Erie Indemnity Co - ERIE STOCK NEWS

Erie Indemnity Company (NASDAQ: ERIE) reported a net income of $73.6 million ($1.41 per diluted share) for Q1 2021, compared to $59.3 million ($1.13 per diluted share) in Q1 2020. Operating income decreased by 11.2% to $76.1 million. Management fee revenue saw a 2.7% increase, but costs rose significantly, with non-commission expenses up $11.7 million. Investment income turned positive at $18.0 million, overcoming a $9.2 million loss in the prior year. The group remains a major player in the insurance market, ranking 11th in homeowners and 12th in automobile insurance.

Erie Indemnity Company (NASDAQ: ERIE) will host a pre-recorded audio webcast to discuss its first-quarter financial results on April 30, 2021, at 10 a.m. Eastern Time. The press release detailing these results will be issued after market close on April 29, 2021. Interested parties can access the audio on the company's Investor Relations website. Erie Insurance Group, based in Erie, Pennsylvania, ranks as the 11th largest homeowners insurer and 12th largest automobile insurer in the U.S., with nearly 6 million policies and a rating of A+ from A.M. Best.

Erie Insurance provides homeowners with suggestions for transforming unused spaces into valuable bonus rooms, potentially increasing home value by 4% to 6%. The ideas include creating a workout area, kids' playroom, arts and crafts room, movie theatre, and music room. These enhancements not only personalize homes but may also necessitate updates to homeowners insurance to reflect increased property value. Erie Insurance is recognized as a top homeowners and automobile insurer in the U.S., rated A+ by A.M. Best with nearly 6 million policies in force across 12 states.

Erie Insurance has expanded its YourTurn™ rewards program, designed to encourage safe driving among policyholders, now including Pennsylvania. This initiative aims to reduce car crashes, which claimed nearly 40,000 lives in 2019, by rewarding safe driving behaviors via a smartphone app. Participants can earn rewards biweekly based on improvements in their driving habits, significantly reducing risky behaviors like phone distraction. Erie Insurance is a top-rated insurer operating in multiple states, emphasizing its commitment to safety and customer engagement.

Erie Insurance advises drivers that idle cars may attract mice, which can cause severe damage. A single mouse can inflict thousands of dollars in repairs and pose health risks. The company outlines five indicators of a mouse infestation, including car problems, damaged upholstery, droppings, bad smells, and nests. To eliminate mice, drivers can use heat, honk the horn, apply repellent, or set traps. Erie Insurance includes animal-related damage in its optional comprehensive coverage, advising customers to consult local agents for policy specifics.

Erie Indemnity Company (NASDAQ: ERIE) reported a net income of $293.3 million for 2020, down from $316.8 million in 2019. Despite a strong 10.8% growth in new business premiums in the second half of 2020, operating income fell 5.4% year-over-year. The fourth quarter saw a net income of $62.8 million, slightly up from $59.6 million in Q4 2019. The pandemic notably impacted business operations and financial markets, though investment income improved significantly.

Administrative expenses rose due to increased personnel costs, while underwriting profitability benefited from lower automobile claims during early pandemic months.

ERIE, Pa., Feb. 16, 2021 /PRNewswire/ -- Erie Insurance offers practical tips to prevent frozen pipes during winter. The company highlights ten strategies, including draining water from pipes, insulating areas, sealing wall cracks, and keeping thermostats consistently above 55°F. Additionally, Erie Insurance is ranked as the 11th largest homeowners insurer and 12th largest auto insurer in the U.S., with nearly 6 million policies in force. The company operates in 12 states and the District of Columbia, maintaining a strong financial rating of A+ from A.M. Best.

Erie Insurance encourages individuals to secure their financial future by considering life insurance during 'Insure Your Love Month' in February. They highlight eight common queries related to life insurance, emphasizing affordability and the importance of having a personal policy beyond employer coverage. Erie Insurance Group ranks as the 11th largest homeowners insurer and 12th largest auto insurer in the U.S., with over 6 million policies in force. The company's life insurance offerings are rated A (Excellent) by A.M. Best. Local agents are available to assist with personalized quotes.