Company Quick10K Filing
Erie Indemnity
Price1.00 EPS-319,548,000
Shares-0 P/E-0
MCap-0 P/FCF-0
Net Debt-247 EBIT384
TEV-247 TEV/EBIT-1
TTM 2019-09-30, in MM, except price, ratios
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8-K 2017-12-28

ERIE 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Note 1. Nature of Operations
Note 2. Significant Accounting Policies
Note 3. Revenue
Note 4. Earnings per Share
Note 5. Fair Value
Note 6. Investments
Note 7. Leases
Note 8. Borrowing Arrangements
Note 9. Postretirement Benefits
Note 10. Income Taxes
Note 11. Capital Stock
Note 12. Accumulated Other Comprehensive Income (Loss)
Note 13. Concentrations of Credit Risk
Note 14. Commitments and Contingencies
Note 15. Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 ex-31106302020.htm
EX-31.2 ex-31206302020.htm
EX-32 ex-3206302020.htm

Erie Indemnity Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
2016128402012201420172020
Assets, Equity
1.71.41.00.70.30.02012201420172020
Rev, G Profit, Net Income
0.50.30.1-0.1-0.3-0.52012201420172020
Ops, Inv, Fin

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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 

FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
OR
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from___to___
Commission file number 0-24000

ERIE INDEMNITY COMPANY
(Exact name of registrant as specified in its charter)

Pennsylvania
25-0466020
(State or other jurisdiction of(IRS Employer
incorporation or organization)Identification No.)

100 Erie Insurance Place,Erie,Pennsylvania16530
(Address of principal executive offices)(Zip Code)

814870-2000
(Registrant’s telephone number, including area code)

Not applicable
(Former name, former address and former fiscal year, if changed since last report)
 
Securities registered pursuant to Section 12(b) of the Act:
Class A common stock,stated value $0.0292 per shareERIENASDAQ Stock Market, LLC
(Title of each class)(Trading Symbol)(Name of each exchange on which registered)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.  See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filerAccelerated filerNon-accelerated filer
Smaller reporting companyEmerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No ☒ 

The number of shares outstanding of the registrant’s Class A Common Stock as of the latest practicable date was 46,189,068 at July 24, 2020.
 
The number of shares outstanding of the registrant’s Class B Common Stock as of the latest practicable date was 2,542 at July 24, 2020.


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PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

ERIE INDEMNITY COMPANY
STATEMENTS OF OPERATIONS (UNAUDITED)
(dollars in thousands, except per share data)
Three months endedSix months ended
June 30,June 30,
2020201920202019
Operating revenue  
Management fee revenue - policy issuance and renewal services, net
$483,795  $480,513  $927,545  $911,496  
Management fee revenue - administrative services, net14,813  14,195  29,584  28,146  
Administrative services reimbursement revenue151,965  146,095  303,519  288,575  
Service agreement revenue6,446  6,907  13,108  13,599  
Total operating revenue657,019  647,710  1,273,756  1,241,816  
Operating expenses
Cost of operations - policy issuance and renewal services413,865  405,005  793,357  770,509  
Cost of operations - administrative services151,965  146,095  303,519  288,575  
Total operating expenses565,830  551,100  1,096,876  1,059,084  
Operating income91,189  96,610  176,880  182,732  
Investment income
Net investment income7,373  8,030  15,742  16,547  
Net realized investment gains (losses)6,526  1,302  (4,280) 3,805  
Net impairment losses recognized in earnings(17) (84) (3,070) (162) 
Equity in (losses) earnings of limited partnerships(2,329) 404  (6,034) (743) 
Total investment income11,553  9,652  2,358  19,447  
Interest expense, net2  272  5  721  
Other (expense) income(258) 48  (624) 95  
Income before income taxes102,482  106,038  178,609  201,553  
Income tax expense20,505  18,284  37,306  38,488  
Net income$81,977  $87,754  $141,303  $163,065  
Net income per share  
Class A common stock – basic$1.76  $1.88  $3.03  $3.50  
Class A common stock – diluted$1.57  $1.68  $2.70  $3.12  
Class B common stock – basic and diluted$264  $283  $455  $525  
Weighted average shares outstanding – Basic
  
Class A common stock46,187,808  46,188,994  46,188,299  46,188,668  
Class B common stock2,542  2,542  2,542  2,542  
Weighted average shares outstanding – Diluted
  
Class A common stock52,302,981  52,314,700  52,313,667  52,313,371  
Class B common stock2,542  2,542  2,542  2,542  
Dividends declared per share  
Class A common stock$0.965  $0.90  $1.93  $1.80  
Class B common stock$144.75  $135.00  $289.50  $270.00  

See accompanying notes to Financial Statements. See Note 12, "Accumulated Other Comprehensive Income (Loss)", for amounts reclassified out of accumulated other comprehensive income (loss) into the Statements of Operations. 
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ERIE INDEMNITY COMPANY
STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(in thousands)
Three months endedSix months ended
June 30,June 30,
2020201920202019
Net income$81,977  $87,754  $141,303  $163,065  
Other comprehensive income, net of tax  
Change in unrealized holding gains on available-for-sale securities
37,451  2,579  5,215  8,057  
Amortization of prior service costs and net actuarial loss on pension and other postretirement plans
2,660  1,231  5,320  2,463  
Total other comprehensive income, net of tax40,111  3,810  10,535  10,520  
Comprehensive income$122,088  $91,564  $151,838  $173,585  
 
