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ERIE Erie Indemnity

Erie Indemnity Co. engages in the insurance business and operates as an attorney-in-fact. It manages affairs at the Erie Insurance Exchange for the benefit of the policyholders. It covers policies in auto and leisure, home and property, life, and business insurance. The company was founded Henry O. Hirt and Ollie G. Crawford in April 4, 1925 and is headquartered in Erie, PA.

Company profile

ERIE stock data

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Calendar

25 Feb 21
17 Apr 21
31 Dec 21
Quarter (USD)
Dec 20 Sep 20 Jun 20 Mar 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 161.24M 161.24M 161.24M 161.24M 161.24M 161.24M
Cash burn (monthly) 18.37M 14.62M (positive/no burn) (positive/no burn) (positive/no burn) (positive/no burn)
Cash used (since last report) 65.52M 52.16M n/a n/a n/a n/a
Cash remaining 95.72M 109.08M n/a n/a n/a n/a
Runway (months of cash) 5.2 7.5 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 Mar 21 Lorianne Feltz Class A Common Stock Other Aquire J No No 220.91 3.692 815.6 4,870.598
31 Mar 21 Julie Marie Pelkowski Class A Common Stock Other Aquire J No No 220.91 2.746 606.62 545.329
31 Mar 21 Douglas Edward Smith Class A Common Stock Other Aquire J No No 220.91 1.519 335.56 5,109.29
31 Mar 21 Oakley Dionne Wallace Class A Common Stock Other Aquire J No No 220.91 2.066 456.4 1,985.493
15 Mar 21 Bolash Brian W. Incentive Compensation Deferral Plan Share Credits Class A Common Stock Other Aquire J No No 234.75 188.842 44.33K 380.512

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

36.3% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 222 229 -3.1%
Opened positions 30 36 -16.7%
Closed positions 37 20 +85.0%
Increased positions 83 83
Reduced positions 71 68 +4.4%
13F shares
Current Prev Q Change
Total value 5.6B 3.7B +51.1%
Total shares 16.75M 16.18M +3.6%
Total puts 0 17.3K EXIT
Total calls 1.1K 6.3K -82.5%
Total put/call ratio 2.7
Largest owners
Shares Value Change
PNC PNC Financial Services 4.95M $1.22B -0.0%
Vanguard 2.61M $642.03M +2.3%
BLK Blackrock 1.8M $441.87M +4.3%
BEN Franklin Resources 1.13M $278.07M -2.9%
STT State Street 656.16K $161.15M -4.4%
Wellington Management 484.51K $119M -5.5%
Geode Capital Management 394.91K $96.9M +7.1%
APG Asset Management 358.72K $88.08M +5.5%
Dimensional Fund Advisors 242.47K $59.55M +3.4%
New York State Common Retirement Fund 240.23K $59M +25.9%
Largest transactions
Shares Bought/sold Change
First Trust Advisors 237.42K +226.99K +2175.7%
Allegheny Financial 81.71K +81.71K NEW
BLK Blackrock 1.8M +73.77K +4.3%
Vanguard 2.61M +58.44K +2.3%
WFC Wells Fargo & Co. 86.3K +56.93K +193.8%
Martingale Asset Management L P 57.89K +53.44K +1201.0%
New York State Common Retirement Fund 240.23K +49.44K +25.9%
Mitsubishi UFJ Trust & Banking 69.11K +35.96K +108.5%
BEN Franklin Resources 1.13M -34.06K -2.9%
STT State Street 656.16K -30K -4.4%

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 2020, 2019 and 2018.  Changes in the management fee rate can affect our revenue and net income significantly. The transaction price for management fee revenue and administrative service reimbursement revenue 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 allocation 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. In 2020, we reviewed the transaction price allocation quarterly to consider the most current economic conditions related to the COVID-19 pandemic. The reviews resulted in no material change to the allocation.
  • (1)    Management fees are returned to the Exchange when policies are cancelled mid-term and unearned premiums are refunded.  We record an estimated allowance for management fees returned on mid-term policy cancellations. This estimated allowance has been allocated between the two performance obligations consistent with the revenue allocation proportion. The potential for a greater number of mid-term cancellations as a result of the COVID-19 pandemic was taken into consideration in the determination of this allowance in 2020.
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