EXHIBIT 21

LIST OF SUBSIDIARIES OF TRIPLE-S MANAGEMENT CORPORATION (“TSM”) *

· Triple-S Salud, Inc. (“TSS”), a wholly-owned subsidiary of TSM.

· Socios Mayores en Salud Holdings, Inc. (“SMSH”), a wholly-owned subsidiary of TSS. **

· Triple-S Advantage Solutions, Inc. (“TSAS”),  a wholly-owned subsidiary of SMSH. **

· American Health, Inc. (“AHI”), a wholly-owned subsidiary of TSAS. **

· Triple-S Vida, Inc., a wholly-owned subsidiary of TSM.

· Triple-S Propiedad, Inc., a wholly-owned subsidiary of TSM.

All of these subsidiaries are incorporated under the laws of the Commonwealth of Puerto Rico, except for SMSH, which is a Delaware corporation.

* Pursuant to Item 601(b)(21)(ii) of Regulation S-K, the names of other subsidiaries of Triple-S Management Corporation are omitted because, considered in the aggregate, they would not constitute a significant subsidiary as of the end of the year covered by this report.

** SMSH, TSAS and AHI are collectively known as American Health or AH throughout our Annual Report on Form-10-K.