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NotE 13 – Other Financial Assets, Current As of December 31, 2010, this item includes the following: Saldo Saldo Saldo 31.12.2010 31.12.2009 01.01.2009 DOLLAR UF EURO CLP Other TOTAL DOLLAR UF EURO CLP Other TOTAL DOLLAR UF EURO CLP Other TOTAL ThCLP$ ThCLP$ ThCLP$ ThCLP$ ThCLP$ ThCLP$ ThCLP$ ThCLP$ ThCLP$ ThCLP$ ThCLP$ ThCLP$ ThCLP$ ThCLP$ ThCLP$ ThCLP$ ThCLP$ ThCLP$ Other assets Investments available for sale 44,261,879 189,780,120 43,964,793 - 278,006,793 39,222,350 - 399,541,019 45,589,525 484,352,893 62,435,769 - 244,568,587 59,371,929 - 366,376,284 Instruments held for trading - 244,967,133 144,553,849 - 389,520,982 3,348,738 183,442,965 209,252,269 396,043,972 8,310 - 176,685,780 179,559,829 610,270 356,864,189 Derivative financial contracts - - 61,935,808 - 61,935,808 - - - 66,280,273 66,280,273 - - - 53,051,705 - 53,051,705 Assets for leasing - - 24,151,470 - 24,151,470 - - - 26,642,148 26,642,148 - - - 26,814,397 - 26,814,397 Investments for Technical Reserves Vida Security Mutual Fund units 16,567,269 - 148,298 81,396,650 88,772 98,200,989 14,757,305 - - 43,165,458 57,922,763 17,023,248 - - 28,533,848 - 45,557,096 Derivatives 4,993,558 - - - - 4,993,558 3,166,504 - - - 3,166,504 - - - - - - Shares equity securities - - - 15,695 - 15,695 - - - 5,577,578 5,577,578 - - - 18,091 - 18,091 Debt securities bonds 15,240,928 432,130,786 - - - 447,371,714 14,631,001 471,482,285 - - 486,113,286 8,275,800 484,767,423 - - - 493,043,224 Mortgage notes - 35,466,208 - 904,474 - 36,370,682 - 40,122,910 - 1,206,203 41,329,113 - 46,622,523 - 1,557,170 - 48,179,693 Fixed and indexed time deposits - 22,143,575 - - - 22,143,575 - 6,590,936 - - 6,590,936 - 12,286,619 - - - 12,286,619 Mortgage mutual - 33,216,106 - - - 33,216,106 - 35,346,772 - - 35,346,772 - 40,092,329 - - - 40,092,329 Gurantees given to third parties - 96,550 - - - 96,550 - 272,257 - - 272,257 - 278,883 - - - 278,883 Prc Cora and Others of the Central Bank - 159,028 - 60,224,556 - 60,383,584 - 165,607 - 62,877,436 63,043,043 - 179,735 - 71,687,440 - 71,867,175 Other Financial Assets Other Subsidiaries - - - - - - - Debt securities bonds - 227,756 - - - 227,756 - 310,098 - - 310,098 - 135,078 - - - 135,078 Shares equity securities 1,274 - - 1,005 - 2,279 - - - - - - - - - - - Derivatives 94,290,387 - - - - 94,290,387 50,306,318 - - - 50,306,318 90,294,067 - - - - 90,294,067 Other investment instruments - - - - - - - 9,564,928 - - 9,564,928 - 20,118,922 - 50,124 - 20,169,046 Total 175,355,295 523,440,009 434,895,551 417,148,300 88,772 1,550,927,927 125,432,215 563,855,793 582,983,984 460,590,890 - 1,732,862,882 178,037,194 604,481,512 421,254,367 420,644,533 610,270 1,625,027,876
151 PAGE NotE 14 – Other Non Financial Assets, Current As of December 31, 2010, this item includes the following: Other Non-Financial Assets Vida Security Balance Balance Balance 31.12.2010 31.12.2009 01.01.2009 ThCLP$ ThCLP$ ThCLP$ Loans to retirees 5,003,551 4,802,670 4,288,007 VAT Credit 66,441 16,970 13,143 Other Non-Financial Assets Other Subsidiaries Sundry debtors 161,452 1,024,745 3,009,524 Advance payments to suppliers 871,871 709,238 565,425 Prepaid expenses 32,775 9,687 2,495 Guarantees 262,422 41,461 50,125 Personnel accounts and loans 123,287 281,383 277,035 VAT Credit 2,757,226 468,021 1,218,499 9,279,025 7,354,175 9,424,253 NotE 15 - Current Tax Assets As of December 31, 2010, this item includes the following: Balance Balance Balance 31.12.2010 31.12.2009 01.01.2009 ThCLP$ ThCLP$ ThCLP$ SENCE expenses 152,701 111,496 1,434,631 Month estimated tax payments 7,988,060 1,257,505 4,319,226 Credit property, plant and equipment 919 8,174 380 Tax loss refund 969,051 960,561 1,523,803 Other credits 945,018 3,594,629 4,308,263 Total 10,055,749 5,932,365 11,586,303
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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
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financial statements 13
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financial statements 13 C o n s o l
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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 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 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
Page 196 and 197: Market risk trading ledger 31.12.20
Page 198 and 199: Regulatory Liquidity Mismatching as
Page 200 and 201: 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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