Erie Indemnity Co - ERIE STOCK NEWS

Erie Insurance has appointed Parthasarathy "Partha" Srinivasa as executive vice president and chief information officer, effective April 4, 2022. Srinivasa joins from Verisk Analytics, enhancing the IT leadership at Erie with over 25 years of experience in the insurance and financial sectors. He replaces Bob Ingram, who retired in December 2021. Srinivasa's expertise spans platform modernization, digital transformation, and cloud strategy. Erie Insurance ranks 12th in homeowners and 13th in automobile insurance in the U.S., with over 6 million policies in force.

Erie Indemnity Company (NASDAQ: ERIE) reported a net income of $297.9 million, or $5.69 per diluted share, for 2021, a slight increase from $293.3 million, or $5.61 per diluted share, in 2020. However, the fourth quarter saw a net income drop to $55.0 million from $62.8 million year-over-year. Operating income before taxes decreased by 5.9% for the full year and 4.9% for the fourth quarter. Management fee revenue from policy issuance rose by 3.9%, while costs increased significantly due to higher personnel and administrative expenses. Investment income notably improved, totaling $67.3 million for 2021.

Erie Insurance emphasizes the importance of life insurance during significant life changes, such as marriage or starting a family. In conjunction with February's Insure Your Love Month, it offers five essential tips for first-time buyers: understanding protection needs, budgeting for insurance, selecting beneficiaries wisely, choosing a financially sound insurer, and considering both current and future needs. Erie Family Life Insurance Company holds an A (Excellent) rating from A.M. Best. Erie Insurance ranks among the top insurers in the U.S., offering over 6 million policies across 12 states.

Erie Indemnity Company (NASDAQ: ERIE) will host a pre-recorded audio webcast to discuss its financial results for the fourth quarter and year-end on February 25, 2022, at 10 a.m. Eastern Time. A press release detailing its results will be issued after market close on February 24, 2022. Participants can access the audio via the Investor Relations website at www.erieinsurance.com/about/investors.aspx. Erie Insurance ranks as the 12th largest homeowners insurer in the U.S., with over 6 million policies in force.

Erie Insurance has issued a press release highlighting candle safety tips during December, which is the peak month for candle-related fires, causing an average of 81 deaths and $278 million in property damage annually. The release provides ten practical safety tips for candle use, emphasizing the importance of supervision, proper placement, and maintenance. Key recommendations include keeping candles away from flammable items, trimming wicks, and considering flameless alternatives. Erie Insurance positions itself as a leading insurer, ranked 12th in homeowners and 13th in automobile insurance based on direct premiums written.

Erie Indemnity Company (NASDAQ: ERIE) announced key decisions from its Board meeting on December 7, 2021. Brian W. Bolash was appointed as the new executive vice president, effective January 1, 2022. The Board approved a management fee rate of 25% to Erie Insurance Exchange, unchanged from the previous year. Notably, the quarterly dividend increased from $1.035 to $1.11 for Class A shares and from $155.25 to $166.50 for Class B shares, reflecting a 7.2% rise. The next dividend is scheduled for January 20, 2022, to shareholders of record by January 5, 2022.

Erie Insurance offers key tips for winterizing homes to lower energy costs and prevent damage. Homeowners are advised to check windows and doors for drafts, clear gutters to avoid water damage, inspect the roof for potential issues, trim trees near power lines, check the fireplace for hazards, and maintain the furnace for efficiency. The company emphasizes the importance of regular home maintenance to protect investments and suggests contacting an Erie Insurance agent for appropriate homeowners insurance.

Erie Indemnity Company (NASDAQ: ERIE) reported a net income of $90.2 million, or $1.72 per diluted share, for Q3 2021, showing a slight increase from $89.2 million in Q3 2020. For the first nine months, net income rose to $242.8 million, or $4.64 per diluted share, compared to $230.5 million in the same period last year. While management fee revenue from policy issuance and renewal services increased by 4.2%, operating income fell by 1.2% in Q3 2021. The company faces uncertain impacts from COVID-19, affecting its operations and financial metrics.