ERIE INDEMNITY COMPANY ERIE Income Statement

Erie indemnity company (ERIE)

Income statement / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10	Sep'09	Jun'09
Operating revenue
Revenue from Contract with Customer, Excluding Assessed Tax
616,737	596,740	638,742	647,710	594,106	576,468	612,126	621,458	572,160	401,402	442,492	448,564	399,316	379,613	418,406	423,884	374,728	356,380	396,637	401,660	350,831	1,589,000	1,426,000	1,598,000	1,511,000	1,697,000	1,577,000	1,426,000	1,571,000	1,372,000	1,460,000	1,160,000	1,520,000	1,418,000	796,000	1,245,000	1,365,000	1,401,000	1,357,000	916,000	1,216,000	1,286,000	1,149,000
Operating expenses
Commissions
-	-	-	-	-	-	-	-	-	-	-	-	-	-	232,455	235,794	208,714	206,691	223,741	223,731	193,717	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Salaries and employee benefits
-	-	-	-	-	-	-	-	-	-	-	-	-	-	53,265	55,025	53,289	55,998	58,342	57,354	55,019	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
All other operating expenses
-	-	-	-	-	-	-	-	-	-	-	-	-	-	50,431	47,306	45,060	51,852	46,265	50,592	49,665	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating expenses
531,046	528,040	532,835	551,100	507,984	501,710	515,431	526,135	494,593	342,777	361,253	365,116	332,376	321,775	336,151	338,125	307,063	314,541	328,348	331,677	298,401	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating income
85,691	68,700	105,907	96,610	86,122	74,758	96,695	95,323	77,567	58,625	81,239	83,448	66,940	57,838	82,255	85,759	67,665	41,839	68,289	69,983	52,430	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Investment income
Premiums earned
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,382,000	1,355,000	1,319,000	1,288,000	1,267,000	1,241,000	1,215,000	1,175,000	1,160,000	1,137,000	1,109,000	1,087,000	1,076,000	1,061,000	1,047,000	1,030,000	1,015,000	1,005,000	989,000	978,000	977,000	964,000
Net investment income
8,369	8,200	8,652	8,030	8,517	8,626	7,659	7,104	6,820	6,437	5,982	6,239	5,981	5,674	5,331	4,891	4,662	4,469	4,346	4,435	4,541	111,000	115,000	111,000	109,000	106,000	109,000	104,000	103,000	112,000	105,000	113,000	108,000	107,000	108,000	113,000	105,000	111,000	110,000	108,000	104,000	102,000	105,000
Net realized investment (losses) gains
-10,806	-	-	-	2,503	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net impairment losses recognized in earnings
3,053	-	-	-	78	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net realized investment gains (losses)
-	-	1,696	1,302	-	-	0	-32	-465	-	899	124	516	643	718	399	-1,088	617	-483	598	-240	89,000	-85,000	133,000	56,000	270,000	191,000	61,000	249,000	60,000	169,000	-107,000	296,000	230,000	-422,000	39,000	149,000	196,000	205,000	-213,000	125,000	251,000	208,000
Net impairment losses recognized in earnings
-	-	31	100	-	1,000	0	600	0	-21	0	100	121	71	0	0	345	923	480	35	120	3,000	1,000	0	0	3,000	9,000	1,000	0	0	0	0	0	2,000	0	0	0	0	0	4,000	2,000	16,000	12,000
Equity in losses of limited partnerships
-3,705	-1,886	3,289	404	-1,147	-1,183	772	-219	-192	902	1,537	149	213	7,304	-1,723	2,114	-670	81	3,837	10,707	2,358	2,000	34,000	27,000	50,000	49,000	37,000	39,000	36,000	32,000	41,000	37,000	21,000	-1,000	40,000	38,000	72,000	70,000	28,000	27,000	3,000	-37,000	-126,000
Total investment (loss) income
-9,195	-	-	-	9,795	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total investment income
-	-	13,606	9,652	-	4,995	8,431	6,207	6,163	7,134	8,418	6,451	6,589	13,550	4,326	7,404	2,559	4,244	7,220	15,705	6,539	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest expense, net
3	24	111	272	449	596	709	602	553	438	377	257	166	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other (expense) income
-366	-	-	-	47	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other income
-	-	100	48	-	3,485	54	58	44	-680	-415	-407	-409	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	8,000	9,000	10,000
Insurance losses and loss expenses
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	863,000	935,000	1,126,000	1,034,000	896,000	868,000	861,000	842,000	909,000	912,000	943,000	716,000	720,000	848,000	1,170,000	706,000	692,000	710,000	737,000	761,000	631,000	660,000
Policy acquisition and underwriting expenses
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	349,000	341,000	325,000	321,000	331,000	311,000	302,000	293,000	298,000	278,000	287,000	270,000	273,000	253,000	249,000	247,000	270,000	242,000	230,000	227,000	299,000	231,000
Total benefits and expenses
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,212,000	1,276,000	1,451,000	1,355,000	1,227,000	1,179,000	1,163,000	1,135,000	1,207,000	1,190,000	1,230,000	986,000	993,000	1,101,000	1,419,000	953,000	984,000	952,000	967,000	988,000	930,000	891,000
Income before income taxes
