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Erie Indemnity Co (ERIE) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 2021

Erie Indemnity Co

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CIK: 922621 Ticker: ERIE
Exhibit 99.1
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Erie Indemnity Reports First Quarter 2021 Results
Net Income per Diluted Share up 24 percent for the Quarter
Erie, Pa. - April 29, 2021
 - Erie Indemnity Company (NASDAQ: ERIE) today announced financial results for the quarter ending March 31, 2021. Net income was $73.6 million, or $1.41 per diluted share, in the first quarter of 2021, compared to $59.3 million, or $1.13 per diluted share, in the first quarter of 2020.

The uncertainty resulting from the COVID-19 pandemic continues to evolve and the pandemic's ultimate impact and duration remain uncertain at this time.
1Q 2021
(in thousands)1Q'211Q'20
Operating income$76,095 $85,691 
Investment income (loss)17,988 (9,195)
Interest and other expense, net1,528 369 
Income before income taxes92,555 76,127 
Income tax expense18,989 16,801 
Net income$73,566 $59,326 

1Q 2021 Highlights
Operating income before taxes decreased $9.6 million, or 11.2 percent, in the first quarter of 2021 compared to the first quarter of 2020.
•Management fee revenue - policy issuance and renewal services increased $12.0 million, or 2.7 percent, in the first quarter of 2021 compared to the first quarter of 2020.
•Management fee revenue - administrative services increased $0.1 million, or 0.5 percent, in the first quarter of 2021 compared to the first quarter of 2020.
•Cost of operations - policy issuance and renewal services
◦Commissions increased $9.4 million in the first quarter of 2021 compared to the first quarter of 2020, driven by the growth in direct and affiliated assumed written premium, primarily in lines of business that pay a higher commission rate. To a lesser extent, there was also an increase in agent incentive compensation for the first quarter of 2021 compared to the first quarter of 2020.
◦Non-commission expense increased $11.7 million in the first quarter of 2021 compared to the first quarter of 2020. Underwriting and policy processing expense decreased $0.8 million primarily due to lower personnel costs. Information technology costs increased $4.2 million primarily due to increased hardware and software costs and professional fees. Administrative and other costs increased $8.5 million primarily driven by increased professional fees and higher incentive plan award accruals due to improved performance in the first quarter of 2021 compared to the same period in 2020.
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The following information was filed by Erie Indemnity Co (ERIE) on Thursday, April 29, 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)
Earnings Per Share - Narrative (Details)
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

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: 0000922621-21-000036
Submitted to the SEC: Thu Jul 29 2021 4:26:35 PM EST
Accepted by the SEC: Thu Jul 29 2021
Period: Wednesday, June 30, 2021
Industry: Insurance Agents Brokers And Service

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