Erie Indemnity Co.
Jul 31, 2014
PDF

Erie Indemnity Reports Second Quarter 2014 Results

Net Income per Diluted Share Up 11.0 percent, Earnings Up 10.0 percent

Earnings release tables

Investor supplement

ERIE, Pa., July 31, 2014 /PRNewswire/ -- Erie Indemnity Company (NASDAQ: ERIE) today announced financial results for the quarter ending June 30, 2014.

 

Erie Insurance.

"This continues to be a positive year for ERIE, thanks to our hard-working team of Agents and Employees," says Terry Cavanaugh, president and chief executive officer.  "Our growth and the recognition we received once again this year from organizations like J.D. Power and the Ward Group reflect our commitment and dedication to exceptional service."

Net income attributable to Indemnity was $49 million, or $0.94 per diluted share, in the second quarter of 2014, compared to $44 million, or $0.84 per diluted share, in the second quarter of 2013.  Net income attributable to Indemnity was $95 million, or $1.82 per diluted share, in the first six months of 2014, compared to $81 million, or $1.54 per diluted share, in the first six months of 2013.  For both the second quarter and first six months of 2014, the growth was driven by increased revenue from management operations and lower expense growth.

 

2Q 2014 Highlights - Results of the Erie Insurance Group's Operations(1)

         
 

Indemnity

shareholder

 interest

Noncontrolling

interest

(Exchange)

Elimination of

 related party

transactions

Erie
Insurance Group

(dollars in millions)

2Q'14

2Q'13

2Q'14

2Q'13

2Q'14

2Q'13

2Q'14

2Q'13

Management operations

$

68

 

$

59

 

$

 

$

 

$

(60)

 

$

(51)

 

$

8

 

$

8

 

Property and casualty insurance operations(2)

 

 

(183)

 

11

 

66

 

55

 

(117)

 

66

 

Life insurance operations(2)

 

 

10

 

13

 

(1)

 

(1)

 

9

 

12

 

Investment operations

7

 

8

 

245

 

172

 

(5)

 

(3)

 

247

 

177

 

Income from operations before income
 
taxes and noncontrolling interest

75

 

67

 

72

 

196

 

 

 

147

 

263

 

Provision for income taxes

26

 

23

 

18

 

63

 

 

 

44

 

86

 

Net income

$

49

 

$

44

 

$

54

 

$

133

 

$

 

$

 

$

103

 

$

177

 
                                 
 

(1)   The consolidated financial statements of Erie Indemnity Company ("Indemnity") reflect the consolidated results of Indemnity and the Erie Insurance Exchange ("Exchange"), which we refer to collectively as the "Erie Insurance Group."  Indemnity, or Indemnity shareholder interest, refers to the interest in Erie Indemnity Company owned by the Class A and Class B shareholders.  The Exchange refers to the noncontrolling interest held for the interest of the subscribers (policyholders), and includes its interest in its property and casualty subsidiaries and Erie Family Life Insurance Company ("EFL").

 

(2)   All property and casualty and life insurance results accrue to the interest of the subscribers (policyholders) of the Exchange, or noncontrolling interest.

 

Management Operations

Revenue from management operations increased $30 million, or 8.7 percent, in the second quarter of 2014, compared to the second quarter of 2013.  Direct written premium of the property and casualty insurance operations, upon which the management fee is calculated, increased 8.8 percent in the second quarter of 2014, due to a 4.5 percent increase in policies in force and a 4.2 percent increase in the year-over-year average premium per policy at June 30, 2014.  The management fee rate was 25 percent for both the second quarters of 2014 and 2013.

Commissions increased $18 million, or 10.0 percent, in the second quarter of 2014, compared to the second quarter of 2013, primarily due to the 8.8 percent increase in direct written premium of the property and casualty insurance operations.  Commission growth outpaced direct premium written growth primarily due to an increase in agent incentive costs.

Non-commission expense increased $3 million, or 2.8 percent, in the second quarter of 2014, compared to the second quarter of 2013.  Hardware costs increased $2 million, while professional fees, underwriting reports, advertising and postage expense increased $1 million each.  These cost increases were partially offset by a $3 million decrease in personnel costs, primarily from decreased employee incentive plan costs related to underwriting performance and decreased pension costs.  

