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Erie Indemnity Reports First Quarter 2015 Results

Net Income per Diluted Share is $0.74

Erie Insurance.

News provided by

Erie Indemnity Company

Apr 30, 2015, 04:15 ET

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ERIE, Pa., April 30, 2015 /PRNewswire/ -- Erie Indemnity Company (NASDAQ: ERIE) today announced financial results for the quarter ending March 31, 2015.  Net income per diluted share in the first quarter of 2015 was $0.74 compared to $0.88 in the first quarter of 2014.

"As we celebrate our 90th anniversary, we are proud of surpassing 5 million policies in force in the first quarter of 2015", said Terry Cavanaugh, president and chief executive officer.  "We remain committed to helping and rewarding agents for profitable growth and making it easier to do business with ERIE."

1Q 2015 - Results of Indemnity Shareholder Interest

(dollars in millions)

1Q'14

1Q'15


Management operations

$58


$53



Investment operations

11


6



Income before income taxes

69


59



Provision for income taxes

23


20



Net income

$46


$39



Gross margin from management operations

17.9

%

14.9

%


1Q 2015 Highlights

Management Operations

Income from management operations before taxes decreased $5 million, or 10.3 percent, in the first quarter of 2015 compared to the first quarter of 2014.

  • Revenue from management operations increased $25 million, or 7.5 percent, in the first quarter of 2015 compared to the first quarter of 2014. 
  • Commissions increased $20 million in the first quarter of 2015, compared to the same period in 2014.  The majority of the increase was driven by the 7.7% increase in direct written premiums of the Property and Casualty Group, while about one-third of the increase was due to an increase in agent incentive costs related to profitable growth, compared to the prior year quarter.  The estimated agent incentive payout, at the end of each quarter, is based on actual underwriting results for the two prior years and the current year-to-date period.  Therefore, fluctuations in the current quarter underwriting results can impact the estimated incentive payout on a quarter-to-quarter basis.
  • Non-commission expense increased $10 million in the first quarter of 2015, compared to the first quarter of 2014.  Information technology costs increased $5 million while administrative and other expenses increased     $4 million.
  • The gross margin in the first quarter of 2015 was 14.9%, compared to 17.9% in the first quarter of 2014.  The majority of the 3.0 point decrease in gross margin was driven by the increased estimated agent incentive payout discussed above.  The remaining decrease in gross margin was the result of increased information technology and administrative and other costs.

Investment Operations

Income from investment operations before taxes totaled $6 million in the first quarter of 2015, compared to $11 million in the first quarter of 2014.  Earnings from limited partnerships were $2 million in the first quarter of 2015 compared to earnings of $6 million in the first quarter of 2014.

Webcast Information

Indemnity has scheduled a conference call and live audio broadcast on the Web for 10:00 AM ET on May 1, 2015.  Investors may access the live audio broadcast by logging on to www.erieinsurance.com.  Indemnity recommends visiting the website at least 15 minutes prior to the Webcast to download and install any necessary software.  A Webcast audio replay will be available on the Investor Relations page of the Erie Insurance Group's website by 12:30 PM ET.

About the Erie Insurance Group

According to A.M. Best Company, Erie Insurance Group, based in Erie, Pennsylvania, is the 11th largest homeowners insurer and 12th largest automobile insurer in the United States based on direct premiums written and the 16th largest property/casualty insurer in the United States based on total lines net premium written.  The Group, rated A+ (Superior) by A.M. Best Company, has more than 5 million policies in force and operates in 12 states and the District of Columbia.  Erie Insurance Group is a FORTUNE 500 and Barron's 500 company.  ERIE has been recognized by Forbes as one of America's 50 Most Trustworthy Financial Companies and is on the list of Ward's 50 Group of top performing insurance companies, which analyzes the financial performance of 3,000 property and casualty companies and recognizes the top performers for achieving outstanding results in safety, consistency and financial performance over a five-year period (2009-2013).

News releases and more information about Erie Insurance Group are available at www.erieinsurance.com.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:

Statements contained herein that are not historical fact are forward-looking statements and, as such, are subject to risks and uncertainties that could cause actual events and results to differ, perhaps materially, from those discussed herein.  Forward-looking statements relate to future trends, events or results and include, without limitation, statements and assumptions on which such statements are based that are related to our plans, strategies, objectives, expectations, intentions and adequacy of resources.  Examples of forward-looking statements are discussions relating to premium and investment income, expenses, operating results, agency relationships, and compliance with contractual and regulatory requirements.  Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict.  Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements.  Among the risks and uncertainties, in addition to those set forth in our filings with the Securities and Exchange Commission, that could cause actual results and future events to differ from those set forth or contemplated in the forward-looking statements include the following:

Risk factors related to the Erie Indemnity Company ("Indemnity") shareholder interest:

  • dependence upon Indemnity's relationship with the Exchange and the management fee under the agreement with the subscribers at the Exchange;
  • costs of providing services to the Exchange under the subscriber's agreement;
  • ability to attract and retain talented management and employees;
  • ability to maintain uninterrupted business operations;
  • factors affecting the quality and liquidity of Indemnity's investment portfolio;
  • credit risk from the Exchange;
  • Indemnity's ability to meet liquidity needs and access capital; and
  • outcome of pending and potential litigation.

