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Erie Indemnity (ERIE)

Erie Indemnity Company is the management company for the Erie Insurance Exchange. The Company is also involved in the property and casualty insurance business through its wholly-owned subsidiaries and through its management of Flagship City Insurance Company.

ERIE stock data

Calendar

28 Jul 22
12 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 90.32M 90.32M 90.32M 90.32M 90.32M 90.32M
Cash burn (monthly) 16.99M 5.48M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 24.34M 7.84M n/a n/a n/a n/a
Cash remaining 65.98M 82.48M n/a n/a n/a n/a
Runway (months of cash) 3.9 15.1 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
31 Jul 22 Borneman J Ralph JR Directors' Deferred Compensation Share Credits Class A Common Stock Other Acquire J No No 203.36 96.743 19.67K 18,268.749
31 Jul 22 Vorsheck Elizabeth A Directors' Deferred Compensation Share Credits Class A Common Stock Grant Acquire A No No 0 96.743 0 12,675.012
31 Jul 22 Connell Eugene C Directors' Deferred Compensation Share Credits Class A Common Stock Other Acquire J No No 203.36 96.743 19.67K 2,258.806
31 Jul 22 Correnti Salvatore Directors' Deferred Compensation Share Credits Class A Common Stock Other Acquire J No No 203.36 96.743 19.67K 1,711.52
31 Jul 22 Datesh LuAnn Directors' Deferred Compensation Share Credits Class A Common Stock Other Acquire J No No 203.36 96.743 19.67K 3,006.519
35.9% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 246 243 +1.2%
Opened positions 32 42 -23.8%
Closed positions 29 23 +26.1%
Increased positions 95 72 +31.9%
Reduced positions 74 90 -17.8%
13F shares Current Prev Q Change
Total value 2.92B 8.03B -63.7%
Total shares 16.6M 16.98M -2.2%
Total puts 5.6K 14K -60.0%
Total calls 9.9K 13K -23.8%
Total put/call ratio 0.6 1.1 -47.5%
Largest owners Shares Value Change
PNC PNC Financial Services 4.92M $866.23M -0.1%
Vanguard 2.38M $419.76M -1.0%
BLK Blackrock 1.96M $345.57M -0.9%
BEN Franklin Resources 1.08M $189.39M -0.6%
STT State Street 683.05K $120.31M -2.0%
Geode Capital Management 464.49K $81.77M +4.3%
Ubs Global Asset Management Americas 391.58K $68.97M +6.4%
APG Asset Management 351.84K $55.7M -3.6%
First Trust Advisors 351.45K $61.9M +6.2%
Dimensional Fund Advisors 254.85K $44.89M +0.5%
Largest transactions Shares Bought/sold Change
Wellington Management 126.55K -334.37K -72.5%
Columbia Asset Management 0 -137.02K EXIT
Jackson Wealth Management 50K +50K NEW
Tobam 10.1K -41.22K -80.3%
TFC Truist Financial 93.29K +35.95K +62.7%
Nomura Asset Management 4.72K -35.1K -88.1%
Citadel Advisors 57.1K +30.75K +116.7%
Rehmann Capital Advisory 30.06K +30.06K NEW
Envestnet Asset Management 31.9K +29.93K +1517.6%
Andra AP-fonden 0 -26.2K EXIT

Financial report summary

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Management Discussion
  • We have two performance obligations in the subscriber’s agreement, providing policy issuance and renewal services and acting as attorney-in-fact for the Exchange, as well as the service provider for its insurance subsidiaries, with respect to all administrative services. We earn management fees for acting as the attorney-in-fact for the subscribers at the Exchange in these two capacities. Our revenues are allocated between the two performance obligations.
  • The management fee is calculated by multiplying all direct and affiliated assumed premiums written by the Exchange by the management fee rate, which is determined by our Board of Directors at least annually.  The management fee rate was set at 25%, the maximum rate, for 2021, 2020 and 2019.  Changes in the management fee rate can affect our revenue and net income significantly. The transaction price, including management fee revenue and administrative revenue, includes variable consideration and is allocated based on the estimated standalone selling prices developed using industry information and other available information for similar services. We update the transaction price and the related allocation at least annually based upon the most recent information available or more frequently if there have been significant changes in any components considered in the transaction price. Our current transaction price allocation review resulted in a minor change in the allocation between the two performance obligations in 2021 compared to prior years, which did not have a material impact on our financial statements.
  • (1)    A constraining estimate of variable consideration exists related to the potential for management fees to be returned if a policy were to be cancelled mid-term. Management fees are returned to the Exchange when policies are cancelled mid-term and unearned premiums are refunded.

Content analysis

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H.S. freshman Avg
New words: accelerated, annum, chain, elevated, equal, greater, payoff, PNC, repaid, repayment, replacement
Removed: bond, exist, offer, reduce, regular, remote, shift, unpaid, worth