Trade Erie Indemnity Co - ERIE CFD

Erie Indemnity Company profile

About Erie Indemnity Company

Erie Indemnity Company serves as the attorney-in-fact for the subscribers (policyholders) at the Erie Insurance Exchange (Exchange). The Exchange is a reciprocal insurer that writes property and casualty insurance. The Company's primary function is to perform policy issuance and renewal services on behalf of the subscribers at the Exchange. It also acts 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 (administrative services). The sales related services it provides include agent compensation and certain sales and advertising support services. The underwriting services it provides include underwriting and policy processing. The remaining services it provides include customer service and administrative support. It also provides information technology services.

Financial summary

BRIEF: For the fiscal year ended 31 December 2021, Erie Indemnity Company revenues increased 4% to $2.63B. Net income increased 2% to $297.9M. Revenues reflect Revenue Sales of Goods & Services increase of 4% to $1.91B, Administrative services reimbursement increase of 5% to $638.5M. Net income was partially offset by Interest expense, net increase from $731K to $4.1M (expense), Other (expense) income increase from $1.8M to $4.9M (expense).

Equity composition

Cl. A Common Stock No Par, 03/11, 74,996,930 auth., 68,289,600 issd., less 18,764,118 shs. in Treas. @ $908M. Insiders control 45.06%. Cl. B Common Stock 2,546 auth., 2,546 issd.H.O. Hirt Trusts own 92%. IPO: N/A. 5/96,3-for-1 stock split.