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| Puerto Rico(STATE OF INCORPORATION) | 66-0555678(I.R.S. ID) |
|-------------------------------------|-----------------------|
| Title of each class                   | Name of each exchange on which registered |
|---------------------------------------|-------------------------------------------|
| Class B common stock, $1.00 par value | New York Stock Exchange                   |
| Large accelerated filer  ☐ | Accelerated filer  ☑         |
|--------------------------------------------|----------------------------------------------|
| Non-accelerated filer  ☐   | Smaller reporting company  ☐ |

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| Item 15. Exhibits and Financial Statements Schedules | 4      |
|------------------------------------------------------|--------|
| SIGNATURES                                           | 8      |
| EXHIBIT 10.1                                         |   |
| EX-31.1                                              |   |
| EX-31.2                                              |   |
| EX-32.1                                              |   |
| EX-32.2                                              |   |

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Table of Contents

| Financial Statements | Description                                                                                                     |
|----------------------|-----------------------------------------------------------------------------------------------------------------|
|                 |                                                                                                            |
| F-1                  | Report of Independent Registered Public Accounting Firm                                                         |
|                 |                                                                                                            |
| F-2                  | Consolidated Balance Sheets as of December 31, 2014 and 2013                                                    |
|                 |                                                                                                            |
| F-3                  | Consolidated Statements of Earnings for the years ended December 31, 2014, 2013 and 2012              |
|                 |                                                                                                            |
| F-4                  | Consolidated Statements of Comprehensive Income for the years ended December 31, 2014, 2013 and 2012       |
|                 |                                                                                                            |
| F-5                  | Consolidated Statements of Stockholders’ Equity for the years ended December 31, 2014, 2013 and 2012 |
|                 |                                                                                                            |
| F-6                  | Consolidated Statements of Cash Flows for the years ended December 31, 2014, 2013 and 2012            |
|                 |                                                                                                            |
| F-7                  | Notes to Consolidated Financial Statements – December 31, 2014, 2013 and 2012                   |
| Financial Statements Schedules | Description                                                           |
|--------------------------------|-----------------------------------------------------------------------|
|                           |                                                                  |
| S-1                            | Schedule II – Condensed Financial Information of the Registrant |
|                           |                                                                  |
| S-2                            | Schedule III – Supplementary Insurance Information              |
|                           |                                                                  |
| S-3                            | Schedule IV – Reinsurance                                       |
|                           |                                                                  |
| S-4                            | Schedule V – Valuation and Qualifying Accounts                  |
| Exhibits | Description                                                                                                                                                                                                                                                               |
|----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|     |                                                                                                                                                                                                                                                                      |
| 3(i)(a)  | Amended and Restated Articles of Incorporation (incorporated herein by reference to Exhibit 3(i)(d) to TSM’s Annual Report on Form 10-K for the Year Ended December 31, 2007 (File No. 001-33865).                                                                  |
|     |                                                                                                                                                                                                                                                                      |
| 3(i)(b)  | Amendment to Article Tenth of the Amended and Restated Articles of Incorporation of Triple-S Management Corporation, incorporated by reference to Exhibit 3(i)(b) to TSM’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2008 (File No. 001-33865). |
|     |                                                                                                                                                                                                                                                                      |
| 3(i)(c)  | Articles of Incorporation of Triple-S Management Corporation, as currently in effect, incorporated by reference to Exhibit 3(i)(c) to TSM’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2008 (File No. 001-33865).                                |
|     |                                                                                                                                                                                                                                                                      |
| 3(ii)    | Amended and Restated Bylaws of Triple-S Management Corporation (incorporated herein by reference to Exhibit 3.1 to TSM’s Current Report on Form 8-K filed on June 11, 2010 (File No. 001-33865)).                                                                   |
|     |                                                                                                                                                                                                                                                                      |

