Press release
Erie Indemnity Reports Second Quarter 2022 Results
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 /PRNewswire/ -- Erie Indemnity Company
About this update from Erie Indemnity Company
[{"type":"text","content":"Net Income per Diluted Share was $1.53 for the Quarter and $2.84 for the Six Months of 2022\nERIE, Pa., July 28, 2022 /PRNewswire/ -- 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 $2.92 per diluted share, in the first six months of 2021.\n\n \n \n \n \n \n \n\n \n2Q and First Half 2022\n(in thousands)\n2Q'22\n2Q'21\n1H'22\n1H'21\nOperating income\n$ 104,000\n$ 85,065\n$ 188,312\n$ 161,160\nInvestment (loss) income\n(2,094)\n16,418\n915\n34,406\nInterest expense and other, net\n558\n1,587\n1,084\n3,115\nIncome before income taxes\n101,348\n99,896\n188,143\n192,451\nIncome tax expense\n21,201\n20,867\n39,377\n39,856\nNet income\n$ 80,147\n$ 79,029\n$ 148,766\n$ 152,595\n \n2Q 2022 Highlights\nOperating income before taxes increased $18.9 million, or 22.3 percent, in the second quarter of 2022 compared to the second quarter of 2021.\nManagement fee revenue - policy issuance and renewal services increased $42.3 million, or 8.4 percent, in the second quarter of 2022 compared to the second quarter of 2021.Management fee revenue - administrative services decreased $0.2 million, or 1.3 percent, in the second quarter of 2022 compared to the second quarter of 2021.Cost of operations - policy issuance and renewal servicesCommissions increased $14.3 million in the second quarter of 2022 compared to the second quarter of 2021, primarily driven by the growth in direct and affiliated assumed written premium, partially offset by a decrease in agent incentive compensation.Non-commission expense increased $9.4 million in the second quarter of 2022 compared to the second quarter of 2021. Information technology costs increased $5.0 million primarily due to increased hardware and software costs and increased professional fees. Administrative and other costs increased $5.5 million primarily due to an increase in professional fees and increased personnel costs related to compensation. Personnel costs in all expense categories were also impacted by lower estimated costs for incentiv...