EXHIBIT 21

LIST OF SUBSIDIARIES OF TRIPLE-S MANAGEMENT CORPORATION

Triple-S Salud, Inc.

Triple-S Vida, Inc.

Triple-S Propiedad, Inc.

Triple-C, Inc.

Interactive Systems, Inc.

Triple-S Management Internacional, LLC

In addition, Triple-S Propiedad, Inc. has the following wholly-owned subsidiary:

Triple-s Insurance Agency, Inc.

All of these subsidiaries are incorporated under the laws of the Commonwealth of Puerto Rico.