivers significant scale and synergies with Duals • Triple-S leads the market with approximately 40% share • We participate in all commercial sub-segments Commercial • Over 90% retention rate • Mostly PPO, fee-for-service products 7

Significantly Upgraded Medicare Advantage Product Legacy 2016-2019 2020 2013-2016 Inconsistent product Reposition HMO Plan offerings Further expanded Lack of cost control Reorganize with at least a market share 4-star rating following 2020 AEP; 2 nd consecutive year with the highest enrollment growth rate in Puerto Rico 8

Competitive MA Offering Expands Growth Opportunities… Four consecutive years of at least 4.0-star designation in HMO product - provides company with growth engine Competitive Consistency Cash Value Choice Benefits design 75% of eligible Designation Attractive benefits Continuing to consistent YOY consumers provides and superior optimize costs in but adding choose an additional provider network segment to drive innovation MA plan premium in 2020 stronger bottom line 9

…Yielding Strong Performance Membership Premiums Medical Loss Ratio (MLR) 134,600 MA 25% growth in members MA premiums in 78.1% recasted enrolled as of 2019 vs. 2018 MLR in 1H20 June 30, 2020 320 bps 9% growth in MA 24% increase improvement premiums in from 2018 year- from prior year 1H20 vs. 1H19 end membership 10

Growth in Re-designed Medicaid Program • Puerto Rico government established new Medicaid Membership model in November 2018, with a single, island-wide region where beneficiaries can 400,000 choose their MCO 355,512 364,157 • Grew from initial membership of 288,292 318,616 288k to 364k in 2nd quarter of 2020, or 30% of the 1.2 million program beneficiaries • Expected to reach 400k members by December 2020, as competitor exits the program • Contract negotiations in progress, with Nov-18 Dec-18 Mar-20 Jun-20 Dec-20 expected increase in rates retroactive to estimate End of period July 1, 2020 11