Attached files
| file | filename |
|---|---|
| EX-99.1 - EXHIBIT 99.1 - ERIE INDEMNITY CO | ex-99103312017.htm |
| 8-K - 8-K - ERIE INDEMNITY CO | erie8-k03312017.htm |
Exhibit 99.2
Erie Indemnity Company
Statements of Operations
(dollars in thousands, except per share data)
Three months ended March 31, | ||||||||
2017 | 2016 | |||||||
(Unaudited) | ||||||||
Operating revenue | ||||||||
Management fee revenue, net | $ | 392,058 | $ | 367,458 | ||||
Service agreement revenue | 7,258 | 7,270 | ||||||
Total operating revenue | 399,316 | 374,728 | ||||||
Operating expenses | ||||||||
Commissions | 220,478 | 208,714 | ||||||
Salaries and employee benefits | 59,740 | 53,289 | ||||||
All other operating expenses | 52,564 | 45,060 | ||||||
Total operating expenses | 332,782 | 307,063 | ||||||
Net revenue from operations | 66,534 | 67,665 | ||||||
Investment income | ||||||||
Net investment income | 5,978 | 4,662 | ||||||
Net realized investment gains (losses) | 516 | (1,088 | ) | |||||
Net impairment losses recognized in earnings | (121 | ) | (345 | ) | ||||
Equity in earnings (losses) of limited partnerships | 213 | (670 | ) | |||||
Total investment income | 6,586 | 2,559 | ||||||
Interest expense, net | 166 | — | ||||||
Income before income taxes | 72,954 | 70,224 | ||||||
Income tax expense | 25,078 | 24,329 | ||||||
Net income | $ | 47,876 | $ | 45,895 | ||||
Earnings Per Share | ||||||||
Net income per share | ||||||||
Class A common stock – basic | $ | 1.03 | $ | 0.99 | ||||
Class A common stock – diluted | $ | 0.91 | $ | 0.87 | ||||
Class B common stock – basic and diluted | $ | 154 | $ | 148 | ||||
Weighted average shares outstanding – Basic | ||||||||
Class A common stock | 46,188,522 | 46,189,068 | ||||||
Class B common stock | 2,542 | 2,542 | ||||||
Weighted average shares outstanding – Diluted | ||||||||
Class A common stock | 52,408,560 | 52,523,927 | ||||||
Class B common stock | 2,542 | 2,542 | ||||||
Dividends declared per share | ||||||||
Class A common stock | $ | 0.7825 | $ | 0.7300 | ||||
Class B common stock | $ | 117.3750 | $ | 109.5000 | ||||
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Erie Indemnity Company
Statements of Financial Position
(in thousands)
March 31, 2017 | December 31, 2016 | |||||||
(Unaudited) | ||||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 110,418 | $ | 189,072 | ||||
Available-for-sale securities | 77,412 | 56,138 | ||||||
Receivables from Erie Insurance Exchange and affiliates | 392,319 | 378,540 | ||||||
Prepaid expenses and other current assets | 39,065 | 30,169 | ||||||
Federal income taxes recoverable | 0 | 5,260 | ||||||
Accrued investment income | 6,504 | 6,337 | ||||||
Total current assets | 625,718 | 665,516 | ||||||
Available-for-sale securities | 642,457 | 657,153 | ||||||
Limited partnership investments | 54,457 | 58,159 | ||||||
Fixed assets, net | 68,685 | 69,142 | ||||||
Deferred income taxes, net | 52,495 | 53,889 | ||||||
Note receivable from Erie Family Life Insurance Company | 25,000 | 25,000 | ||||||
Other assets | 21,224 | 20,096 | ||||||
Total assets | $ | 1,490,036 | $ | 1,548,955 | ||||
Liabilities and shareholders' equity | ||||||||
Current liabilities: | ||||||||
Commissions payable | $ | 219,256 | $ | 210,559 | ||||
Agent bonuses | 32,882 | 114,772 | ||||||
Accounts payable and accrued liabilities | 81,551 | 88,153 | ||||||
Dividends payable | 36,441 | 36,441 | ||||||
Deferred executive compensation | 14,613 | 19,675 | ||||||
Federal income taxes payable | 19,478 | 0 | ||||||
Total current liabilities | 404,221 | 469,600 | ||||||
Defined benefit pension plans | 211,415 | 221,827 | ||||||
Employee benefit obligations | 605 | 756 | ||||||
Deferred executive compensation | 16,212 | 13,233 | ||||||
Long-term borrowings | 24,753 | 24,766 | ||||||
Other long-term liabilities | 2,972 | 1,863 | ||||||
Total liabilities | 660,178 | 732,045 | ||||||
Shareholders’ equity | 829,858 | 816,910 | ||||||
Total liabilities and shareholders’ equity | $ | 1,490,036 | $ | 1,548,955 | ||||
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