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ERIE INDEMNITY CO CL A
Symbol U : ERIE
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Erie Indemnity Reports Fourth Quarter and Total Year 2012 Results

2013-02-26 16:15 ET - News Release

ERIE, Pa., Feb. 26, 2013 /PRNewswire-FirstCall/ -- 

4Q 2012 Highlights - Indemnity Shareholder Interest


  • Net income attributable to Indemnity per share-diluted was $0.56 per share in the fourth quarter of 2012, compared to net income per share-diluted of $0.49 per share in the fourth quarter of 2011.
  • Operating income attributable to Indemnity per share-diluted (excluding net realized gains or losses, impairments on investments and related taxes) was $0.54 per share in the fourth quarter of 2012, compared to operating income per share-diluted of $0.47 per share in the fourth quarter of 2011.
  • Indemnity's management operations pretax income totaled $34 million in both the fourth quarters of 2012 and 2011.  The gross margin from management operations was 12.2 percent in the fourth quarter of 2012, compared to 13.0 percent in the fourth quarter of 2011.
  • Indemnity's investment operations pretax income totaled $10 million for the fourth quarter of 2012, compared to $7 million for the fourth quarter of 2011.

2012 Highlights - Indemnity Shareholder Interest


  • Net income attributable to Indemnity per share-diluted was $2.99 per share for the year ended December 31, 2012, compared to net income per share-diluted of $3.08 per share for the year ended December 31, 2011.
  • Operating income attributable to Indemnity per share-diluted (excluding net realized gains or losses, impairments on investments and related taxes) was $2.92 per share for the year ended December 31, 2012, compared to $3.04 per share-diluted for the year ended December 31, 2011.
  • Indemnity's management operations pretax income totaled $205 million for the year ended December 31, 2012, compared to $208 million for the year ended December 31, 2011.  The gross margin from management operations was 17.3 percent for the year ended December 31, 2012, compared to 18.9 percent for the year ended December 31, 2011.
  • Indemnity's investment operations pretax income totaled $36 million for the year ended December 31, 2012, compared to $45 million for the year ended December 31, 2011.

Erie Indemnity Company (NASDAQ: ERIE) today announced fourth quarter 2012 earnings of $30 million, compared to earnings of $26 million in the fourth quarter of 2011.  Operating income was $29 million in the fourth quarter of 2012, compared to operating income of $25 million in the fourth quarter of 2011.

(Logo: http://photos.prnewswire.com/prnh/20041112/ERIELOGO )

For the year ended December 31, 2012, Erie Indemnity Company's earnings totaled $160 million, compared to earnings of $169 million for the year ended December 31, 2011.  Operating income was $157 million for the year ended December 31, 2012, compared to operating income of $167 million or the year ended December 31, 2011.

Note: The accompanying 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").

The following tables show the consolidated results of the Erie Insurance Group by operating segment for the fourth quarter of 2012.

4Q 2012 Highlights - Indemnity Shareholder Interest

Results of the Erie Insurance Group's Operations







Indemnity 

shareholder

interest

Noncontrolling

interest

(Exchange)

Elimination of

related party

transactions

Erie 
Insurance

Group

(dollars in millions)

4Q'12

4Q'11

4Q'12

4Q'11

4Q'12

4Q'11

4Q'12

4Q'11

Management operations

$

34


$

34


$


$


$

(26)


$

(26)


$

8


$

8


Property and casualty insurance operations



(61)


68


30


30


(31)


98


Life insurance operations



12


12


(1)


(1)


11


11


Investment operations

10


7


170


304


(3)


(3)


177


308


Income from operations before income

taxes and noncontrolling interest

44


41


121


384




165


425


Provision for income taxes

14


15


32


129




46


144


Net income

$

30


$

26


$

89


$

255


$


$


$

119


$

281











 

Management Operations







Indemnity 

shareholder

interest

Noncontrolling

interest

(Exchange)

Elimination of

related party

transactions

Erie 
Insurance 
Group

(dollars in millions)

