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Grupo Security reports profit of CH$30,065 million for first quarter 2022

These results are explained by strong performances across all subsidiaries.

May 20, 2022

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Grupo Security posted profit of CH $30,065 million for the first quarter of 2022, as reported today to the Financial Market Commission (CMF), reflecting an increase of 23.5% with respect to the same period in 2021.

The results obtained during the first quarter are explained by Banco Security’s solid performance, up 51.1% YoY, equivalent to MCH$25,522, around its historic highs. Meanwhile, Factoring Security reported profit of MCH$3,622, up 52.6% YoY, and Vida Security profit of MCH$13,315, despite more volatile markets and high inflation during the quarter. As for Travel Security, the subsidiary enjoyed a positive bottom line of MCH$401, reversing the loss of - MCH$303 from 2021, with recovering sales figures. Lastly, Inmobiliaria Security reported profit of MCH$307.

Grupo Security CEO Renato Peñafiel explained that these results are due mainly to growth in the net interest margin of the commercial areas and solid results from the Treasury Division, given the higher interest rates and inflation. In addition, the company reached premiums of MCH$111,587 with total market share of 7.6%. “We aim to continue growing and consolidating our main businesses, improving the customer experience with new functionalities in digital channels like the website and apps,” specified Peñafiel.

Milestones for the period include Grupo Security’s third place spot in March of this year on the Great Place to Work ranking, which distinguishes the company’s efforts to place people at the core of its business. In addition, Inversiones Security was named the Best Overall Fund House at the Morningstar Awards 2022.

In sustainability, Grupo Security published its 2021 Integrated Report based on guidelines from the Sustainability Accounting Standards Board (SASB), disclosing information on its progress in ESG aspects and getting a head start on complying with CMF standard 461. Likewise, during the quarter the company formalized its carbon footprint measurement and earned the Huella Chile seal, given by the Environment Ministry for carbon management.

In April 2022, a new Board of Directors was elected at the annual general meeting, including three new directors: Consuelo Raby Guarda, elected by the first majority; Ramón Eluchans Olivares and Gonzalo Pavez Aro. With this new Board, Grupo Security now has two female directors at its helm, Ana Sainz de Vicuña, a director of two Ibex companies in Spain with broad experience and knowledge of global markets, regulatory and sustainability matters, and Consuelo Raby, a lawyer with vast experience in corporate and contract law and a member of the advisory committee for the Center on Regulation and Law at Universidad del Desarrollo since 2019.