During 2011, our gross earned premium income in the year reduced marginally by 4% to Shs 1.66 billion from 1.74 billion recorded in 2010, while our net earned premium remained steady at Shs. 1.23 billion. Investment income improved by 8% to Shs. 83 m while commissions earned in the year went up by 3% to Shs. 123 million. Net income earned for the year under review remained in tandem with 2010 at Shs. 1.43 billion.
As a result, net claims incurred reduced by 10% to Shs. 631 million down from Shs. 704 million recorded in 2010. Commission’s payable reduced by 12% from Shs. 163 Million to Shs. 143 Million in 2011. Our operating and other expenses grew marginally by 8% from Shs 529 million in 2010 to Shs 572 million in 2011.