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Erie Indemnity Co (ERIE) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

Erie Indemnity Co

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CIK: 922621 Ticker: ERIE
Exhibit 99.1

ex991image12312016a05.gif

 
Erie Indemnity Reports Full Year and Fourth Quarter 2016 Results
Net Income per Diluted Share Up 20.6 percent for the Full Year


Erie, Pa. - February 23, 2017 - Erie Indemnity Company (NASDAQ: ERIE) today announced financial results for the full year and quarter ending December 31, 2016. Net income was $210.4 million, or $4.01 per diluted share, for the full year 2016, compared to $174.7 million, or $3.33 per diluted share, in 2015. Net income was $45.8 million, or $0.87 per diluted share, in the fourth quarter of 2016, compared to $30.1 million, or $0.57 per diluted share, in the fourth quarter of 2015. The growth in 2016 for the fourth quarter and full year was driven by increased net revenue from operations as revenue growth outpaced the growth in expenses.
"We continue to grow profitably", said Tim NeCastro, President and CEO. "The dedicated work of our Agents and Employees has once again enabled us to beat the industry forecast for 2016 and as we embark upon 2017, we are well positioned for continued long-term growth and value creation."

4Q and Total Year 2016
(dollars in thousands)
4Q'15
4Q'16
 
2015
2016
 
 
Net revenue from operations
$
41,839

$
56,685

 
$
232,541

$
292,364

 
 
Investment income, net of interest expense
4,244

13,438

 
33,708

27,727

 
 
Income before income taxes
46,083

70,123

 
266,249

320,091

 
 
Income tax expense
15,950

24,337

 
91,571

109,725

 
 
Net income
$
30,133

$
45,786

 
$
174,678

$
210,366

 
 
Gross margin from operations
11.7
%
14.9
%
 
15.4
%
18.3
%
 
 
 

2016 Total Year Highlights
 
Net revenue from operations before taxes increased $59.8 million, or 25.7 percent, in 2016 compared to 2015.
•
Management fee revenue increased $91.9 million, or 6.2 percent, in 2016 compared to 2015.
•
Commissions increased $45.9 million in 2016 compared to 2015 as a result of the 6.2 percent increase in direct and assumed premiums written by the Exchange. 
•
Non-commission expense decreased $14.6 million in 2016 compared to 2015. Information technology costs decreased $2.1 million primarily due to decreased personnel costs somewhat offset by an increase in professional fees. Customer service costs decreased $4.7 million primarily due to decreased credit card processing fees and personnel costs. Administrative and other costs decreased $7.8 million due to decreased personnel costs, including incentive compensation forfeited by senior executives who separated from service during 2016,

1

The following information was filed by Erie Indemnity Co (ERIE) on Thursday, February 23, 2017 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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Inside Erie Indemnity Co's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Statements Of Cash Flows
Statements Of Comprehensive Income
Statements Of Financial Position
Statements Of Financial Position (parenthetical)
Statements Of Operations
Statements Of Shareholders' Equity
Statements Of Shareholders' Equity (parenthetical)
Accumulated Other Comprehensive Income (loss)
Accumulated Other Comprehensive Income (loss) (details)
Accumulated Other Comprehensive Income (loss) (tables)
Borrowing Arrangements
Borrowing Arrangements (details 2)
Borrowing Arrangements (details)
Capital Stock
Capital Stock (details 2)
Capital Stock (details)
Commitments And Contingencies
Commitments And Contingencies (details)
Concentrations Of Credit Risk
Concentrations Of Credit Risk (details)
Earnings Per Share
Earnings Per Share (details)
Earnings Per Share (tables)
Fair Value
Fair Value (details 2)
Fair Value (details 3)
Fair Value (details)
Fair Value (tables)
Fixed Assets
Fixed Assets (details)
Fixed Assets (tables)
Incentive And Deferred Compensation Plans
Incentive And Deferred Compensation Plans (details 2)
Incentive And Deferred Compensation Plans (details)
Incentive And Deferred Compensation Plans (tables)
Income Taxes
Income Taxes (details 2)
Income Taxes (details 3)
Income Taxes (details)
Income Taxes (tables)
Investments
Investments (details 2)
Investments (details 3)
Investments (details 4)
Investments (details 5)
Investments (details 6)
Investments (details 7)
Investments (details)
Investments (tables)
Nature Of Operations
Nature Of Operations (details)
Postretirement Benefits
Postretirement Benefits (details 10)
Postretirement Benefits (details 11)
Postretirement Benefits (details 12)
Postretirement Benefits (details 2)
Postretirement Benefits (details 3)
Postretirement Benefits (details 4)
Postretirement Benefits (details 5)
Postretirement Benefits (details 6)
Postretirement Benefits (details 7)
Postretirement Benefits (details 8)
Postretirement Benefits (details 9)
Postretirement Benefits (details)
Postretirement Benefits (tables)
Quarterly Results Of Operations (unaudited)
Quarterly Results Of Operations (unaudited) (details)
Quarterly Results Of Operations (unaudited) (tables)
Related Party
Related Party (details)
Related Party (tables)
Significant Accounting Policies
Significant Accounting Policies (details 2)
Significant Accounting Policies (details)
Significant Accounting Policies (policies)
Subsequent Events
Supplementary Data On Cash Flows
Supplementary Data On Cash Flows (details)
Supplementary Data On Cash Flows (tables)
Ticker: ERIE
CIK: 922621
Form Type: 10-K Annual Report
Accession Number: 0000922621-17-000008
Submitted to the SEC: Thu Feb 23 2017 4:49:55 PM EST
Accepted by the SEC: Thu Feb 23 2017
Period: Saturday, December 31, 2016
Industry: Insurance Agents Brokers And Service

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