 

Management Operations

   
 

Indemnity shareholder interest

(dollars in millions)

2Q'14

2Q'13

Management fee revenue, net

$

366

 

$

336

 

Service agreement revenue

8

 

8

 

Total revenue from management operations

$

374

 

$

344

 

Commissions

$

205

 

$

187

 

Non-commission expense

101

 

98

 

Total cost of management operations

$

306

 

$

285

 

Income from management operations before taxes

$

68

 

$

59

 

Gross margin

 

18.2

%

 

17.3

%

         

 

Investment Operations

Income from investment operations before taxes totaled $7 million in the second quarter of 2014, compared to $8 million in the second quarter of 2013.  Net investment income increased $1 million and equity in earnings of limited partnerships decreased $2 million.

 

Investment Operations

   
 

Indemnity

shareholder

 interest

(dollars in millions)

2Q'14

2Q'13

Net investment income

$

4

 

$

3

 

Net realized gains on investments

0

 

0

 

Net impairment losses recognized in earnings

0

 

0

 

Equity in earnings of limited partnerships

3

 

5

 

Income from investment operations before taxes

$

7

 

$

8

 
         

 

Six Months Ended June 30, 2014 Results of the Erie Insurance Group's Operations(1)

         
 

Indemnity 

shareholder

 interest

Noncontrolling

 interest

(Exchange)

Elimination of

related party

 transactions

Erie
Insurance Group

(dollars in millions)

2014

2013

2014

2013

2014

2013

2014

2013

Management operations

$

126

 

$

108

 

$

 

$

 

$

(111)

 

$

(93)

 

$

15

 

$

15

 

Property and casualty insurance operations(2)

 

 

(287)

 

22

 

120

 

100

 

(167)

 

122

 

Life insurance operations(2)

 

 

23

 

24

 

(1)

 

(1)

 

22

 

23

 

Investment operations

18

 

15

 

423

 

530

 

(8)

 

(6)

 

433

 

539

 

Income from operations before income taxes and noncontrolling interest

144

 

123

 

159

 

576

 

 

 

303

 

699

 
                                 

Provision for income taxes

49

 

42

 

42

 

190

 

 

 

91

 

232

 

Net income

$

95

 

$

81

 

$

117

 

$

386

 

$

 

$

 

$

212

 

$

467

 
                                 
 

(1)  The consolidated financial statements of Erie Indemnity Company ("Indemnity") reflect the consolidated results of Indemnity and the Erie Insurance Exchange ("Exchange"), which we refer to collectively as the "Erie Insurance Group."  Indemnity, or Indemnity shareholder interest, refers to the interest in Erie Indemnity Company owned by the Class A and Class B shareholders.  The Exchange refers to the noncontrolling interest held for the interest of the subscribers (policyholders), and includes its interest in its property and casualty subsidiaries and Erie Family Life Insurance Company ("EFL").

 

(2)   All property and casualty and life insurance results accrue to the interest of the subscribers (policyholders) of the Exchange, or noncontrolling interest.

 

Indemnity's management operations pretax income totaled $126 million in the first six months of 2014, compared to $108 million in the first six months of 2013.  The increase resulted in a gross margin of 18.0 percent for the first six months of 2014, compared to 16.7 percent for the first six months of 2013.  Indemnity's investment operations pretax income totaled $18 million in the first six months of 2014, compared to $15 million in the first six months of 2013.

Corporate Activity

On July 30, 2014, Indemnity's Board of Directors approved a quarterly cash dividend of $0.635 per Class A common stock, payable on October 17, 2014, to shareholders of record at the close of business on October 2, 2014.  This dividend rate represents a 7.2 percent increase over the quarterly dividend rate paid in 2013.

In the second quarter of 2014, Indemnity repurchased 114,158 shares of its outstanding Class A nonvoting common stock at a total cost of $8.2 million, based upon trade date, in conjunction with its current stock repurchase program.  For the year through July 18, 2014, 272,057 shares were repurchased under this program at a total cost of $19.2 million.  As of July 18, 2014, Indemnity had approximately $18 million in repurchase authority remaining under the existing stock repurchase program.

Webcast Information

Indemnity has scheduled a conference call and live audio broadcast on the Web for 10:00 AM ET on August 1, 2014.  Investors may access the live audio broadcast by logging on to www.erieinsurance.com. Indemnity recommends visiting the website at least 15 minutes prior to the webcast to download and install any necessary software.  A webcast audio replay will be available on the Investor Relations page of the Erie Insurance Group's website by 12:30 PM ET.

