Q2 2024 Erie Indemnity Co Earnings Call (Pre-recorded) Transcript
Key Points
- Erie Indemnity Co (ERIE) reached a significant milestone of 7 million policies in force, up from 6 million in 2021.
- Customer retention stands at over 91% for personal and commercial lines combined.
- Erie Indemnity Co (ERIE) moved up 38 spots to rank 376 on the 2024 Fortune 500 list.
- Direct written premiums grew 20% in the second quarter of 2024 compared to the same period in 2023.
- Net income increased to $164 million in Q2 2024 from $118 million in Q2 2023, a significant improvement.
- The combined ratio remains high at 115.9 in Q2 2024, although it has improved from 118.9 in Q2 2023.
- Catastrophic weather events contributed significantly to the combined ratio, adding 16.2 points in Q2 2024.
- Policyholder surplus dropped slightly from $9.5 billion in March 2024 to $9.3 billion in June 2024.
- Commission expenses increased by almost 20% in Q2 2024 compared to Q2 2023, driven by substantial growth in direct written premiums.
- Non-commission expenses also grew, driven mainly by production costs and administrative expenses.
Good morning, and welcome to the Erie Indemnity Company second quarter 2024 earnings conference call. This call is pre-recorded and there will be no question and answer session following the recording.
Now I'd like to introduce your host for the call, Vice President of Investor Relations, Scott Beilharz.
Thank you, and welcome, everyone. We appreciate you joining us for this recorded discussion about our second quarter results. This recording will include remarks from Tim NeCastro, President and Chief Executive Officer; and Julie Pelkowski, Executive Vice President and Chief Financial Officer.
Our earnings release and financial supplement were issued yesterday afternoon after the market closed and are available within the Investor Relations section of our website erieinsurance.com. Before we begin, I would like to remind everyone that today's discussion may contain forward-looking remarks that reflect the company's current views about future events.
These remarks
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