Company Quick10K Filing
Erie Indemnity
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 -0 $-0
10-Q 2019-10-25 Quarter: 2019-09-30
10-Q 2019-07-25 Quarter: 2019-06-30
10-Q 2019-05-02 Quarter: 2019-03-31
10-K 2019-02-21 Annual: 2018-12-31
10-Q 2018-10-25 Quarter: 2018-09-30
10-Q 2018-07-26 Quarter: 2018-06-30
10-Q 2018-04-26 Quarter: 2018-03-31
10-K 2018-02-22 Annual: 2017-12-31
10-Q 2017-10-26 Quarter: 2017-09-30
10-Q 2017-07-27 Quarter: 2017-06-30
10-Q 2017-05-01 Quarter: 2017-03-31
10-K 2017-02-23 Annual: 2016-12-31
10-Q 2016-10-27 Quarter: 2016-09-30
10-Q 2016-07-28 Quarter: 2016-06-30
10-Q 2016-04-28 Quarter: 2016-03-31
10-K 2016-02-25 Annual: 2015-12-31
10-Q 2015-10-29 Quarter: 2015-09-30
10-Q 2015-07-30 Quarter: 2015-06-30
10-Q 2015-04-30 Quarter: 2015-03-31
10-K 2015-02-26 Annual: 2014-12-31
10-Q 2014-10-30 Quarter: 2014-09-30
10-Q 2014-07-31 Quarter: 2014-06-30
10-Q 2014-05-01 Quarter: 2014-03-31
10-K 2014-02-27 Annual: 2013-12-31
10-Q 2013-10-31 Quarter: 2013-09-30
10-Q 2013-08-01 Quarter: 2013-06-30
10-Q 2013-04-29 Quarter: 2013-03-31
10-K 2013-02-26 Annual: 2012-12-31
10-Q 2012-11-01 Quarter: 2012-09-30
10-Q 2012-08-02 Quarter: 2012-06-30
10-Q 2012-05-03 Quarter: 2012-03-31
10-K 2012-02-27 Annual: 2011-12-31
10-Q 2011-11-03 Quarter: 2011-09-30
10-Q 2011-08-02 Quarter: 2011-06-30
10-Q 2011-05-05 Quarter: 2011-03-31
10-K 2011-02-24 Annual: 2010-12-31
10-Q 2010-11-04 Quarter: 2010-09-30
10-Q 2010-07-29 Quarter: 2010-06-30
10-Q 2010-05-06 Quarter: 2010-03-31
10-K 2010-02-25 Annual: 2009-12-31
8-K 2019-12-10 Other Events, Exhibits
8-K 2019-10-24 Earnings, Exhibits
8-K 2019-10-18
8-K 2019-07-23 Earnings, Other Events, Exhibits
8-K 2019-05-02 Earnings, Exhibits
8-K 2019-04-30 Amend Bylaw, Shareholder Vote, Other Events, Exhibits
8-K 2019-02-21 Earnings, Other Events, Exhibits
8-K 2019-01-10 Officers
8-K 2018-12-04 Other Events, Exhibits
8-K 2018-11-13 Enter Agreement, Exhibits
8-K 2018-10-30 Enter Agreement, Exhibits
8-K 2018-10-25 Earnings, Exhibits
8-K 2018-09-26 Officers, Exhibits
8-K 2018-09-14 Other Events, Exhibits
8-K 2018-07-24 Earnings, Officers, Other Events, Exhibits
8-K 2018-04-24 Earnings, Shareholder Vote, Other Events, Exhibits
8-K 2018-02-22 Earnings, Other Events, Exhibits
8-K 2018-01-22 Enter Agreement, Exhibits
8-K 2018-01-16 Other Events
8-K 2018-01-10 Officers
8-K 2017-12-28 Other Events

Erie Indemnity Financials

ERIE Metrics, Comps, Filings

Annual | Quarterly

Business

Erie Indemnity Company ("Indemnity", "we", "us", "our") is a publicly held Pennsylvania business corporation that has since its incorporation in 1925 served as the attorney-in-fact for the subscribers (policyholders) at the Erie Insurance Exchange ("Exchange"). The Exchange, which also commenced business in 1925, is a Pennsylvania-domiciled 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 and Casualty Company and Flagship City Insurance Company, and a wholly owned life insurance company, Erie Family Life Insurance Company ("EFL").

