Press release
Erie Indemnity Reports Second Quarter 2023 Results
Net Income per Diluted Share was $2.25 for the Quarter and $3.90 for the Six Months of 2023 ERIE, Pa., July 27, 2023 Erie Indemnity Company (NASDAQ: ERIE)
About this update from Erie Indemnity Company
[{"type":"text","content":"Net Income per Diluted Share was $2.25 for the Quarter and $3.90 for the Six Months of 2023\n\n \n \n \n \n \n \n\n \nERIE, Pa., July 27, 2023 Erie Indemnity Company (NASDAQ: ERIE) today announced financial results for the quarter and six months ending June 30, 2023. Net income was $117.9 million, or $2.25 per diluted share, in the second quarter of 2023, compared to $80.1 million, or $1.53 per diluted share, in the second quarter of 2022. Net income was $204.1 million, or $3.90 per diluted share, in the first six months of 2023, compared to $148.8 million, or $2.84 per diluted share, in the first six months of 2022.\n2Q and First Half 2023\n(in thousands)\n2Q'23\n2Q'22\n1H'23\n1H'22\nOperating income\n$ 134,158\n$ 104,000\n$ 244,701\n$ 188,312\nInvestment income (loss)\n11,627\n(2,094)\n6,895\n915\nInterest expense and other (income), net\n(3,305)\n558\n(6,642)\n1,084\nIncome before income taxes\n149,090\n101,348\n258,238\n188,143\nIncome tax expense\n31,238\n21,201\n54,145\n39,377\nNet income\n$ 117,852\n$ 80,147\n$ 204,093\n$ 148,766\n \n 2Q 2023 Highlights \nOperating income before taxes increased $30.2 million, or 29.0 percent, in the second quarter of 2023 compared to the second quarter of 2022.\nManagement fee revenue - policy issuance and renewal services increased $88.8 million, or 16.3 percent, in the second quarter of 2023 compared to the second quarter of 2022.Management fee revenue - administrative services increased $1.2 million, or 8.0 percent, in the second quarter of 2023 compared to the second quarter of 2022.Cost of operations - policy issuance and renewal servicesCommissions increased $43.7 million in the second quarter of 2023 compared to the second quarter of 2022, 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 $16.1 million in the second quarter of 2023 compared to the second quarter of 2022. Underwriting and policy processing expense increased $3.7 million primarily due to increased personnel and postage costs. Information technology costs increased $3.3 million primarily due to increased personnel costs and professional fees. Sales and advertising expense increased $1.8 million primarily due to increased agent related costs. Administrative and other costs increased $7.7 millio...