PR Newswire
ERIE, Pa., July 27, 2023
Net Income per Diluted Share was $2.25 for the Quarter and $3.90 for the Six Months of 2023
ERIE, Pa., July 27, 2023 Erie Indemnity Company (NASDAQ: ERIE) today announced financial results for the quarter and six months ending June 30, 2023. Net income was $117.9 million, or $2.25 per diluted share, in the second quarter of 2023, compared to $80.1 million, or $1.53 per diluted share, in the second quarter of 2022. Net income was $204.1 million, or $3.90 per diluted share, in the first six months of 2023, compared to $148.8 million, or $2.84 per diluted share, in the first six months of 2022.
2Q and First Half 2023 | |||||
(in thousands) | 2Q'23 | 2Q'22 | | 1H'23 | 1H'22 |
Operating income | $ 134,158 | $ 104,000 | | $ 244,701 | $ 188,312 |
Investment income (loss) | 11,627 | (2,094) | | 6,895 | 915 |
Interest expense and other (income), net | (3,305) | 558 | | (6,642) | 1,084 |
Income before income taxes | 149,090 | 101,348 | | 258,238 | 188,143 |
Income tax expense | 31,238 | 21,201 | | 54,145 | 39,377 |
Net income | $ 117,852 | $ 80,147 | | $ 204,093 | $ 148,766 |
| | | | | |
2Q 2023 Highlights |
Operating income before taxes increased $30.2 million, or 29.0 percent, in the second quarter of 2023 compared to the second quarter of 2022.
Income from investments before taxes totaled $11.6 million in the second quarter of 2023 compared to loss from investments before taxes of $2.1 million in the second quarter of 2022. Net investment income was $13.5 million in the second quarter of 2023 compared to $8.3 million in the second quarter of 2022. Net investment income included less than $0.1 million of limited partnership earnings in the second quarter of 2023 compared to losses of $0.3 million in the second quarter of 2022. Net realized and unrealized losses on investments were $1.7 million in the second quarter of 2023 compared to $10.3 million in the second quarter of 2022.
First Half 2023 Highlights |
Operating income before taxes increased $56.4 million, or 29.9 percent, in the first six months of 2023 compared to the first six months of 2022.
Income from investments before taxes totaled $6.9 million in the first six months of 2023 compared to $0.9 million in the first six months of 2022. Net investment income was $15.7 million in the first six months of 2023 compared to $18.8 million in the first six months of 2022. Net investment income included $10.7 million of limited partnership losses in the first six months of 2023 compared to earnings of $2.5 million in the first six months of 2022. Net realized and unrealized losses on investments were $7.0 million in the first six months of 2023 compared to $17.6 million in the first six months of 2022.
Webcast Information
Indemnity has scheduled a pre-recorded audio broadcast on the Web for 10:00 AM ET on July 28, 2023. Investors may access the pre-recorded audio broadcast by logging on to www.erieinsurance.com.
Erie Insurance Group
According to A.M. Best Company, Erie Insurance Group, based in Erie, Pennsylvania, is the 12th largest homeowners insurer, 12th largest automobile insurer and 13th largest commercial lines insurer in the United States based on direct premiums written. Founded in 1925, Erie Insurance is a Fortune 500 company and the 19th largest property/casualty insurer in the United States based on total lines net premium written. Rated A+ (Superior) by A.M. Best, ERIE has more than 6 million policies in force and operates in 12 states and the District of Columbia.
News releases and more information are available on ERIE's website at www.erieinsurance.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:
Statements contained herein that are not historical fact are forward-looking statements and, as such, are subject to risks and uncertainties that could cause actual events and results to differ, perhaps materially, from those discussed herein. Forward-looking statements relate to future trends, events or results and include, without limitation, statements and assumptions on which such statements are based that are related to our plans, strategies, objectives, expectations, intentions, and adequacy of resources. Examples of forward-looking statements are discussions relating to premium and investment income, expenses, operating results, and compliance with contractual and regulatory requirements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Among the risks and uncertainties, in addition to those set forth in our filings with the Securities and Exchange Commission, that could cause actual results and future events to differ from those set forth or contemplated in the forward-looking statements include the following:
A forward-looking statement speaks only as of the date on which it is made and reflects our analysis only as of that date. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changes in assumptions, or otherwise.
Erie Indemnity Company Statements of Operations (dollars in thousands, except per share data) | ||||||||
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| | Three months ended June 30, | | Six months ended June 30, | ||||
| | 2023 | | 2022 | | 2023 | | 2022 |
| | (Unaudited) | | (Unaudited) | ||||
Operating revenue | | | | | | | | |
Management fee revenue - policy issuance and renewal services | | $ 633,339 | | $ 544,555 | | $ 1,191,429 | | $ 1,032,547 |
Management fee revenue - administrative services | | 15,636 | | 14,476 | | 30,825 | | 28,789 |
Administrative services reimbursement revenue | | 184,466 | | 160,675 | | 357,293 | | 324,002 |
Service agreement revenue | | 6,429 | | 6,437 | | 12,788 | | 12,915 |
Total operating revenue | | 839,870 | | 726,143 | | 1,592,335 | | 1,398,253 |
| | | | | | | | |
Operating expenses | | | | | | | | |
Cost of operations - policy issuance and renewal services | | 521,246 | | 461,468 | | 990,341 | | 885,939 |
Cost of operations - administrative services Werbung Mehr Nachrichten zur Erie Indemnity Company Aktie kostenlos abonnieren
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