| Erie Indemnity
Earnings Call |
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Erie Indemnity Earnings Call, First Quarter 2009
2nd May 2009 00:00 AM |
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| Net income per share-diluted was $0.19 per share in the first quarter 2009, compared to $0.51 per share in the first quarter of 2008. |
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| Losses from limited partnership investments were $0.32 per share, after tax versus EPS of $0.09 a year ago. Insurance underwriting losses totaled $0.07 per share, after tax vs. gains of $0.04 per share last year. Gross margins from management operations slid to 18.9% vs. 19.1% a year ago. |
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Erie Indemnity Earnings Call, Fourth Quarter 2008
3rd March 2009 00:00 AM |
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| Net loss per share was $0.12 per share in the fourth quarter, compared to net income per share of $0.55 per share a year ago. |
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| Losses were driven by fair value depreciation due to the current market conditions. Gross margins fell to 12.1% vs. 15.5% in 2007 on higher personnel costs. The GAAP combined ratio was 89 in the quarter vs. 90.5 last year. Net income per share for FY’08 decreased to $1.19 vs. $3.43 a year ago. |
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Erie Indemnity Earnings Call, Second Quarter 2008
31st August 2008 00:00 AM |
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| Operating income per share was 87 cents due to reduction in investment revenues and changes in fair value on common stock in accordance with FAS 159. |
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| Management fee revenue was flat as direct written premiums of the property casualty group remained level compared to the second quarter of 2007. Policy retention rate improved to 90.4% compared to 89.9% at the end of the second quarter last year. The total cost to management operations increased by 2.8%. Personnel cost increased by 4.9% compared to 2007 primarily as a result of $1 million charge for executive severance cost. |
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Erie Indemnity First Quarter Earnings Call
15th May 2008 00:00 AM |
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| The net operating income per share decreased 9.7% to 78 cents in the first quarter compared to 86 cents per share in last year. |
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| The insurance services company reported that the management fee revenue was 25% in the quarter, flat compared to the prior year. During the quarter, the net income fell by 46.8% to 30 million from $56.4 million in the prior year quarter, driven by net realized losses on investments due to changes in fair value in the firm’s common stock since it adopted FAS-159. In Q1, the realized losses on investments from changes in the fair value of the common stock were $13.7 million. |
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Erie Indemnity Company Fourth Quarter Earnings Call
6th March 2008 00:00 AM |
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| Impacted by the net realized losses on investments, net income fell to $32.6 million from $45.5 million in the prior year quarter. |
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| Erie Indemnity, which offers management services to members Erie Insurance Group, reported management fee revenue growth of 1.1% over prior year quarter. The firm has decided to restructure its Insurance Operations, which accounts for nearly 75% of its total operations, into two areas - Personal Lines, Commercial Lines and Customer Service as well as Agency, Claims and Field Operations. For fiscal 2007, the net income was $212.9 million or $3.43 per share. |
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