Erie Insurance Q1 2023 Earnings Report
Key Takeaways
Erie Indemnity Company reported a net income of $86.2 million, or $1.65 per diluted share, for the first quarter of 2023, compared to $68.6 million, or $1.31 per diluted share, for the same period in 2022. Operating income before taxes increased by $26.2 million, or 31.1 percent, compared to the first quarter of 2022.
Net income was $86.2 million, or $1.65 per diluted share.
Operating income before taxes increased by $26.2 million, or 31.1 percent.
Management fee revenue from policy issuance and renewal services increased by $70.1 million, or 14.4 percent.
Management fee revenue from administrative services increased by $0.9 million, or 6.1 percent.
Erie Insurance
Erie Insurance
Erie Insurance Revenue by Segment
Forward Guidance
The document contains forward-looking statements subject to risks and uncertainties, including dependence on relationships with the Erie Insurance Exchange, general business and economic conditions, insurance industry competition, the financial condition of the Exchange, regulatory changes, litigation, unexpected events, and severe weather conditions.
Challenges Ahead
- Dependence upon our relationship with the Erie Insurance Exchange (Exchange) and the management fee under the agreement with the subscribers at the Exchange
- General business and economic conditions
- Factors affecting insurance industry competition
- Dependence upon the independent agency system
- Ability to maintain our reputation for customer service