Last 7 days
-3.5%
Last 30 days
-6.6%
Last 90 days
-18.8%
Trailing 12 Months
28.2%
Income Statement (Last 12 Months) | (In Millions) | |||||
---|---|---|---|---|---|---|
Description | (%) Q/Q | 2022Q4 | 2022Q3 | 2022Q2 | 2022Q1 | 2021Q4 |
Revenue | 2.3% | 2,840 | 2,775 | 2,722 | 2,676 | 2,634 |
Operating Expenses | 1.9% | 2,464 | 2,419 | 2,377 | 2,350 | 2,316 |
EBITDA | 3.0% | 378 | 367 | 376 | 375 | 381 |
EBITDA Margin | 0.7% | 0.13* | 0.13* | 0.14* | 0.14* | 0.14* |
Earnings Before Taxes | 3.3% | 376 | 364 | 372 | 371 | 376 |
EBT Margin | 1.0% | 0.13* | 0.13* | 0.14* | 0.14* | 0.14* |
Interest Expenses | -34.3% | 2.00 | 3.00 | 4.00 | 4.00 | 4.00 |
Net Income | 3.6% | 299 | 288 | 294 | 293 | 298 |
Net Income Margin | 1.3% | 0.11* | 0.10* | 0.11* | 0.11* | 0.11* |
Free Cahsflow | -2.8% | 366 | 377 | 381 | 393 | 403 |
Balance Sheet | (In Millions) | |||||
---|---|---|---|---|---|---|
Description | (%) Q/Q | 2022Q4 | 2022Q3 | 2022Q2 | 2022Q1 | 2021Q4 |
Assets | 2.8% | 2,239 | 2,178 | 2,180 | 2,224 | 2,242 |
Current Assets | 7.5% | 779 | 724 | 743 | 751 | 764 |
Cash Equivalents | 45.5% | 142 | 98.00 | 90.00 | 141 | 184 |
Liabilities | -3.7% | 791 | 821 | 841 | 890 | 900 |
Current Liabilities | 4.9% | 665 | 634 | 637 | 601 | 631 |
. Short Term Borrowings | Infinity% | 40.00 | - | - | - | - |
LT Debt, Current | NaN% | - | - | - | 2.00 | 2.00 |
LT Debt, Non Current | NaN% | - | - | - | 91.00 | 92.00 |
Shareholder's Equity | 6.8% | 1,448 | 1,357 | 1,339 | 1,334 | 1,342 |
Retained Earnings | 0.4% | 2,583 | 2,573 | 2,541 | 2,512 | 2,495 |
Additional Paid-In Capital | 0% | 16.00 | 16.00 | 16.00 | 16.00 | 16.00 |
Cashflow (Last 12 Months) | (In Millions) | |||||
---|---|---|---|---|---|---|
Description | (%) Q/Q | 2022Q4 | 2022Q3 | 2022Q2 | 2022Q1 | 2021Q4 |
Cashflow From Operations | -2.8% | 366 | 377 | 381 | 393 | 403 |
Cashflow From Investing | 50.8% | -106 | -217 | -192 | -188 | -185 |
Cashflow From Financing | -1.0% | -300 | -297 | -254 | -198 | -194 |
Dividend Payments | 1.7% | 207 | 203 | 200 | 196 | 193 |
54.2%
29.2%
7.3%
Y-axis is the maximum loss one would have experienced if Erie Indemnity was unfortunately bought at previous high price.
14.5%
16.4%
17.3%
16.1%
FIve years rolling returns for Erie Indemnity.
