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Erie Indemnity Co (ERIE) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Erie Indemnity Co

CIK: 922621 Ticker: ERIE
Exhibit 99.1

ex991image12312018a07.gif

 
Erie Indemnity Reports Full Year and Fourth Quarter 2018 Results
Net Income per Diluted Share up 46.4 percent in 2018

Erie, Pa. - February 21, 2019 - Erie Indemnity Company (NASDAQ: ERIE) today announced financial results for the full year and quarter ending December 31, 2018. Net income was $288.2 million, or $5.51 per diluted share, in 2018, compared to $197.0 million, or $3.76 per diluted share, in 2017. Net income was $62.3 million, or $1.19 per diluted share, in the fourth quarter of 2018, compared to $32.1 million, or $0.61 per diluted share, in the fourth quarter of 2017. The increase in earnings per share in 2018 was primarily driven by the lower corporate tax rate of 21% as a result of the Tax Cuts and Jobs Act ("TCJA"), compared to 35% in 2017, and increased operating income. Net income was reduced by $10.1 million, or $0.19 per diluted share in the fourth quarter and year ended December 31, 2017, due to the enactment of the TCJA on December 22, 2017.
4Q and Full Year 2018
(dollars in thousands)
4Q'18
4Q'17
 
2018
2017
 
Operating income
$
74,758

$
58,625

 
$
344,343

$
290,252

 
Investment income
4,995

7,134

 
25,796

28,592

 
Interest expense and other (income), net
(2,889
)
1,118

 
(1,181
)
3,149

 
Income before income taxes
82,642

64,641

 
371,320

315,695

 
Income tax expense
20,328

32,588

 
83,096

118,696

 
Net income
$
62,314

$
32,053

 
$
288,224

$
196,999

 
 
 
 
 
 
 
 
 

2018 Full Year Highlights
 
Operating income before taxes increased $54.1 million, or 18.6 percent, in 2018 compared to 2017.
Management fee revenue - policy issuance and renewal services increased $56.9 million, or 3.4 percent, in 2018 compared to 2017.
Management fee revenue allocated to administrative services was $53.6 million in 2018. No management fee revenue was allocated to administrative services in 2017.
Cost of operations - policy issuance and renewal services
Commissions increased $36.3 million in 2018 compared to 2017 as a result of the 6.9 percent increase in direct and assumed premiums written by the Exchange, somewhat offset by lower agent incentive costs related to less profitable growth.
Non-commission expense increased $19.7 million in 2018 compared to 2017. Underwriting and policy processing costs increased $8.1 million primarily due to increased personnel costs and underwriting report costs. Information technology costs increased $5.1 million primarily due to increased personnel

1


The following information was filed by Erie Indemnity Co (ERIE) on Thursday, February 21, 2019 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 (Tables)
Borrowing Arrangements - Bank Line Of Credit (Details)
Borrowing Arrangements - Term Loan Credit Facility (Details)
Capital Stock
Capital Stock - Class A And B Common Stock (Details)
Capital Stock - Stock Repurchases (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 (Tables)
Fair Value - Fair Value Measurements On A Recurring Basis By Asset Class And Level Of Input (Details)
Fair Value - Fair Value Measurements On A Recurring Basis By Pricing Source (Details)
Fair Value - Fair Value Measurements On A Recurring Basis, Unobservable Input Reconciliation (Details)
Fair Value - Financial Instruments Disclosed Not Carried At Fair Value (Details)
Fixed Assets
Fixed Assets (Details)
Fixed Assets (Tables)
Incentive And Deferred Compensation Plans
Incentive And Deferred Compensation Plans (Tables)
Incentive And Deferred Compensation Plans - Narrative (Details)
Incentive And Deferred Compensation Plans - Table (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Deferred Tax Assets And Liabilities (Details)
Income Taxes - Provision For Income Tax (Details)
Income Taxes - Reconciliation Of Provision For Income Taxes (Details)
Income Taxes - Unrecognized Tax Benefit (Details)
Investments
Investments (Tables)
Investments - Amortized Cost And Estimated Fair Value Of Afs Securities (Details)
Investments - Cost And Fair Value Of Afs Securities (Details)
Investments - Equity In Earnings (Losses) Of Limited Partnerships (Details)
Investments - Gross Unrealized Loss Positions (Details)
Investments - Limited Partnership Investments By Sector (Details)
Investments - Net Investment Income (Details)
Investments - Realized Investment Gains (Losses) And Impairments (Details)
Nature Of Operations
Nature Of Operations (Details)
Postretirement Benefits
Postretirement Benefits (Tables)
Postretirement Benefits - Accumulated Other Comprehensive Income (Details)
Postretirement Benefits - Actuarial Assumptions (Details)
Postretirement Benefits - Asset Allocation (Details)
Postretirement Benefits - Benefit Obligations (Details)
Postretirement Benefits - Cost Of Pension Plans (Details)
Postretirement Benefits - Employee Savings Plan (Details)
Postretirement Benefits - Estimated Future Benefit Payments (Details)
Postretirement Benefits - Fair Value Measurement For Pension Plan Assets By Major Category And Level Of Input (Details)
Postretirement Benefits - Funding Policy/Funded Status (Details)
Postretirement Benefits - Other Comprehensive Income (Details)
Postretirement Benefits - Pension Assets (Details)
Postretirement Benefits - Projected And Accumulated Benefit Obligation (Details)
Quarterly Results Of Operations (Unaudited)
Quarterly Results Of Operations (Unaudited) (Details)
Quarterly Results Of Operations (Unaudited) (Tables)
Related Party
Related Party (Details)
Revenue
Revenue (Tables)
Revenue - Disaggregation Of Revenue (Details)
Revenue - Narrative (Details)
Significant Accounting Policies
Significant Accounting Policies (Details)
Significant Accounting Policies (Policies)
Significant Accounting Policies (Tables)
Subsequent Events
Supplementary Data On Cash Flows
Supplementary Data On Cash Flows (Details)
Supplementary Data On Cash Flows (Tables)
Ticker: ERIE
CIK: 922621
Form Type: 10-K Annual Report
Accession Number: 0000922621-19-000008
Submitted to the SEC: Thu Feb 21 2019 11:34:22 AM EST
Accepted by the SEC: Thu Feb 21 2019
Period: Monday, December 31, 2018
Industry: Insurance Agents Brokers And Service

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