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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 |
• | 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. |
– | 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. |
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Personnel costs in all expense categories were impacted by lower estimated costs for incentive plan awards related to underwriting performance.
Further, unanticipated increased inflation costs including medical cost inflation, construction and auto repair cost inflation, and tort issues may impact the estimated loss reserves and future premium rates.
Cash paid for agent commissions and bonuses increased $53.7 million to $770.2 million in the first nine months of 2018 due to higher scheduled commissions driven by premium growth and higher bonus award payments resulting from profitable underwriting results.
Commercial lines Total commercial lines premiums written increased 8.0% to $494 million in the third quarter of 2018, from $457 million in the third quarter of 2017, driven by a 2.5% increase in total commercial lines policies in force and a 3.8% increase in the total commercial lines year-over-year average premium per policy.
The increase in cash used for the first nine months of 2018, compared to the first nine months of 2017, was driven by less cash being generated from the maturities and calls of available-for-sale securities and increased agent loans and fixed asset purchases.
Unfavorable changes in economic conditions,...Read more
Our results of operations are...Read more
The increase in net investment...Read more
Liquidity is a measure of...Read more
Personal lines Total personal lines...Read more
Administrative and other expenses increased...Read more
Total investment income remained flat...Read more
In addition to specific factors,...Read more
With the adoption of ASC...Read more
Of this amount, we purchased...Read more
Additionally, the expenses we incur...Read more
Direct and assumed premiums written...Read more
The increase in management fee...Read more
Depending upon market conditions, which...Read more
The increase in cash used...Read more
The administrative services reimbursement revenue...Read more
Our continued focus on underwriting...Read more
The fair value of our...Read more
The allocation of management fee...Read more
Underlying the trend in renewal...Read more
Premiums generated from renewal business...Read more
Year-over-year policies in force for...Read more
The year-over-year average premium per...Read more
Increased cash from operating activities...Read more
If any of these items...Read more
Underlying this trend in new...Read more
Changes in premium levels attributable...Read more
Service agreement revenue includes service...Read more
Management fee revenue for policy...Read more
Premiums generated from new business...Read more
Premiums generated from new business...Read more
The Tax Cuts and Jobs...Read more
Agent compensation includes scheduled commissions...Read more
Year-over-year average premium per policy...Read more
Future trends-premium revenue The Exchange...Read more
The direct and assumed premiums...Read more
If ASC 606 had been...Read more
Net investment income increased by...Read more
Net realized losses of $0.5...Read more
Personnel costs in all expense...Read more
Included in these expenses are...Read more
Included in these expenses are...Read more
The shift to these plans...Read more
The total increase in personnel...Read more
Over time, net investment income...Read more
Somewhat offsetting the increase in...Read more
As of September 30, 2018,...Read more
We had no borrowings outstanding...Read more
Statutory direct written premiums of...Read more
This estimated allowance has been...Read more
The following table presents an...Read more
The increases were driven by...Read more
Financial Statements - Note 6,...Read more
dependence upon our relationship with...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Material Contracts, Statements, Certifications & more
Erie Indemnity Co provided additional information to their SEC Filing as exhibits
Ticker: ERIE
CIK: 922621
Form Type: 10-Q Quarterly Report
Accession Number: 0000922621-18-000046
Submitted to the SEC: Thu Oct 25 2018 12:28:57 PM EST
Accepted by the SEC: Thu Oct 25 2018
Period: Sunday, September 30, 2018
Industry: Insurance Agents Brokers And Service