View Webcast | Investor 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 |
|
|
|
|
|
|
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.
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.