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Sep 30, 2024
Erie Insurance Q3 2024 Earnings Report
Erie Indemnity reported net income of $159.8 million and EPS of $3.06 for Q3 2024.
Key Takeaways
Erie Indemnity Company announced financial results for the third quarter of 2024, with net income reaching $159.8 million, or $3.06 per diluted share, compared to $131.0 million, or $2.51 per diluted share, in the third quarter of 2023. Operating income before taxes increased by $31.7 million, or 21.3 percent, compared to the same period last year. Management fee revenue from policy issuance and renewal services increased by $120.1 million, or 18.5 percent.
Net income for the third quarter of 2024 was $159.8 million, or $3.06 per diluted share.
Operating income before taxes increased by $31.7 million, or 21.3 percent, in the third quarter of 2024.
Management fee revenue from policy issuance and renewal services increased by $120.1 million, or 18.5 percent, in the third quarter of 2024.
Management fee revenue from administrative services increased by $1.0 million, or 6.2 percent, in the third quarter of 2024.
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, or results, which are subject to risks and uncertainties.
Positive Outlook
- Premium and investment income.
- Expenses.
- Operating results.
- Compliance with contractual and regulatory requirements.
- Ability to attract and retain talented management and employees
Challenges Ahead
- Dependence upon our relationship with the Erie Insurance Exchange (Exchange).
- General business and economic conditions.
- Factors affecting insurance industry competition, including technological innovations.
- Dependence upon the independent agency system.
- Ability to maintain our brand, including our reputation for customer service.