Press release
Erie Indemnity Reports Second Quarter 2024 Results
Net Income per Diluted Share was $3.13 for the Quarter and $5.52 for the Six Months of 2024 ERIE, Pa., July 25, 2024 /PRNewswire/ -- Erie Indemnity Company
About this update from Erie Indemnity Company
[{"type":"text","content":"Net Income per Diluted Share was $3.13 for the Quarter and $5.52 for the Six Months of 2024\nERIE, Pa., July 25, 2024 /PRNewswire/ -- Erie Indemnity Company (NASDAQ: ERIE) today announced financial results for the quarter and six months ending June 30, 2024. Net income was $163.9 million, or $3.13 per diluted share, in the second quarter of 2024, compared to $117.9 million, or $2.25 per diluted share, in the second quarter of 2023. Net income was $288.5 million, or $5.52 per diluted share, in the first six months of 2024, compared to $204.1 million, or $3.90 per diluted share, in the first six months of 2023.\n\n \n \n \n \n \n \n\n \n2Q and First Half 2024\n(in thousands)\n2Q'24\n2Q'23\n1H'24\n1H'23\nOperating income\n$ 190,208\n$ 134,158\n$ 329,020\n$ 244,701\nInvestment income\n13,827\n11,627\n28,906\n6,895\nOther income\n3,292\n3,305\n6,703\n6,642\nIncome before income taxes\n207,327\n149,090\n364,629\n258,238\nIncome tax expense\n43,424\n31,238\n76,174\n54,145\nNet income\n$ 163,903\n$ 117,852\n$ 288,455\n$ 204,093\n \n 2Q 2024 Highlights \nOperating income before taxes increased $56.1 million, or 41.8 percent, in the second quarter of 2024 compared to the second quarter of 2023.\nManagement fee revenue - policy issuance and renewal services increased $127.5 million, or 20.1 percent, in the second quarter of 2024 compared to the second quarter of 2023.Management fee revenue - administrative services increased $1.4 million, or 9.0 percent, in the second quarter of 2024 compared to the second quarter of 2023.Cost of operations - policy issuance and renewal servicesCommissions increased $68.8 million in the second quarter of 2024 compared to the second quarter of 2023, primarily driven by the growth in direct and affiliated assumed written premium and, to a lesser extent, an increase in agent incentive compensation related to profitable growth.Non-commission expense increased $4.1 million in the second quarter of 2024 compared to the second quarter of 2023. Underwriting and policy processing expense increased $4.2 million primarily due to increased underwriting report and personnel costs. Information technology costs decreased $3.8 million primarily due to a decrease in professional fees and personnel costs. Customer service costs increased $2.0 million primarily due to increased personnel costs and credit card processing fees...