Exhibit 10.3

2008-000065F

PHYSICAL HEALTH INSURANCE CONTRACT

AGREEMENT BETWEEN

Puerto Rico Health Insurance Administration (PRHIA) a public instrumentality of the Commonwealth of Puerto Rico organized pursuant to Act 72, of September 7, 1993, as amended, hereinafter referred to as the “ ADMINISTRATION ”, and represented by its Executive Director, Domingo Nevárez Ramírez, MHSA;

And

TRIPLE-S SALUD, INC., a private corporation duly organized and authorized to do business under the laws of the Commonwealth of Puerto Rico, with Employer Social Security Number 660-55-5677 , hereinafter referred to as “ INSURER ”, and represented by its Chief Executive Officer, Ms. Socorro Rivas ;

For the Provision of Health Insurance

coverage to eligible population under the

Government Health Insurance Plan

WITNESSETH

In consideration of the mutual covenants and agreements hereinafter set forth, the parties, their personal representative and successors, agree as follows:

WHEREAS: The parties