PA - Banco Security

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) Description of Grupo Security’s operations and main activities The structure of the operations and main activities of Grupo Security is summarized as follows: Finance Bank Corporate Banking Personal Banking Factoring Investments General Fund Administration Stock Exchange Brokerage Asset Management Securitization Insurance Life Insurance General Insurance Travel Assistance Insurance Brokerage Reinsurance Brokerage Other Services Travel Agency Real Estate Company Support services for businesses and technological development Finance: Through Banco Security and Factoring Security S.A., Grupo Security participates in providing financing to high income individuals and medium to large companies, through a complete set of products to satisfy their financial needs. Investments: Grupo Security participates in businesses related to investments and third party asset management through Administradora General de Fondos Security; stock brokerage and securities intermediation through Valores Security Corredores de Bolsa; and advisories, asset management and securitized equities through Securitizadora Security and Asesorías Security. Insurance: Grupo Security participates in the insurance industry through Compañía de Seguros de Vida Security Previsión S.A. and Corredora de Seguros Security Limitada. Likewise, the Group has alliances with CooperGay and Europ Asistance Chile. CooperGay is one of the ten largest reinsurance companies in the world. Europ Assistance is the second largest insurance assistance company that offers insurance products such as travel assistance, vehicle and home insurance at a global level. Other Services: In the services area, Grupo Security groups the companies dedicated to the real estate business, travel agency and tourism, in addition to other companies focused on providing supplementary support to the Group.
109 PAGE c) Employees The following chart shows the number of employees of Grupo Security as of December 31, 2010: Company Executives Professionals Workers Overall Total GRUPO SECURITY S.A. 7 3 2 12 BANCO Y FILIALES 74 411 330 815 FACTORING SECURITY S.A. 13 50 55 118 INMOBILIARIA SECURITY S.A. E INMOBILIARIA SECURITY SIETE LTDA. 4 16 10 30 ASESORIAS SECURITY S.A. 1 15 3 19 SECURITIZADORA SECURITY GMAC-RFC S.A. 2 2 1 5 INVERSIONES INVEST SECURITY LTDA. 38 234 378 650 INVERSIONES Insurance SECURITY Y FILIALES 37 151 430 618 Overall Total 176 882 1,209 2,267 Note 2: Bases of Preparation and Presentation of the Consolidated Financial Statements and Significant Accounting Policies 2.1 Accounting period The accompanying Consolidated Financial Statements cover the following periods: - Statements of Financial Position for the periods ended December 31, 2010 and 2009 and January 1, 2009. - Statements of Changes in Equity for the periods ended December 31, 2010 and 2009. - Statements of Comprehensive Income for the periods ended December 31, 2010 and 2009. - Statements of Cash Flows for the periods ended December 31, 2010 and 2009. 2.2 Basis of Preparation The Consolidated Financial Statements of Grupo Security corresponding to the periods ended December 31, 2010 and 2009 and January 1, 2009, were prepared in conformity with International Financial Reporting Standards (“IFRS”), issued by the International Accounting Standards Board (“IASB”). The bank subsidiary is governed by the standards established by the Superintendency of Banks and Financial Institutions (“SBIF”) which has established a gradual convergence plan from accounting principles generally accepted in Chile and standards issued by the local regulate to IFRS. This is the reason why the Bank Subsidiary has partially adopted IFRS through the application of the IFRS-SBIF standards generating the following departures: 1. 1. IFRS exemptions and exceptions applied by the bank subsidiary - Loan provisions, assets received in lieu of payment, contingent loans, suspension of accrual and others The indicated provisions as well as the suspension of revenue recognition constitute one of the exceptions in the comprehensive application of IFRS. This is due to the prudent criterion of the SBIF to measure the impairment of credits loans instead of the present value of remaining cash flows.
