Erie Indemnity Company Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
October 26, 2023 at 04:15 pm EDT
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Erie Indemnity Company reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported revenue was USD 858.94 million compared to USD 741.24 million a year ago. Net income was USD 131.04 million compared to USD 84.31 million a year ago. Diluted earnings per share from continuing operations was USD 2.51 compared to USD 1.61 a year ago.
For the nine months, revenue was USD 2,451.27 million compared to USD 2,139.49 million a year ago. Net income was USD 335.13 million compared to USD 233.08 million a year ago. Diluted earnings per share from continuing operations was USD 6.41 compared to USD 4.46 a year ago.
Erie Indemnity Company serves as the attorney-in-fact for the subscribers at the Erie Insurance Exchange (Exchange). The Exchange is a reciprocal insurer that writes property and casualty insurance. The Exchange has wholly owned property and casualty subsidiaries, including Erie Insurance Company, Erie Insurance Company of New York, Erie Insurance Property & Casualty Company, and Flagship City Insurance Company. The Exchange also has a wholly owned life insurance company, Erie Family Life Insurance Company (EFL). Its primary function as attorney-in-fact is to perform policy issuance and renewal services on behalf of the subscribers at the Exchange. It also acts as attorney-in-fact on behalf of the subscribers at the Exchange with respect to all claims handling and investment management services, as well as the service provider for all claims handling, life insurance and investment management services for the Exchange's insurance subsidiaries (collectively, administrative services).