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Table of Contents

| Exhibits | Description                                                                                                                                                                                                                                                                                                                                                                                                   |
|----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|     |                                                                                                                                                                                                                                                                                                                                                                                                          |
| 10.1*    | Agreement between the Puerto Rico Health Insurance Administration and TSS for the provision of the physical & behavioral health services under the Government Health Plan Program (File No. 001-33865)).                                                                                                                                                                                                  |
|     |                                                                                                                                                                                                                                                                                                                                                                                                          |
| 10.2     | Amended and Restated Agreement between the Puerto Rico Health Insurance Administration and TSS to administer the provision of the physical health component of the Medicaid program in designated service regions (incorporated herein by reference to Exhibit 10.1 to TSM’s Quarterly Report on Form 10-Q filed on August 8, 2013 (File No. 001-33865)).                                               |
|     |                                                                                                                                                                                                                                                                                                                                                                                                          |
| 10.3     | Amendment to the Medicare Platino Contract (Medicare Wraparound) between the Puerto Rico Health Insurance Administration and TSS for the provision of wraparound coverage to health insurance dual-eligible population until December 31, 2011 (incorporated herein by reference to Exhibit 10.4 to TSM’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2010 (File No. 001-33865)). |
|     |                                                                                                                                                                                                                                                                                                                                                                                                          |
| 10.4     | Federal Employees Health Benefits Contract (incorporated herein by reference to Exhibit 10.5 to TSM's General Form of Registration of Securities on Form 10 (File No. 001-33865)).                                                                                                                                                                                                                            |
|     |                                                                                                                                                                                                                                                                                                                                                                                                          |
| 10.5     | Credit Agreement with FirstBank Puerto Rico in the amount of $41,000,000 (incorporated herein by reference to Exhibit 10.6 to TSM's General Form of Registration of Securities on Form 10 (File No. 001-33865)).                                                                                                                                                                                              |
|     |                                                                                                                                                                                                                                                                                                                                                                                                          |
| 10.6     | Credit Agreement with FirstBank Puerto Rico in the amount of $20,000,000 (incorporated herein by reference to Exhibit 10.7 to TSM's General Form of Registration of Securities on Form 10 (File No. 001-33865)).                                                                                                                                                                               |
|     |                                                                                                                                                                                                                                                                                                                                                                                                          |
| 10.7     | Non-Contributory Retirement Program (incorporated herein by reference to Exhibit 10.8 to TSM's General Form of Registration of Securities on Form 10 (File No. 001-33865)).                                                                                                                                                                                                                                   |
|     |                                                                                                                                                                                                                                                                                                                                                                                                          |
| 10.8     | Blue Shield License Agreement by and between BCBSA and TSM, including revisions, if any, adopted by Member Plans through the November 19, 2009 meeting (incorporated herein by reference to Exhibit 10.11 to TSM’s Annual Report on Form 10-K for the year ended December 31, 2009 (File No. 001-33865)).                                                                                               |
|     |                                                                                                                                                                                                                                                                                                                                                                                                          |
| 10.9     | Blue Shield Controlled Affiliate License Agreement by and among BCBSA, TSS and TSM, including revisions, if any, adopted by Member Plans through the November 19, 2009 meeting (incorporated herein by reference to Exhibit 10.12 to TSM’s Annual Report on Form 10-K for the year ended December 31, 2009 (File No. 001-33865)).                                                                       |
|     |                                                                                                                                                                                                                                                                                                                                                                                                          |
| 10.10    | Blue Cross License Agreements by and between BCBSA and TSM, including revisions, if any, adopted by Member Plans through the November 19, 2009 meeting (incorporated herein by reference to Exhibit 10.13 to TSM’s Annual Report on Form 10-K for the year ended December 31, 2009 (File No. 001-33865)).                                                                                               |
|     |                                                                                                                                                                                                                                                                                                                                                                                                          |
| 10.11    | Blue Cross Controlled Affiliate License Agreement by and among BCBSA, TSS and TSM, including revisions, if any, adopted by Member Plans through the November 19, 2009 meeting (incorporated herein by reference to Exhibit 10.14 to TSM’s Annual Report on Form 10-K for the year ended December 31, 2009 (File No. 001-33865)).                                                                        |