About the Erie Insurance Group

According to A.M. Best Company, Erie Insurance Group, based in Erie, Pennsylvania, is the 14th largest homeowners insurer and 12th largest automobile insurer in the United States based on direct premiums written and the 18th largest property/casualty insurer in the United States based on total lines net premium written. The Group, rated A+ (Superior) by A.M. Best Company, has nearly 4.9 million policies in force and operates in 11 states and the District of Columbia. Erie Insurance Group is a FORTUNE 500 and Barron's 500 company.  Erie Insurance is proud to have received the J.D. Power award for "Highest in Customer Satisfaction with the Auto Insurance Purchase Experience" two years in a row. ERIE has also been recognized by Forbes as one of America's 50 Most Trustworthy Financial Companies and is on the list of Ward's 50 Group of top performing insurance companies, which analyzes the financial performance of 3,000 property and casualty companies and recognizes the top performers for achieving outstanding results in safety, consistency and financial performance over a five-year period (2009-2013).

News releases and more information about Erie Insurance Group are available at www.erieinsurance.com.

***

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:

Statements contained herein that are not historical fact are forward-looking statements and, as such, are subject to risks and uncertainties that could cause actual events and results to differ, perhaps materially, from those discussed herein. Forward-looking statements relate to future trends, events or results and include, without limitation, statements and assumptions on which such statements are based that are related to our plans, strategies, objectives, expectations, intentions and adequacy of resources. Examples of forward-looking statements are discussions relating to premium and investment income, expenses, operating results, agency relationships, and compliance with contractual and regulatory requirements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements.

Among the risks and uncertainties, in addition to those set forth in our filings with the Securities and Exchange Commission, that could cause actual results and future events to differ from those set forth or contemplated in the forward-looking statements include the following:

Risk factors related to the Indemnity shareholder interest:

  • dependence on Indemnity's relationship with the Exchange and the management fee under the agreement with the subscribers at the Exchange;
  • costs of providing services to the Exchange under the subscriber's agreement;
  • ability to attract and retain talented management and employees;
  • ability to maintain uninterrupted business operations;
  • factors affecting the quality and liquidity of Indemnity's investment portfolio;
  • credit risk from the Exchange;
  • Indemnity's ability to meet liquidity needs and access capital; and
  • outcome of pending and potential litigation against Indemnity.

Risk factors related to the non-controlling interest owned by the Exchange, which includes the Property and Casualty Group and EFL:

  • general business and economic conditions;
  • dependence upon the independent agency system;
  • ability to maintain our reputation for customer service;
  • factors affecting insurance industry competition;
  • changes in government regulation of the insurance industry;
  • premium rates and reserves must be established from forecasts of ultimate costs;
  • emerging claims, coverage issues in the industry, and changes in reserve estimates related to the property and casualty business;
  • changes in reserve estimates related to the life business;
  • severe weather conditions or other catastrophic losses, including terrorism;
  • the Exchange's ability to acquire reinsurance coverage and collectability from reinsurers;
  • factors affecting the quality and liquidity of the Exchange's investment portfolio;
  • the Exchange's ability to meet liquidity needs and access capital;
  • the Exchange's ability to maintain acceptable financial strength rating;
  • outcome of pending and potential litigation against the Exchange; and
  • dependence upon the service provided by Indemnity.

A forward-looking statement speaks only as of the date on which it is made and reflects Indemnity's analysis only as of that date. Indemnity undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changes in assumptions, or otherwise.

 

Erie Indemnity Company

   

Consolidated Statements of Operations

   

(dollars in millions, except per share data)

   
         
   

Three months ended June 30,

 

Six months ended June 30,

   

2014

 

2013

 

2014

 

2013

Revenues

 

(Unaudited)

 

(Unaudited)

Premiums earned

 

$

1,319

   

$

1,215

   

$

2,607

   

$

2,390

 

Net investment income

 

111

   

104

   

220

   

207

 

Net realized investment gains

 

133

   

61

   

189

   

310

 

Net impairment losses recognized in earnings

 

0

   

(1)

   

0

   

(1)

 

Equity in earnings of limited partnerships

 

27

   

39

   

77

   

75

 

Other income

 

8

   

8

   

16

   

16

 

