Erie Posts Strong Q1 Income Gains

Erie Indemnity Company reported that its net income for the quarter ended March 31, 2002, increased to $44,201,582 from $34,785,305 for the same period in 2001, while operating income (net income excluding net realized gains and related federal income taxes) increased to $43,408,556 for the quarter from $34,322,780 for the same period last year.

The higher earnings represent a 27.5 percent increase in net income per share to $.62 for the first quarter of 2002, compared to $.49 for the same period in 2001, and an increase in operating income per share for the first quarter of 2002 of 26.9 percent to $.61, up from $.48 for the same period in 2001.

“ERIE’s vigorous sales momentum has put us in a strong position in 2002,” stated Acting President and CEO Jan VanGorder. “We’re seeing record numbers in new policy growth, which reflects ERIE’s quality products and unmatched service philosophy. We’re taking rate increases where it’s appropriate, and we can maintain our competitive edge. Yet, our retention rate continues to outpace our competitors at 90.8 percent, demonstrating our valued relationship with our policyholders.”|”erie, posts, strong, q1, income, gains,