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Exhibit 13.1




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TRIPLE-S GROUP
   TRIPLE-S, INC.
  TRIPLE-C, INC.
  SEGUROS TRIPLE-S, INC.
  INTERACTIVE SYSTEMS, INC.
  SIGNATURE INSURANCE AGENCY
  SEGUROS DE VIDA TRIPLE-S, INC.
  GA LIFE




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ANTICIPATE. DIVERSIFY. EXPAND. EXPLORE. INTEGRATE. COLLABORATE. STRENGTHEN.
FOLLOWING THAT ACTION PLAN, THE TRIPLE-S GROUP STEADILY CONTINUES MOVING FORWARD.




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Financial Highlights
 (dollar amounts in thousands)
    
    2005
    
    
    2004
    
    
    2003
    
    
    2002
    
    
    2001Gross premiums*
    
    $
    1,591,109
    
    
    $
    1,478,125
    
    
    $
    1,424,522
    
    
    $
    1,387,331
    
    
    $
    1,289,773Claims incurred*
    
    
    1,404,827
    
    
    
    1,285,717
    
    
    
    1,217,156
    
    
    
    1,203,118
    
    
    
    1,147,319Operating expenses
    
    
    181,703
    
    
    
    171,879
    
    
    
    165,149
    
    
    
    148,539
    
    
    
    140,830Net income
    
    
    28,433
    
    
    
    45,803
    
    
    
    26,229
    
    
    
    48,249
    
    
    
    21,715Assets
    
    
    1,137,462
    
    
    
    919,657
    
    
    
    834,623
    
    
    
    721,892
    
    
    
    655,805Capital
    
    
    308,703
    
    
    
    301,433
    
    
    
    254,255
    
    
    
    231,664
    
    
    
    186,028Return on assets (ROA)
    
    
    2.5
    %
    
    
    5.0
    %
    
    
    3.1
    %
    
    
    6.7
    %
    
    
    3.3
    %Return on equity (ROE)
    
    
    9.2
    %
    
    
    15.2
    %
    
    
    10.3
    %
    
    
    20.8
    %
    
    
    11.7
    %Net income to premiums
    
    
    1.8
    %
    
    
    3.1
    %
    
    
    1.8
    %
    
    
    3.5
    %
    
    
    1.7
    %Underwriting gain
to premiums
    
    
    0.3
    %
    
    
    1.4
    %
    
    
    3.0
    %
    
    
    2.6
    %
    
    
    0.1
    %
 
 * Includes amounts attributable to self-funded arrangements. moving forward 2




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Triple-S Group annual report
    
    | page 3 |
   The Board of Directors approved that we take steps in order to further an initial public
offering (IPO). Again, this reflects requests made by you, our shareholders.




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The act of granting this historic dividend builds on the steps previously taken by
other Boards for the benefit of our shareholders.
     
 Wilmer Rodríguez Silva, MD
 moving forward | 4




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Triple-S Group annual report
    
    | page 5 |
   The purchase of GA Life, a company of $300 million in assets, grants us leadership in
the individual life insurance segment of the market, which adds to our existing strengths in
the area of health and property and casualty.
 
 Moving forward




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Triple-S Group annual report
    
    | page 7 |
 In 2006 we took steps to promote an initial public offering, a fundamental step that will
allow us to raise additional capital to advance the development of the Group and its geographic
expansion to other markets.




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(BAR CHART)
    
    (BAR CHART)
    
    (BAR CHART)
 Health
      moving forward 8




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Triple-S Group annual report
    
    | page 9 |property&casualty
    
    life
     Life
   Property and Casualty Products




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(BAR CHART)
    
    (BAR CHART)
    
    (BAR CHART)




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Triple-S Group annual report
    
    | page 11 |
  
 Protégete
 Seguro que sí
 Technology
    Financial Results




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Social Responsibility
  moving forward  
| 12




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Triple-S Group annual report
    
    | page 13 |
 We moved forward in a definitive manner to better serve our insured, shareholders and Puerto
Rico. As a local company, we upheld our strong commitment to the social and economic development of
Puerto Rico.
    
 Ramón M. Ruiz Comas, CPA




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Triple-S
Management Corporation
    
    | page 15 |
  President and Chief Executive Officer
Triple-C, Inc.
 President and Chief Executive Officer
Seguros Triple-S, Inc.
 President and Chief Executive Officer
Triple-S Management Corporation
 President and Chief Executive Officer
GA Life
 President and Chief Executive Officer
Interactive Systems,Inc.
 President and Chief Executive Officer
Seguros de Vida Triple-S, Inc.
 President and Chief Executive Officer
Triple-S, Inc.




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(Assistant Secretary) (Vice-President) (Treasurer) (President and CEO).




