Exhibit 99.1

ex991image09302018a13.gif

 
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.
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.

1


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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