annual report grupo security - Banco Security

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These values are part of the equity of Seguros de Vida Security Previsión S.A..During October 2006, Grupo Security S.A. recorded the investment at fair value, according to the detail shown above. Following this,Grupo Security S.A. contributed this company in payment of the increase in capital made in its Inversiones Seguros Security Limitadasubsidiary for its book value at that date, assigning all the shares it owned to that investment.At December 31, 2006, the absorbed Company’s original assets and liabilities that originated positive goodwill were realized and theresults were recognized, therefore at that date, the absorbed Company’s remained assets liabilities are valued at book value.b . In January 2007 Grupo Security S.A. in conjunction with Grupo Ultramar made a business combination through their indirectand direct subsidiaries, Travel Security S.A. and Tajamar S.A. respectively, which are companies related to the corporate purpose oftravel agency. In accordance with Technical Bulletin No.72 such operation included calculating the fair value of such companies. Thisdetermined the new value of assets and liabilities of the combined company. At December 31, 2007 the values of assets and liabilitiesof the combined company are book values.The detail of the reconciliation at fair values of combined assets and liabilities described in the above transaction is the followingThCh$Equity at book value 5,416,645Adjustment at fair value -Fair value (VP) 5,416,645These values are part of the consolidated financial statements of Inversiones Seguros Security Ltda..c . On June 30, 2007 Seguros Vida Security Previsión S.A. and Security Rentas Seguros de Vida S.A. have merged absorbing Seguros VidaSecurity Previsión S.A. into Security Rentas Seguros de Vida S.A.. The transaction above was carried out with the prior authorization ofthe Superintendency of Securities and Insurance.
annual report 2007grupo securitypage 125d . On August 10, 2007 Grupo Security S.A. in conjunction with its direct subsidiary Inversiones Seguros Security Ltda. purchasedSociedad Cigna Holdings S.A., in which its main asset is Compañía de Seguros Cigna Vida Chile S.A. This transaction represented adisbursement of MCh$13,544 approximately.In accordance with Technical Bulletin No.72 the above transaction involved a fair value assessment of such company. This set the newvalues for the acquired company’s assets and liabilities.The detail of the reconciliation at fair values of acquired assets and liabilities described in the above transaction is the following:ThCh$Equity at book value 17,954,592Adjustment at fair value (7,171,687)Fair value (VP) 10,782,905These values are part of the equity of Seguros de Vida Security Previsión S.A..The balance sheets of the unconsolidated companies mentioned in Note 2d are included below:B A N C O S E C U R I T Y A N D S U B S I D I A R I E S · C o n s o l i d a t e d B a l a n c e S h e e t sa s o f d e c e m b e r 3 1 , 2 0 0 7 a n d 2 0 0 6ASSETS2007MCh$2006MCh$Cash and banks 72,938 59,681Net loans 1,821,743 1,643,957Other loans 96,807 68,458Instruments held for trading 357,176 282,930Investment instruments available for sale 171,461 52,207Financial derivative contracts 59,632 5,795Other assets 208,418 153,908Fixed assets 25,681 25,180Total assets 2,813,856 2,292,116
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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 I V I D E N D S P A I DThe follow
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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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