Erie Indemnity(US:ERIE) Prnewswire·2024-10-31 20:15Core Insights - Erie Indemnity Company reported a net income of $159.8 million, or $3.06 per diluted share, for the third quarter of 2024, an increase from $131.0 million, or $2.51 per diluted share, in the same quarter of 2023 [2] - For the first nine months of 2024, net income was $448.3 million, or $8.57 per diluted share, compared to $335.1 million, or $6.41 per diluted share, in the first nine months of 2023 [2] Financial Performance - Operating income before taxes increased by $31.7 million, or 21.3 percent, in the third quarter of 2024 compared to the third quarter of 2023 [3] - For the first nine months of 2024, operating income before taxes rose by $116.0 million, or 29.5 percent, compared to the same period in 2023 [6] Revenue Breakdown - Management fee revenue from policy issuance and renewal services increased by $120.1 million, or 18.5 percent, in the third quarter of 2024 compared to the third quarter of 2023 [4] - For the first nine months of 2024, management fee revenue from policy issuance and renewal services rose by $355.3 million, or 19.3 percent, compared to the same period in 2023 [7] - Administrative services revenue increased by $1.0 million, or 6.2 percent, in the third quarter of 2024 compared to the third quarter of 2023 [4] - Administrative services revenue for the first nine months of 2024 increased by $4.2 million, or 8.9 percent, compared to the same period in 2023 [7] Expense Analysis - Commissions related to policy issuance and renewal services increased by $66.3 million in the third quarter of 2024 compared to the third quarter of 2023, driven by growth in written premium [4] - Non-commission expenses rose by $23.3 million in the third quarter of 2024 compared to the same quarter in 2023, with notable increases in underwriting and policy processing expenses [4] - For the first nine months of 2024, non-commission expenses increased by $41.7 million compared to the same period in 2023 [7][8] Investment Income - Income from investments before taxes totaled $19.5 million in the third quarter of 2024, up from $12.3 million in the same quarter of 2023 [5] - Net investment income was $17.3 million in the third quarter of 2024 compared to $14.6 million in the third quarter of 2023 [5] - For the first nine months of 2024, income from investments before taxes was $48.5 million, compared to $19.2 million in the same period of 2023 [9] - Net investment income for the first nine months of 2024 was $49.2 million, compared to $30.4 million in the same period of 2023 [9]