Erie Insurance Q4 2021 Earnings Report
Key Takeaways
Erie Indemnity Company reported a decrease in net income for the fourth quarter of 2021, with $55.0 million, or $1.05 per diluted share, compared to $62.8 million, or $1.20 per diluted share, in the fourth quarter of 2020. Operating income before taxes also decreased by $3.2 million, or 4.9 percent, compared to the same period last year.
Net income was $55.0 million, or $1.05 per diluted share, in the fourth quarter of 2021, compared to $62.8 million, or $1.20 per diluted share, in the fourth quarter of 2020.
Operating income before taxes decreased $3.2 million, or 4.9 percent, in the fourth quarter of 2021 compared to the fourth quarter of 2020.
Management fee revenue - policy issuance and renewal services increased $20.6 million, or 4.8 percent, in the fourth quarter of 2021 compared to the fourth quarter of 2020.
The administrative services reimbursement revenue and corresponding cost of operations increased both total operating revenue and total operating expenses by $165.4 million and $158.2 million in the fourth quarter of 2021 and 2020, respectively, but had no net impact on operating income.