PA - Banco Security

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Loans that are classified individually are distributed as follows by type of classification. DISTRIBUTION OF INDIVIDUAL LOANS DEC 2010 (number of client) DISTRIBUTION OF INDIVIDUAL LOANS DEC 2009 (number of client) A3 53.8% B 19.2% C1 2.7% A3 56.1% B 10.2% C1 3.1% C2 0.9% C3 0.3% C4 0.5% D1 1.7% D2 3.3% C2 1.1% C3 0.4% C4 0.2% D1 1.3% D2 3.5% A2 17.3% A1 0.2% A2 23.9% A1 0.2% DISTRIBUTION OF INDIVIDUAL LOANS DEC 2010 (amount of loans) DISTRIBUTION OF INDIVIDUAL LOANS DEC 2009 (amount of loans) A3 43.0% B 22.6% C1 2.3% A3 36.3% B 9.2% C1 2.4% C2 0.9% C3 0.2% C4 0.9% D1 0.6% D2 0.7% C2 1.3% C3 0.2% C4 0.5% D1 0.3% D2 0.5% A2 26.4% A1 2.5% A2 31.3% A1 18.0%
189 <strong>PA</strong>GE 4) Financial Risk A. Fnancial Risk Objetives For the organization, financial activities are defined as all transactions that are carried out on behalf of the Bank and its subsidiaries Valores <strong>Security</strong> and Administradora General de Fondos and on its own or for third parties. In general terms, financial transactions include operations with securities, foreign currencies, commodities, loans, funding instruments, derivatives and shares. In terms of financial activities, strategic objectives are: • Strengthening and expanding the Bank’s position by consolidating and developing long-term relationships, and providing a wide range of bank investment products. • Improving and ensuring the stability of the long-term profitability and reducing refinancing and liquidity costs. Financial activities are limited to previously approved strategic product areas and will only be carried out in accordance with the global risk guidelines defined by the organization’s Board of Directors. An active manager of positions will be responsible for the management of the organization’s financial investment portfolio, through constant economic and financial analysis of the environment from a fundamental point of view. Therefore, the position in financial instruments will be in accordance with the consensual analysis of a macroeconomic vision; however, short-term trading positions may also be taken into account to make good use of any particular change of a market variable. In order to achieve the objectives established by the Bank’s investment strategy, it will be possible to trade a wide range of foreign currencies and products in accordance with the current applicable regulations. The bank actively trades non-derivative debt securities, interbank financing, repurchase and resale agreements, spot purchase and sale of foreign currencies, derivative instruments with foreign currencies and interest rates (forward and swaps), shares and concurrent operations. In general, treasury products may be focused on different objectives such as gains on changes in market factors in the short and medium term, gains on spreads and the financing rate of positions by using mismatch of terms and interest of rate curves in the market or exchange rate differential, carrying out economic and/or accounting hedging operations of cash flows and fair value, and distributing Treasury products in the sales network. Transactions with derivatives are held particularly for risk hedging or matching purposes in the arbitration of any market or taking the Bank’s directional positions. The hedging through derivatives may be established through an economic or accounting hedge depending on the strategy defined. As this is an accounting strategy, it is possible to use strategies to hedge cash flows or fair value of any item in the statement of financial position or expected transaction that results in risk or volatility in the entity’s income, by complying with the international accounting standards. These hedging strategies should comply with all the requirements in accordance with the current regulations, and their effectiveness for each of the hedges is monitored at least on a monthly basis. In practice, risk management and oversight are coordinated through policies, procedures, methodology and limitations. This creates value for the shareholder and the market in general and guarantees an appropriate level of solvency.
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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
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Consolidated statement of comprehen
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CONSOLIDATED STATEMENTS OF CASH FLO
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CONSOLIDATED STATEMENT OF CHANGES I
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The following companies are include
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) Description of Grupo Security’s
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- Fair value option As indicated in
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Disclosure of the Adoption of new a
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For financial assets, the amortized
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The recoverable amount is the highe
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Vida Security maintains current der
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f) Structured fixed income notes Vi
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CategorY Estimated range of loss Lo
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The main components of the cost of
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2.30 Foreign currency and indexatio
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The most significant areas of estim
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i. Pension insurances reserves This
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3.1 Main changes in the accounting
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Suspension of revenue recognition o
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) 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
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 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
Page 202 and 203: currency swaps). These derivatives
Page 204 and 205: Participants in the Credit Risk Com
Page 206 and 207: 7) Regulatory Capital Requirement I
Page 208 and 209: 6) Summary of the Policy for Invest
Page 210 and 211: d) Dividends The policy agreed by t
Page 212 and 213: The following table shows financial
Page 214 and 215: Valores Security S.A. Corredores de
Page 216 and 217: • The Board of Directors agreed t
Page 218 and 219: Note 37 - Subsequent Events On Janu
Page 220 and 221: MANAGEMENT’S ANALYSIS OF CONSOLID
Page 222 and 223: 2.2 Factoring Industry Factoring ha
Page 224 and 225: 5. Risk Factors 5.1 Dependence on d
Page 226 and 227: 6 PERFORMANCE INDECATORS OF THE CON
Page 228 and 229: $ Pesos Chilenos MM$ Millones de Pe
Page 230 and 231: BANCO SECURITY AND SUBSIDIARIES Typ
Page 232 and 233: Banco Security and Subsidiaries Con
Page 234 and 235: Banco Security and Subsidiaries Con
Page 236 and 237: Valores Security S.A. Corredores de
Page 238 and 239: 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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