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Table of Contents

| Exhibits | Description                                                                                                                                                                                                                                                                                                                                                        |
|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|     |                                                                                                                                                                                                                                                                                                                                                               |
| 10.12    | 6.30% Senior Unsecured Notes Due September 2019 Note Purchase Agreement, dated September 30, 2004, between Triple-S Management Corporation, Triple-S, Inc. and various institutional accredited investors (incorporated herein by reference to Exhibit 10.15 to TSM’s Annual Report on Form 10-K for the year ended December 31, 2005 (File No. 001-33865)). |
|     |                                                                                                                                                                                                                                                                                                                                                               |
| 10.13    | 6.60% Senior Unsecured Notes Due December 2020 Note Purchase Agreement, dated December 15, 2005, between Triple-S Management Corporation and various institutional accredited investors (incorporated herein by reference to Exhibit 10.16 to TSM’s Annual Report on Form 10-K for the year ended December 31, 2005 (File No. 001-33865)).                   |
|     |                                                                                                                                                                                                                                                                                                                                                               |
| 10.14    | 6.70% Senior Unsecured Notes Due December 2021 Note Purchase Agreement, dated January 23, 2006, between Triple-S Management Corporation and various institutional accredited investors (incorporated herein by reference to Exhibit 10.1 to TSM’s Quarterly Report on Form 10-Q for the Quarter Ended March 31, 2006 (File No. 001-33865)).                  |
|     |                                                                                                                                                                                                                                                                                                                                                               |
| 10.15    | TSM 2007 Incentive Plan, dated October 16, 2007 (incorporated herein by reference to Exhibit C to TSM’s 2007 Proxy Statement (File No. 001-33865)).                                                                                                                                                                                                          |
|     |                                                                                                                                                                                                                                                                                                                                                               |
| 10.16    | Software License and Maintenance Agreement between Quality Care Solutions, Inc, and TSS dated August 16, 2007 (incorporated herein by reference to Exhibit 10.15 to TSM’s Annual Report on Form 10-K for the year ended December 31, 2007 (File No. 001-33865)).                                                                                             |
|     |                                                                                                                                                                                                                                                                                                                                                               |
| 10.17    | Addendum Number One to the Software License and Maintenance Agreement between Quality Care Solutions, Inc, and TSS (incorporated herein by reference to Exhibit 10.15(a) to TSM’s Annual Report on Form 10-K for the year ended December 31, 2007 (File No. 001-33865)).                                                                                     |
|     |                                                                                                                                                                                                                                                                                                                                                               |
| 10.18    | Addendum Number Two to the Software License and Maintenance Agreement between Quality Care Solutions, Inc, and TSS (incorporated herein by reference to Exhibit 10.15(b) to TSM’s Annual Report on Form 10-K for the year ended December 31, 2007 (File No. 001-33865)).                                                                                     |
|     |                                                                                                                                                                                                                                                                                                                                                               |
| 10.19    | Addendum Number Three to the Software License and Maintenance Agreement between Quality Care Solutions, Inc, and TSS (incorporated herein by reference to Exhibit 10.15(c) to TSM’s Annual Report on Form 10-K for the year ended December 31, 2007 (File No. 001-33865)).                                                                                   |
|     |                                                                                                                                                                                                                                                                                                                                                               |
| 10.20    | Work Order Agreement between Quality Care Solutions, Inc. and TSS (incorporated herein by reference to Exhibit 10.16 to TSM’s Annual Report on Form 10-K for the year ended December 31, 2007 (File No. 001-33865)).                                                                                                                                         |
|     |                                                                                                                                                                                                                                                                                                                                                               |
| 10.21    | Employment Contract between Ramón M. Ruiz Comas and TSM (incorporated herein by reference to Exhibit 10.1 to TSM’s Current Report on Form 8-K filed on November 5, 2012 (File No. 001-33865)).                                                                                                                                                          |
|     |                                                                                                                                                                                                                                                                                                                                                               |
| 11.1     | Statement re computation of per share earnings; an exhibit describing the computation of the earnings per share has been omitted as the detail necessary to determine the computation of earnings per share can be clearly determined from the material contained in Part II of this Annual Report on Form 10-K.                                              |
|     |                                                                                                                                                                                                                                                                                                                                                               |
| 21       | List of Subsidiaries of TSM.                                                                                                                                                                                                                                                                                                                                       |
|     |                                                                                                                                                                                                                                                                                                                                                               |
| 23.1     | Consent of Independent Registered Public Accounting Firm (PricewaterhouseCoopers LLP).                                                                                                                                                                                                                                                                             |

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Table of Contents

| Exhibits | Description                                                                                                           |
|----------|-----------------------------------------------------------------------------------------------------------------------|
|     |                                                                                                                  |
| 31.1*    | Certification of the President and Chief Executive Officer required by Rule 13a-14(a)/15d-14(a).                 |
|     |                                                                                                                  |
| 31.2*    | Certification of the Vice President of Finance and Chief Financial Officer required by Rule 13a-14(a)/15d-14(a). |
|     |                                                                                                                  |
| 32.1*    | Certification of the President and Chief Executive Officer required pursuant to 18 U.S. Section 1350.                 |
|     |                                                                                                                  |
| 32.2*    | Certification of the Vice President of Finance and Chief Financial Officer required pursuant to 18 U.S. Section 1350. |
|     |                                                                                                                  |
| 99.1     | Incentive Compensation Recoupment Policy.                                                                             |

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Table of Contents

| By:    | /s/ Ramón M. Ruiz-Comas          |   | Date:  | March 31, 2015 |
|--------|---------------------------------------|--------|--------|----------------|
|   | Ramón M. Ruiz-Comas              |   |   |           |
|   | President and Chief Executive Officer |   |   |           |

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