Exhibit 99.1

Part D Management Services, LLC    Financial Statements    Years Ended December 31, 2007 and 2006 and the Period    from March 21, 2005 (inception) to December 31, 2005

Contents

|Report of Independent Auditors |  | 1
|------------------------------ |  | -
|Audited Financial Statements   |  |  
|Balance Sheets                 |  | 2
|Statements of Operations       |  | 3
|Statements of Members' Equity  |  | 4
|Statements of Cash Flows       |  | 5
|Notes to Financial Statements  |  | 6

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Report of Independent Auditors

The
Board of Managers of
Part D Management Services, LLC

We
have audited the accompanying balance sheets of Part D Management Services, LLC (the Company) as of December 31, 2007 and 2006, and the related statements of
operations, members' equity, and cash flows for the years ended December 31, 2007 and 2006, and for the period from March 21, 2005 (inception) through December 31, 2005. These
financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits.

We
conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an audit of the Company's internal control over financial reporting. Our audits
included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our opinion.

In
our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Part D Management Services, LLC at
December 31, 2007 and 2006, and the results of its operations and its cash flows for the years ended December 31, 2007 and 2006, and for the period from March 21, 2005 (inception)
through December 31, 2005, in conformity with U.S. generally accepted accounting principles.

| |  | /s/ Ernst & Young LLP
| |  | ---------------------

Certified Public Accountants
Orlando, Florida
March 17, 2008

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Part D Management Services, LLC        Balance Sheets

|                                                                                |                                                   | December 31
|------------------------------------------------------------------------------- | ------------------------------------------------- | -----------
|
|
|Assets                                                                          |                                                   |            
|                                                                                | Cash and cash equivalents                         |            
|                                                                                | Accounts receivable (due from affiliates)(Note 4) |            
|                                                                                | Accounts receivable (due from others)(Note 4)     |            
|                                                                                | Prepaid expenses                                  |            
|                                                                                |                                                   |            
|Current assets                                                                  |                                                   |            
|Fixed assets (net of accumulated depreciation of $244 in 2007 and $121 in 2006) |                                                   |            
|                                                                                |                                                   |            
|Total assets                                                                    |                                                   | $          
|                                                                                |                                                   |            
|Liabilities and members' equity                                                 |                                                   |            
|Liabilities:                                                                    |                                                   |            
|                                                                                | Accrued liabilities (due to affiliates)(Note 5)   |            
|                                                                                | Accrued liabilities (due to others)(Note 5)       |            
|                                                                                |                                                   |            
|Current liabilities                                                             |                                                   |            
|Members' equity:                                                                |                                                   |            
|                                                                                | Equity, American Exchange                         |            
|                                                                                | Equity, CVS Caremark                              |            
|                                                                                |                                                   |            
|Total members' equity                                                           |                                                   |            
|                                                                                |                                                   |            
|Total liabilities and members' equity                                           |                                                   | $          
|                                                                                |                                                   |            

See
accompanying notes.

2

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Part D Management Services, LLC        Statements of Operations

|                  |                                      |   |         |         |   | Period From
March 21, 2005
(Inception) to
December 31,
2005 |       
|----------------- | ------------------------------------ | - | ------- | ------- | - | ----------------------------------------------------------- | ------
|
|
|
|Revenues:         |                                      |   |         |         |   |                                                             |       
|                  | Per member per month revenue(Note 1) |   | $       | 11,421  |   | $                                                           | 9,514 
|                  | Risk management revenue(Note 1)      |   |         | 108,948 |   |                                                             | 75,099
|                  | Rebate revenue(Note 1)               |   |         | 503     |   |                                                             | 17,307
|                  | Interest income                      |   |         | 395     |   |                                                             | 408   
|                  |                                      |   |         |         |   |                                                             |       
|Total revenues    |                                      |   | 121,267 |         |   | 102,328                                                     |       
|Expenses:         |                                      |   |         |         |   |                                                             |       
|                  | Salaries and benefits                |   |         | 1,881   |   |                                                             | 1,490 
|                  | Printing and postage                 |   |         | 2,689   |   |                                                             | 5,042 
|                  | Call center and telephone            |   |         | 1,267   |   |                                                             | 1,849 
|                  | Advertising, selling and promotional |   |         | 1,249   |   |                                                             | 669   
|                  | Other expenses                       |   |         | 853     |   |                                                             | 904   
|                  |                                      |   |         |         |   |                                                             |       
|Total expenses    |                                      |   | 7,939   |         |   | 9,954                                                       |       
|                  |                                      |   |         |         |   |                                                             |       
|Net income (loss) |                                      | $ | 113,328 |         | $ | 92,374                                                      |       
|                  |                                      |   |         |         |   |                                                             |       

See
accompanying notes.

