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Jun 30, 2024
Erie Insurance Q2 2024 Earnings Report
Erie Indemnity's financial performance for Q2 2024 showed increased net income and operating income.
Key Takeaways
Erie Indemnity Company reported a net income of $163.9 million, or $3.13 per diluted share, for the second quarter of 2024, compared to $117.9 million, or $2.25 per diluted share, for the same period in 2023. Operating income before taxes increased by $56.1 million, or 41.8 percent, compared to the second quarter of 2023.
Net income increased to $163.9 million, or $3.13 per diluted share.
Operating income before taxes increased by $56.1 million, or 41.8 percent.
Management fee revenue from policy issuance and renewal services increased by $127.5 million, or 20.1 percent.
Management fee revenue from administrative services increased by $1.4 million, or 9.0 percent.
Erie Insurance
Erie Insurance
Erie Insurance Revenue by Segment
Revenue by Segment
Policy Issuance Fees Revenue
CapyFin.comAdmin Services Fees Revenue
CapyFin.com Forward Guidance
The company provided forward-looking statements regarding future trends, events, and results, subject to risks and uncertainties.
Positive Outlook
- Premium and investment income
- Expense management
- Operating results
- Compliance with contractual requirements
- Compliance with regulatory requirements
Challenges Ahead
- Dependence upon relationship with Erie Insurance Exchange
- General business and economic conditions
- Factors affecting insurance industry competition
- Dependence upon the independent agency system
- Ability to maintain brand and customer service reputation