Risk factors related to the non-controlling interest owned by the Erie Insurance Exchange ("Exchange"), which includes the Property and Casualty Group and Erie Family Life Insurance Company:

  • general business and economic conditions;
  • dependence upon the independent agency system;
  • ability to maintain our reputation for customer service;
  • factors affecting insurance industry competition;
  • changes in government regulation of the insurance industry;
  • premium rates and reserves must be established from forecasts of ultimate costs;
  • emerging claims, coverage issues in the industry, and changes in reserve estimates related to the property and casualty business;
  • changes in reserve estimates related to the life business;
  • severe weather conditions or other catastrophic losses, including terrorism and pandemic events;
  • the Exchange's ability to acquire reinsurance coverage and collectability from reinsurers;
  • factors affecting the quality and liquidity of the Exchange's investment portfolio;
  • the Exchange's ability to meet liquidity needs and access capital;
  • the Exchange's ability to maintain acceptable financial strength ratings;
  • outcome of pending and potential litigation; and
  • dependence upon the service provided by Indemnity.

A forward-looking statement speaks only as of the date on which it is made and reflects our analysis only as of that date.  We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changes in assumptions, or otherwise.

Erie Indemnity Company

Consolidated Statements of Operations

(dollars in millions, except per share data)




Three months ended
March 31,



2015


2014

Revenues


(Unaudited)

Premiums earned


$

1,402



$

1,288


Net investment income


113



109


Net realized investment gains


56



56


Net impairment losses recognized in earnings


(2)



0


Equity in earnings of limited partnerships


28



50


Other income


8



8


Total revenues


1,605



1,511


Benefits and expenses





Insurance losses and loss expenses


1,060



1,034


Policy acquisition and underwriting expenses


348



321


Total benefits and expenses


1,408



1,355







Income from operations before income taxes and noncontrolling interest


197



156


Provision for income taxes


61



47


Net income


$

136



$

109







Less: Net income attributable to noncontrolling interest in consolidated
entity – Exchange


97



63







Net income attributable to Indemnity


$

39



$

46












Earnings Per Share





Net income attributable to Indemnity per share





Class A common stock – basic


$

0.83



$

0.99


Class A common stock – diluted


$

0.74



$

0.88


Class B common stock – basic and diluted


$

125



$

149







Weighted average shares outstanding attributable to Indemnity – Basic





Class A common stock


46,189,068



46,402,270


Class B common stock


2,542



2,542







Weighted average shares outstanding attributable to Indemnity – Diluted





Class A common stock


52,634,752



52,598,211


Class B common stock


2,542



2,542







Dividends declared per share





Class A common stock


$

0.6810



$

0.6350


Class B common stock


$

102.1500



$

95.2500


Erie Indemnity Company

Results of the Erie Insurance Group's Operations by Interest (Unaudited)

(in millions)




Indemnity
shareholder interest


Noncontrolling interest

(Exchange)


Eliminations of related
party transactions

Erie Insurance Group



Three months ended
March 31,


Three months ended
March 31,


Three months ended
March 31,


Three months ended
March 31,



2015

2014


2015

2014


2015

2014


2015

2014

Management operations:













Management fee revenue, net


$

343


$

319



$

—


$

—



$

(343)


$

(319)



$

—


$

—


Service agreement revenue


8


7



—


—



—


—



8


7


Total revenue from management operations


351


326



—


—



(343)


(319)



8


7


Cost of management operations


298


268



—


—



(298)


(268)



—


—


Income from management operations before taxes


53


58



—


—



(45)


(51)



8


7


Property and casualty insurance operations:













Net premiums earned


—


—



1,380


1,268



—


—



1,380


1,268


Losses and loss expenses


—


—



1,033


1,007



(1)


(1)



1,032


1,006


Policy acquisition and underwriting expenses


—


—



386


365



(47)


(53)



339


312


(Loss) income from property and casualty insurance
operations before taxes


—


—



(39)


(104)



48


54



9


(50)


