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

Erie Indemnity Co

CIK: 922621 Ticker: ERIE
Exhibit 99.1
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Erie Indemnity Reports Second Quarter 2021 Results
Net Income per Diluted Share was $1.51 for the Quarter and $2.92 for the Six Months of 2021

Erie, Pa. - July 29, 2021
- Erie Indemnity Company (NASDAQ: ERIE) today announced financial results for the quarter and six months ending June 30, 2021. Net income was $79.0 million, or $1.51 per diluted share, in the second quarter of 2021, compared to $82.0 million, or $1.57 per diluted share, in the second quarter of 2020. Net income was $152.6 million, or $2.92 per diluted share, in the first six months of 2021, compared to $141.3 million, or $2.70 per diluted share, in the first six months 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.
2Q and First Half 2021
(in thousands)2Q'212Q'201H211H20
Operating income$85,065 $91,189 $161,160 $176,880 
Investment income16,418 11,553 34,406 2,358 
Interest and other expense, net1,587 260 3,115 629 
Income before income taxes99,896 102,482 192,451 178,609 
Income tax expense20,867 20,505 39,856 37,306 
Net income$79,029 $81,977 $152,595 $141,303 

2Q 2021 Highlights
Operating income before taxes decreased $6.1 million, or 6.7 percent, in the second quarter of 2021 compared to the second quarter of 2020.
Management fee revenue - policy issuance and renewal services increased $18.5 million, or 3.8 percent, in the second quarter of 2021 compared to the second quarter of 2020.
Management fee revenue - administrative services decreased $0.1 million, or 1.0 percent, in the second quarter of 2021 compared to the second quarter of 2020.
Cost of operations - policy issuance and renewal services
Commissions increased $14.7 million in the second quarter of 2021 compared to the second 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 second quarter of 2021 compared to the second quarter of 2020.
Non-commission expense increased $9.2 million in the second quarter of 2021 compared to the second quarter of 2020. Underwriting and policy processing expense increased $3.3 million primarily due to increased personnel costs and underwriting report costs. Information technology costs increased $2.9 million primarily due to increased hardware and software costs as well as increased personnel costs. Administrative and other costs increased $3.6 million primarily driven by increased building and
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The following information was filed by Erie Indemnity Co (ERIE) on Thursday, July 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
Ticker: ERIE
CIK: 922621
Form Type: 10-Q Quarterly Report
Accession Number: 0000922621-21-000048
Submitted to the SEC: Thu Oct 28 2021 4:27:11 PM EST
Accepted by the SEC: Thu Oct 28 2021
Period: Thursday, September 30, 2021
Industry: Insurance Agents Brokers And Service

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