Total revenues

 

1,598

   

1,426

   

3,109

   

2,997

 

Benefits and expenses

                       

Insurance losses and loss expenses

 

1,126

   

861

   

2,160

   

1,703

 

Policy acquisition and underwriting expenses

 

325

   

302

   

646

   

595

 

Total benefits and expenses

 

1,451

   

1,163

   

2,806

   

2,298

 
                         

Income from operations before income taxes and noncontrolling interest

 

147

   

263

   

303

   

699

 

Provision for income taxes

 

44

   

86

   

91

   

232

 

Net income

 

$

103

   

$

177

   

$

212

   

$

467

 
                         

Less: Net income attributable to noncontrolling interest in consolidated entity - Exchange

 

54

   

133

   

117

   

386

 
                         

Net income attributable to Indemnity

 

$

49

   

$

44

   

$

95

   

$

81

 
                         
                         

Earnings Per Share

                       

Net income attributable to Indemnity per share

                       

Class A common stock - basic

 

$

1.05

   

$

0.95

   

$

2.04

   

$

1.73

 

Class A common stock - diluted

 

$

0.94

   

$

0.84

   

$

1.82

   

$

1.54

 

Class B common stock - basic and diluted

 

$

158

   

$

142

   

$

307

   

$

259

 
                         

Weighted average shares outstanding attributable to Indemnity - Basic

                       

Class A common stock

 

46,214,153

   

46,693,333

   

46,307,659

   

46,733,925

 

Class B common stock

 

2,542

   

2,542

   

2,542

   

2,542

 
                         

Weighted average shares outstanding attributable to Indemnity - Diluted

                       

Class A common stock

 

52,411,414

   

52,886,259

   

52,504,920

   

52,926,851

 

Class B common stock

 

2,542

   

2,542

   

2,542

   

2,542

 
                         

Dividends declared per share

                       

Class A common stock

 

$

0.6350

   

$

0.5925

   

$

1.2700

   

$

1.1850

 

Class B common stock

 

$

95.2500

   

$

88.8750

   

$

190.5000

   

$

177.7500

 

 

Erie Indemnity Company

     

Results of the Erie Insurance Group's Operations by Interest (Unaudited)

 

(in millions)

             
               
   

Indemnity

shareholder interest

 

Noncontrolling interest

(Exchange)

 

Eliminations of related

party transactions

Erie Insurance Group

   

Three months ended

June 30,

 

Three months ended

June 30,

 

Three months ended

June 30,

 

Three months ended

June 30,

   

2014

2013

 

2014

2013

 

2014

2013

 

2014

2013

Management operations:

                                       

Management fee revenue, net

 

$

366

 

$

336

   

$

 

$

   

$

(366)

 

$

(336)

   

$

 

$

 

Service agreement revenue

 

8

 

8

   

 

   

 

   

8

 

8

 

Total revenue from management operations

 

374

 

344

   

 

   

(366)

 

(336)

   

8

 

8

 

Cost of management operations

 

306

 

285

   

 

   

(306)

 

(285)

   

 

 

Income from management operations before taxes

 

68

 

59

   

 

   

(60)

 

(51)

   

8

 

8

 

Property and casualty insurance operations:

                                       

Net premiums earned

 

 

   

1,298

 

1,196

   

 

   

1,298

 

1,196

 

Losses and loss expenses

 

 

   

1,101

 

837

   

(2)

 

(2)

   

1,099

 

835

 

Policy acquisition and underwriting expenses

 

 

   

380

 

348

   

(64)

 

(53)

   

316

 

295

 

(Loss) income from property and casualty insurance operations before taxes

 

 

   

(183)

 

11

   

66

 

55

   

(117)

 

66

 

Life insurance operations: (1)

                                       

Total revenue

 

 

   

46

 

46

   

(1)

 

(1)

   

45

 

45

 

Total benefits and expenses

 

 

   

36

 

33

   

0

 

0

   

36

 

33

 

Income from life insurance operations before taxes

 

 

   

10

 

13

   

(1)

 

(1)

   

9

 

12

 

Investment operations: (1)

                                       

Net investment income

 

4

 

3

   

89

 

81

   

(5)

 

(3)

   

88

 

81

 

Net realized gains on investments

 

0

 

0

   

133

 

58

   

 

   

133

 

58

 

Net impairment losses recognized in earnings

 

