Erie Indemnity Co (OQ:ERIE)
Business Focus: Property & Casualty Insurance
| Sector: Financials | Industry: Property & Casualty Insurance |
| See Regulatory Filings on SEC | |
| Company Contact | |
| Address: | 100 Erie Insurance Pl ERIE PA 16530 |
| Tel: | N/A |
| Website: | https://www.erieinsurance.com |
| IR: | See website |
| Key People | ||
| Timothy G. Necastro President, Chief Executive Officer | Julie Marie Pelkowski Chief Financial Officer, Executive Vice President | Parthasarathy Srinivasa Executive Vice President, Chief Information Officer |
| Brian W. Bolash Executive Vice President, General Counsel, Company Secretary | Douglas E. Smith Executive Vice President - Sales and Products | Lorianne Feltz Executive Vice President - Claims and Customer Service |
| Business Overview |
| Erie Indemnity Company serves as the attorney-in-fact for the subscribers at the Erie Insurance Exchange (Exchange). The Exchange is a reciprocal insurer that writes property and casualty insurance. The Exchange has wholly owned property and casualty subsidiaries, including Erie Insurance Company, Erie Insurance Company of New York, Erie Insurance Property & Casualty Company, and Flagship City Insurance Company. The Exchange also has a wholly owned life insurance company, Erie Family Life Insurance Company (EFL). Its primary function as attorney-in-fact is to perform policy issuance and renewal services on behalf of the subscribers at the Exchange. It also acts as attorney-in-fact on behalf of the subscribers at the Exchange with respect to all claims handling and investment management services, as well as the service provider for all claims handling, life insurance and investment management services for the Exchange's insurance subsidiaries (collectively, administrative services). |
| Financial Overview |
| For the fiscal year ended 31 December 2023, Erie Indemnity Co revenues increased 15% to $3.27B. Net income increased 49% to $446.1M. Revenues reflect Revenue Sales of Goods & Services increase of 17% to $2.44B, Administrative services reimbursement increase of 10% to $737.1M, Revenue Sales of Goods & Services increase of 9% to $63.7M. Net income benefited from Net realized and unrealized investment ( decrease of 79% to $5.8M (expense). |
| Employees: | 6,481 as of Dec 31, 2023 |
| Reporting Currency: | U.S. Dollars |
| Enterprise value: | $19,942M as of Dec 31, 2023 |
| Annual revenue (TTM): | $3,269M as of Dec 31, 2023 |
| EBITDA (TTM): | $520.26M as of Dec 31, 2023 |
| Net annual income (TTM): | $446.06M as of Dec 31, 2023 |
| Free cash flow (TTM): | $66.88M as of Dec 31, 2023 |
| Net Debt Last Fiscal Year: | N/A |
| Shares outstanding: | 52,289,868 as of Feb 20, 2024 |
| Index Membership: | S&P 400 Mid Cap |
| TTM: Trailing Twelve Months EBITDA: Earnings Before Interest, Taxes, Depreciation, & Amortization | |
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