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Grupo Security reports profit of MCH$100,132 for the first nine months of 2022 and focuses on four-year digital plan
The announcement of Grupo Security's listing on the MSCI Small Cap Chile index at the end of November is noteworthy, contributing to the stock’s visibility and liquidity.
November 17th, 2022

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Grupo Security reported profit of MCH$100,132 for the nine months ended September 30, 2022, reflecting a 48.3% increase over 2021, as filed today with the Financial Market Commission (CMF). This is mainly explained by a strong performance from Banco Security and its asset management subsidiaries, which contributed MCH$110,200 in the period. Factoring Security and Vida Security also performed well, with profit of MCH$10,076 and MCH$32,991, respectively, and a 43.8% rise in premium volume over the previous year for the latter.

Renato Peñafiel, chairman of Grupo Security, commented that "these results come at a time when the financial services industry is being reconfigured, and these strong performances are due to the ability of the group and its companies to transform their business model. The boundaries between industries are changing, and today we must work openly in ecosystems, in a more organic and agile way."

CEO Fernando Salinas remarked that "in recent years the financial system has faced a challenging environment of profound changes. In this context, we developed a digital plan focused on the four core businesses: Bank, Asset Management, Vida (life insurance) and Factoring. This plan includes 25 initiatives intended to strengthen our businesses in the face of technological disruption, boost operational efficiency and generate additional revenue. This plan is aligned with the transformation work initiated a few years ago, where follow-up methodologies and a robust governance structure were implemented." 

Specifically, at Banco Security we have closed three new alliances with fintechs, implemented the SecurityPass softoken and added new functionalities to the Commercial Banking website. In Retail Banking, we have strengthened digital sales, which now represent 80% of consumer loan sales. Thanks to the newly developed AutoFactoring platform, 87% of Factoring Security's new business comes through this channel. Finally, the corporate Data Lake was implemented and will begin operating in 2022.

Salinas also stressed that Grupo Security has a cross-cutting sustainability strategy, which must be integrated into every step of its strategic development. Another highlight of the third quarter was the release of the official Sustainability Policy, which provides guidelines to promote the sustainable progress of its business activities.

Finally, on November 11th, MSCI announced that Grupo Security's shares will be included in the MSCI Chile Small Cap Index at the end of the month. Being included in this index lends greater visibility to its stock domestically and abroad, contributing to liquidity and helping attract new shareholders.