Investor Relations News
Erie Indemnity Approves Management Fee Rate and Dividend Increase, Declares Quarterly Dividend
Erie, Pa. (Dec. 2, 2015) – At its regular meeting held Dec. 1, 2015, the Board of Directors of Erie Indemnity Company (NASDAQ: ERIE) set the management fee rate charged to Erie Insurance Exchange, approved an increase in shareholder dividends and declared the quarterly dividend.
Erie Indemnity Reports Third Quarter 2015 Results (View Webcast)
Erie, Pa. (Oct. 29, 2015) – Erie Indemnity Company (NASDAQ: ERIE) today announced financial results for the quarter ending September 30, 2015. Net income attributable to Indemnity was $50 million, or $0.94 per diluted share, in the third quarter of 2015, compared to $47 million, or $0.90 per diluted share, in the third quarter of 2014. Net income attributable to Indemnity was $145 million, or $2.75 per diluted share, in the first nine months of 2015, compared to $142 million, or $2.71 per diluted share, in the first nine months of 2014. For the third quarter of 2015, the growth was driven by increased revenue from management operations.
Information about Erie Insurance
Erie Indemnity Company (“Indemnity”) (NASDAQ: ERIE) is a Fortune 500 company providing sales, underwriting and administrative services to Erie Insurance Exchange (the “Exchange”), a reciprocal insurance exchange. Through December 31, 2010, Indemnity operated as a property and casualty insurer through its three wholly-owned insurance subsidiaries. On December 31, 2010, Indemnity sold all of the outstanding capital stock of its three wholly-owned subsidiaries to the Exchange.
Erie Family Life Insurance Company (“EFL”) is an affiliated life insurance company that underwrites and sells nonparticipating individual and group life insurance policies and fixed annuities. On March 31, 2011, Indemnity sold its minority ownership interest in EFL to the Exchange. Since then, EFL has been a wholly-owned subsidiary of the Exchange.
All property and casualty and life insurance operations are now owned by the Exchange, and Indemnity continues to function as the management company. Indemnity, the Exchange, and the subsidiaries and affiliates of the Exchange, operate collectively as the “Erie Insurance Group” (The ERIE®).
With a network of independent Agents in 12 states and the District of Columbia, The ERIE seeks to insure standard and preferred risks, primarily in private passenger auto, homeowners and small commercial lines, including workers' compensation.
Read more about the history, progress and management of Erie Indemnity Company: