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Erie Indemnity Company (ERIE)
NASDAQ:ERIE
Earnings Data
Report Date
Apr 24, 2025TBA Not Confirmed
Period Ending
2025 (Q1)Consensus EPS Forecast
3.19Last Year’s EPS
2.38Same Quarter Last Year
Moderate Buy
Based on 1 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Feb 27, 2025
|% Change Since: 10.31%
|Next Earnings Date:Apr 24, 2025
Earnings Call Sentiment|Positive
The earnings call reflects a positive sentiment driven by strong financial performance, significant growth in direct written premiums, and successful technology modernization efforts. The company also received industry recognition and made notable leadership appointments. However, these positives are slightly offset by increased operating expenses and slower policy growth.Company Guidance
In the Erie Indemnity Company's fourth quarter and year-end 2024 earnings call, the company reported robust financial performance, with direct written premiums for Erie Insurance Exchange growing by 16% in the fourth quarter and over 18% for the full year compared to 2023. The average premium per policy increased by over 13%, while policies in force grew by 4.8% to exceed 7 million. The policyholder retention rate remained strong at 90.4%. The Exchange's combined ratio improved to 105.7 in the fourth quarter and 110.4 for the year, with catastrophe losses contributing 9.6 points compared to 12.6 points in 2023. Erie Indemnity's net income reached $600 million in 2024, translating to $11.48 per diluted share, up from $446 million or $8.53 per share in 2023. Management fee revenue and operating income also saw significant increases, with management fee revenue rising 16.1% in the fourth quarter and 18.5% for the year. The company highlighted successful modernization efforts, including the migration of legacy systems to the cloud, enhancing product and service offerings. Investment income reached over $69 million, driven by improved partnership results and gains. Erie also announced a 7.1% dividend increase for 2025.Strong Financial Performance in 2024
Erie Indemnity Company reported net income of $600 million in 2024, up from $446 million in 2023. Additionally, the combined ratio improved significantly from 119.1 in 2023 to 110.4 in 2024.
Growth in Direct Written Premiums
Direct written premiums of the Exchange grew 16% in Q4 2024 and over 18% for the full year compared to 2023.
Successful Technology Modernization
Multiple legacy systems have been migrated to modern platforms, enhancing product, service, and digital capabilities, including a new billing platform and Business Auto 2.0.
Recognition and Leadership Appointments
Erie was recognized as a top 100 employer for workplace culture for the second consecutive year, and received accolades for its internship program. Two senior leaders were promoted to executive vice presidents.
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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 |
|---|---|---|---|
| Feb 27, 2025 | $404.98 | $428.07 | +5.70% |
| Oct 31, 2024 | $447.33 | $413.78 | -7.50% |
| Jul 25, 2024 | $385.30 | $418.97 | +8.74% |
| Apr 25, 2024 | $376.78 | $378.25 | +0.39% |
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 Apr 24, 2025, TBA Not Confirmed.
What is Erie Indemnity Company (ERIE) earnings time?
Erie Indemnity Company (ERIE) earnings time is at Apr 24, 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 2025 (Q1) is 3.19.
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