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Triple-S Group annual report
    
    | page 17 |
 (Chairman of the Board) (Assistant Treasurer) (Secretary)




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TRIPLE-S, INC.
 >
    
    Leading health insurance
company in Puerto Rico.>
    
    Provides health insurance to 1.2
million people through group
plans, direct individual plans and
the Puerto Rico Government Health
Reform.>
    
    Underwriting income increased
5.9% in a stagnant employment
market.>
    
    Launched several new products
under the Medicare Advantage
program, among them, Medicare
Óptimo and Medicare Selecto (for
Health Reform patients), and
planned the launching of
FarmaMed (Part D).>
    
    For the third consecutive year,
it continued to be the plan with
the highest satisfaction rating
among health plans held by
federal employees in Puerto Rico
and the United States.>
    
    Retention rates among health
plan group contracts rose to
97%.>
    
    Continues to be one of the most
efficient health plan companies
in the United States. Ninety
cents of every premium dollar go
to pay for direct benefits to
its health plan members, while
only 10 cents of every dollar
are used to operate the
business.>
    
    It is the leading health
plan for small businesses
on the Island.
 TRIPLE-C, INC.
 >
    
    Manages the Health Reform for
Triple-S, Inc., which has the
largest number of insured under
this government-sponsored
program.>
    
    Qualified to market and manage
the new Medicare Platino
throughout Puerto Rico for people
who are eligible under Medicaid
and Medicare Advantage programs.
This is an additional product
that will contribute to the
Groups diversification strategy.>
    
    Jointly operates with McKesson a
health information phone line
operated by nursing personnel for
Triple-S, Inc. This popular
service operates under the name
Teleconsulta.>
    
    Also in a joint venture with
McKesson, it provides these
services to other companies in
Puerto Rico and to 14 other U.S.
customers in several states.>
    
    Actively cooperated with the
Commission in studying the
healthcare system in Puerto Rico,
recommending improvements for the
current health system.>
    
    Will apply for the accreditation
of the National Committee for
Quality Assurance (NCQA) in 2007,
since it has achieved a compliance
of 79% with its national standards.
 SEGUROS DE VIDA TRIPLE-S, INC.
 >
    
    Retained its leadership in
the group life insurance
market in Puerto Rico.>
    
    Will merge with the Groups
latest acquisition, GA Life, which
holds a leadership position in the
individual life insurance market.
The merger will create a strong
leadership position in the life
insurance market.
 moving forward  
| 18




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SEGUROS TRIPLE-S, INC.
 >
    
    Record year for underwriting
income and net income.>
    
    Contributed 35% to the
Corporations net income,
advancing the diversification
strategy of Triple-S Group.>
    
    Experienced improvements in the
loss ratio of its portfolio for
the fifth consecutive year.>
    
    Confirmed its leadership in the
sale of commercial package
insurance in Puerto Rico.>
    
    Continued to be the primary
insurance company for
mortgages generated by
financial institutions.>
    
    Entered second year of its
Protégeteprogram, an innovative
effort to educate the consumer on
minimizing damages during
hurricanes and earthquakes.>
    
    Launched a new insurance
policy for small businesses.>
    
    Designed ¡Seguro que sí!, a
program to promote quality service
within the company.>
    
    Extended its claims
processing services to Caguas
and Plaza Carolina.
 INTERACTIVE SYSTEMS, INC.
 >
    
    Operates one of the largest and
more complex technological
infrastructure centers in Puerto
Rico and the Caribbean.>
    
    Processed a total of 22 million
claims in 2005 for Triple-S, Inc.>
    
    It is the leading health claims
processing business with 8,000
processing terminals in the
offices of providers and
participants.>
    
    Supported with technological
solutions the launching of
several new products under
the Medicare Advantage
program.>
    
    Provides technological
solutions to Triple-S
Group.
 SIGNATURE INSURANCE AGENCY
 >
    
    It is the third largest general
insurance agency in Puerto Rico.>
    
    The agency now becomes the key
marketing and distribution channel
for property and
casualty and life insurance products
for Triple-S Group. In so doing, it
moves forward the Groups
diversification strategy.>
    
    Began to sell Seguros Triple-S
policies at the Centro de Servicio
de Triple-S (Triple-S Service
Center) in Plaza Las Américas.>
    
    Launched De Seguropublication
for insurance brokers and agents.>
    
    Opened an office in Caguas.




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Triple-S
Management Corporation
    
    | page 21 |
         Conserva El Encanto del
Morro.




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TRIPLE-S MANAGEMENT CORPORATION
 TRIPLE-S, INC.
 TRIPLE-C, INC.
 SEGUROS DE VIDA TRIPLE-S, INC.
 SEGUROS TRIPLE-S, INC.
 INTERACTIVE SYSTEMS, INC.
 GA LIFE