Erie Indemnity Reports $163M Income for Full-Year 2013

Erie Indemnity Company, the management company for Erie Insurance, reported $36 million net income for its 2013 fourth quarter, up 20 percent from $30 million reported during the prior-year fourth quarter. The full-year 2013 net income was $163 million, up 2 percent from $160 million reported for 2012.

Erie Insurance Group’s property/casualty operations reported $59 million income, pre-tax, for the 2013 fourth quarter, improving from a loss of $31 million during the prior-year fourth quarter. For the full-year 2013, Erie Insurance Group’s property/casualty operations reported $260 million income, pre-tax, improving from a loss of $59 million during 2012. The reported combined ratio (statutory basis) for Direct Business is 97.8 percent for the 2013 fourth quarter and 97.1 percent for the full-year 2013.

Property/casualty insurance operations’ net premiums earned for the 2013 fourth quarter were $1.247 billion, up 9 percent from $1.143 billion during the prior-year fourth quarter.

For the full-year 2013, property/casualty insurance operations’ net premiums earned were $4.820 billion, an increase of 9 percent from $4.422 billion during full-year 2012.

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Topics Profit Loss Property Casualty