Our primary function as attorney-in-fact is to perform policy issuance and renewal services on behalf of the subscribers at the Exchange. We also act as attorney-in-fact on behalf of 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 its insurance subsidiaries, collectively referred to as "administrative services". Acting as attorney-in-fact in these two capacities is done in accordance with a subscriber's agreement (a limited power of attorney) executed individually by each subscriber (policyholder), which appoints us as their common attorney-in-fact to transact certain business on their behalf. Pursuant to the subscriber's agreement for acting as attorney-in-fact in these two capacities, we earn a management fee calculated as a percentage, not to exceed 25%, of the direct and assumed premiums written by the Exchange. The management fee rate is set at least annually by our Board of Directors. The process of setting the management fee rate includes the evaluation of current year operating results compared to both prior year and industry estimated results for both Indemnity and the Exchange, and consideration of several factors for both entities including: their relative financial strength and capital position; projected revenue, expense and earnings for the subsequent year; future capital needs; as well as competitive position.

The policy issuance and renewal services we provide to the Exchange are related to the sales, underwriting and issuance of policies. The sales related services we provide include agent compensation and certain sales and advertising support services. Agent compensation includes scheduled commissions to agents based upon premiums written as well as additional commissions and bonuses to agents, which are earned by achieving targeted measures. Agent compensation comprised approximately 67% of our 2018 policy issuance and renewal expenses. The underwriting services we provide include underwriting and policy processing and comprised approximately 10% of our 2018 policy issuance and renewal expenses. The remaining services we provide include customer service and administrative support. We also provide information technology services that support all the functions listed above that comprised approximately 10% of our 2018 policy issuance and renewal expenses. Included in these expenses are allocations of costs for departments that support these policy issuance and renewal functions.


Valuation ($BB)

Market Cap, Enterprise Value

Balance Sheet ($BB)

Assets, Stockholders' Equity

Income Statement ($BB Annual)

Revenue, Gross Profit, Net Income

Cash Flow ($BB Annual)

Operating, Investing, Financing

Comps ($MM TTM) Market Cap Gross Margin EV/EBITDA Ret on Assets Assets Liabilities Revenue G Profit Net Income EBITDA EV
Marsh & McLennan (MMC) 49,956 0% 19.8 5% 32,116 15,636 0 1,503 3,076 60,935
Aon (AON) 46,833 0% 16.3 7% 29,807 25,894 18,868 0 1,992 3,244 52,992
Fanhua (FANH) 27,469 0% 3,867 1,120 0 0 0 0 26,621
Willis Towers Watson (WLTW) 24,564 0% 12.6 3% 35,166 24,934 8,591 0 1,103 2,235 28,222
Arthur J Gallagher (AJG) 16,682 42% 20.7 4% 19,200 14,252 7,084 2,974 729 869 17,951
Fidelity National Financial (FNF) 10,933 0% 8.0 7% 10,189 4,893 6,392 0 757 1,272 10,178
AXA Equitable Holdings (EQH) 10,448 0% 3.9 1% 238,597 221,952 11,112 0 1,277 1,466 5,714
Brown & Brown (BRO) 9,126 0% 15.4 5% 7,165 3,984 2,234 0 386 662 10,175
First American Financial (FAF) 6,256 0% 5.8 5% 11,443 7,355 5,762 0 542 842 4,844
Argo Group (ARGO) 2,388 0% 13.3 1% 10,167 8,238 1,497 0 117 209 2,785
Ehealth (EHTH) 1,788 100% 151.4 1% 583 140 310 309 6 11 1,670
Corvel (CRVL) 1,543 21% 15.7 11% 428 224 595 127 48 91 1,439
Stewart Information Services (STC) 944 0% 8.1 3% 1,477 776 1,848 0 49 92 743
Goosehead Insurance (GSHD) 757 0% 40.2 30% 38 69 73 0 12 20 786
Investors Title (ITIC) 305 0% 8.7 9% 256 68 135 0 23 31 269
Health Insurance Innovations (HIIQ) 296 0% 12.0 2% 508 411 220 0 12 34 404
BRP Group (BRP)
Argo Group International Holdings (ARGD)
Erie Indemnity (ERIE) 0% -0.6 16% 1,890 826 2,430 0 306 405 -239
Banco Santander (BSMX) 0% 1,408,724 1,285,437 0 0 0 0 -25,080

Balance Sheet ($MM)2010-12-312013-12-312014-12-312015-12-312016-12-312017-12-312018-12-31
Cash430403422183189216266
Accounts Receivable
Inventory
PP&E
Assets14,34415,78816,7991,4071,5491,6661,778
Accounts Payable47
Long-Term Debt2575100
Liabilities8,0108,9729,519638732809805
Stockholders' Equity912734703770817857974
Income Statement ($MM)2010-12-312013-12-312014-12-312015-12-312016-12-312017-12-312018-12-31
Revenue4,8906,2716,1241,5061,5971,6922,382
Cost of Revenue
Gross Profit
R&D
SG&A
Tax3394359510610511983
Net Income6601,048573175210197288
Cash Flow ($MM)2010-12-312013-12-312014-12-312015-12-312016-12-312017-12-312018-12-31
Cash Operating721218186217254197264
Cash Investing-405-65-41-137-75-81
Cash Financing-120-116-139-127-111-96-131