The group posted a 12.7bn-peso (US$23.4mn) profit in the first half, up 17.6% compared to the same period 2005. Silva said he was confident to boost 2H06 profits enough to reach the full-year profit target as revenues from the life annuities subsidiary will be accounted for in the second half of the year.

On March 31, the group closed its acquisition of the local life annuities unit of AIG (NYSE: AIG) and branded it Rentas Security. The purchase allowed the group's insurance companies almost to triple profits to 4.82bn pesos in 1H06, while Rentas Security alone is expected to represent 20% of profits by year-end.

Silva also said the group is always looking for new purchase opportunities, including in the private pension system, due to an upcoming pension reform bill that aims to make it easier for new entrants to increase competition.

The bank has doubled the number of high-income customers over the last three years and expects to double that number again by 2009 with the aim of grabbing 10% of the segment, Grupo Security CEO Renato Peñafiel said.

About 80% of the bank's 1.47tn-peso loan portfolio comes from the corporate sector. Total commercial loans in Chile rose 14.0% in the 12 months ending August to 33.3tn pesos, with Banco Security growing its commercial loan book 7.79% to 1.34tn pesos.

Peñafiel said the bank's lower commercial loan growth was due to a higher comparison base since it bought the Chilean subsidiary of Dresdner Bank Lateinamerika in 2004.

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