Skip to main content
Press Releases

Erie Indemnity Reports First Quarter 2022 Results

Press Release content

Net Income was $68.6 million, Earnings per Diluted Share was $1.31

ERIE, Pa., April 28, 2022 - Erie Indemnity Company (NASDAQ: ERIE) today announced financial results for the quarter ending March 31, 2022. Net income was $68.6 million, or $1.31 per diluted share, in the first quarter of 2022, compared to $73.6 million, or $1.41 per diluted share, in the first quarter of 2021. 

1Q 2022

(in thousands)

1Q'22

1Q'21

Operating income $ 84,312              $ 76,095
Investment income (loss) 3,00917,988
Interest and other expense, net 5261,528
Income before income taxes 86,79592,555
Income tax expense 18,17618,989
Net income $ 68,619 $ 73,566

1Q 2022 Highlights

Operating income before taxes increased $8.2 million, or 10.8 percent, in the first quarter of 2022 compared to the first quarter of 2021.

Income from investments before taxes totaled $3.0 million in the first quarter of 2022 compared to $18.0 million in the first quarter of 2021. Net investment income was $10.5 million in the first quarter of 2022 compared to $17.1 million in the first quarter of 2021. Included in net investment income is $2.8 million of limited partnership earnings in the first quarter of 2022 compared to $9.0 million in the first quarter of 2021. Net realized and unrealized losses on investments were $7.3 million in the first quarter of 2022 compared to net realized and unrealized gains of $0.8 million in the first quarter of 2021.

Webcast Information

Indemnity has scheduled a pre-recorded audio broadcast on the Web for 10:00 AM ET on April 29, 2022. Investors may access the pre-recorded audio broadcast by logging on to www.erieinsurance.com.