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Erie Indemnity Reports Second Quarter 2022 Results

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Net Income per Diluted Share was $1.53 for the Quarter and $2.84 for the Six Months of 2022

ERIE, Pa., July 28, 2022 - Erie Indemnity Company (NASDAQ: ERIE) today announced financial results for the quarter and six months ending June 30, 2022.  Net income was $80.1 million, or $1.53 per diluted share, in the second quarter of 2022, compared to $79.0 million, or $1.51 per diluted share, in the second quarter of 2021.  Net income was $148.8 million, or $2.84 per diluted share, in the first six months of 2022, compared to $152.6 million, or $2.92 per diluted share, in the first six months of 2021.

2Q 2022

(in thousands)

2Q'22

2Q'21

Operating income$104,000$85,065
Investment income(2,094)16,418
Interest expense and other income, net5581,587
Income before income taxes101,34899,896
Income tax expense21,20120,867
Net income$80,147$79,029

1st Half 2022

(in thousands)

1H 2022

1H 2021

Operating income$188,312$161,160
Investment income91534,406
Interest expense and other income, net1,0843,115
Income before income taxes188,143192,451
Income tax expense39,37739,856
Net income$148,766$152,595

2Q 2022 Highlights

Operating income before taxes increased $18.9 million, or 22.3 percent, in the second quarter of 2022 compared to the second quarter of 2021.

Loss from investments before taxes totaled $2.1 million in the second quarter of 2022 compared to income from investments before taxes of $16.4 million in the second quarter of 2021.  Net investment income was $8.3 million in the second quarter of 2022 compared to $13.7 million in the second quarter of 2021.  Included in net investment income is $0.3 million of limited partnership losses in the second quarter of 2022 compared to earnings of $6.2 million in the second quarter of 2021.  Net realized and unrealized losses on investments were $10.3 million in the second quarter of 2022 compared to net realized and unrealized gains of $2.8 million in the second quarter of 2021.

First Half 2022 Highlights

Operating income before taxes increased $27.2 million, or 16.8 percent, in the first six months of 2022 compared to the first six months of 2021.

Income from investments before taxes totaled $0.9 million in the first six months of 2022 compared to $34.4 million in the first six months of 2021.  Net investment income was $18.8 million in the first six months of 2022 compared to $30.7 million in the first six months of 2021.  Included in net investment income is $2.5 million of limited partnership earnings in the first six months of 2022 compared to $15.2 million in the first six months of 2021.  Net realized and unrealized losses on investments totaled $17.6 million in the first six months of 2022 compared to net realized and unrealized gains of $3.6 million in the first six months of 2021.

Webcast Information

Indemnity has scheduled a pre-recorded audio broadcast on the Web for 10:00 AM ET on July 29, 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 11th 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 19th 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.