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Erie Indemnity Reports Second Quarter 2019 Results

 

View WebcastInvestor Supplement | Statement of Operations

Net Income per Diluted Share up 10.1 percent for the Quarter and 12.1 percent for the First Half of 2019

 

Erie, Pa. - July 25, 2019 - Erie Indemnity Company (NASDAQ: ERIE) today announced financial results for the quarter and six months ending June 30, 2019.  Net income was $87.8 million, or $1.68 per diluted share, in the second quarter of 2019, compared to $79.7 million, or $1.52 per diluted share, in the second quarter of 2018.  Net income was $163.1 million, or $3.12 per diluted share, in the first six months of 2019, compared to $145.5 million, or $2.78 per diluted share, in the first six months of 2018.

2Q 2019

(in thousands)

2Q'19

2Q'18

 

Operating income

$

96,610

 

$

95,323

 

 

Investment income

9,652

 

6,207

 

 

Interest expense and other income, net

224

 

544

 

 

Income before income taxes

106,038

 

100,986

 

 

Income tax expense

18,284

 

21,280

 

 

Net income

$

87,754

 

$

79,706

 

 

 

 

 

 

First Half 2019

(in thousands)

1H'19

1H'18

 

Operating income

$

182,732

 

$

172,890

 

 

Investment income

19,447

 

12,370

 

 

Interest expense and other income, net

626

 

1,053

 

 

Income before income taxes

201,553

 

184,207

 

 

Income tax expense

38,488

 

38,743

 

 

Net income

$

163,065

 

$

145,464

 

 

 

 

 

 

 

2Q 2019 Highlights

Operating income before taxes increased $1.3 million, or 1.3 percent, in the second quarter of 2019 compared to the second quarter of 2018.

Income from investments before taxes totaled $9.7 million in the second quarter of 2019 compared to $6.2 million in the second quarter of 2018.  Net realized gains increased $1.3 million in the second quarter of 2019 compared to the second quarter of 2018.  Net investment income was $8.0 million in the second quarter of 2019 compared to $7.1 million in the second quarter of 2018.  Earnings from limited partnerships were $0.4 million in the second quarter of 2019 compared to losses of $0.2 million in the second quarter of 2018.

First Half 2019 Highlights

Operating income before taxes increased $9.8 million, or 5.7 percent, in the first six months of 2019 compared to the first six months of 2018.

Income from investments before taxes totaled $19.4 million in the first six months of 2019 compared to $12.4 million in the first six months of 2018.  Net realized gains on investments were $3.8 million in the first six months of 2019 compared to net realized losses of $0.5 million in the first six months of 2018.  Net investment income was $16.5 million in the first six months of 2019 compared to $13.9 million in the first six months of 2018, while losses on limited partnerships were $0.7 million in the first six months of 2019 compared to $0.4 million in the first six months of 2018.

Webcast Information

Indemnity has scheduled a pre-recorded audio broadcast on the Web for 10:00 AM ET on July 26, 2019.  Investors may access the pre-recorded audio broadcast by logging on to www.erieinsurance.com.

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