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Erie Indemnity Co (ERIE) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2020

Erie Indemnity Co

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CIK: 922621 Ticker: ERIE
Exhibit 99.1
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Erie Indemnity Reports Second Quarter 2020 Results
Net Income per Diluted Share was $1.57 for the Quarter and $2.70 for the First Half of 2020
Erie, Pa. - July 30, 2020
 - Erie Indemnity Company (NASDAQ: ERIE) today announced financial results for the quarter and six months ending June 30, 2020. Net income was $82.0 million, or $1.57 per diluted share, in the second quarter of 2020, compared to $87.8 million, or $1.68 per diluted share, in the second quarter of 2019. Net income was $141.3 million, or $2.70 per diluted share, in the first six months of 2020, compared to $163.1 million, or $3.12 per diluted share, in the first six months of 2019.

The significant disruption to the economy and financial markets resulting from the COVID-19 pandemic that began in the first quarter of 2020 continues to evolve and the pandemic's ultimate impact and duration remain highly uncertain at this time. The Exchange experienced declines in new business in the second quarter of 2020 due to business disruptions and recessionary conditions which impacted our management fee revenue. The financial markets partially recovered in the second quarter of 2020, improving our investment results compared the first quarter of 2020.
2Q and First Half 2020
(in thousands)2Q'202Q'191H'201H'19
Operating income$91,189  $96,610  $176,880  $182,732  
Investment income11,553  9,652  2,358  19,447  
Interest expense and other income, net260  224  629  626  
Income before income taxes102,482  106,038  178,609  201,553  
Income tax expense20,505  18,284  37,306  38,488  
Net income$81,977  $87,754  $141,303  $163,065  

2Q 2020 Highlights
Operating income before taxes decreased $5.4 million, or 5.6 percent, in the second quarter of 2020 compared to the second quarter of 2019.
a.Management fee revenue - policy issuance and renewal services increased $3.3 million, or 0.7 percent, in the second quarter of 2020 compared to the second quarter of 2019.
b.Management fee revenue - administrative services increased $0.6 million, or 4.4 percent, in the second quarter of 2020 compared to the second quarter of 2019.
c.Cost of operations - policy issuance and renewal services
–Commissions increased $5.2 million in the second quarter of 2020 compared to the second quarter of 2019, primarily driven by increases in agent incentive compensation. The estimated agent incentive payouts at June 30, 2020 are based on actual underwriting results for the two prior years and current year-to-date actual results and forecasted results for the remainder of 2020. Therefore, fluctuations in the current quarter underwriting results can impact the estimated incentive payout on a quarter-to-
1

The following information was filed by Erie Indemnity Co (ERIE) on Thursday, July 30, 2020 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

Cover Page
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
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 - Financial Instruments 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 And Fair Value, Net Of Credit Loss Allowance, Of Available-For-Sale Securities (Details)
Investments - Credit Loss Allowance On Investments (Details)
Investments - Impairments On Available-For-Sale Securities And Agent Loans (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) (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

Material Contracts, Statements, Certifications & more

Erie Indemnity Co provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32: Section 1350 Certification
Ticker: ERIE
CIK: 922621
Form Type: 10-Q Quarterly Report
Accession Number: 0000922621-20-000044
Submitted to the SEC: Thu Oct 29 2020 4:26:43 PM EST
Accepted by the SEC: Thu Oct 29 2020
Period: Wednesday, September 30, 2020
Industry: Insurance Agents Brokers And Service

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