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Erie Indemnity Reports Third Quarter 2021 Results

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Net Income per Diluted Share was $1.72 for the Quarter and $4.64 for the Nine Months of 2021

ERIE, Pa., October 28, 2021 - Erie Indemnity Company (NASDAQ: ERIE) today announced financial results for the quarter and nine months ending September 30, 2021.  Net income was $90.2 million, or $1.72 per diluted share, in the third quarter of 2021, compared to $89.2 million, or $1.71 per diluted share, in the third quarter of 2020.  Net income was $242.8 million, or $4.64 per diluted share, in the first nine months of 2021, compared to $230.5 million, or $4.41 per diluted share, in the first nine months of 2020.

The uncertainty resulting from the COVID-19 pandemic continues to evolve and the pandemic's ultimate impact and duration remain uncertain at this time. 

3Q and Nine Months 2021

(in thousands)

3Q'21

3Q'20

Operating income $ 95,103 $ 96,225
Investment income (loss) 20,59816,438
Interest and other expense, net 1,575967
Income before income taxes 114,126111.696
Income tax expense 23,90322,480
Net income $ 90,223 $ 89,216

Nine Months 2021

(in thousands)

2021

2020

Operating income $ 256,263 $ 273,105
Investment income (loss) 55,00418,796
Interest and other expense, net 4,6901,596
Income before income taxes 306,577290,305
Income tax expense 63,75959,786
Net income $ 242,818 $ 230,519

3Q 2021 Highlights

Operating income before taxes decreased $1.1 million, or 1.2 percent, in the third quarter of 2021 compared to the third quarter of 2020.

Income from investments before taxes totaled $20.6 million in the third quarter of 2021 compared to $16.4 million in the third quarter of 2020.  Net investment income was $18.9 million in the third quarter of 2021 compared to $10.6 million in the third quarter of 2020.  Included in net investment income is $11.5 million of limited partnership earnings in the third quarter of 2021 compared to $3.6 million in the third quarter of 2020.  Net realized gains on investments were $1.6 million in the third quarter of 2021 compared to $5.9 million in the third quarter of 2020.

Nine Months 2021 Highlights

Operating income before taxes decreased $16.8 million, or 6.2 percent, in the first nine months of 2021 compared to the first nine months of 2020.

Income from investments before taxes totaled $55.0 million in the first nine months of 2021 compared to $18.8 million in the first nine months of 2020.  Net investment income was $49.6 million in the first nine months of 2021 compared to $20.4 million in the first nine months of 2020.  Included in net investment income is $26.7 million of limited partnership earnings in the first nine months of 2021 and $2.4 million of limited partnership losses in the first nine months of 2020.  Net realized gains on investments were $5.2 million in the first nine months of 2021 compared to $1.6 million in the first nine months of 2020.

Webcast Information

Indemnity has scheduled a pre-recorded audio broadcast on the Web for 10:00 AM ET on October 29, 2021.  Investors may access the pre-recorded audio broadcast by logging on to www.erieinsurance.com.

Erie Insurance Group

According to A.M. Best Company, Erie Insurance Group, based in Erie, Pennsylvania, is the 12th largest homeowners insurer, 13th largest automobile insurer and 13th largest commercial lines insurer in the United States based on direct premiums written.  Founded in 1925, Erie Insurance is a Fortune 500 company and the 16th largest property/casualty insurer in the United States based on total lines net premium written.  Rated A+ (Superior) by A.M. Best, ERIE has more than 6 million policies in force and operates in 12 states and the District of Columbia. 

News releases and more information are available on ERIE's website at www.erieinsurance.com.