4Q'12

4Q'11

4Q'12

4Q'11

4Q'12

4Q'11

4Q'12

4Q'11

Management fee revenue, net

$

275


$

251


$


$


$

(275)


$

(251)


$


$


Service agreement revenue

8


8






8


8


Total revenue from management operations

283


259




(275)


(251)


8


8


Cost of management operations

249


225




(249)


(225)




Income from management operations

before taxes

$

34


$

34


$


$


$

(26)


$

(26)


$

8


$

8


Gross margin

12.2

%

13.0

%
















  • The management fee rate was 25 percent for both the fourth quarters of 2012 and 2011.  Direct written premium of the property and casualty insurance operations, upon which the management fee is calculated, increased 9.9 percent in the fourth quarter of 2012, due to a 3.9 percent increase in policies in force and a 4.3 percent increase in the year-over-year average premium per policy for all lines of business at December 31, 2012.
  • Commissions increased $18 million in the fourth quarter of 2012, compared to the fourth quarter of 2011, primarily as a result of the 9.9 percent increase in direct written premium of the property and casualty insurance operations, combined with a slight increase in other agent bonuses and incentives.
  • Non-commission expense increased $6 million in the fourth quarter of 2012, compared to the fourth quarter of 2011.  Sales, policy issuance, advertising, and underwriting costs increased $3 million.  Information technology costs increased $1 million, which included an increase of $3 million in software costs offset by a $2 million decrease in professional fees.  Personnel and all other operating costs, excluding information technology related costs, increased $2 million as a result of a $1 million increase related to higher staffing levels and a $2 million increase in pension and medical costs, offset by a $1 million decrease in incentive plan compensation.

Property and Casualty Insurance Operations *







Indemnity 

shareholder

interest

Noncontrolling

interest (Exchange)

Elimination of

related party

transactions

Erie 
Insurance 
Group

(dollars in millions)

4Q'12

4Q'11

4Q'12

4Q'11

4Q'12

4Q'11

4Q'12

4Q'11

Net premiums earned

$


$


$

1,143


$

1,060


$


$


$

1,143


$

1,060


Losses and loss expenses



883


696


(1)


(1)


882


695


Policy acquisition and other underwriting expenses



321


296


(29)


(29)


292


267


Total losses and expenses



1,204


992


(30)


(30)


1,174


962


(Loss) income from property and casualty

   insurance operations before taxes

$


$


$

(61)


$

68


$

30


$

30


$

(31)


$

98


Combined ratio



105.5

%

93.5

%














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

Life Insurance Operations *







Indemnity 

shareholder

interest

Noncontrolling

interest (Exchange)

Elimination of

related party

transactions

Erie 
Insurance 
Group

(dollars in millions)

4Q'12

4Q'11

4Q'12

4Q'11

4Q'12

4Q'11

4Q'12

4Q'11

Total revenue

$


$


$

45


$

43


$

(1)


$

(1)


$

44


$

42


Total benefits and expenses



33


31


0


0


33


31


Income from life insurance operations

before taxes

$


$


$

12


$

12


$

(1)


$

(1)


$

11


$

11











* All life insurance underwriting results accrue to the interest of the subscribers (policyholders) of the Exchange, or noncontrolling interest.

Investment Operations







Indemnity 

shareholder

interest

Noncontrolling

interest 
(Exchange)

Elimination of

related party

transactions

Erie 
Insurance 
Group

(dollars in millions)

4Q'12

4Q'11

4Q'12

4Q'11

4Q'12

4Q'11

4Q'12

4Q'11

Net investment income

$

4


$

4


$

87


$

83


$

(3)


$

(3)


$

88


$

84


Net realized gains on investments

1


2


56


227




57


229


Net impairment losses recognized in

earnings

0


0


0


(1)




0


(1)


Equity in earnings (losses) of limited

    partnerships

5


1


27


(5)




32


(4)


Income from investment operations before taxes

$

10


$

7


$170


$

304


$

(3)


$

(3)


$177


$

308











  • Income from investment operations before taxes increased to $10 million in the fourth quarter of 2012, from $7 million in the fourth quarter of 2011, due to a $4 million increase in equity in earnings of limited partnerships, offset by a $1 million decrease in net realized gains on investments.

