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

Earnings Press Release
10-Q Quarterly Report
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Erie Indemnity Co
Ticker: ERIE CIK: 922621

Exhibit 99.1

Erie Indemnity Reports Third Quarter 2018 Results

Net Income per Diluted Share up 37.4 percent for the Quarter and 37.0 percent Year to Date

Erie, Pa. - October 25, 2018 - Erie Indemnity Company (NASDAQ: ERIE) today announced financial results for the quarter ending September 30, 2018. Net income was $80.4 million, or $1.54 per diluted share, in the third quarter of 2018, compared to $58.5 million, or $1.12 per diluted share, in the third quarter of 2017. Net income was $225.9 million, or $4.32 per diluted share, in the first nine months of 2018, compared to $164.9 million, or $3.15 per diluted share, in the first nine months of 2017.



3Q and Nine Months 2018
(dollars in thousands)	3Q'18		3Q'17		2018		2017
Operating income	$	96,695	$	81,239	$	269,585	$	231,627
Investment income	8,431		8,418		20,801		21,458
Interest expense and other, net	655		792		1,708		2,031
Income before income taxes	104,471		88,865		288,678		251,054
Income tax expense	24,025		30,322		62,768		86,108
Net income	$	80,446	$	58,543	$	225,910	$	164,946



3Q 2018 Highlights

Operating income before taxes increased $15.5 million, or 19.0 percent, in the third quarter of 2018 compared to the third 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 $16.1 million, or 3.7 percent, in the third quarter of 2018 compared to the third quarter of 2017.


•	Management fee revenue allocated to administrative services was $13.5 million in the third quarter of 2018. No management fee revenue was allocated to administrative services in the third quarter of 2017.


•	Cost of operations - policy issuance and renewal services


–	Commissions increased $8.1 million in the third quarter of 2018 compared to the third quarter of 2017, as a result of the 7.1 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 third quarter of 2017.

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Non-commission expense increased $5.9 million in the third quarter of 2018 compared to the same period in 2017. Information technology costs increased $4.0 million primarily due to higher professional fees. Administrative and other expenses increased $2.4 million primarily due to higher professional fees and personnel costs. Personnel costs in all expense categories were impacted by lower estimated costs for incentive plan awards related to underwriting performance.

The following information was filed by Erie Indemnity Co (ERIE) on Thursday, October 25, 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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