Datesorted ascending | Fund Name | Type | % Chg | $ Change | $ Held | % Portfolio |
---|---|---|---|---|---|---|
2023-03-15 | B. Riley Wealth Advisors, Inc. | new | - | 249,715 | 249,715 | 0.01% |
2023-03-10 | VICTORY CAPITAL MANAGEMENT INC | added | 131 | 6,328,380 | 10,321,400 | 0.01% |
2023-03-06 | Rockefeller Capital Management L.P. | unchanged | - | - | 1,000 | -% |
2023-02-28 | Voya Investment Management LLC | added | 287 | 6,464,000 | 8,405,000 | 0.01% |
2023-02-23 | Tandem Wealth Advisors LLC | new | - | 10,695 | 10,695 | 0.01% |
2023-02-22 | TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY | reduced | -7.3 | 611,000 | 17,058,000 | 0.18% |
2023-02-21 | MACQUARIE GROUP LTD | reduced | -2.84 | 48,851 | 611,851 | -% |
2023-02-17 | TRUIST FINANCIAL CORP | unchanged | - | 2,439,300 | 22,968,300 | 0.04% |
2023-02-16 | HARBOUR INVESTMENTS, INC. | new | - | 2,238 | 2,238 | -% |
2023-02-15 | Vestcor Inc | added | 373 | 568,000 | 700,000 | 0.03% |
Date Filed | Name of Filer | Percent of Class | No. of Shares | Form Type | |
---|---|---|---|---|---|
Feb 09, 2023 | vanguard group inc | 5.30% | 2,450,196 | SC 13G/A | |
Feb 11, 2022 | pnc financial services group, inc. | 12.51% | 5,780,336 | SC 13G/A | |
Feb 10, 2022 | vanguard group inc | 5.21% | 2,406,357 | SC 13G/A | |
Feb 12, 2021 | pnc financial services group, inc. | 12.53% | 5,788,221 | SC 13G/A | |
Feb 10, 2021 | vanguard group inc | 5.66% | 2,614,144 | SC 13G/A | |
Feb 12, 2020 | vanguard group inc | 5.71% | 2,641,770 | SC 13G/A | |
Feb 07, 2020 | pnc financial services group, inc. | 12.15% | 5,611,033 | SC 13G/A |
Date Filed | Form Type | Document | |
---|---|---|---|
Mar 24, 2023 | ARS | ARS | |
Mar 24, 2023 | DEF 14C | DEF 14C | |
Mar 20, 2023 | 4 | Insider Trading | |
Mar 15, 2023 | 4 | Insider Trading | |
Mar 15, 2023 | 4 | Insider Trading | |
Mar 15, 2023 | 4 | Insider Trading | |
Mar 15, 2023 | 4 | Insider Trading | |
Mar 01, 2023 | 10-K | Annual Report | |
Mar 01, 2023 | 4 | Insider Trading | |
Mar 01, 2023 | 4 | Insider Trading |
Datesorted ascending | Name | Buy/Sell | $ Value | Avg. Price | # Shares | Title |
---|---|---|---|---|---|---|
2023-02-28 | Feltz Lorianne | acquired | 463 | 235 | 1.971 | executive vice president |
2023-02-28 | Smith Douglas Edward | acquired | 187 | 235 | 0.798 | evp |
2023-01-31 | Gutting Gregory J | acquired | 456 | 244 | 1.869 | evp & cfo |
2023-01-31 | Feltz Lorianne | acquired | 1,308 | 244 | 5.354 | executive vice president |
2023-01-31 | Colaizzo Louis F | acquired | 1.71045 | 244 | 0.007 | svp |
2023-01-31 | Smith Douglas Edward | acquired | 547 | 244 | 2.24 | evp |
2022-12-31 | Smith Douglas Edward | acquired | 452 | 248 | 1.819 | evp |
2022-12-31 | Feltz Lorianne | acquired | 889 | 248 | 3.577 | executive vice president |
2022-12-16 | Colaizzo Louis F | gifted | -54,626 | 281 | -194 | svp |
2022-11-11 | Cipriani Marc | sold | -189,536 | 252 | -750 | senior vice president |
STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating revenue | |||
Total operating revenue | $ 2,840,124 | $ 2,633,977 | $ 2,536,489 |
Operating expenses | |||
Total operating expenses | 2,463,910 | 2,315,880 | 2,198,332 |
Operating income | 376,214 | 318,097 | 338,157 |
Investment income | |||
Net investment income | 28,585 | 62,177 | 29,753 |
Net realized and unrealized investment (losses) gains | (27,286) | 4,946 | 6,392 |
Net impairment (losses) recoveries recognized in earnings | (667) | 209 | (3,278) |
Total investment income | 632 | 67,332 | 32,867 |
Interest expense, net | 2,009 | 4,132 | 731 |
Other income (expense) | 1,615 | (4,893) | (1,778) |
Income before income taxes | 376,452 | 376,404 | 368,515 |
Income tax expense | 77,883 | 78,544 | 75,211 |
