Erie Indemnity Reviews Second Quarter 2024 Outcomes By Investing.com

Web Earnings per Diluted Share was $3.13 for the Quarter and $5.52 for the Six Months of 2024

ERIE, Pa., July 25, 2024 /PRNewswire/ — Erie Indemnity Firm (NASDAQ: ERIE) immediately introduced monetary outcomes for the quarter and 6 months ending June  30, 2024.   Web revenue was $163.9 million, or $3.13 per diluted share, within the second quarter of 2024, in comparison with $117.9 million, or $2.25 per diluted share, within the second quarter of 2023.   Web revenue was $288.5 million, or $5.52 per diluted share, within the first six months of 2024, in comparison with $204.1 million, or $3.90 per diluted share, within the first six months of 2023.

Working revenue earlier than taxes elevated $56.1 million, or 41.8 %, within the second quarter of 2024 in comparison with the second quarter of 2023.

• Administration payment income – coverage issuance and renewal companies elevated $127.5 million, or 20.1 %, within the second quarter of 2024 in comparison with the second quarter of 2023.
• Administration payment income – administrative companies elevated $1.4 million, or 9.0 %, within the second quarter of 2024 in comparison with the second quarter of 2023.
• Price of operations – coverage issuance and renewal companies
  • Commissions elevated $68.8 million within the second quarter of 2024 in comparison with the second quarter of 2023, primarily pushed by the expansion in direct and affiliated assumed written premium and, to a lesser extent, a rise in agent incentive compensation associated to worthwhile progress.
  • Non-commission expense elevated $4.1 million within the second quarter of 2024 in comparison with the second quarter of 2023. Underwriting and coverage processing expense elevated $4.2 million primarily attributable to elevated underwriting report and personnel prices. Data know-how prices decreased $3.8 million primarily attributable to a lower in skilled charges and personnel prices. Customer support prices elevated $2.0 million primarily attributable to elevated personnel prices and bank card processing charges.

Earnings from investments earlier than taxes totaled $13.8 million within the second quarter of 2024 in comparison with $11.6 million within the second quarter of 2023.   Web funding revenue was $16.0 million within the second quarter of 2024 in comparison with $13.5 million within the second quarter of 2023.  

Working revenue earlier than taxes elevated $84.3 million, or 34.5 %, within the first six months of 2024 in comparison with the primary six months of 2023.

• Administration payment income – coverage issuance and renewal companies elevated $235.1 million, or 19.7 %, within the first six months of 2024 in comparison with the primary six months of 2023.
• Administration payment income – administrative companies elevated $3.2 million, or 10.3 %, within the first six months of 2024 in comparison with the primary six months of 2023.
• Price of operations – coverage issuance and renewal companies
  • Commissions elevated $135.8 million within the first six months of 2024 in comparison with the primary six months of 2023, primarily pushed by the expansion in direct and affiliated assumed written premium and, to a lesser extent, a rise in agent incentive compensation associated to worthwhile progress.
  • Non-commission expense elevated $18.4 million within the first six months of 2024 in comparison with the primary six months of 2023. Underwriting and coverage processing expense elevated $8.7 million primarily attributable to elevated underwriting report and personnel prices. Data know-how prices decreased $7.5 million primarily attributable to a lower in skilled charges and personnel prices largely pushed by a rise in capitalized labor prices associated to know-how initiatives. Gross sales and promoting expense elevated $5.2 million primarily attributable to elevated agent-related and promoting prices. Customer support prices elevated $4.0 million primarily attributable to elevated personnel prices and bank card processing charges. Administrative and different prices elevated $8.0 million primarily attributable to elevated personnel prices, charitable contributions {and professional} charges.

Earnings from investments earlier than taxes totaled $28.9 million within the first six months of 2024 in comparison with $6.9 million within the first six months of 2023.   Web funding revenue was $31.9 million within the first six months of 2024 in comparison with $15.7 million within the first six months of 2023.   Web funding revenue included $0.3 million of restricted partnership earnings within the first six months of 2024 in comparison with losses of $10.7 million within the first six months of 2023.   Web realized and unrealized positive factors have been $0.1 million within the first six months of 2024 in comparison with losses of $7.0 million within the first six months of 2023.

