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Erie Indemnity Reports First Quarter 2019 Results

 

View WebcastInvestor Supplement | Statement of Operations

Net Income per Diluted Share up 14.5 percent for the Quarter

 

Erie, Pa. - May 2, 2019 - Erie Indemnity Company (NASDAQ: ERIE) today announced financial results for the quarter ending March 31, 2019.  Net income was $75.3 million, or $1.44 per diluted share, in the first quarter of 2019, compared to $65.8 million, or $1.26 per diluted share, in the first quarter of 2018.

1Q 2019

(dollars in thousands)

1Q'19

1Q'18

 

Operating income

$

86,122

 

$

77,567

 

 

Investment income

9,795

 

6,163

 

 

Interest expense and other income, net

402

 

509

 

 

Income before income taxes

95,515

 

83,221

 

 

Income tax expense

20,204

 

17,463

 

 

Net income

$

75,311

 

$

65,758

 

 

 

 

 

 

 

1Q 2019 Highlights

Operating income before taxes increased $8.6 million, or 11.0 percent, in the first quarter of 2019 compared to the first quarter of 2018, as the growth in total operating revenue outpaced the growth in total operating expenses.

Income from investments before taxes totaled $9.8 million in the first quarter of 2019 compared to $6.2 million in the first quarter of 2018.  Net realized gains were $2.5 million in the first quarter of 2019 compared to net realized losses of $0.5 million in the first quarter of 2018.  Net investment income was $8.5 million in the first quarter of 2019 compared to $6.8 million in the first quarter of 2018.

Webcast Information

Indemnity has scheduled a pre-recorded audio broadcast on the Web for 10:00 AM ET on May 3, 2019.  Investors may access the pre-recorded audio broadcast by logging on to www.erieinsurance.com.

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