annual report grupo security - Banco Security

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d .At December 31, 2007 and 2006, the net charge to income for income taxes is as follows:2007ThCh$2006ThCh$Current tax expenseProvision for first category income tax (1,131,356) (945,379)Tax benefit from tax losses 90,824 -Tax expense adjustment (prior year) (193,499) (19,896)Deferred taxesEffect of the year’s fluctuations in the year’s deferred taxes 1,020,321 893,823Effect of amortization of complementary accounts of deferred assets and liabilities (9,918) (4,896)Other credits (20,997) 312,855Total charge to income (244,625) 236,5079 . O T H E R C U R R E N T A S S E T SThe balance of ThCh$31,800,907 at December 31, 2007 (ThCh$3,464,511 in 2006) mainly represents bonds receivable for separateequity 10, and also resale agreements (Note 10). The details of the balance are as follows:2007ThCh$2006ThCh$Pacts (resale agreements) 14,879,379 2,835,787Assets received in payment 154,495 135,045Rights over leasing contracts 217,952 123,651Contracts receivable (equity bonds) 6,040,452 -Dividends receivable 9,941,769 -Others 566,860 370,028Total 31,800,907 3,464,5111 0 . I N F O R M A T I O N O N S A L E S U N D E R R E P U R C H A S E A G R E E M E N T SCODEStartingdateEndingdateCounterpartOriginalcurrencyValue atsubscription dateRATEFinalvalueIdentification ofinstrumentsBookvalueVRC 12-26-2007 1/2/08 Valores Security S.A. Corredores de Bolsa Chilean pesos 2,990,640 0.5 2,993,920 Notes 2,992,983VRC 12-28-2007 1/2/08 Valores Security S.A. Corredores de Bolsa Chilean pesos 9,698,029 0.5 9,706,111 Notes 9,704,494VRC 4-27-2007 4/1/08 Valores Security S.A. Corredores de Bolsa Chilean pesos 2,013,060 5.9 2,184,721 Notes 2,181,902
annual report 2007grupo securitypage 1231 1 . I N V E S T M E N T S I N R E L A T E D C O M P A N I E SDetails of investments in related companies at December 31, 2007 and 2006, recorded as described in Note 2s, are as follows:COMPANYOwnershippercentageEquityin companyResultsfor the yearEquityin incomeBook valueof investment2007%2006%2007ThCh$2006ThCh$2007ThCh$2006ThCh$2007ThCh$2006ThCh$2007ThCh$2006ThCh$Banco Security 99.9400 99.9400 167,333,290 164,368,891 27,250,377 22,014,879 27,234,026 22,001,670 167,232,890 164,270,270Compañía de Seguros GeneralesPenta Security S.A. 29.1670 29.1670 19,014,936 17,474,013 2,827,507 2,475,745 824,699 954,861 5,546,086 5,449,194Seguros Vida Security Previsión S.A. 97.4721 94.2097 73,290,413 8,897,413 2,178,689 1,869,504 2,122,307 1,868,654 64,407,639 9,466,801Europ Assistance Chile S.A. 49.0000 49.0000 183,710 98,005 54,114 (26,263) 26,616 (7,058) 90,018 55,158Security Rentas Seguros de Vida S.A. - 99.9958 - 63,140,222 - 18,332,875 13,176,505 16,135,035 - 63,137,572Cigna Vida S.A. - - - - - - 710,190 - - -Other investments - - - - - - 35,807 (307) 54,245 29,536Inmobiliaria Security S.A.(Private Investment Funds) - - - - - - 895,891 465,074 4,574,621 3,618,252Inversiones Cooper Gay Ltda. 49.9990 49.9990 356,100 316,064 328,275 111,723 164,134 70,393 178,047 174,788TotaL 242,083,546 246,201,571I n f o r m a c i ó n a d i c i o n a lIn addition, the balance sheets of the unconsolidated companies mentioned in Note 2.d are included below.a . On March 31, 2006, Grupo Security S.A., purchased 24,058 shares of Interamericana Rentas Seguros de Vida S.A., which correspondto a 99.9958% interest, for an agreed-upon price of ThCh$67,000,000.The above transaction involves making a fair value appraisal of Interamericana Rentas Seguros de Vida S.A., which will set new values forthe company’s assets and liabilities.After the date of purchase, the newly absorbed Company changed its name from Interamericana Rentas Seguros de Vida S.A to SecurityRentas Seguros de Vida S.A.The detail of the reconciliation of fair values of assets and liabilities acquired in the purchase of Security Rentas Seguros de Vida S.A. isthe following:ThCh$Equity at book value 58,789,778Adjustment at fair value -Fair value (VP) 58,789,778
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Security produced a 148% real incre
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B O A R D O F D I R E C T O R SC H
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SUPERBRANDSSuperbrands placed Grupo
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FUNDACION CHILEUNIDO SEMINARFUNDACI
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1981Banco Urquijo de Chile is forme
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economic and financial environment
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A R E A S O F B U S I N E S SThe fo
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F I N A N C I N GGrupo Security par
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B A N C O S E C U R I T YThe missio
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• PRIVATE BANKINGThis is focused
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I N V E S T M E N T SGrupo Security
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MUTUAL FUNDS SECURITYSHORT-TERM FIX
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I N S U R A N C ET H E I N S U R A
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In terms of investment income, life
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2.45%54.9432.71%2.04%44.1901.63%1.5
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S E R V I C E SIn order to provide
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T R A V E L S E C U R I T Y S . A .
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investment and financing policies
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I n f o r m a t i o n o n t h e c o
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The human team making up Grupo Secu
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D I R E C T O R S ’ A L L O W A N
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D E C L A R A T I O N O F L I A B I
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A D D R E S S E S O F C O M PA N I
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