Erie Indemnity Posts $160M Profit for Full-Year 2012

February 28, 2013

Erie Indemnity Company, the managing company for Erie Insurance, posted 2012 fourth-quarter earnings of $30 million, up 15 percent from earnings of $26 million in the fourth quarter of 2011. Operating income was $29 million in the fourth quarter, up 16 percent from $25 million a year ago.

For the full-year 2012, Erie Indemnity Company’s earnings totaled $160 million, a 5.3 percent drop from the $169 million it earned in 2011. Operating income was $157 million for the full-year 2012, down 6.0 percent from $167 million during 2011.

Erie Insurance Group’s property/casualty operations reported a loss of $31 million for the 2012 fourth quarter, pre-tax, compared to the $98 million profit during the 2011 fourth quarter. Erie Insurance Group’s investment operations had $177 million income for the latest fourth quarter, pre-tax, compared to $308 million income for the 2011 fourth quarter. Overall, the net income for Erie Insurance Group during the latest fourth quarter was $119 million, down from $281 million net income one year ago. Net premiums earned for property/casualty operations for the fourth quarter were $1.143 billion, up 7.8 percent from $1.060 billion during the 2011 fourth quarter.

Erie Insurance Group numbers are a combination of Indemnity shareholder interest and no-controlling interest of the Erie Insurance Exchange.

For the full-year 2012, Erie Insurance Group’s property/casualty operations reported a loss of $59 million. One year ago, property/casualty operations had a loss of $190 million for the full-year 2011. Investment operations for the full-year 2012 yielded $883 million income, up 89 percent from $467 million for the full-year 2011. Full-year 2012 net income for Erie Insurance Group was $619 million, up 131 percent from $268 million during 2011.

 

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