Every material Form 8-K Erie Indemnity filed with the SEC in 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Erie Indemnity Company said on December 17, 2024 that Cody Cook will become Executive Vice President, Claims, and Sarah Shine will become Executive Vice President, Experience and Customer Service, both effective January 1, 2025. Both are long-time insiders who have held senior roles at the company, and the filing says neither has a new compensation plan tied to the appointments.
Cody Cook, 43, joined in 2003 as an actuary and most recently served as Senior Vice President, Claims
Sarah Shine, 46, joined in 2000 as an actuarial analyst and most recently served as Senior Vice President, Experience and Customer Service
Both appointments take effect January 1, 2025
Filing states neither appointee is party to a new plan, contract or arrangement tied to the appointment
Erie Indemnity entered into a First Amendment on November 1, 2024 to its October 2021 credit agreement with PNC Bank, which provides up to $100 million in revolving credit. The amendment extends the facility to November 1, 2029, raises the permitted guarantee limit from $50 million to $100 million, and raises the judgment default threshold from $50 million to $100 million. The filing does not report any drawn amount, and the changes affect the terms under which the company can borrow.
Revolving credit facility of up to $100 million, including up to $25 million for letters of credit, with PNC Bank as administrative agent
Facility term extended to November 1, 2029
Permitted guarantees increased from $50 million to $100 million; judgment default threshold raised from $50 million to $100 million
Based on current leverage, pricing is SOFR plus a 0.5% margin or the Base Rate, with a 0.08% quarterly commitment fee on unused amounts
Erie Indemnity reported third-quarter 2024 net income of $159.8 million, or $3.06 per diluted share, up from $131.0 million, or $2.51, a year earlier. Total operating revenue rose to $999.9 million from $858.9 million, and nine-month net income reached $448.3 million, or $8.57 per diluted share, compared with $335.1 million, or $6.41, in the same period of 2023. The results show higher profit on both a quarterly and year-to-date basis.
Q3 2024 net income was $159.8 million, or $3.06 per diluted share, versus $131.0 million, or $2.51, in Q3 2023.
Q3 2024 operating income before taxes rose $31.7 million, or 21.3 percent, year over year.
Management fee revenue from policy issuance and renewal services increased $120.1 million, or 18.5 percent, in Q3 2024.
The company will hold a pre-recorded audio webcast at 10:00 a.m. ET on November 1, 2024.
Erie Indemnity reported second-quarter 2024 net income of $163.9 million, or $3.13 per diluted share, up from $117.9 million, or $2.25 per share, a year earlier. The board also declared a quarterly dividend of $1.275 per Class A share, payable October 22, 2024, which is higher than the $1.19 declared in the second quarter of 2023.
Q2 2024 net income $163.9 million vs. $117.9 million in Q2 2023; diluted EPS $3.13 vs. $2.25
Q2 2024 operating income $190.2 million, up 41.8% from $134.2 million, driven by policy issuance and renewal management fee revenue up $127.5 million
First-half 2024 net income $288.5 million, or $5.52 per diluted share, vs. $204.1 million, or $3.90, in first half 2023
Dividend No. 377: $1.275 per Class A share; record and ex-dividend date October 7, 2024; payable October 22, 2024
Erie Indemnity reported first quarter 2024 net income of $124.6 million, or $2.38 per diluted share, up from $86.2 million, or $1.65 per diluted share, a year earlier. The board also declared a quarterly Class A dividend of $1.275 per share, up from $1.190 a year earlier, payable July 23, 2024.
Q1 2024 total operating revenue was $880.7 million, up from $752.5 million in Q1 2023.
Operating income before taxes rose $28.3 million, or 25.6 percent, to $138.8 million.
Board declared dividend number 376 of $1.275 per Class A share; record date July 9, 2024 and payable date July 23, 2024.
Shareholders re-elected all 11 directors and approved two compensation plan amendments at the April 23, 2024 annual meeting.
Erie Indemnity reported fourth-quarter 2023 net income of $110.9 million, or $2.12 per diluted share, up from $65.5 million, or $1.25, a year earlier. Full-year 2023 net income was $446.1 million, or $8.53 per diluted share, compared with $298.6 million, or $5.71, in 2022. The board also approved a quarterly Class A dividend of $1.275 per share, up from $1.190 a year earlier.
Q4 2023 total operating revenue was $817.7 million, up from $700.6 million in Q4 2022
Q4 2023 operating income rose 56.1% to $127.1 million, per the filing's highlights
Board approved Class A dividend of $1.275 per share, with a record date of April 9, 2024 and payable date of April 23, 2024
Results will be discussed in a pre-recorded webcast on February 27, 2024 at 10:00 a.m. ET
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Erie Indemnity filing is on SEC EDGAR ↗. 8-K briefs of other companies →