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Erie Indemnity Co (ERIE) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

Erie Indemnity Co

CIK: 922621 Ticker: ERIE
Exhibit 99.1

ex991image12312017a06.gif

 
Erie Indemnity Reports Full Year and Fourth Quarter 2017 Results


Erie, Pa. - February 22, 2018 - Erie Indemnity Company (NASDAQ: ERIE) today announced financial results for the full year and quarter ending December 31, 2017. Net income was $197.0 million, or $3.76 per diluted share, for the full year 2017, compared to $210.4 million, or $4.01 per diluted share, in 2016. Net income was $32.1 million, or $0.61 per diluted share, in the fourth quarter of 2017, compared to $45.8 million, or $0.87 per diluted share, in the fourth quarter of 2016. Net income was reduced by $10.1 million for the fourth quarter and year ended December 31, 2017 due to the enactment of the Tax Cuts and Jobs Act ("TCJA") on December 22, 2017, which reduced fourth quarter and full year Class A diluted earnings per share by $0.19.
4Q and Full Year 2017
(dollars in thousands)
4Q'17
4Q'16
 
2017
2016
 
 
Operating income
$
57,958

$
56,685

 
$
288,372

$
292,364

 
 
Investment income, net of interest expense
6,683

13,438

 
27,323

27,727

 
 
Income before income taxes
64,641

70,123

 
315,695

320,091

 
 
Income tax expense
32,588

24,337

 
118,696

109,725

 
 
Net income
$
32,053

$
45,786

 
$
196,999

$
210,366

 
 
Gross margin from operations
14.4
%
14.9
%
 
17.0
%
18.3
%
 
 
 

2017 Full Year Highlights
 
Operating income before taxes decreased $4.0 million, or 1.4 percent, in 2017 compared to 2016.
Management fee revenue increased $95.2 million, or 6.1 percent, in 2017 compared to 2016.
Commissions increased $53.7 million in 2017 compared to 2016 as a result of the 6.0 percent increase in direct and assumed premiums written by the Exchange.
Non-commission expense increased $45.5 million in 2017 compared to 2016. Underwriting and policy processing costs increased $7.0 million primarily due to increased personnel costs and underwriting report costs. Information technology costs increased $19.2 million primarily due to increased professional fees, hardware and software costs and personnel costs. Customer service costs increased $3.2 million primarily due to increased personnel costs and credit card processing fees. Administrative and other costs increased $17.5 million primarily driven by increased personnel costs, including higher incentive plan costs.  The incentive plan cost increase was driven by an increase in long-term incentive plan cost due to the increase in the company stock price during 2017 coupled with lower incentive plan cost in the prior year due to incentive compensation that was forfeited by senior executives who separated from service during 2016.  Additionally, the employee incentive plan program

1


The following information was filed by Erie Indemnity Co (ERIE) on Thursday, February 22, 2018 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 4)
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 2)
Supplementary Data On Cash Flows (details)
Supplementary Data On Cash Flows (tables)
Ticker: ERIE
CIK: 922621
Form Type: 10-K Annual Report
Accession Number: 0000922621-18-000016
Submitted to the SEC: Thu Feb 22 2018 4:37:03 PM EST
Accepted by the SEC: Thu Feb 22 2018
Period: Sunday, December 31, 2017
Industry: Insurance Agents Brokers And Service

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