3

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Part D Management Services, LLC        Statements of Changes in Members' Equity

|                                      |               | Equity, American Exchange |       | Equity, Caremark |   | Total |        
|------------------------------------- | ------------- | ------------------------- | ----- | ---------------- | - | ----- | -------
|
|Balance at March 21, 2005 (inception) |               | $                         |      |                  | $ |      |        
|                                      | Net loss      |                           |       | (3,980           | ) |       | (3,980 
|                                      | Contributions |                           |       | 3,000            |   |       | 3,000  
|                                      |               |                           |       |                  |   |       |        
|Balance at December 31, 2005          |               |                           | (980  | )                |   | (980  | )      
|                                      | Net income    |                           |       | 46,187           |   |       | 46,187 
|                                      | Contributions |                           |       | 1,250            |   |       | 1,250  
|                                      | Distributions |                           |       | (40,500          | ) |       | (40,500
|                                      |               |                           |       |                  |   |       |        
|Balance at December 31, 2006          |               |                           | 5,957 |                  |   | 5,957 |        
|                                      | Net income    |                           |       | 56,664           |   |       | 56,664 
|                                      | Distributions |                           |       | (61,000          | ) |       | (61,000
|                                      |               |                           |       |                  |   |       |        
|Balance at December 31, 2007          |               | $                         | 1,621 |                  | $ | 1,621 |        
|                                      |               |                           |       |                  |   |       |        

See
accompanying notes.

4

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Part D Management Services, LLC        Statements of Cash Flows

|                                                     |                                                      |                     |          |     |        | Period From
March 21, 2005
(Inception) to
December 31,
2005 |    
|---------------------------------------------------- | ---------------------------------------------------- | ------------------- | -------- | --- | ------ | ----------------------------------------------------------- | ---
|
|
|
|Operating activities                                 |                                                      |                     |          |     |        |                                                             |    
|Net income (loss)                                    |                                                      | $                   | 113,328  |     | $      | 92,374                                                      |    
|Adjustments to reconcile net income (loss) to        |                                                      |                     |          |     |        |                                                             |    
|                                                     | net cash provided by (used in) operating activities: |                     |          |     |        |                                                             |    
|                                                     | Depreciation expense                                 |                     |          | 123 |        |                                                             | 121
|                                                     | Changes in operating assets and liabilities:         |                     |          |     |        |                                                             |    
|                                                     |                                                      | Prepaid expenses    |          |     | 86     |                                                             |    
|                                                     |                                                      | Accounts receivable |          |     | 3,955  |                                                             |    
|                                                     |                                                      | Accrued expenses    |          |     | (2,028 | )                                                           |    
|                                                     |                                                      |                     |          |     |        |                                                             |    
|Net cash provided by (used in) operating activities  |                                                      |                     | 115,464  |     |        | 85,606                                                      |    
|Investing activity                                   |                                                      |                     |          |     |        |                                                             |    
|Capital expenditures                                 |                                                      |                     |         |     |        |                                                            |    
|                                                     |                                                      |                     |          |     |        |                                                             |    
|Net cash used in investing activity                  |                                                      |                     |         |     |        |                                                            |    
|Financing activities                                 |                                                      |                     |          |     |        |                                                             |    
|Cash proceeds from capital contributions             |                                                      |                     |         |     |        | 2,500                                                       |    
|Distributions to members                             |                                                      |                     | (122,000 | )   |        | (81,000                                                     | )  
|                                                     |                                                      |                     |          |     |        |                                                             |    
|Net cash (used in) provided by financing activities  |                                                      |                     | (122,000 | )   |        | (78,500                                                     | )  
|Net (decrease) increase in cash and cash equivalents |                                                      |                     | (6,536   | )   |        | 7,106                                                       |    
|Cash and cash equivalents, beginning of period       |                                                      |                     | 7,237    |     |        | 131                                                         |    
|                                                     |                                                      |                     |          |     |        |                                                             |    
|Cash and cash equivalents, end of period             |                                                      | $                   | 701      |     | $      | 7,237                                                       |    
|                                                     |                                                      |                     |          |     |        |                                                             |    

See
accompanying notes.

