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Erie Indemnity Reports Third Quarter 2019 Results

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Net Income per Diluted Share up 17 percent for the Quarter and 14 percent Year to Date

Erie, Pa. - October 24, 2019 - Erie Indemnity Company (NASDAQ: ERIE) today announced financial results for the quarter and nine months ending September 30, 2019.  Net income was $94.2 million, or $1.80 per diluted share, in the third quarter of 2019, compared to $80.4 million, or $1.54 per diluted share, in the third quarter of 2018.  Net income was $257.2 million, or $4.92 per diluted share, in the first nine months of 2019, compared to $225.9 million, or $4.32 per diluted share, in the first nine months of 2018.

 

3Q 2019

(in thousands)

3Q'19

3Q'18

Operating income

$105,907

$96,695

Investment income

13,606

6,207

Interest expense and other income, net

11

655

Income before income taxes

119,502

104,471

Income tax expense

25,333

24,025

Net income

$94,169

$80,446

 

Nine Months 2019

(in thousands)

'19

'18

Operating income

288,639

$269,585

Investment income

33,053

20,801

Interest expense and other income, net

637

1,708

Income before income taxes

321,055

288,678

Income tax expense

63,821

62,768

Net income

$257,234

$225,910

 

3Q 2019 Highlights

Operating income before taxes increased $9.2 million, or 9.5 percent, in the third quarter of 2019 compared to the third quarter of 2018.

Income from investments before taxes totaled $13.6 million in the third quarter of 2019 compared to $8.4 million in the third quarter of 2018.  Earnings from limited partnerships were $3.3 million in the third quarter of 2019 compared to $0.8 million in the third quarter of 2018.  Net realized gains increased $1.7 million in the third quarter of 2019 compared to the third quarter of 2018.  Net investment income was $8.7 million in the third quarter of 2019 compared to $7.7 million in the third quarter of 2018.

Nine Months 2019 Highlights

Operating income before taxes increased $19.1 million, or 7.1 percent, in the first nine months of 2019 compared to the first nine months of 2018.

Income from investments before taxes totaled $33.1 million in the first nine months of 2019 compared to $20.8 million in the first nine months of 2018.  Net realized gains on investments were $5.5 million in the first nine months of 2019 compared to net realized losses of $0.5 million in the first nine months of 2018.  Net investment income was $25.2 million in the first nine months of 2019 compared to $21.6 million in the first nine months of 2018, and earnings from limited partnerships were $2.5 million in the first nine months of 2019 compared to $0.4 million in the first nine months of 2018.

Webcast Information

Indemnity has scheduled a pre-recorded audio broadcast on the Web for 10:00 AM ET on October 25, 2019.  Investors may access the pre-recorded audio broadcast by logging on to www.erieinsurance.com.