The following table shows the consolidated results of the Erie Insurance Group by operating segment for the year ended December 31, 2012. 

2012 Highlights - Indemnity Shareholder Interest

Results of the Erie Insurance Group's Operations *







Indemnity 

shareholder

interest

Noncontrolling

interest

(Exchange)

Elimination of

related party

transactions

Erie 
Insurance 
Group

(dollars in millions)

2012

2011

2012

2011

2012

2011

2012

2011

Management operations

$

205


$

208


$


$


$

(174)


$

(175)


$

31


$

33


Property and casualty insurance operations



(246)


(378)


187


188


(59)


(190)


Life insurance operations


3


46


47


(2)


(2)


44


48


Investment operations

36


45


858


433


(11)


(11)


883


467


Income from operations before income

taxes and noncontrolling interest

241


256


658


102




899


358


Provision for income taxes

81


87


199


3




280


90


Net income

$

160


$

169


$

459


$

99


$


$


$

619


$

268











* Prior to and through March 31, 2011, Indemnity retained a 21.6% ownership interest in EFL, which accrued to the Indemnity shareholder interest, and the Exchange retained a 78.4% ownership interest in EFL, which accrued to the interest of the subscribers (policyholders) of the Exchange, or noncontrolling interest. Due to the sale of Indemnity's 21.6% ownership interest in EFL to the Exchange on March 31, 2011, 100% of EFL's life insurance results accrue to the interest of the subscribers (policyholders) of the Exchange, or noncontrolling interest, after March 31, 2011.

Share Repurchase Program

In the fourth quarter of 2012, we repurchased 234,837 shares of our outstanding Class A nonvoting common stock at a total cost of $16 million in conjunction with our current stock repurchase program.  For the year through February 15, 2013, we repurchased 134,245 shares under this program at a total cost of $10 million.  In October 2011, our Board of Directors approved a continuation of the current stock repurchase program for a total of $150 million, with no time limitation.  This repurchase authority included, and was not in addition to, any unspent amounts remaining under the prior authorization.  As of February 15, 2013, we had approximately $59 million in repurchase authority remaining under the program.

According to A.M. Best Company, Erie Insurance Group, based in Erie, Pennsylvania, is the 15th largest homeowners insurer and 12th largest automobile insurer in the United States based on direct premiums written and the 20th 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 more than 4.5 million policies in force and operates in 11 states and the District of Columbia. Erie Insurance Group is a FORTUNE 500 company. Erie Insurance is proud to be named a J.D. Power and Associates' 2012 Customer Service Champion. ERIE is one of only 50 U.S. companies so named. Erie Insurance is also recognized 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 (2007-2011).

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, including information technology systems;
  • 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 litigations 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 litigations 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


Twelve months ended



December 31,


December 31,



2012


2011


2012


2011

Revenues


(Unaudited)





Premiums earned


$

1,160



$

1,076



$

4,493



$

4,214


Net investment income


112



107



438



433


Net realized investment gains (losses)


60



230



418



(4)


Net impairment losses recognized in earnings


0



(2)



0



(2)


Equity in earnings (losses) of limited partnerships


32



(1)



