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Erie Indemnity Reports Full Year and Fourth Quarter 2021 Results

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Net Income per Diluted Share was $1.05 for the Quarter and $5.69 for the Year

Erie, Pa. - February 24, 2022 - Erie Indemnity Company (NASDAQ: ERIE) today announced financial results for the full year and quarter ending December 31, 2021.  Net income was $297.9 million, or $5.69 per diluted share, in 2021, compared to $293.3 million, or $5.61 per diluted share, in 2020.  Net income was $55.0 million, or $1.05 per diluted share, in the fourth quarter of 2021, compared to $62.8 million, or $1.20 per diluted share, in the fourth quarter of 2020.

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

4Q 2021

(in thousands)

4Q'21

4Q'20

Operating income$61,834$65,052
Investment income12,32814,071
Interest expense and other income, net4,335913
Income before income taxes69,82778,210
Income tax expense14,78515,425
Net income$55,042$62,785

Full Year 2021

(in thousands)

2021

2020

Operating income$318,097$338,157
Investment income67,33232,867
Interest expense and other income, net9,0252,509
Income before income taxes376,404368,515
Income tax expense78,54475,211
Net income$297,860$293,304

2021 Full Year Highlights

Operating income before taxes decreased $20.1 million, or 5.9 percent, in 2021 compared to 2020.

Income from investments before taxes totaled $67.3 million in 2021 compared to $32.9 million in 2020.  Net investment income was $62.2 million in 2021 compared to $29.8 million in 2020. Included in net investment income is $31.7 million of limited partnership earnings in 2021 compared to limited partnership losses of $0.6 million in 2020.  Net realized and unrealized gains on investments were $4.9 million in 2021 compared to $6.4 million in 2020. 

4Q 2021 Highlights

Operating income before taxes decreased $3.2 million, or 4.9 percent, in the fourth quarter of 2021 compared to the fourth quarter of 2020.

Income from investments before taxes totaled $12.3 million in the fourth quarter of 2021 compared to $14.1 million in the fourth quarter of 2020.  Net investment income was $12.6 million in the fourth quarter of 2021 compared to $9.4 million in the fourth quarter of 2020.  Included in net investment income is $5.0 million of limited partnership earnings in the fourth quarter of 2021 compared to $1.8 million in the fourth quarter of 2020. Net realized and unrealized losses on investments were $0.2 million in the fourth quarter of 2021 compared to net realized and unrealized gains of $4.8 million in the fourth quarter of 2020.

Webcast Information

Indemnity has scheduled a pre-recorded audio broadcast on the Web for 10:00 AM ET on February 25, 2022.  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.