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Erie Indemnity Co (ERIE) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2015

Erie Indemnity Co

CIK: 922621 Ticker: ERIE
Exhibit 99.1


 
Erie Indemnity Reports Full Year and Fourth Quarter 2015 Results
Earnings Up 19.1 percent, Net Income per Diluted Share Up 19.3 percent for the Quarter


Erie, Pa. - February 25, 2016 - Erie Indemnity Company (NASDAQ: ERIE) today announced financial results for the full year and the quarter ending December 31, 2015. Net income was $174.7 million, or $3.33 per diluted share, for the full year 2015, compared to $167.5 million, or $3.18 per diluted share, in 2014. Net income was $30.1 million, or $0.57 per diluted share, in the fourth quarter of 2015, compared to $25.3 million, or $0.48 per diluted share, in the fourth quarter of 2014. The growth in 2015 for the fourth quarter and full year was driven by increased net revenue from operations and increased investment income, primarily due to an increase in earnings from limited partnerships.
"The strong results we saw in 2015, our 90th year in business, reflect our continued commitment to and execution of our business strategy that will provide long-term value for our customers and shareholders," said Terry Cavanaugh, President and CEO.
4Q and Total Year 2015
 
(dollars in thousands)
4Q'14
4Q'15
 
2014
2015
 
 
Net revenue from operations
$
35,413

$
41,839

 
$
222,847

$
232,541

 
 
Investment income
2,342

4,244

 
28,417

33,708

 
 
Income before income taxes
37,755

46,083

 
251,264

266,249

 
 
Income tax expense
12,459

15,950

 
83,759

91,571

 
 
Net income
$
25,296

$
30,133

 
$
167,505

$
174,678

 
 
Gross margin from operations
10.5
%
11.7
%
 
15.8
%
15.4
%
 
 
 

2015 Total Year Highlights
 
Net revenue from operations before taxes increased $9.7 million, or 4.3 percent, in 2015 compared to 2014.
Management fee revenue increased $99.3 million, or 7.2 percent, in 2015 compared to 2014.
Commissions increased $64.9 million in 2015 compared to 2014. The majority of the increase was driven by the 7.3 percent increase in direct and assumed premiums written by the Exchange, while approximately one-quarter of the increase was due to higher agent incentive costs primarily related to profitable growth. 
Non-commission expense increased $23.8 million in 2015 compared to 2014. Underwriting and policy processing costs increased $8.0 million due to increased personnel and postage costs. Information technology costs increased $2.3 million primarily due to hardware and software costs. Sales and advertising costs increased $4.1 million primarily due to personnel costs. Customer service costs increased $2.8 million due to an increase in personnel costs and credit card processing fees. Administrative and other costs increased $6.6 million due to

1


The following information was filed by Erie Indemnity Co (ERIE) on Thursday, February 25, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Postretirement Benefits (details 11)
Postretirement Benefits (details 12)
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Ticker: ERIE
CIK: 922621
Form Type: 10-K Annual Report
Accession Number: 0000922621-16-000067
Submitted to the SEC: Thu Feb 25 2016 4:56:40 PM EST
Accepted by the SEC: Thu Feb 25 2016
Period: Thursday, December 31, 2015
Industry: Insurance Agents Brokers And Service

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