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Erie Indemnity Co (ERIE) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 2019

Erie Indemnity Co

CIK: 922621 Ticker: ERIE
Exhibit 99.1

ex991image06302019a15.gif

 
Erie Indemnity Reports Second Quarter 2019 Results
Net Income per Diluted Share up 10.1 percent for the Quarter and 12.1 percent for the First Half of 2019
 
Erie, Pa. - July 25, 2019 - Erie Indemnity Company (NASDAQ: ERIE) today announced financial results for the quarter and six months ending June 30, 2019. Net income was $87.8 million, or $1.68 per diluted share, in the second quarter of 2019, compared to $79.7 million, or $1.52 per diluted share, in the second quarter of 2018. Net income was $163.1 million, or $3.12 per diluted share, in the first six months of 2019, compared to $145.5 million, or $2.78 per diluted share, in the first six months of 2018.
2Q and First Half 2019
(in thousands)
2Q'19
2Q'18
 
1H'19
1H'18
 
Operating income
$
96,610

$
95,323

 
$
182,732

$
172,890

 
Investment income
9,652

6,207

 
19,447

12,370

 
Interest expense and other income, net
224

544

 
626

1,053

 
Income before income taxes
106,038

100,986

 
201,553

184,207

 
Income tax expense
18,284

21,280

 
38,488

38,743

 
Net income
$
87,754

$
79,706

 
$
163,065

$
145,464

 
 
 
 
 
 
 
 


2Q 2019 Highlights
Operating income before taxes increased $1.3 million, or 1.3 percent, in the second quarter of 2019 compared to the second quarter of 2018.
Management fee revenue - policy issuance and renewal services increased $25.9 million, or 5.7 percent, in the second quarter of 2019 compared to the second quarter of 2018.
Management fee revenue - administrative services increased $0.9 million, or 6.7 percent, in the second quarter of 2019 compared to the second quarter of 2018.
Cost of operations - policy issuance and renewal services
Commissions increased $11.7 million in the second quarter of 2019 compared to the second quarter of 2018, as a result of the 5.6 percent increase in direct and affiliated assumed premiums written by the Exchange, partially offset by lower agent incentive costs related to less profitable growth, compared to the second quarter of 2018.
Non-commission expense increased $13.7 million in the second quarter of 2019 compared to the second quarter of 2018. Information technology costs increased $6.2 million primarily due to increased professional fees. Customer service costs increased $1.5 million primarily due to increased personnel costs. Administrative and other expenses increased $4.7 million primarily driven by an increase in long-term incentive plan cost due to a higher company stock price during the second quarter of 2019 compared to the second quarter of 2018. Personnel costs in all expense categories for the second

1


The following information was filed by Erie Indemnity Co (ERIE) on Thursday, July 25, 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-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 (Unaudited)
Statements Of Comprehensive Income (Unaudited)
Statements Of Financial Position
Statements Of Financial Position (Parenthetical)
Statements Of Operations (Unaudited)
Statements Of Shareholders' Equity (Unaudited)
Statements Of Shareholders' Equity (Unaudited) (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 - Annual Principal Payments (Details)
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 - Financial Instruments Disclosed But Not Carried At Fair Value (Details)
Fair Value - Level 3 Assets (Details)
Fair Value - Quantitative And Qualitative Disclosures About Unobservable Inputs (Details)
Income Taxes
Income Taxes (Details)
Investments
Investments (Tables)
Investments - Amortized Cost And Estimated Fair Value Of Available-For-Sale Securities By Contractual Maturity (Details)
Investments - Available-For-Sale Securities In A Gross Unrealized Loss Position (Details)
Investments - Cost To Fair Value Of Available-For-Sale Securities (Details)
Investments - Equity In Earnings (Losses) Of Limited Partnerships By Method Of Accounting (Details)
Investments - Limited Partnership Investments By Sector (Details)
Investments - Net Investment Income (Details)
Investments - Portion Of Net Unrealized Gains And Losses Recognized During The Reporting Period Related To Equity Securities (Details)
Investments - Realized Investment Gains (Losses) And Impairments (Details)
Leases
Leases (Details)
Leases (Tables)
Nature Of Operations
Nature Of Operations (Details)
Postretirement Benefits
Postretirement Benefits (Details)
Postretirement Benefits (Tables)
Revenue
Revenue (Tables)
Revenue - Disaggregation Of Revenues By Performance Obligations (Details)
Revenue - Narrative (Details)
Significant Accounting Policies
Significant Accounting Policies (Details)
Significant Accounting Policies (Policies)
Subsequent Events
Ticker: ERIE
CIK: 922621
Form Type: 10-Q Quarterly Report
Accession Number: 0000922621-19-000023
Submitted to the SEC: Thu Jul 25 2019 12:30:28 PM EST
Accepted by the SEC: Thu Jul 25 2019
Period: Sunday, June 30, 2019
Industry: Insurance Agents Brokers And Service

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