Erie Indemnity Company Reports Earnings Results for the Third Quarter Ended September 30, 2020
October 29, 2020 at 04:30 pm
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Erie Indemnity Company announced earnings results for the third quarter ended September 30, 2020. For the third quarter, the company announced total revenue was USD 653.481 million compared to USD 638.742 million a year ago. Operating income was USD 96.225 million compared to USD 105.907 million a year ago. Net income was USD 89.216 million compared to USD 94.169 million a year ago. Basic earnings per share was USD 1.92 compared to USD 2.02 a year ago. Diluted earnings per share was USD 1.71 compared to USD 1.8 a year ago. For the nine months, total revenue was USD 1,927.237 million compared to USD 1,880.558 million a year ago. Operating income was USD 273.105 million compared to USD 288.639 million a year ago. Net income was USD 230.519 million compared to USD 257.234 million a year ago. Basic earnings per share was USD 4.95 compared to USD 5.52 a year ago. Diluted earnings per share was USD 4.41 compared to USD 4.92 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).