PR Newswire
ERIE, Pa., Feb. 23, 2017
ERIE, Pa., Feb. 23, 2017 /PRNewswire/ -- Erie Indemnity Company (NASDAQ: ERIE) today announced financial results for the full year and quarter ending December 31, 2016. Net income was $210.4 million, or $4.01 per diluted share, for the full year 2016, compared to $174.7 million, or $3.33 per diluted share, in 2015. Net income was $45.8 million, or $0.87 per diluted share, in the fourth quarter of 2016, compared to $30.1 million, or $0.57 per diluted share, in the fourth quarter of 2015. The growth in 2016 for the fourth quarter and full year was driven by increased net revenue from operations as revenue growth outpaced the growth in expenses.
"We continue to grow profitably," said Tim NeCastro, President and CEO. "The dedicated work of our Agents and Employees has once again enabled us to beat the industry forecast for 2016 and as we embark upon 2017, we are well positioned for continued long-term growth and value creation."
4Q and Total Year 2016 | |||||||||||||||
(dollars in thousands) | 4Q'15 | 4Q'16 | | 2015 | 2016 | | | ||||||||
Net revenue from operations | $ | 41,839 | | $ | 56,685 | | | $ | 232,541 | | $ | 292,364 | | | |
Investment income, net of interest expense | 4,244 | | 13,438 | | | 33,708 | | 27,727 | | | | ||||
Income before income taxes | 46,083 | | 70,123 | | | 266,249 | | 320,091 | | | | ||||
Income tax expense | 15,950 | | 24,337 | | | 91,571 | | 109,725 | | | | ||||
Net income | $ | 30,133 | | $ | 45,786 | | | $ | 174,678 | | $ | 210,366 | | | |
Gross margin from operations | 11.7 | % | 14.9 | % | | 15.4 | % | 18.3 | % | | |
2016 Total Year Highlights |
Net revenue from operations before taxes increased $59.8 million, or 25.7 percent, in 2016 compared to 2015.
Income from investments before taxes totaled $27.8 million in 2016, compared to $33.7 million in 2015. Earnings from limited partnerships were $7.0 million in 2016 compared to earnings of $17.0 million in 2015.
4Q 2016 Highlights |
Net revenue from operations before taxes increased $14.8 million, or 35.5 percent, in the fourth quarter of 2016 compared to the fourth quarter of 2015.
Income from investments before taxes totaled $13.5 million in the fourth quarter of 2016, compared to $4.2 million in the fourth quarter of 2015. Earnings from limited partnerships were $7.3 million in the fourth quarter of 2016 compared to earnings of $0.1 million in the fourth quarter of 2015.
Webcast Information
Indemnity has scheduled a conference call and live audio broadcast on the Web for 10:00 AM ET on February 24, 2017. Investors may access the live audio broadcast by logging on to www.erieinsurance.com. Indemnity recommends visiting the website at least 15 minutes prior to the Webcast to download and install any necessary software. A Webcast audio replay will be available on the Investor Relations page of the Erie Insurance website by 12:30 PM ET.
About Erie Insurance
According to A.M. Best Company, Erie Insurance Group, based in Erie, Pennsylvania, is the 10th largest homeowners insurer and 12th largest automobile insurer in the United States based on direct premiums written and the 15th largest property/casualty insurer in the United States based on total lines net premium written. The Group, rated A+ (Superior) by A.M. Best Company, has more than 5 million policies in force and operates in 12 states and the District of Columbia. Erie Insurance Group is a FORTUNE 500 company.
News releases and more information about Erie Insurance Group are available at www.erieinsurance.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:
Statements contained herein that are not historical fact are forward-looking statements and, as such, are subject to risks and uncertainties that could cause actual events and results to differ, perhaps materially, from those discussed herein. Forward-looking statements relate to future trends, events or results and include, without limitation, statements and assumptions on which such statements are based that are related to our plans, strategies, objectives, expectations, intentions, and adequacy of resources. Examples of forward-looking statements are discussions relating to premium and investment income, expenses, operating results, and compliance with contractual and regulatory requirements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Among the risks and uncertainties, in addition to those set forth in our filings with the Securities and Exchange Commission, that could cause actual results and future events to differ from those set forth or contemplated in the forward-looking statements include the following:
A forward-looking statement speaks only as of the date on which it is made and reflects our analysis only as of that date. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changes in assumptions, or otherwise.
(ERIE-F)
Erie Indemnity Company | ||||||||||||||||
Statements of Operations | ||||||||||||||||
(dollars in thousands, except per share data) | ||||||||||||||||
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| | Three months ended | | Twelve months ended | ||||||||||||
| | 2016 | | 2015 | | 2016 | | 2015 | ||||||||
| | (Unaudited) | | | | | ||||||||||
Operating revenue | | | | | | | | | ||||||||
Management fee revenue, net | | $ | 372,169 | | | $ | 348,885 | | | $ | 1,567,431 | | | $ | 1,475,511 | |
Service agreement revenue | | 7,444 | | | 7,495 | | | 29,200 | | | 29,997 | | ||||
Total operating revenue | | 379,613 | | | 356,380 | | | 1,596,631 | | | 1,505,508 | | ||||
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