A N N U A L R E P O R T G R U P O S E C U R I T Y ... - Banco Security

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Given the different nature of the companies comprising the investment in related companies, their market value normally represents
a value above book value, this multiple depending on the industry and the economic conditions these face.
Most of the rest of the assets (approximately 8.4% of total assets) is represented by the item goodwill as a result of the acquisition
of companies that are booked according to current accounting principles and which normally do not differ substantially from their
commercial value.
4. Markets in which the company operates
Grupo Security is structured into 4 principal business areas, grouping in each one in an integrated way the subsidiaries and divisions
that share common business objectives. These areas are financing, insurance, investments and asset management, and complementary
services.
Grupo Security is the parent company of a conglomerate of diversified companies with presence in the principal sectors of the
Chilean financial industry. Its subsidiaries Banco Security and Factoring Security provide financing to companies and individuals. The
subsidiaries Compañía Seguros Vida Security Previsión and Compañía de Seguros Generales Penta Security operate in the insurance
and annuities industry, while Corredora de Seguros Security and Corredora de Reaseguros CooperGay operate in the insurance and
reinsurance broking industry. Valores Security Corredores de Bolsa, Administradora General de Fondos Security, Asesorías Security and
Securitizadora Security complement the Group’s range of financial services, developing and distributing specialized financial products
and providing personalized services in investments and asset management.
The lines of business of Grupo Security in the services sector consist of real estate with Inmobiliaria Security and the travel and tourism
agency Travel Security, plus other services directed particularly for giving complementary support to the companies of Grupo Security.
The subsidiary Invest Security has thus provided since 2001 a series of services such as accounting, business risks and comptroller,
corporate culture, research, and corporate services in technology that provide the technological development and support required by
all the companies of Grupo Security.
4.1 Banking Industry
The banking industry is supervised by the Chilean Superintendency of Banks and Financial Institutions (SBIF). The entity is preparing
new accounting regulations in order for banks to prepare their financial statements according to international standards. Effective
January 31, 2008, the first stage was begun of introducing these new regulations, consisting of the replacement of the formats used
for information sent monthly to the SBIF and the financial statements that the banks publish.