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Erie Indemnity Co (ERIE) SEC Filing 10-Q Quarterly report for the period ending Saturday, June 30, 2018

Erie Indemnity Co

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CIK: 922621 Ticker: ERIE
Exhibit 99.1

ex991image06302018a12.gif

 
Erie Indemnity Reports Second Quarter 2018 Results
Net Income per Diluted Share up 36.2 percent for the Quarter and 36.8 percent for the First Half of 2018
 
Erie, Pa. - July 26, 2018 - Erie Indemnity Company (NASDAQ: ERIE) today announced financial results for the quarter ending June 30, 2018. Net income was $79.7 million, or $1.52 per diluted share, in the second quarter of 2018, compared to $58.5 million, or $1.12 per diluted share, in the second quarter of 2017. Net income was $145.5 million, or $2.78 per diluted share, in the first six months of 2018, compared to $106.4 million, or $2.03 per diluted share, in the first six months of 2017.
2Q and First Half 2018
(dollars in thousands)
2Q'18
2Q'17
 
1H'18
1H'17
 
Operating income
$
95,323

$
83,448

 
$
172,890

$
150,388

 
Investment income
6,207

6,451

 
12,370

13,040

 
Interest expense and other, net
544

664

 
1,053

1,239

 
Income before income taxes
100,986

89,235

 
184,207

162,189

 
Income tax expense
21,280

30,708

 
38,743

55,786

 
Net income
$
79,706

$
58,527

 
$
145,464

$
106,403

 
 
 
 
 
 
 
 
 


2Q 2018 Highlights
Operating income before taxes increased $11.9 million, or 14.2 percent, in the second quarter of 2018 compared to the second quarter of 2017, as the growth in total operating revenue outpaced the growth in total operating expenses.
•
Management fee revenue - policy issuance and renewal services increased $13.3 million, or 3.0 percent, in the second quarter of 2018 compared to the second quarter of 2017.
•
Management fee revenue allocated to administrative services was $13.3 million in the second quarter of 2018. No management fee revenue was allocated to administrative services in the second quarter of 2017.
•
Cost of operations - policy issuance and renewal services
–
Commissions increased $10.2 million in the second quarter of 2018 compared to the second quarter of 2017, as a result of the 6.5 percent increase in direct and assumed premiums written by the Exchange, slightly offset by lower agent incentive costs related to less profitable growth, compared to the second quarter of 2017.
–
Non-commission expense increased $4.3 million in the second quarter of 2018 compared to the second quarter of 2017.  Underwriting and policy processing costs increased $2.1 million primarily due to increased underwriting report costs. Customer service costs increased $1.3 million primarily due to increased personnel costs and credit card processing fees. Administrative and other expenses increased $2.0 million primarily due to a sales and use tax refund recorded in the second quarter of 2017.

1

The following information was filed by Erie Indemnity Co (ERIE) on Thursday, July 26, 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-Q Quarterly 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-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Statements Of Cash Flows
Statements Of Comprehensive Income
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Significant Accounting Policies
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Significant Accounting Policies (Policies)
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Subsequent Events

Material Contracts, Statements, Certifications & more

Erie Indemnity Co provided additional information to their SEC Filing as exhibits

Exhibit 10.1: Material Contract
Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32: Section 1350 Certification
Ticker: ERIE
CIK: 922621
Form Type: 10-Q Quarterly Report
Accession Number: 0000922621-18-000033
Submitted to the SEC: Thu Jul 26 2018 4:35:51 PM EST
Accepted by the SEC: Thu Jul 26 2018
Period: Saturday, June 30, 2018
Industry: Insurance Agents Brokers And Service

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