Prima AFP S.A. reported unaudited earnings results for the fourth quarter and year ended December 31, 2011. For the quarter, the company reported income from commissions of $27.8 million, net operating income of $12.7 million, net income of $8.9 million compared to income from operations of $21.91 million, operating income of $8.4 million, net income of $8.01 million a year ago. ROAE was 23.2% compared to 21.8% a year ago. The net income which tops $7.6 million reported last quarter. The operating result reflected slight growth quarter-on-quarter due to an increase in commissions, which offset higher costs for marketing; provisions for projects for operational improvements. The favorable growth in income from commissions is attributable to the fact that has been able to strengthen income base due to growth in the Peruvian economy and a concerted effort to capture new affiliates. In accumulated terms, income from commissions was $104.4 million, which represents an increase of 22.6% with regard to 2010. For the year, the company reported income from commissions of $104.4 million, operating income of $49.1 million, net income of $32.4 million compared to income from commissions of $85.16 million, operating income of $36.96 million, net income of $25.51 million a year ago. ROAE was 21.9% compared to 18.0% a year ago. The favorable growth is attributable to the fact that the company able to strengthen the income base due to growth in the Peruvian economy and a concerted effort to capture new affiliates.