5

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Part D Management Services, LLC        Notes to Financial Statements        December 31, 2007 and 2006

1. Organization and Nature of Operations

Organization

Part D Management Services, LLC (PDMS) is a Delaware limited liability company formed pursuant to an operating agreement (the Operating Agreement)
between Universal American Corp. (UAC), a specialty health and life insurance holding company incorporated in the State of New York, and Caremark Rx LLC (formerly PharmaCare Management
Services, Inc.), a wholly owned subsidiary of CVS Caremark Corp (Caremark). UAC and Caremark entered into the Operating Agreement pursuant to the March 21, 2005 execution of a Master
Strategic Alliance Agreement (the Alliance Agreement) between Caremark and CHCS Services, Inc. (CHCS), a wholly owned subsidiary of Universal American Corp. (UAC). Per the Alliance Agreement,
PDMS was formed to manage and oversee a strategic alliance between Caremark, CHCS, and certain subsidiaries of UAC. The participating UAC subsidiaries include American Progressive Life & Health
Insurance Company of New York, Pennsylvania Life Insurance Company, and Marquette National Life Insurance Company (collectively, the UAC Insurance Companies). PDMS began operations on May 25,
2005.

Caremark
and UAC (the Members), through its wholly owned subsidiary, American Exchange Life Insurance Company (American Exchange), have a 50% membership interest in PDMS. Each year, PDMS
is required to distribute to each member the excess cash received during the year over its operating capital in proportion to the member's membership interest in PDMS. The timing and amount of all
other distributions are at the discretion of the Board of Managers. The Board of Managers consists of one manager appointed by UAC and one manager appointed by Caremark. The Members are not liable for
the expenses, liabilities, or obligations of PDMS beyond the amount contributed to the capital of PDMS, except as provided for by the Delaware Limited Liability Company Act.

The
Alliance Agreement is effective through December 31, 2007, and thereafter automatically renews annually for successive Medicare Part D coverage years beginning on
January 1, 2008, unless either UAC or Caremark deliver to the other party a notice of offer to purchase all of such other party's equity interest or dissolution is negotiated. On
February 13, 2008, UAC and Caremark announced that the strategic alliance will end as of December 31, 2008, subject to regulatory approvals. Upon dissolving the strategic alliance, the
economic interest of PDMS will be split equally between UAC and Caremark to match the 50% voting and ownership rights held by each entity.

Nature of Operations

The UAC Insurance Companies and Caremark entered into the Alliance Agreement to develop, implement, and operate Medicare prescription drug plans that will offer
private outpatient prescription drug benefit plans (Part D plans) to eligible Medicare beneficiaries under Part D of the Medicare program. The UAC Insurance Companies act as sponsors of
Part D plans. Caremark operates as a third-party pharmacy benefits manager for the Part D plans. The UAC Insurance Companies pharmacy benefits costs are based on rates as contracted with
Caremark. PDMS principally performs marketing and risk management services on behalf of the UAC Insurance Companies and Caremark, for which it receives fees and other remuneration (see Note 2).

6

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Part D Management Services, LLC

Notes to Financial Statements (Continued)

December 31, 2007 and 2006

2. Summary of Significant Accounting Policies

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosures of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during
the reporting period. Actual results could differ from these estimates.

Revenue Recognition

Revenues are primarily comprised of per member per month revenue, risk management revenue, and rebate revenue.

PDMS
is remunerated at an agreed upon rate for the management and marketing services it provides. PDMS earns this rate for each month of enrollment of the UAC Insurance Companies'
Part D plan enrolled members. The per member per month revenue is recognized in the period the management and marketing services have been performed.

Per
the Alliance Agreement, PDMS assumes risk related to the difference between the actual amounts paid to pharmacies for drugs dispensed to the UAC Insurance Companies' Part D
enrollees and the contracted reimbursement rates established in pharmacy benefit management agreements between the UAC Insurance Companies and Caremark. These amounts are recorded as risk management
revenue in the statements of operations in the period that the pharmacy benefit costs are incurred.

In
accordance with the Alliance Agreement, during the year ended December 31, 2006, PDMS received a portion of rebates paid to Caremark by pharmaceutical manufacturers in
connection with an agreement with the pharmaceutical manufacturers for formulary placement specifically related to the Medicare Part D plans sponsored by the UAC Insurance Companies. These
amounts are recorded as rebate revenue in the statements of operations in the period that the pharmacy benefit costs are incurred. PDMS records estimates of rebate revenue earned but not yet received
as of each month end. As a result, there is at least a reasonable possibility that recorded estimates will change by a material amount in the near term. During the year ended December 31, 2007,
PDMS recorded $503,000 in rebate revenue related to pharmacy benefit costs incurred in the 2006 Part D plan year.