Net income | $ 298,569 | $ 297,860 | $ 293,304 |
Class A common stock | |||
Earnings per share - Basic and diluted: | |||
Common stock - basic (in dollars per share) | $ 6.41 | $ 6.40 | $ 6.30 |
Common stock - diluted (in dollars per share) | $ 5.71 | $ 5.69 | $ 5.61 |
Weighted average shares outstanding – Basic | |||
Common stock - basic (in shares) | 46,188,916 | 46,188,806 | 46,188,659 |
Weighted average shares outstanding – Diluted | |||
Common stock - diluted (in shares) | 52,297,990 | 52,307,302 | 52,313,360 |
Class B common stock | |||
Earnings per share - Basic and diluted: | |||
Common stock - basic (in dollars per share) | $ 962 | $ 959 | $ 945 |
Common stock - diluted (in dollars per share) | $ 962 | $ 959 | $ 945 |
Weighted average shares outstanding – Basic | |||
Common stock - basic (in shares) | 2,542 | 2,542 | 2,542 |
Weighted average shares outstanding – Diluted | |||
Common stock - diluted (in shares) | 2,542 | 2,542 | 2,542 |
Management fee revenue - policy issuance and renewal services | |||
Operating revenue | |||
Total operating revenue | $ 2,087,846 | $ 1,913,166 | $ 1,841,794 |
Operating expenses | |||
Total operating expenses | 1,795,642 | 1,677,397 | 1,588,897 |
Management fee revenue - administrative services | |||
Operating revenue | |||
Total operating revenue | 58,323 | 58,286 | 59,463 |
Administrative services reimbursement revenue | |||
Operating revenue | |||
Total operating revenue | 668,268 | 638,483 | 609,435 |
Operating expenses | |||
Total operating expenses | 668,268 | 638,483 | 609,435 |
Service agreement revenue | |||
Operating revenue | |||
Total operating revenue | $ 25,687 | $ 24,042 | $ 25,797 |
STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
---|---|---|
Current assets: | ||
Cash and cash equivalents | $ 142,090 | $ 183,702 |
Available-for-sale securities | 24,267 | 38,396 |
Receivables from Erie Insurance Exchange and affiliates, net | 524,937 | 479,123 |
Prepaid expenses and other current assets | 79,201 | 56,206 |
Accrued investment income | 8,301 | 6,303 |
Total current assets | 778,796 | 763,730 |
Available-for-sale securities, net | 870,394 | 907,689 |
Equity securities | 72,560 | 87,743 |
Fixed assets, net | 413,874 | 374,802 |
Agent loans, net | 60,537 | 58,683 |
Deferred income taxes, net | 0 | 145 |
Other assets | 43,295 | 49,265 |
Total assets | 2,239,456 | 2,242,057 |
Current liabilities: | ||
Commissions payable | 300,028 | 270,746 |
Agent bonuses | 95,166 | 120,437 |
Accounts payable and accrued liabilities | 165,915 | 138,317 |
Dividends payable | 55,419 | 51,693 |
Contract liability | 36,547 | 34,935 |
Deferred executive compensation | 12,036 | 12,637 |
Current portion of long-term borrowings | 0 | 2,098 |
Total current liabilities | 665,111 | 630,863 |
Defined benefit pension plans | 51,224 | 130,383 |
Long-term borrowings | 0 | 91,734 |
Contract liability | 17,895 | 17,686 |
Deferred executive compensation | 13,724 | 14,571 |
Deferred income taxes, net | 14,075 | 0 |
Other long-term liabilities | 29,019 | 14,342 |
Total liabilities | 791,048 | 899,579 |
Shareholders' equity | ||
Additional paid-in-capital | 16,481 | 16,496 |
Accumulated other comprehensive loss | (7,414) | (25,288) |
Retained earnings | 2,583,261 | 2,495,190 |
Total contributed capital and retained earnings | 2,594,498 | 2,488,568 |
Treasury stock, at cost; 22,110,132 shares held | (1,168,949) | (1,167,828) |
Deferred compensation | 22,859 | 21,738 |
Total shareholders' equity | 1,448,408 | 1,342,478 |
Total liabilities and shareholders' equity | 2,239,456 | 2,242,057 |
Class A common stock | ||
Shareholders' equity | ||
Common stock | 1,992 | 1,992 |
Class B common stock | ||
Shareholders' equity | ||
Common stock | $ 178 | $ 178 |