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A N N U A L R E P O R T 2 0 1 0
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PAGE PAGE PAGE financial summary 14
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Grupo Security Summarized Unconsoli
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02 principal financial indicators n
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DEAR SHAREHOLDERS I have the pleasu
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oard and management 04
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04board and management SENIOR MANAG
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05 recognitions 17 COMPANIES WITH B
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06 activities 19 ENCUENTRO JUVENTUD
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06 activities 21 A SCHOOL FOR VILLA
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2003 Inversiones Seguros Security i
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ECONOMIC CONTEXT EXTERNAL ENVIRONME
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CHILE: GDP GROWTH (%) 7 6 5 4 3 2 1
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09strategic pillars
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09strategic pillars security, where
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09 strategic pillars RISK MANAGEMEN
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10business areas
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10 business areas 39 PAGE
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FINANCING BANKING INDUSTRY Banking
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The following graph shows the evolu
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EARNINGS AND ROE OF BANCO SECURITY
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RISK Banco Security has been charac
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10business areas I N V E S T M E N
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10 business areas 53 Administradora
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10 business areas 55 SECURITIZADORA
Page 60 and 61: INSURANCE INSURANCE INDUSTRY The Ch
Page 62 and 63: Compañía de Seguros Generales Pen
Page 65 and 66: 10business areas S E R V I C E S
Page 67: It is important to recall that the
Page 70 and 71: INVESTMENT POLICY The bylaws of Gru
Page 72 and 73: The individual financial liabilitie
Page 74 and 75: BANK CREDITORS As of December 31, 2
Page 76 and 77: ASSOCIATED RISKS Local Financial Ri
Page 79 and 80: company information 12
Page 81 and 82: 12company information In accordance
Page 83 and 84: 12 company information 81 • Revis
Page 85 and 86: 12 company information 83 In Seguro
Page 87 and 88: 12 company information 85 STOCK MAR
Page 89 and 90: 12 company information 87 SOCIEDAD
Page 91 and 92: 12 company information 89 INMOBILIA
Page 93 and 94: Regulatory Framework Grupo Security
Page 95 and 96: financial statements 13
Page 97: financial statements 13 C o n s o l
Page 100 and 101: Consolidated Statement of Financial
Page 102 and 103: Consolidated statement of comprehen
Page 104 and 105: CONSOLIDATED STATEMENTS OF CASH FLO
Page 106 and 107: CONSOLIDATED STATEMENT OF CHANGES I
Page 108 and 109: The following companies are include
Page 112 and 113: - Fair value option As indicated in
Page 114 and 115: Disclosure of the Adoption of new a
Page 116 and 117: For financial assets, the amortized
Page 118 and 119: The recoverable amount is the highe
Page 120 and 121: Vida Security maintains current der
Page 122 and 123: f) Structured fixed income notes Vi
Page 124 and 125: CategorY Estimated range of loss Lo
Page 126 and 127: The main components of the cost of
Page 128 and 129: 2.30 Foreign currency and indexatio
Page 130 and 131: The most significant areas of estim
Page 132 and 133: i. Pension insurances reserves This
Page 134 and 135: 3.1 Main changes in the accounting
Page 136 and 137: Suspension of revenue recognition o
Page 138 and 139: ) Summary of Consolidated Equity as
Page 140 and 141: 3.3 Main adjustments made a) Invest
Page 142 and 143: NotE 5 - Income taxes Deferred tax
Page 144 and 145: Inmobiliaria Security S.A. measures
Page 146 and 147: NotE 8 - Investments in Associates
Page 148 and 149: NotE 9 - Property, Plant and Equipm
Page 150 and 151: ) The amortization of intangible as
Page 152 and 153: NotE 13 - Other Financial Assets, C
Page 154 and 155: NotE 16 - Other Non-Financial Asset
Page 156 and 157: Detail of bank obligations as of De
Page 158 and 159: Detail of bank obligations as of Ja
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Detail of the bonds at December 31,
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NotE 19 - Other Non-Financial Liabi
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NotE 23 - Other Financial Liabiliti
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Note 24 - Non-Current Liabilities A
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) Cost of Sales The items includes
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NotE 26 - Administrative expenses T
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BALANCE 31.12.2010 31.12.2009 01.01
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Up to 1 year From 1 to 3 years From
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The management of Grupo Security S.
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c) Statement of Financial Position
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e) Statement of Financial Position
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2) Risk Management Structure Banco
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4º Credit Management Basically, th
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In the case of the Bank’s impaire
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These are the details of guarantees
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Loans that are classified individua
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Such limitations allow the Bank to
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Banco Security and its Subsidiaries
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Market risk trading ledger 31.12.20
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Regulatory Liquidity Mismatching as
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Regulatory Liquidity Mismatching as
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currency swaps). These derivatives
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Participants in the Credit Risk Com
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7) Regulatory Capital Requirement I
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6) Summary of the Policy for Invest
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d) Dividends The policy agreed by t
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The following table shows financial
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Valores Security S.A. Corredores de
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• The Board of Directors agreed t
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Note 37 - Subsequent Events On Janu
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MANAGEMENT’S ANALYSIS OF CONSOLID
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2.2 Factoring Industry Factoring ha
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5. Risk Factors 5.1 Dependence on d
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6 PERFORMANCE INDECATORS OF THE CON
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$ Pesos Chilenos MM$ Millones de Pe
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BANCO SECURITY AND SUBSIDIARIES Typ
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Banco Security and Subsidiaries Con
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Banco Security and Subsidiaries Con
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Valores Security S.A. Corredores de
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Administradora General de Fondos Se
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Factoring Security S.A. Type of ent
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Asesorias Security S.A. AND SUBSIDI
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Securitizadora Security S.A. Type o
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Global Asset Advisors Type of entit
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Inversiones Seguros Security Ltda A
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Seguros Vida Security Previsión S.
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Compañía de Seguros Generales Pen
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Servicios Security S.A. AND SUBSIDI
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Corredores de Seguros Security Ltda
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Europ Assistance Chile s.A. Type of
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Cooper Gay Chile S.A. Corredores de
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Inmobiliaria Security S.A. AND SUBS
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INVERSIONES INVEST SECURITY LTDA. A
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Travel Security S.A. AND SUBSIDIARI
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Global Security Gestión y Servicio
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Mandatos Security Ltda. Type of ent
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GROUP OWNERSHIP STRUCTURE The follo
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D E C L A R A T I O N O F R E S P O
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ADDRESSES OF COMPANIES OF GRUPO SEC
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Santa Elena Branch Santa Elena 2400
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Santiago Nueva York 33, Office 1402
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“THIS PAPER COMES FROM FORESTS MA
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