insurance financial results Erie Indemnity Company

Erie Indemnity Company Reports Q3 2024 Insurance Results

Erie Indemnity Company, a leading provider of insurance products and services, has announced its financial results for the third quarter of 2024, demonstrating a significant increase in net income and operating income compared to the same period in 2023.

• Net income for the quarter reached $159.8 million, a notable jump from $131.0 million in the third quarter of 2023.
• This translates to earnings per diluted share of $3.06 for the quarter, compared to $2.51 in the third quarter of 2023.

Strong Operating Income Growth in Q3 2024

Erie Indemnity Company's operating income before taxes showed a remarkable increase in the third quarter of 2024. This positive trend is attributed to several key factors:

• Management fee revenue, primarily from policy issuance and renewal services, experienced a substantial growth of 18.5% year-over-year, reaching $120.1 million.
• Management fee revenue from administrative services also saw a positive increase of 6.2% year-over-year, reaching $1.0 million.
• Despite the increase in commissions and non-commission expenses, primarily driven by growth in direct and affiliated assumed written premium and increased underwriting report and personnel costs, operating income saw a robust increase.

Investment Income Contributes to Q3 2024 Performance

Investment income played a crucial role in Erie Indemnity Company's strong performance for the third quarter of 2024, contributing significantly to the overall profitability of the insurance company.

• Income from investments before taxes totaled $19.5 million in the third quarter of 2024, compared to $12.3 million in the same period of 2023.
• Net investment income reached $17.3 million in the third quarter of 2024, up from $14.6 million in the third quarter of 2023.
• Net realized and unrealized gains were $2.9 million in the third quarter of 2024, a notable improvement from losses of $2.2 million in the third quarter of 2023.

Erie Indemnity Company's Nine Months 2024 Financial Results

The positive financial performance continued into the nine months ending September 30, 2024, further highlighting the strength of Erie Indemnity Company's insurance operations and investment strategies.

Nine Months Operating Income Highlights

Erie Indemnity Company's operating income before taxes witnessed a substantial increase of 29.5% year-over-year, reaching $116.0 million for the first nine months of 2024.

• Management fee revenue from policy issuance and renewal services experienced a significant increase of 19.3% year-over-year, reaching $355.3 million.
• Management fee revenue from administrative services also showed a positive increase of 8.9% year-over-year, reaching $4.2 million.
• While commissions and non-commission expenses saw increases due to factors like growth in direct and affiliated assumed written premium and increased underwriting report and personnel costs, operating income remained strong.

Nine Months Investment Income Performance

Erie Indemnity Company's investment income performance for the first nine months of 2024 continued its upward trajectory, demonstrating the company's effective investment strategies.

• Income from investments before taxes totaled $48.5 million in the first nine months of 2024, compared to $19.2 million in the same period of 2023.
• Net investment income reached $49.2 million in the first nine months of 2024, a significant increase from $30.4 million in the same period of 2023.
• The company reported net realized and unrealized gains of $3.0 million for the first nine months of 2024, a notable improvement from losses of $9.2 million in the same period of 2023.

Erie Indemnity Company's Strong Financial Position

The company's financial position remained solid as of September 30, 2024, with total assets reaching $2,864,147,000, compared to $2,471,964,000 at the end of 2023. Total liabilities were $916,192,000, compared to $809,129,000 at the end of 2023. Shareholders' equity increased to $1,947,955,000, compared to $1,662,835,000 at the end of 2023.

Erie Indemnity Company's Commitment to Growth and Innovation

Erie Indemnity Company is committed to providing quality insurance products and services, fostering innovation, and driving growth. The company's strong financial performance reflects its commitment to these strategic goals.