Press release
Erie Indemnity Reports Full Year and Fourth Quarter 2024 Results
Net Income per Diluted Share was $2.91 for the Quarter and $11.48 for the Year ERIE, Pa., Feb. 27, 2025 /PRNewswire/ -- Erie Indemnity Company (NASDAQ: ERIE)
About this update from Erie Indemnity Company
[{"type":"text","content":"Net Income per Diluted Share was $2.91 for the Quarter and $11.48 for the Year\nERIE, Pa., Feb. 27, 2025 /PRNewswire/ -- Erie Indemnity Company (NASDAQ: ERIE) today announced financial results for the full year and quarter ending December 31, 2024. Net income was $600.3 million, or $11.48 per diluted share, in 2024, compared to $446.1 million, or $8.53 per diluted share, in 2023. Net income was $152.0 million, or $2.91 per diluted share, in the fourth quarter of 2024, compared to $110.9 million, or $2.12 per diluted share, in the fourth quarter of 2023.\n\n \n \n \n \n \n \n\n \n4Q and Full Year 2024\n(in thousands)\n4Q'24\n4Q'23\n2024\n2023\nOperating income\n$ 167,310\n$ 127,084\n$ 676,455\n$ 520,256\nInvestment income\n20,805\n9,771\n69,260\n28,968\nOther income\n3,693\n3,069\n11,564\n12,712\nIncome before income taxes\n191,808\n139,924\n757,279\n561,936\nIncome tax expense\n39,779\n28,996\n156,965\n115,875\nNet income\n$ 152,029\n$ 110,928\n$ 600,314\n$ 446,061\n \n 2024 Full Year Highlights \n \nOperating income before taxes increased $156.2 million, or 30.0 percent, in 2024 compared to 2023.\nManagement fee revenue - policy issuance and renewal services increased $452.0 million, or 18.5 percent, in 2024 compared to 2023.Management fee revenue - administrative services increased $4.7 million, or 7.4% in 2024 compared to 2023.Cost of operations - policy issuance and renewal servicesCommissions increased $252.9 million in 2024 compared to 2023 primarily driven by the growth in direct and affiliated assumed written premium.Non-commission expense increased $47.9 million in 2024 compared to 2023. Underwriting and policy processing expense increased $18.5 million primarily due to increased underwriting report and personnel costs. Information technology costs decreased $1.3 million primarily due to a decrease in professional fees and personnel costs, partially offset by an increase in hardware and software costs. Sales and advertising expense increased $7.6 million primarily due to increased agent-related costs and costs from community development initiatives. Customer service costs increased $8.7 million primarily due to increased personnel costs and credit card processing fees. Administrative and other costs increased $14.5 million primarily due to increased personnel costs, charitable contributions and professional fees. Person...