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Erie Indemnity Co (ERIE) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

Erie Indemnity Co

CIK: 922621 Ticker: ERIE
Exhibit 99.1
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Erie Indemnity Reports Full Year and Fourth Quarter 2020 Results
Net Income per Diluted Share was $1.20 for the Quarter and $5.61 for the Year

Erie, Pa. - February 25, 2021
- Erie Indemnity Company (NASDAQ: ERIE) today announced financial results for the full year and quarter ending December 31, 2020. Net income was $293.3 million, or $5.61 per diluted share, in 2020, compared to $316.8 million, or $6.06 per diluted share, in 2019. Net income was $62.8 million, or $1.20 per diluted share, in the fourth quarter of 2020, compared to $59.6 million, or $1.14 per diluted share, in the fourth quarter 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. Although the Exchange experienced declines in new business premiums in the first half of 2020 due to business disruptions and recessionary conditions, new business premiums grew 10.8% in the second half of 2020 compared to the same period in 2019. The financial markets substantially recovered during the remainder of 2020 from the volatility impacting our portfolio in the first quarter of 2020, resulting in overall realized and unrealized gains.
4Q and Full Year 2020
(dollars in thousands)4Q'204Q'1920202019
Operating income$65,052 $68,700 $338,157 $357,339 
Investment income14,071 6,914 32,867 39,967 
Interest expense and other (income), net913 (36)2,509 601 
Income before income taxes
78,210 75,650 368,515 396,705 
Income tax expense15,425 16,063 75,211 79,884 
Net income
$62,785 $59,587 $293,304 $316,821 

2020 Full Year Highlights
Operating income before taxes decreased $19.2 million, or 5.4 percent, in 2020 compared to 2019.
Management fee revenue - policy issuance and renewal services increased $31.3 million, or 1.7 percent, in 2020 compared to 2019.
Management fee revenue allocated to administrative services increased $2.3 million, or 4.0 percent, in 2020 compared to 2019.
Cost of operations - policy issuance and renewal services
Commissions increased $26.6 million in 2020 compared to 2019 resulting from higher direct and affiliated assumed premiums written by the Exchange and higher agent incentive compensation. The Exchange experienced a significant decrease in automobile claims frequency and related loss expense
1


The following information was filed by Erie Indemnity Co (ERIE) on Thursday, February 25, 2021 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
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 - Financial Instruments Not Carried At Fair Value (Details)
Fair Value - Level 3 Assets (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)
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 (Policies)
Subsequent Events

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: 0000922621-21-000022
Submitted to the SEC: Thu Apr 29 2021 4:26:12 PM EST
Accepted by the SEC: Thu Apr 29 2021
Period: Wednesday, March 31, 2021
Industry: Insurance Agents Brokers And Service

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