Sep 10 (Lagos) - Sterling Assurance Nigeria Ltd reported financial results for full year 2011. Direct premium grew to N 2.01 billion in 2011 from N 1.68 billion in 2010. Gross premium written increased to N 2.30 billion in 2011 from N 1.81 billion in 2010. Total income increased to N 2.08 billion in 2011 from N 1.84 billion in 2010.

Direct claims paid increased to N 517 million in 2011 from N 458 million in 2010. Net claims incurred increased to N 480 million in 2011 from N 345 million in 2010. Total expenses increased to N 1.41 billion in 2011 from N 1.14 billion in 2010.

Net operating income decreased to N 901 million from N 957 million in 2010. Management expenses grew sharply to N 373 million in 2011 from N 293 million in 2010. Profit after tax increased to N 288 million in 2011 from N 210 million in 2010. That’s an increase of 37% in profit after tax year on year. Sterling Assurance is not listed on the Nigerian Stock Exchange in Lagos.

In the Balance Sheet, shareholders funds increased to N 4.47 billion in 2011 from N 4.33 billion in 2010. That’s an increase of 3%. Contingency reserves and General reserves led to that gain of 3% annual gain. Company had total assets of N 5.26 billion as at the end of 2011.