PA - Banco Security

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NotE 8 - Investments in Associates accounted for using the Equity Method The detail of the investments in associates is as follows: TAXPAYER No. Company Name Balance Balance Balance 31.12.2010 31.12.2009 01.01.2009 ThCLP$ ThCLP$ ThCLP$ 99.584.690-k Inmobiliaria El Peumo 6,289 6,126 9,842 76.036.143-7 El Vergel FIP - 18 1,600 76.036.117-8 Antonio Pastrana FIP 9,832 6,576 9,200 76.036.116-k Rodrigo de Quiroga FIP - 7,229 12,153 76.036.147-k General Flores FIP - 5,819 152,989 76,036,113-5 Quirihue FIP - 10,676 78,714 76.036.115-1 Silvina Hurtado FIP - 8,526 16,336 76.036.137-2 Vitacura IV FIP 18,140 63,755 488,666 76.036.149-6 Pastrana II FIP 21,016 23,182 395,535 76.036.119-4 Ñuñoa II FIP 62,633 230,550 307,044 76.036.146-1 Regina Pacis FIP 208,566 582,152 588,111 76.036.122-4 Santa Marta FIP 924,660 698,299 539,574 76.036.136-4 Hermanos Cabot FIP 510,535 409,037 459,751 76.036.118-6 Alonso Sotomayor FIP 73,418 550,579 433,888 53.309.429-5 Don Vicente FIP 203,016 214,981 180,607 99.683.120-0 Cía.De Insurance Generales Penta-Security S.A. 8,389,830 7,873,848 6,118,606 99.573.400-1 Europ Assistance Chile S.A. 65,447 170,851 134,176 99.551.180-0 Cooper Gay S.A. 862,460 316,540 356,363 Other companies 76,221 251,915 47,312 TOTALES 11,432,063 11,430,661 10,330,467 Summarized financial information of the main investments recorded using the equity method. Compañía de Seguros Penta Security S.A. (Insurance Company). The following financial statements are prepared in conformity with Chile GAAP. Balance General Balance Balance Balance Balance 31.12.2010 31.12.2009 31.12.2010 31.12.2009 ASSSETS ThCLP$ ThCLP$ LIABILITIES ThCLP$ ThCLP$ 5.11.00.00 Investments 49,976,124 43,270,714 5.21.00.00 Technical Reserves 100,719,015 74,133,975 5.12.00.00 Insurance premium receivables 66,293,866 53,606,461 5.22.00.00 Oblig. with Fin. Inst. 3,692,252 1,000,001 5.13.00.00 Reinsurance receivables 17,289,714 6,347,731 5.23.00.00 Other liabilities 7,399,835 7,290,233 5.14.00.00 Other assets 6,768,211 6,117,963 5.24.00.00 Equity 28,516,813 26,918,660 5.10.00.00 TOTAL ASSETS 140,327,915 109,342,869 5.20.00.00 TOTAL LIABILITIES 140,327,915 109,342,869
145 PAGE Balance Balance Income Statement 31.12.2010 31.12.2009 ThCLP$ ThCLP$ Gross margin 21,363,270 19,632,871 Administrative expenses (21,976,908) -18,100,904 Operating income (expense) (613,638) 1,531,967 Investment income (expense) 2,829,683 1,407,106 Other income (expense) 1,187,247 1,488,306 Price level restatement (1,342,816) -905,375 Total Operating profit 2,060,476 1,990,037 Non-operating income (expense) 731,800 63,068 Profit before tax 2,792,276 2,053,105 income tax expense (285,516) -566,666 PROFIT (LOSS) FOR THE YEAR 2,506,760 1,486,439 Cooper Gay S.A. Reinsurance brokers The following financial statements are prepared in conformity Chile GAAP. Balance Balance Statement of Financial Position 31.12.2010 31.12.2009 ThCLP$ ThCLP$ Assets Current assets 9,310,787 46,144,474 Non-current assets 221,655 120,426 Total assets 9,532,441 46,264,900 Liabilities Current liabilities 7,771,266 45,631,807 Non-current liabilities - Total liabilities 7,771,266 45,631,807 Equity 1,761,176 633,093 Total equity and liabilities 9,532,441 46,264,900 Income Statement Revenue Cost of sales 3,561,417 1,728,449 Gross Profits - Other income and expense before tax 3,561,417 1,728,449 Profit before tax (1,723,038) (1,177,674) Income tax 1,838,379 550,775 Profit (loss) for the year (301,374) (90,306) Ganancia (pérdida) procedente de operaciones continuadas 1,537,005 460,469
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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
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INSURANCE INSURANCE INDUSTRY The Ch
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Compañía de Seguros Generales Pen
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10business areas S E R V I C E S
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It is important to recall that the
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INVESTMENT POLICY The bylaws of Gru
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The individual financial liabilitie
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BANK CREDITORS As of December 31, 2
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ASSOCIATED RISKS Local Financial Ri
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company information 12
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12company information In accordance
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12 company information 81 • Revis
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12 company information 83 In Seguro
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12 company information 85 STOCK MAR
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12 company information 87 SOCIEDAD
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12 company information 89 INMOBILIA
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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 110 and 111: ) Description of Grupo Security’s
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 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
Page 160 and 161: Detail of the bonds at December 31,
Page 162 and 163: NotE 19 - Other Non-Financial Liabi
Page 164 and 165: NotE 23 - Other Financial Liabiliti
Page 166 and 167: Note 24 - Non-Current Liabilities A
Page 168 and 169: ) Cost of Sales The items includes
Page 170 and 171: NotE 26 - Administrative expenses T
Page 172 and 173: BALANCE 31.12.2010 31.12.2009 01.01
Page 174 and 175: Up to 1 year From 1 to 3 years From
Page 176 and 177: The management of Grupo Security S.
Page 178 and 179: c) Statement of Financial Position
Page 180 and 181: e) Statement of Financial Position
Page 182 and 183: 2) Risk Management Structure Banco
Page 184 and 185: 4º Credit Management Basically, th
Page 186 and 187: In the case of the Bank’s impaire
Page 188 and 189: These are the details of guarantees
Page 190 and 191: Loans that are classified individua
Page 192 and 193: Such limitations allow the Bank to
Page 194 and 195: 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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