Erie Indemnity(ERIE) - 2024 Q1 - Quarterly Results

Financial Performance - Total operating revenue for Q1 2024 increased to $880,701, up 17.0% from $752,465 in Q1 2023[2] - Net income for Q1 2024 was $124,552, representing a 44.4% increase compared to $86,241 in Q1 2023[2] - Management fee revenue from policy issuance and renewal services rose to $665,686, a 19.3% increase from $558,090 in the previous year[2] - Total operating expenses increased to $741,889, up 15.5% from $641,922 in Q1 2023[2] - Net investment income significantly improved to $15,903, compared to $2,183 in Q1 2023[2] - The company reported a basic net income per share of $2.67 for Class A common stock, up from $1.85 in Q1 2023[2] Balance Sheet - Total assets as of March 31, 2024, reached $2,555,794, an increase from $2,471,964 at the end of 2023[3] - Shareholders' equity increased to $1,726,180, up from $1,662,835 at the end of 2023[3] - Current liabilities totaled $727,516, a slight increase from $708,977 at the end of 2023[3] Dividends - Dividends declared per share for Class A common stock increased to $1.275 from $1.190 in the previous year[2]