0

 

0

   

0

 

0

   

 

   

0

 

0

 

Equity in earnings of limited partnerships

 

3

 

5

   

23

 

33

   

 

   

26

 

38

 

Income from investment operations before taxes

 

7

 

8

   

245

 

172

   

(5)

 

(3)

   

247

 

177

 

Income from operations before income taxes and noncontrolling interest

 

75

 

67

   

72

 

196

   

 

   

147

 

263

 

Provision for income taxes

 

26

 

23

   

18

 

63

   

 

   

44

 

86

 

Net income

 

$

49

 

$

44

   

$

54

 

$

133

   

$

 

$

   

$

103

 

$

177

 
                                                         

(1) Earnings on life insurance related invested assets are integral to the evaluation of the life insurance operations because of the long duration of life products. On that basis, for presentation purposes, the life insurance operations in the table above include life insurance related investment results.

 

 

 Erie Indemnity Company

       

Results of the Erie Insurance Group's Operations by Interest (Unaudited)

(in millions)

             
               
   

Indemnity

shareholder interest

 

Noncontrolling interest

(Exchange)

 

Eliminations of related

party transactions

Erie Insurance Group

   

Six months ended
June
30,

 

Six months ended
June
30,

 

Six months ended
June
30,

 

Six months ended
June
 30,

   

2014

2013

 

2014

2013

 

2014

2013

 

2014

2013

Management operations:

                                       

Management fee revenue, net

 

$

685

 

$

632

   

$

 

$

   

$

(685)

 

$

(632)

   

$

 

$

 

Service agreement revenue

 

15

 

15

   

 

   

 

   

15

 

15

 

Total revenue from management operations

 

700

 

647

   

 

   

(685)

 

(632)

   

15

 

15

 

Cost of management operations

 

574

 

539

   

 

   

(574)

 

(539)

   

 

 

Income from management operations before taxes

 

126

 

108

   

 

   

(111)

 

(93)

   

15

 

15

 

Property and casualty insurance operations:

                                       

Net premiums earned

 

 

   

2,566

 

2,352

   

 

   

2,566

 

2,352

 

Losses and loss expenses

 

 

   

2,108

 

1,654

   

(3)

 

(3)

   

2,105

 

1,651

 

Policy acquisition and underwriting expenses

 

 

   

745

 

676

   

(117)

 

(97)

   

628

 

579

 

(Loss) income from property and casualty insurance operations before taxes

 

 

   

(287)

 

22

   

120

 

100

   

(167)

 

122

 

Life insurance operations: (1)

                                       

Total revenue

 

 

   

96

 

92

   

(1)

 

(1)

   

95

 

91

 

Total benefits and expenses

 

 

   

73

 

68

   

0

 

0

   

73

 

68

 

Income from life insurance operations before taxes

 

 

   

23

 

24

   

(1)

 

(1)

   

22

 

23

 

Investment operations: (1)

                                       

Net investment income

 

8

 

7

   

173

 

160

   

(8)

 

(6)

   

173

 

161

 

Net realized gains on investments

 

1

 

0

   

183

 

304

   

 

   

184

 

304

 

Net impairment losses recognized in earnings

 

0

 

0

   

0

 

0

   

 

   

0

 

0

 

Equity in earnings of limited partnerships

 

9

 

8

   

67

 

66

   

 

   

76

 

74

 

Income from investment operations before taxes

 

18

 

15

   

423

 

530

   

(8)

 

(6)

   

433

 

539

 

Income from operations before income taxes and noncontrolling interest

 

144

 

123

   

159

 

576

   

 

   

303

 

699

 

Provision for income taxes

 

49

 

42

   

42

 

190

   

 

   

91

 

232

 

Net income

 

$

95

 

$

81

   

$

117

 

$

386

   

$

 

$

   

$

212

 

$

467

 
                                                         

(1) Earnings on life insurance related invested assets are integral to the evaluation of the life insurance operations because of the long duration of life products. On that basis, for presentation purposes, the life insurance operations in the table above include life insurance related investment results.

 

Erie Indemnity Company
Reconciliation of Operating Income to Net Income

Reconciliation of operating income to net income

We disclose operating income, a non-GAAP financial measure, to enhance our investors' understanding of our performance related to the Indemnity shareholder interest.  Our method of calculating this measure may differ from those used by other companies, and therefore comparability may be limited.

