May 30, 2024 at 16:00 EST

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According to information filed today with the Financial Market Commission (CMF), Grupo Security reported profit of MCH$45,292 for the first quarter of this year, with an ROAE of 17.4%. This represents an increase of 7% compared to the same period last year.

These results were mainly driven by Banco Security, a subsidiary that reported profit of MCH$44,452, up 2.1% compared to the same period in 2023, because of growth in the commercial areas’ net interest margin and strong treasury results. Meanwhile, Inversiones Security's profit reached MCH$3,084, 23.9% higher than the first quarter of the previous year.

Grupo Security's Chairman, Renato Peñafiel, explained that "these earnings are the result of good management by the different companies, which managed to add value and adapt to changing market conditions. In addition, Grupo Security is striving to deepen its relationship with its customers and maintain the service quality we are known for."

Grupo Security CEO Fernando Salinas highlighted the company's performance in early 2024 and the work of its teams. "In our ongoing quest to provide excellent service to our customers, we continue to enhance and strengthen our products, services and digital ecosystem, based on our customers’ needs, and with a focus on maximizing our value for our future project," he said.

At the end of the first quarter, Factoring Security reported a 9.2% increase in profit to MCH$3,654, marked by a higher net interest margin and greater loan volumes. Meanwhile, Vida Security reported profit of MCH $10,099 with gross written premiums of MCH $154,817 and market share of 7.2% in total premiums written and 9.1% in annuities.

Finally, Travel Security had a net result of MCH$1.419, an increase of 13,6% over the previous year, due to increased operating income from greater efficiency achieved in the period.

In April of this year Grupo Security repeated last year’s first-place standing in the Great Place to Work ranking of the Best Places to Work in Chile, a clear sign of the company's ongoing commitment to respect and care for people, reflected in its corporate culture.

Also in April, Grupo Security published its 2023 Integrated Report, which presents the company's management, financial statements and progress in environmental, social and corporate governance (ESG) factors.

Grupo Security and BICECORP are currently conducting reciprocal due diligences as part of the agreement signed in January of this year to merge their businesses and subsidiaries. If the conditions are met, the necessary regulatory approvals are obtained and the merger is completed, it would create a financial group with an estimated economic value of BUS$ 3.13, total assets of BUS$ 38, more than 2.1 million customers, 6,514 employees and 80 branches throughout the country based on figures as of December 2023.