For
the Part D plan year ended December 31, 2007, CMS issued clarifying guidance which required that all rebate amounts related to pharmaceutical drug benefits be recorded
by the appropriate plan sponsors and included in a risk corridor adjustment, which permits CMS and the plan sponsors to share the risk associated with the ultimate costs of the Part D benefit.
As such, PDMS did not earn rebate revenue related to the 2007 Part D plan year.

Marketing Costs

Marketing costs are expensed when the related marketing activities take place.

7

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Part D Management Services, LLC

Notes to Financial Statements (Continued)

December 31, 2007 and 2006

2. Summary of Significant Accounting Policies (Continued)

Cash and Cash Equivalents

Cash and cash equivalents consist of cash and temporary investments with maturities of three months or less when purchased.

Accounts Receivable

Accounts receivable are stated at estimated net collectible amounts.

Fair Value of Financial Instruments

The fair value of financial instruments such as cash and cash equivalents, receivables, and payables approximate their carrying value due to the
short-term nature of these instruments.

Prepaid Expenses

Prepaid expenses are costs that relate to a specific future benefit period that are recorded as a prepaid asset and expensed over the related benefit period.
Prepaid expenses at December 31, 2006 represent marketing materials held in inventory. No such inventory was on hand as of December 31, 2007.

Fixed Assets

Fixed assets are carried at cost, less accumulated depreciation, and consist of computer hardware and software. Depreciation expense is computed using the
straight-line method over the estimated useful lives, typically three years, of the underlying assets.

Maintenance
and repairs costs are charged to expense in the year incurred.

Employee Benefits

All of the costs for salaries, payroll taxes, general liability insurance, workers' compensation insurance, health insurance, 401(k) plans, etc. are initially
paid by Caremark or UAC to (or for) PDMS employees. Caremark and UAC then bill PDMS for any salary or benefit costs incurred on behalf of PDMS. Salary costs are billed to PDMS as actual costs incurred
and benefit costs are billed as an allocation.

Income Taxes

PDMS is not a taxable entity for federal income tax purposes. As such, it does not directly pay federal income taxes. PDMS's taxable income or loss is passed
through to Caremark and UAC for federal income tax reporting.

Reclassifications

Certain reclassifications were made to the 2005 and 2006 financial statements to conform to the classifications used in 2007. These reclassifications had no
impact on net income or members' equity previously reported.

8

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Part D Management Services, LLC

Notes to Financial Statements (Continued)

December 31, 2007 and 2006

3. Related-Party Transactions

As described in Note 1, PDMS has entered into agreements with related parties to provide management, marketing, and risk management services. PDMS obtains
the majority of its revenue through these agreements and services. See the statements of operations for specific amounts of revenue obtained from related parties. Amounts due to (from) related parties
as of December 31, 2007 and 2006 are disclosed in Notes 4 and 5.

4. Accounts Receivable

Accounts receivable, consisting primarily of amounts due from related parties, are as follows:

|                 |  |                                |  | December 31
|---------------- |  | ------------------------------ |  | -----------
|
|
|
|Caremark         |  | Risk management services       |  | $          
|Caremark         |  | Rebates                        |  |            
|UAC subsidiaries |  | Agent debit balances and other |  |            
|Other            |  | Other                          |  |            
|                 |  |                                |  |            
|                 |  |                                |  | $          
|                 |  |                                |  |            

5. Accrued Liabilities

Accrued liabilities, including amounts due to related parties, are as follows:

|                              |  |                                         |  | December 31
|----------------------------- |  | --------------------------------------- |  | -----------
|
|
|
|Various unrelated parties     |  | Marketing costs                         |  | $          
|Caremark                      |  | Risk management services                |  |            
|Caremark and UAC subsidiaries |  | Allocated salaries, benefits, and other |  |            
|                              |  |                                         |  |            
|                              |  |                                         |  | $          
|                              |  |                                         |  |            

At
December 31, 2006, PDMS accrued a liability of $3,472,000 due to a reduction of risk management revenue related to one pharmacy provider for Part D claims. The matter
was resolved and payment was made during the year ended December 31, 2007.

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