PA - Banco Security

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Cooper Gay Chile S.A. Corredores de Reaseguros Type of entity Closely-held corporation Registration Cooper Gay Chile S.A. is registered in the register of reinsurance companies of the Superintendency of Securities and Insurance - number C-221. Objects Reinsurance brokerage. General information Cooper Gay Chile S.A. was constituted by public deed dated March 16, 2004 and authorized by the Superintendency of Securities and Insurance and registered in the corresponding register on March 25, 2004. Paid capital and equity As of December 31, 2010 the paid capital is Ch$ 196 million and its equity Ch$ 1,761 million. Investment as proportion of assets of Grupo Security S.A. Cooper Gay Chile S.A. represents 0.02% of the consolidated assets of Grupo Security. Commercial relations with subsidiaries, associates and parent In the future, there is the possibility of extending the offer of these services to customers of the parent’s subsidiaries and associate companies, principally the insurance companies Penta Security and Vida Security, together with Corredora Security Board of directors Chairman Toby Crispian David Esser extranjero Directors Francisco Silva Silva Tax No.: 4.103.061-5 Renato Peñafiel Muñoz Tax No.: 6.350.390-8 Steven Jackson Extranjero Alejandro Mandiola Parot Tax No.: 8.684.673-K Julián Suza Florez extranjero President Jorge Edwards Guzmán Tax No.: 6.000.590-7
259 PAGE Summarized financial statements as of December 31, 2010 and 2009 Estado de Situación Financiera Clasificado ASSETS 2010* 2009* Ch$ millions Ch$ millions Current assets 6,549.8 4,115.7 Fixed assets 89.3 83.8 Other assets 1.7 1.7 TOTAL ASSETS 6,640.9 4,201.1 LIABILITIES Current liabilities 4,879.7 3,539.9 Long-term liabilities 0.0 0.0 Equity 1,761.2 661.3 TOTAL LIABILITIES & EQUITY 6,640.9 4,201.1 STATEMENT OF RESULTS Operating result 1,840.0 644.5 Non-operating result (1.6) (107.2) Result before tax 1,838.4 537.2 Income tax (301.4) (90.3) Result for the year 1,537.0 446.9 CASH FLOWS Cash flow from operating activities 1,224.7 (594.3) Cash flow from investment activities (25.7) (494.1) Cash flow from financial activities (446.9) 0.0 Net cash flow for the year 752.1 (1,088.3) Effect of monetary correction (2.3) 66.4 Net change in cash & cash equivalents 749.9 (1,021.9) *Note: these financial statements are presented under GAAP, adjusted for inflation.
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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
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3.3 Main adjustments made a) Invest
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NotE 5 - Income taxes Deferred tax
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Inmobiliaria Security S.A. measures
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NotE 8 - Investments in Associates
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NotE 9 - Property, Plant and Equipm
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) The amortization of intangible as
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NotE 13 - Other Financial Assets, C
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NotE 16 - Other Non-Financial Asset
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Detail of bank obligations as of De
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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
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
Page 240 and 241: Factoring Security S.A. Type of ent
Page 242 and 243: Asesorias Security S.A. AND SUBSIDI
Page 244 and 245: Securitizadora Security S.A. Type o
Page 246 and 247: Global Asset Advisors Type of entit
Page 248 and 249: Inversiones Seguros Security Ltda A
Page 250 and 251: Seguros Vida Security Previsión S.
Page 252 and 253: Compañía de Seguros Generales Pen
Page 254 and 255: Servicios Security S.A. AND SUBSIDI
Page 256 and 257: Corredores de Seguros Security Ltda
Page 258 and 259: Europ Assistance Chile s.A. Type of
Page 262 and 263: Inmobiliaria Security S.A. AND SUBS
Page 264 and 265: INVERSIONES INVEST SECURITY LTDA. A
Page 266 and 267: Travel Security S.A. AND SUBSIDIARI
Page 268 and 269: Global Security Gestión y Servicio
Page 270 and 271: Mandatos Security Ltda. Type of ent
Page 272 and 273: GROUP OWNERSHIP STRUCTURE The follo
Page 274 and 275: D E C L A R A T I O N O F R E S P O
Page 276 and 277: ADDRESSES OF COMPANIES OF GRUPO SEC
Page 278 and 279: Santa Elena Branch Santa Elena 2400
Page 280 and 281: Santiago Nueva York 33, Office 1402
Page 282: “THIS PAPER COMES FROM FORESTS MA
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PA - Banco Security

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