76,127	75,650	119,502	106,038	95,515	82,642	104,471	100,986	83,221	64,641	88,865	89,235	72,954	70,123	86,581	93,163	70,224	46,083	75,509	85,688	58,969	377,000	150,000	147,000	156,000	470,000	398,000	263,000	436,000	165,000	270,000	-70,000	534,000	425,000	-305,000	-174,000	412,000	417,000	405,000	-51,000	228,000	356,000	258,000
Income tax expense
16,801	16,063	25,333	18,284	20,204	20,328	24,025	21,280	17,463	32,588	30,322	30,708	25,078	24,337	29,205	31,854	24,329	15,950	25,947	29,538	20,136	124,000	42,000	44,000	47,000	156,000	131,000	86,000	146,000	46,000	86,000	-32,000	180,000	144,000	-125,000	-67,000	138,000	163,000	130,000	-20,000	66,000	104,000	-13,000
Net income (loss)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	253,000	108,000	103,000	109,000	314,000	267,000	177,000	290,000	119,000	184,000	-38,000	354,000	281,000	-180,000	-107,000	274,000	254,000	275,000	-31,000	162,000	252,000	271,000
Less: Net (loss) income attributable to noncontrolling interest in consolidated entity Exchange
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	227,000	61,000	54,000	63,000	278,000	221,000	133,000	253,000	89,000	133,000	-81,000	318,000	255,000	-227,000	-159,000	230,000	242,000	221,000	-80,000	115,000	212,000	238,000
Net Income (Loss) Attributable to Parent
59,326	59,587	94,169	87,754	75,311	62,314	80,446	79,706	65,758	32,053	58,543	58,527	47,876	45,786	57,376	61,309	45,895	30,133	49,562	56,150	38,833	26,000	47,000	49,000	46,000	36,000	46,000	44,000	37,000	30,000	51,000	43,000	36,000	26,000	47,000	52,000	44,000	12,000	54,000	49,000	47,000	40,000	33,000
Management fee revenue - policy issuance and renewal services, net
Revenue from Contract with Customer, Excluding Assessed Tax
443,750	424,534	474,427	480,513	430,983	407,656	451,361	454,572	405,978	394,034	435,214	441,319	392,058	372,169	411,139	416,665	367,458	348,885	389,168	394,224	343,234	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating expenses
379,492	377,335	390,105	405,005	365,504	354,016	375,259	379,628	348,630	342,777	361,253	365,116	332,376	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Management fee revenue - administrative services, net
Revenue from Contract with Customer, Excluding Assessed Tax
14,771	14,628	14,430	14,195	13,951	13,738	13,521	13,299	13,074	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Administrative services reimbursement revenue
Revenue from Contract with Customer, Excluding Assessed Tax
151,554	150,705	142,730	146,095	142,480	147,694	140,172	146,507	145,963	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating expenses
151,554	150,705	142,730	146,095	142,480	147,694	140,172	146,507	145,963	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Service agreement revenue
Revenue from Contract with Customer, Excluding Assessed Tax
6,662	6,873	7,155	6,907	6,692	7,380	7,072	7,080	7,145	7,368	7,278	7,245	7,258	7,444	7,267	7,219	7,270	7,495	7,469	7,436	7,597	8,000	8,000	8,000	8,000	8,000	8,000	8,000	8,000	8,000	8,000	8,000	8,000	8,000	9,000	8,000	9,000	-	9,000	9,000	-	-	-
Class A common stock
Earnings Per Share, Basic
1.27	1.28	2.02	1.88	1.62	1.34	1.73	1.71	1.41	0.68	1.26	1.26	1.03	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings Per Share, Diluted
1.13	1.14	1.80	1.68	1.44	1.19	1.54	1.52	1.26	0.61	1.12	1.12	0.91	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Weighted Average Number of Shares Outstanding, Basic
46,188	46,189	46,189	46,188	46,188	46,188	46,188	46,188	46,187	46,189	46,188	46,180	46,188	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Weighted Average Number of Shares Outstanding, Diluted
52,324	52,327	52,325	52,314	52,312	52,319	52,317	52,312	52,310	52,325	52,316	52,299	52,408	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Common Stock, Dividends, Per Share, Declared
0.96	-	0.90	0.90	0.90	-	0.84	0.84	0.84	-	0.78	0.78	0.78	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Class B Common Stock
Earnings Per Share, Basic
-	-	303.00	283.00	-	200.00	259.00	257.00	212.00	103.00	189.00	189.00	154.00	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings Per Share, Diluted
-	-	303.00	283.00	-	200.00	259.00	257.00	212.00	103.00	189.00	188.00	154.00	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Class B common stock
Earnings Per Share, Basic and Diluted
191.00	-	-	-	243.00	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Weighted Average Number of Shares Outstanding, Basic
2	2	2	2	2	2	2	2	2	2	2	2	2	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Weighted Average Number of Shares Outstanding, Diluted
2	2	2	2	2	2	2	2	2	2	2	2	2	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Common Stock, Dividends, Per Share, Declared
144.75	-	135.00	135.00	135.00	-	126.00	126.00	126.00	-	117.37	117.37	117.37	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-