Erie Indemnity(ERIE) - 2023 Q1 - Earnings Call Transcript

Now I'd like to share with you the first quarter results for 2023. Beginning with the Exchange, the insurance operations we manage. Direct written premium growth for the first quarter was 14.6%, driven by substantial growth in new business premium, which increased 36% over the prior year. With the combined ratio for the quarter of 122.7%, the Exchange's policyholder surplus decreased to $9.9 billion, down $200 million from December 31. Noncommission expense increased $17 million in the first quarter of 2023 ...