Loading...
•
Sep 30, 2023
Erie Insurance Q3 2023 Earnings Report
Erie Indemnity's financial results for Q3 2023 were announced, demonstrating increased net income and operating income compared to the same quarter in the previous year.
Key Takeaways
Erie Indemnity Company reported a net income of $131.0 million, or $2.51 per diluted share, for the third quarter of 2023, compared to $84.3 million, or $1.61 per diluted share, for the same period in 2022. The company's operating income before taxes increased by $42.0 million, or 39.4 percent. Management fee revenue from policy issuance and renewal services increased by $97.4 million, or 17.7 percent.
Net income increased to $131.0 million, or $2.51 per diluted share, compared to $84.3 million, or $1.61 per diluted share, in Q3 2022.
Operating income before taxes increased by $42.0 million, or 39.4 percent, compared to Q3 2022.
Management fee revenue from policy issuance and renewal services increased by $97.4 million, or 17.7 percent, compared to Q3 2022.
Income from investments before taxes totaled $12.3 million, a significant increase compared to a loss of $0.6 million in Q3 2022.