131



149


Other income


8



8



32



34


Total revenues


1,372



1,418



5,512



4,824


Benefits and expenses













Insurance losses and loss expenses


909



720



3,480



3,444


Policy acquisition and underwriting expenses


298



273



1,133



1,022


Total benefits and expenses


1,207



993



4,613



4,466


Income from operations before income taxesand noncontrolling interest


165



425



899



358


Provision for income taxes


46



144



280



90


Net income


119



281



619



268















Less: Net income attributable to noncontrollinginterest in consolidated

    entity – Exchange


89



255



459



99


Net income attributable to Indemnity


$

30



$

26



$

160



$

169















Earnings Per Share













Net income attributable to Indemnity per share













Class A common stock – basic


$

0.63



$

0.55



$

3.38



$

3.45


Class A common stock – diluted


$

0.56



$

0.49



$

2.99



$

3.08


Class B common stock – basic and diluted


$

94



$

82



$

505



$

522















Weighted average shares outstanding attributable toIndemnity – Basic













Class A common stock


47,006,247



47,982,703



47,357,836



48,875,316


Class B common stock


2,543



2,546



2,544



2,546















Weighted average shares outstanding attributable toIndemnity – Diluted













Class A common stock


53,193,844



54,164,824



53,547,833



55,057,437


Class B common stock


2,543



2,546



2,544



2,546















Dividends declared per share













Class A common stock


$

2.5925



$

0.5525



$

4.25



$

2.0975


Class B common stock


$

388.8750



$

82.8750



$

637.50



$

314.6250


 

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
December 31,



Three months ended
December 31,


Three months ended
December 31,


Three months ended
December 31,



Percent

2012

2011


Percent

2012

2011


2012

2011


2012

2011

Management operations:















Management fee revenue, net


100.0%

$

275


$

251




$


$



$

(275)


$

(251)



$


$


Service agreement revenue


100.0%

8


8










8


8


Total revenue from management

    operations



283


259







(275)


(251)



8


8


Cost of management operations


100.0%

249


225







(249)


(225)





Income from management

    operations before taxes



34


34







(26)


(26)



8


8


Property and casualty insurance

    operations:















Net premiums earned






100.0%

1,143


1,060






1,143


1,060


Losses and loss expenses






100.0%

883


696



(1)


(1)



882


695


Policy acquisition and underwriting expenses






100.0%

321


296



(29)


(29)



292


267


(Loss) income from property and

    casualty insurance operations

    before taxes







(61)


68



30


30



(31)


98


Life insurance operations: (1)















Total revenue






100.0%

45


43



(1)


(1)



44


42


Total benefits and expenses






100.0%

33


31



0


0



33


31


Income from life insurance

    operations before taxes







12


12



(1)


(1)



11


11


Investment operations:















Net investment income



4


4




87


83



(3)


(3)



88


84


Net realized gains on investments



1


2




56


227






57


229


Net impairment losses recognized in

    earnings



0


0




0


(1)






0


(1)


Equity in earnings (losses) of limited

    partnerships



5


1




27


(5)






32


(4)


Income from investment operations

    before taxes



10


7




170


304



(3)


(3)



177


308


Income from operations beforeincome

    taxes and noncontrollinginterest



44


41




121


384






165


425


Provision for income taxes



14


15




32


129






46


144


Net income



$

30


$

26




$

89


$

255



$


$



$

119


$

281


(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
(in millions)

 




Indemnity

shareholder interest



Noncontrolling interest

(Exchange)


Eliminations of related

party transactions

Erie Insurance Group




Years ended
December 31,



Years ended
December 31,


Years ended
December 31,


Years ended
December 31,



Percent

2012

2011


Percent

2012

2011


2012

2011


2012

2011

Management operations:















Management fee revenue, net


100.0%

$

1,157


$

1,067




$


$



$

(1,157)


$

(1,067)



$


$


Service agreement revenue


100.0%

31


33










31


33


Total revenue from management

    operations



1,188


1,100







(1,157)


(1,067)



31


33


Cost of management operations


100.0%

983


892







(983)


(892)





Income from management

    operations before taxes



205


208







(174)


(175)



31


33


Property and casualty insurance

    operations:















Net premiums earned






100.0%

4,422


4,149






4,422


4,149


Losses and loss expenses






100.0%

3,384


3,349



(5)


(5)



3,379


3,344


Policy acquisition and underwriting

    expenses






100.0%

1,284


1,178



(182)


(183)



1,102


995


Loss from property and casualty

    insurance operations before taxes







(246)


(378)



187


188



(59)


(190)


Life insurance operations: (1) (2)















Total revenue


21.6%(2)


10



78.4%(2)

178


167



(2)


(2)



176


175


Total benefits and expenses


21.6%(2)


