PA - Banco Security

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VALORES SECURITY S.A. CORREDORES DE BOLSA Reflecting the consolidation of the local stock market in 2010, the IPSA (selective stock price index) closed the year with a return of 37.6% and a 46.8% in trading volumes. In line with this trend, Valores Security recorded a113.6% real increase in share volumes traded and was placed 4th for the first time in the ranking of the Santiago Stock Exchange and Chilean Electronic Exchange. The market share of Valores Security in share trading rose from 4.7% in 2009 to 6.9% by the end of 2010. Valores Security generated earnings for the year of Ch$ 1,501 million. In addition to the success of the brokering business, with both institutional and private clients, the most important achievements of 2010 included solid growth in portfolio management. Volume increased by 57% during the year, based on the large increase in number of clients and assets managed. SHARE VOLUMES TRADED AND MARKET SHARE BILLIONS OF NOMINAL CH$ SHARE VOLUME TRADED MARKET SHARE 5,000 4,500 4,000 3,500 8.0% 7.0% 6.0% 3,000 2,500 2,000 1,500 1,000 500 5.0% 4.0% 3.0% 2.0% 1.0% 0 0.0% 2002 2003 2004 2005 2006 2007 2008 2009 2010 SOURCE: SANTIAGO STOCK EXCHANGE AND CHILEAN ELECTRONIC EXCHANGE
10 business areas 55 SECURITIZADORA SECURITY S.A. The result of Securitizadora Security S.A. for 2010 was a loss of Ch$83.6 million. A large part of this loss is explained by costs incurred due to the earthquake in February, for which it was necessary to dedicate extraordinary resources to the management of claims related to the properties managed. As part of this effort, Securitizadora performed preventive incident detection work on the portfolio supporting the separate assets with its own resources, especially in the most affected parts of the country. While the claim liquidation process has been slower than expected, the company has introduced a work team especially dedicated to claims liquidation in order to minimize errors in the liquidation processes. At the same time, work has also been carried out in perfecting information systems to improve the quality of the master management of the assets. During October 2010, Securitizadora Security placed bonds of the issue BSECS11-C2 for a nominal value of UF 13,000 at 5.75%. These bonds are a mezzanine series with a credit rating of A, a clear sign of the growing market interest in having innovative investment options with attractive returns. For 2011, Securitizadora Security will continue to focus its efforts on ending the claims liquidation process, which should occur in the second quarter. It will also continue with the development of systems that automate certain key processes, which will enable it to meet the standards that the market in general requires for this type of assets, and to actively continue the search for new business. PAGE
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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
Page 6 and 7: Grupo Security Summarized Unconsoli
Page 9: 02 principal financial indicators n
Page 12 and 13: DEAR SHAREHOLDERS I have the pleasu
Page 15 and 16: oard and management 04
Page 17 and 18: 04board and management SENIOR MANAG
Page 19 and 20: 05 recognitions 17 COMPANIES WITH B
Page 21 and 22: 06 activities 19 ENCUENTRO JUVENTUD
Page 23 and 24: 06 activities 21 A SCHOOL FOR VILLA
Page 25: 2003 Inversiones Seguros Security i
Page 28 and 29: ECONOMIC CONTEXT EXTERNAL ENVIRONME
Page 30 and 31: CHILE: GDP GROWTH (%) 7 6 5 4 3 2 1
Page 33 and 34: 09strategic pillars
Page 35 and 36: 09strategic pillars security, where
Page 37 and 38: 09 strategic pillars RISK MANAGEMEN
Page 39 and 40: 10business areas
Page 41: 10 business areas 39 PAGE
Page 44 and 45: FINANCING BANKING INDUSTRY Banking
Page 46 and 47: The following graph shows the evolu
Page 48 and 49: EARNINGS AND ROE OF BANCO SECURITY
Page 50 and 51: RISK Banco Security has been charac
Page 53 and 54: 10business areas I N V E S T M E N
Page 55: 10 business areas 53 Administradora
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
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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
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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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