Life insurance operations: (1)













Total revenue


—


—



47


50



0


0



47


50


Total benefits and expenses


—


—



37


37



0


0



37


37


Income from life insurance operations before taxes


—


—



10


13



0


0



10


13


Investment operations: (1)













Net investment income


4


4



88


84



(3)


(3)



89


85


Net realized gains on investments


0


1



56


50



—


—



56


51


Net impairment losses recognized in earnings


0


0



(2)


0



—


—



(2)


0


Equity in earnings of limited partnerships


2


6



25


44



—


—



27


50


Income from investment operations before taxes


6


11



167


178



(3)


(3)



170


186


Income from operations before income taxes and
noncontrolling interest


59


69



138


87



—


—



197


156


Provision for income taxes


20


23



41


24



—


—



61


47


Net income


$

39


$

46



$

97


$

63



$

—


$

—



$

136


$

109



(1) Earnings on life insurance related invested assets are integral to the evaluation of the life insurance operations because of the long duration of life products. On that basis, for presentation purposes, the life insurance operations in the table above include life insurance related investment results.

Erie Indemnity Company
Reconciliation of Operating Income to Net Income

Reconciliation of operating income to net income

We disclose operating income, a non-GAAP financial measure, to enhance our investors' understanding of our performance related to the Indemnity shareholder interest.  Our method of calculating this measure may differ from those used by other companies, and therefore comparability may be limited.

Indemnity defines operating income as net income excluding realized capital gains and losses, impairment losses and related federal income taxes.

Indemnity uses operating income to evaluate the results of its operations.  It reveals trends that may be obscured by the net effects of realized capital gains and losses including impairment losses.  Realized capital gains and losses, including impairment losses, may vary significantly between periods and are generally driven by business decisions and economic developments such as capital market conditions which are not related to our ongoing operations.  We are aware that the price to earnings multiple commonly used by investors as a forward-looking valuation technique uses operating income as the denominator.  Operating income should not be considered as a substitute for net income prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and does not reflect Indemnity's overall profitability.

The following table reconciles operating income and net income for the Indemnity shareholder interest:



Indemnity Shareholder
Interest



Three months ended
March 31,

(in millions, except per share data)


2015


2014



(Unaudited)

Operating income attributable to Indemnity


$

39



$

45


Net realized gains and impairments on investments


0



1


Income tax expense


0



0


Realized gains and impairments, net of income taxes


0



1


Net income attributable to Indemnity


$

39



$

46







Per Indemnity Class A common share-diluted:





Operating income attributable to Indemnity


$

0.74



$

0.87


Net realized gains and impairments on investments


0.00



0.02


Income tax expense


0.00



(0.01)


Realized gains and impairments, net of income taxes


0.00



0.01


Net income attributable to Indemnity


$

0.74



$

0.88


Erie Indemnity Company

Consolidated Statements of Financial Position

(in millions)




March 31,
2015


December 31,
2014



(Unaudited)



Assets





Investments – Indemnity





Available-for-sale securities, at fair value:





Fixed maturities


$

556



$

564


Equity securities


25



25


Limited partnerships


100



113


Other invested assets


1



1


Investments – Exchange





Available-for-sale securities, at fair value:





Fixed maturities


9,499



9,007


Equity securities


837



850


Trading securities, at fair value


3,096



3,223


Limited partnerships


815



866


Other invested assets


21



20


Total investments


14,950



14,669







Cash and cash equivalents (Exchange portion of $362 and $422, respectively)


420



514


Premiums receivable from policyholders – Exchange


1,304



1,281


Reinsurance recoverable – Exchange


162



161


Deferred income taxes – Indemnity


40



37


Deferred acquisition costs – Exchange


589



595


Other assets (Exchange portion of $403 and $374, respectively)


528



501


Total assets


$

17,993



$

17,758







Liabilities and shareholders' equity





Liabilities





Indemnity liabilities





Other liabilities


$

552



$

611


Exchange liabilities





Losses and loss expense reserves


3,966



3,853


Life policy and deposit contract reserves


1,827



1,812


Unearned premiums


2,845



2,834


Deferred income taxes


494



490


Other liabilities


172



175


Total liabilities


9,856



9,775







Indemnity's shareholders' equity


710



703







Noncontrolling interest in consolidated entity – Exchange


7,427



7,280


Total equity


8,137



7,983


Total liabilities, shareholders' equity and noncontrolling interest


$

17,993



$

17,758


Logo - http://photos.prnewswire.com/prnh/20041112/ERIELOGO

SOURCE Erie Indemnity Company

Related Links

http://www.erieinsurance.com

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