Webcast Data

Indemnity has scheduled a pre-recorded audio broadcast on the Internet for  10:00 AM ET  on July  26, 2024.   Buyers might entry the pre-recorded audio broadcast by logging on to www.erieinsurance.com.

Erie Insurance coverage Group

In keeping with  A.M. Greatest Firm,  Erie Insurance coverage Group, based mostly in  Erie, Pennsylvania, is the 12^th  largest householders insurer, 13^th largest car insurer and 13^th largest industrial traces insurer in  america  based mostly on direct premiums written.   Based in 1925, Erie Insurance coverage is a Fortune 500 firm and the 17^th largest property/casualty insurer in america based mostly on complete traces web premium written.   Rated A+ (Superior) by  A.M. Greatest, ERIE has greater than 7 million insurance policies in drive and operates in 12 states and the  District of Columbia.  

Information releases and extra info can be found on ERIE’s web site at  www.erieinsurance.com.

“Safe Harbor” Assertion underneath the Personal Securities Litigation Reform Act of 1995:
Statements contained herein that aren’t historic truth are forward-looking statements and, as such, are topic to dangers and uncertainties that might trigger precise occasions and outcomes to vary, maybe materially, from these mentioned herein.   Ahead-looking statements relate to future tendencies, occasions or outcomes and embrace, with out limitation, statements and assumptions on which such statements are based mostly which might be associated to our plans, methods, goals, expectations, intentions, and adequacy of assets.   Examples of forward-looking statements are discussions referring to premium and funding revenue, bills, working outcomes, and compliance with contractual and regulatory necessities.   Ahead-looking statements are usually not ensures of future efficiency and contain dangers and uncertainties which might be tough to foretell.   Subsequently, precise outcomes and outcomes might differ materially from what’s expressed or forecasted in such forward-looking statements.   Among the many dangers and uncertainties, along with these set forth in our filings with the Securities and Change Fee, that might trigger precise outcomes and future occasions to vary from these set forth or contemplated within the forward-looking statements embrace the next:

• dependence upon our relationship with the Erie Insurance coverage Change (“Exchange”) and the administration payment underneath the settlement with the subscribers on the Change;
• dependence upon our relationship with the Change and the expansion of the Change, together with:
  • basic enterprise and financial circumstances;
  • components affecting insurance coverage business competitors, together with technological improvements;
  • dependence upon the unbiased company system; and
  • potential to take care of our model, together with our fame for customer support;
• dependence upon our relationship with the Change and the monetary situation of the Change, together with:
  • the Change’s potential to take care of acceptable monetary power scores;
  • components affecting the standard and liquidity of the Change’s funding portfolio;
  • modifications in authorities regulation of the insurance coverage business;
  • litigation and regulatory actions;
  • emergence of great sudden occasions, together with pandemics and financial or social inflation;
  • rising claims and protection points within the business; and
  • extreme climate circumstances or different catastrophic losses, together with terrorism;
• prices of offering coverage issuance and renewal companies to the subscribers on the Change underneath the subscriber’s settlement;
• potential to draw and retain gifted administration and staff;
• potential to make sure system availability and successfully handle know-how initiatives;
• difficulties with know-how or information safety breaches, together with cyber assaults;
• potential to take care of uninterrupted enterprise operations;
• compliance with complicated and evolving legal guidelines and rules and end result of pending and potential litigation;
• components affecting the standard and liquidity of our funding portfolio; and
• potential to fulfill liquidity wants and entry capital.

A forward-looking assertion speaks solely as of the date on which it’s made and displays our evaluation solely as of that date.   We undertake no obligation to publicly replace or revise any forward-looking assertion, whether or not because of new info, future occasions, modifications in assumptions, or in any other case.