Erie Indemnity(US:ERIE) Prnewswire·2025-02-27 21:15Core Viewpoint - Erie Indemnity Company reported significant growth in net income and operating income for both the fourth quarter and the full year of 2024 compared to 2023, indicating strong financial performance and operational efficiency. Financial Performance - Net income for 2024 was $600.3 million, or $11.48 per diluted share, up from $446.1 million, or $8.53 per diluted share in 2023 [1][2] - In the fourth quarter of 2024, net income was $152.0 million, or $2.91 per diluted share, compared to $110.9 million, or $2.12 per diluted share in the fourth quarter of 2023 [1][2] Operating Income - Operating income before taxes increased by $156.2 million, or 30.0 percent, in 2024 compared to 2023 [3] - For the fourth quarter of 2024, operating income before taxes rose by $40.2 million, or 31.7 percent, compared to the same quarter in 2023 [5] Revenue Breakdown - Management fee revenue from policy issuance and renewal services increased by $452.0 million, or 18.5 percent, in 2024 compared to 2023 [6] - In the fourth quarter of 2024, management fee revenue from policy issuance and renewal services rose by $96.7 million, or 16.1 percent, compared to the fourth quarter of 2023 [7] Investment Income - Income from investments before taxes totaled $69.3 million in 2024, up from $29.0 million in 2023 [4] - Net investment income was $70.2 million in 2024 compared to $44.6 million in 2023 [4] Cost of Operations - Total operating expenses for 2024 were $3,118.7 million, an increase from $2,748.7 million in 2023 [15] - Commissions increased by $252.9 million in 2024 compared to 2023, driven by growth in direct and affiliated assumed written premium [6] Assets and Liabilities - Total assets as of December 31, 2024, were $2,888.6 million, compared to $2,471.9 million in 2023 [16] - Total liabilities increased to $901.4 million in 2024 from $809.1 million in 2023 [16]