See accompanying notes to Financial Statements. See Note 12, "Accumulated Other Comprehensive Income (Loss)", for amounts reclassified out of accumulated other comprehensive income (loss) into the Statements of Operations.
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ERIE INDEMNITY COMPANY
STATEMENTS OF FINANCIAL POSITION
(dollars in thousands, except per share data)
June 30,December 31,
20202019
Assets(Unaudited)
Current assets:
Cash and cash equivalents$257,738  $336,739  
Available-for-sale securities27,409  32,810  
Equity securities1,416  2,381  
Receivables from Erie Insurance Exchange and affiliates, net506,690  468,636  
Prepaid expenses and other current assets60,668  44,943  
Federal income taxes recoverable0  462  
Accrued investment income5,317  5,433  
Total current assets859,238  891,404  
Available-for-sale securities, net777,416  697,891  
Equity securities73,973  64,752  
Limited partnership investments15,463  26,775  
Fixed assets, net246,572  221,379  
Agent loans, net58,602  60,978  
Deferred income taxes, net18,895  17,186  
Other assets32,702  35,875  
Total assets$2,082,861  $2,016,240  
Liabilities and shareholders' equity
Current liabilities:
Commissions payable$282,436  $262,963  
Agent bonuses60,264  96,053  
Accounts payable and accrued liabilities137,745  134,957  
Dividends payable44,940  44,940  
Contract liability36,625  35,938  
Deferred executive compensation9,674  10,882  
Federal income taxes payable15,441  0  
Current portion of long-term borrowings1,998  1,979  
Total current liabilities589,123  587,712  
Defined benefit pension plans161,458  145,659  
Long-term borrowings94,849  95,842  
Contract liability18,826  18,435  
Deferred executive compensation9,571  13,734  
Other long-term liabilities14,895  21,605  
Total liabilities888,722  882,987  
Shareholders’ equity
Class A common stock, stated value $0.0292 per share; 74,996,930 shares authorized; 68,299,200 shares issued; 46,189,068 shares outstanding
1,992  1,992  
Class B common stock, convertible at a rate of 2,400 Class A shares for one Class B share, stated value $70 per share; 3,070 shares authorized; 2,542 shares issued and outstanding
178  178  
Additional paid-in-capital16,487  16,483  
Accumulated other comprehensive loss(106,333) (116,868) 
Retained earnings2,427,905  2,377,558  
Total contributed capital and retained earnings2,340,229  2,279,343  
Treasury stock, at cost; 22,110,132 shares held
(1,162,546) (1,158,910) 
Deferred compensation16,456  12,820  
Total shareholders’ equity1,194,139  1,133,253  
Total liabilities and shareholders’ equity$2,082,861  $2,016,240  

See accompanying notes to Financial Statements. 
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ERIE INDEMNITY COMPANY
STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED)
Three and six months ended June 30, 2020 and 2019
(dollars in thousands, except per share data)
Class A common stockClass B common stockAdditional paid-in-capitalAccumulated other comprehensive (loss) incomeRetained earningsTreasury stockDeferred compensationTotal shareholders' equity
Balance, December 31, 2019$1,992  $178  $16,483  $(116,868) $2,377,558  $(1,158,910) $12,820  $1,133,253  
Cumulative effect adjustment (1)
(1,075) (1,075) 
Net income59,326  59,326  
Other comprehensive loss(29,576) (29,576) 
Dividends declared:
Class A $0.965 per share
(44,572) (44,572) 
Class B $144.75 per share
(368) (368) 
Net purchase of treasury stock (2)
4  0  4  
Deferred compensation(772) 772  0  
Balance, March 31, 2020$1,992  $178  $16,487  $(146,444) $2,390,869  $(1,159,682) $13,592  $1,116,992  
Net income81,977  81,977  
Other comprehensive income40,111  40,111  
Dividends declared:
Class A $0.965 per share
(44,573) (44,573) 
Class B $144.75 per share
(368) (368) 
Net purchase of treasury stock (2)
0  0  0  
Deferred compensation(3,568) 3,568  0  
Rabbi trust distribution (3)
704  (704) 0  
Balance, June 30, 2020$1,992  $178  $16,487  $(106,333) $2,427,905  $(1,162,546) $16,456  $1,194,139  

Class A common stockClass B common stockAdditional paid-in-capitalAccumulated other comprehensive (loss) incomeRetained earningsTreasury stockDeferred compensationTotal shareholders' equity
Balance, December 31, 2018$1,992  $178  $16,459  $(130,284) $2,231,417  $(1,157,625) $11,535  $973,672  
Net income75,311  75,311  
Other comprehensive income6,710  6,710  
Dividends declared:
Class A $0.90 per share
(41,570) (41,570) 
Class B $135.00 per share
(343) (343) 
Net purchase of treasury stock (2)
24  0  24  
Deferred compensation(1,154) 1,154  0  
Balance, March 31, 2019$1,992  $178  $16,483  $(123,574) $2,264,815  $(1,158,779) $12,689  $1,013,804  
Net income87,754  87,754  
Other comprehensive income3,810  3,810  
Dividends declared:
Class A $0.90 per share
(41,570) (41,570) 
Class B $135.00 per share
(344) (344) 
Net purchase of treasury stock (2)