Erie Indemnity Company (ERIE) has reported 51.95 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $45.79 million in the quarter, compared with $30.13 million for the same period last year. Revenue during the quarter grew 6.52 percent to $379.61 million from $356.38 million in the previous year period.
Total expenses move up marginallyOperating income for the quarter was $56.68 million, compared with $41.84 million in the previous year period. Net investment income was at $5.66 million for the quarter, up 26.72 percent or $1.19 million from year-ago period. Meanwhile, income from fees and commission for the quarter increased by 6.67 percent or $23.28 million to $372.17 million. The company has recorded a gain on investments of $0.64 million in the quarter compared with a gain of $0.62 million for the previous year period.
"We continue to grow profitably", said Tim NeCastro, president and chief executive officer. "The dedicated work of our Agents and Employees has once again enabled us to beat the industry forecast for 2016 and as we embark upon 2017, we are well positioned for continued long-term growth and value creation."
Liabilities outpace assets growthTotal assets increased 10.07 percent or $141.66 million to $1,548.96 million on Dec. 31, 2016. On the other hand, total liabilities were at $732.04 million as on Dec. 31, 2016, up 14.78 percent or $94.25 million from year-ago. Return on assets stood at 2.96 percent in the quarter, up 0.81 from 2.14 percent in the last year period. At the same time, return on equity was at 5.60 percent in the quarter, up 1.69 from 3.92 percent in the last year period.
Investments come downInvestments stood at $114.30 million as on Dec. 31, 2016, down 24.11 percent or $36.31 million from year-ago. Meanwhile, yield on investments went up 199 basis points to 4.95 percent in the quarter. Shareholders equity stood at $816.91 million as on Dec. 31, 2016, up 6.16 percent or $47.41 million from year-ago.
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