Indemnity defines operating income as net income excluding realized capital gains and losses, impairment losses and related federal income taxes.

Indemnity uses operating income to evaluate the results of its operations.  It reveals trends that may be obscured by the net effects of realized capital gains and losses including impairment losses.  Realized capital gains and losses, including impairment losses, may vary significantly between periods and are generally driven by business decisions and economic developments such as capital market conditions which are not related to our ongoing operations.  We are aware that the price to earnings multiple commonly used by investors as a forward-looking valuation technique uses operating income as the denominator.  Operating income should not be considered as a substitute for net income prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and does not reflect Indemnity's overall profitability.

The following table reconciles operating income and net income for the Indemnity shareholder interest:

 

   

Indemnity Shareholder Interest

   

Three months ended June 30,

 

Six months ended June 30,

(in millions, except per share data)

 

2014

 

2013

 

2014

 

2013

   

(Unaudited)

 

(Unaudited)

Operating income attributable to Indemnity

 

$

49

   

$

44

   

$

94

   

$

81

 

Net realized gains and impairments on investments

 

0

   

0

   

1

   

0

 

Income tax expense

 

0

   

0

   

0

   

0

 

Realized gains and impairments, net of income taxes

 

0

   

0

   

1

   

0

 

Net income attributable to Indemnity

 

$

49

   

$

44

   

$

95

   

$

81

 
                         

Per Indemnity Class A common share-diluted:

                       

Operating income attributable to Indemnity

 

$

0.94

   

$

0.84

   

$

1.81

   

$

1.54

 

Net realized gains and impairments on investments

 

0.00

   

0.00

   

0.02

   

0.00

 

Income tax expense

 

0.00

   

0.00

   

(0.01)

   

0.00

 

Realized gains and impairments, net of income taxes

 

0.00

   

0.00

   

0.01

   

0.00

 

Net income attributable to Indemnity

 

$

0.94

   

$

0.84

   

$

1.82

   

$

1.54

 

 

Erie Indemnity Company

       

Consolidated Statements of Financial Position

       

(in millions)

       
         
   

June 30, 2014

 

December 31, 2013

   

(Unaudited)

     

Assets

           

Investments - Indemnity

           

Available-for-sale securities, at fair value:

           

Fixed maturities

 

$

497

   

$

526

 

Equity securities

 

26

   

50

 

Limited partnerships

 

141

   

146

 

Other invested assets

 

1

   

1

 

Investments - Exchange

           

Available-for-sale securities, at fair value:

           

Fixed maturities

 

8,701

   

8,162

 

Equity securities

 

914

   

819

 

Trading securities, at fair value

 

3,377

   

3,202

 

Limited partnerships

 

931

   

940

 

Other invested assets

 

20

   

20

 

Total investments

 

14,608

   

13,866

 
             

Cash and cash equivalents (Exchange portion of $237 and $403, respectively)

 

300

   

452

 

Premiums receivable from policyholders - Exchange

 

1,287

   

1,167

 

Reinsurance recoverable - Exchange

 

168

   

172

 

Deferred income taxes - Indemnity

 

1

   

2

 

Deferred acquisition costs - Exchange

 

579

   

566

 

Other assets (Exchange portion of $405 and $337, respectively)

 

517

   

451

 

Total assets

 

$

17,460

   

$

16,676

 
             

Liabilities and shareholders' equity

           

Liabilities

           

Indemnity liabilities

           

Other liabilities

 

$

451

   

$

476

 

Exchange liabilities

           

Losses and loss expense reserves

 

3,964

   

3,747

 

Life policy and deposit contract reserves

 

1,789

   

1,758

 

Unearned premiums

 

2,788

   

2,598

 

Deferred income taxes

 

557

   

450

 

Other liabilities

 

90

   

97

 

Total liabilities

 

9,639

   

9,126

 
             

Indemnity's shareholders' equity

 

755

   

734

 
             

Noncontrolling interest in consolidated entity - Exchange

 

7,066

   

6,816

 

Total equity

 

7,821

   

7,550

 

Total liabilities, shareholders' equity and noncontrolling interest

 

$

17,460

   

$

16,676

 

 

Logo - http://photos.prnewswire.com/prnh/20041112/ERIELOGO

SOURCE Erie Indemnity Company

 

 

News Provided by Acquire Media