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Erie Indemnity Company (ERIE)
NASDAQ:ERIE
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Earnings Data
Report Date
Feb 20, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
$2.82Last Year’s EPS
$2.12Same Quarter Last Year
Based on 0 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Oct 31, 2024
|% Change Since: -7.21%
|Next Earnings Date:Feb 20, 2025
Earnings Call Sentiment|Positive
The earnings call highlighted strong financial performance, including significant premium growth, net income increase, and successful community investments. However, challenges such as the impact of Hurricane Helene and increased operational expenses were noted. The overall sentiment is positive given the outweighing highlights.Company Guidance
During the Erie Indemnity Company's Q3 2024 earnings call, executives provided detailed guidance on the company's financial performance and strategic initiatives. The company experienced a robust growth in direct and affiliated assumed written premiums, increasing over 18% for the quarter and just over 19% year-to-date compared to 2023. This growth was driven by significant rate increases to combat loss cost pressures, resulting in a year-over-year average written premium per policy growth of 12.8%. Despite these rate increases, the Exchange maintained a strong policyholder retention rate of 90.8%. However, the combined ratio was negatively impacted by Hurricane Helene, contributing 5.3 points to the quarter's combined ratio of 113.7% and 1.9 points year-to-date. Erie Indemnity's net income for the third quarter rose to $160 million or $3.06 per diluted share, compared to $131 million or $2.51 per diluted share in the same quarter of 2023. Operating income also saw a significant increase of 21% for the quarter. The company continues to enhance its product offerings and digital capabilities, including the piloting of Business Auto 2.0 and the rollout of an online account platform. Additionally, Erie emphasized its commitment to community support, having made significant charitable contributions and investments in educational initiatives.Strong Operating Performance and S&P 500 Addition
Erie Indemnity Company reported strong operating performance, which contributed to its addition to the S&P 500 Index in September 2024.
Significant Premium Growth
The Exchange's direct and affiliated assumed written premiums grew over 18% for the quarter and just over 19% year-to-date compared to 2023. The average written premium per policy increased by 12.8% year-over-year.
Net Income and Earnings Growth
Net income for the third quarter of 2024 was $160 million ($3.06 per diluted share) compared to $131 million ($2.51 per diluted share) in Q3 2023. For the first nine months, net income was $448 million ($8.57 per diluted share) compared to $335 million ($6.41 per diluted share) in 2023.
Management Fee Revenue Increase
Management fee revenue for policy issuance and renewal services increased by 18.5% in Q3 2024 compared to Q3 2023, and by 19.3% for the first nine months of 2024 compared to the same period in 2023.
Investment Income Growth
Investment income before taxes for Q3 2024 was $19.5 million, compared to just over $12 million in Q3 2023. For the first nine months, it was $48.5 million compared to just over $19 million in 2023.
Community and Educational Investments
Erie Insurance donated $450,000 in grants to nine nonprofits and has awarded over $1.7 million in grants since 2021 under its Investing in our Future Educational Brand initiative.
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ERIE Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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ERIE Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Oct 31, 2024 | $448.84 | $415.18 | -7.50% |
| Jul 25, 2024 | $386.60 | $420.39 | +8.74% |
| Apr 25, 2024 | $378.06 | $379.53 | +0.39% |
| Feb 26, 2024 | $351.20 | $385.85 | +9.87% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Erie Indemnity Company (ERIE) report earnings?
Erie Indemnity Company (ERIE) is schdueled to report earning on Feb 20, 2025, TBA Not Confirmed.
What is Erie Indemnity Company (ERIE) earnings time?
Erie Indemnity Company (ERIE) earnings time is at Feb 20, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is ERIE EPS forecast?
ERIE EPS forecast for the fiscal quarter 2024 (Q4) is $2.82.
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