7



78.4%(2)

132


120



0


0



132


127


Income from life insurance

    operations before taxes




3




46


47



(2)


(2)



44


48


Investment operations:















Net investment income



16


16




338


335



(11)


(11)



343


340


Net realized gains (losses) on investments



5


3




404


(20)






409


(17)


Net impairment losses recognized in

    earnings



0


0




0


(1)






0


(1)


Equity in earnings of limited

    partnerships



15


26




116


119






131


145


Income from investment operations

    before taxes



36


45




858


433



(11)


(11)



883


467


Income from operations beforeincome

    taxes and noncontrollinginterest



241


256




658


102






899


358


Provision for income taxes



81


87




199


3






280


90


Net income



$

160


$

169




$

459


$

99



$


$



$

619


$

268


(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.

(2)    Prior to and through March 31, 2011, Indemnity retained a 21.6% ownership interest in EFL, which accrued to the Indemnity shareholder interest, and the Exchange retained a 78.4% ownership interest in EFL, which accrued to the interest of the subscribers (policyholders) of the Exchange, or noncontrolling interest.  Due to the sale of Indemnity's 21.6% ownership interest in EFL to the Exchange on March 31, 2011, 100% of EFL's life insurance results accrue to the interest of the subscribers (policyholders) of the Exchange, or noncontrolling interest, after March 31, 2011.

 

 

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



Indemnity Shareholder

Interest




Three months ended

December 31,



Years ended

December 31,

(in millions, except per share data)



2012



2011



2012



2011




(Unaudited)







Operating income attributable to Indemnity


$

29


$

25


$

157


$

167

Net realized gains and impairments on investments



1



2



5



3

Income tax expense



0



(1)



(2)



(1)

Realized gains and impairments, net of income taxes



1



1



3



2

Net income attributable to Indemnity


$

30


$

26


$

160


$

169














Per Indemnity Class A common share-diluted:













Operating income attributable to Indemnity


$

0.54


$

0.47


$

2.92


$

3.04

Net realized gains and impairments on investments



0.02



0.03



0.10



0.06

Income tax expense



0.00



(0.01)



(0.03)



(0.02)

Realized gains and impairments, net of income taxes



0.02



0.02



0.07



0.04

Net income attributable to Indemnity


$

0.56


$

0.49


$

2.99


$

3.08

 

Erie Indemnity Company
Consolidated Statements of Financial Position
(in millions)




December 31, 2012


December 31, 2011

Assets





Investments – Indemnity





Available-for-sale securities, at fair value:





Fixed maturities


$

452



$

548


Equity securities


55



25


Trading securities, at fair value


0



27


Limited partnerships


180



208


Other invested assets


1



1


Investments – Exchange





Available-for-sale securities, at fair value:





Fixed maturities


7,707



7,292


Equity securities


945



564


Trading securities, at fair value


2,417



2,308


Limited partnerships


1,037



1,082


Other invested assets


20



19


Total investments


12,814



12,074







Cash and cash equivalents (Exchange portion of $388 and $174, respectively)


400



185


Premiums receivable from policyholders – Exchange


1,062



976


Reinsurance recoverable – Exchange


168



166


Deferred income taxes – Indemnity


37



19


Deferred acquisition costs – Exchange


504



487


Other assets (Exchange portion of $339 and $322, respectively)


456



441


Total assets


$

15,441



$

14,348







Liabilities and shareholders' equity





Liabilities





Indemnity liabilities





Other liabilities


$

515



$

455


Exchange liabilities





Losses and loss expense reserves


3,598



3,499


Life policy and deposit contract reserves


1,708



1,671


Unearned premiums


2,365



2,178


Deferred income taxes


365



147


Other liabilities


99



105


Total liabilities


8,650



8,055







Indemnity's shareholders' equity


642



781







Noncontrolling interest in consolidated entity – Exchange


6,149



5,512


Total equity


6,791



6,293


Total liabilities, shareholders' equity and noncontrolling interest


$

15,441



$

14,348


SOURCE Erie Indemnity Company

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