Erie Indemnity Company (ERIE) has reported 15.77 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $57.38 million in the quarter, compared with $49.56 million for the same period last year. Revenue during the quarter grew 5.49 percent to $418.41 million from $396.64 million in the previous year period.
Total expenses move up marginally
Operating income for the quarter was $82.26 million, compared with $68.29 million in the previous year period. Net investment income was at $5.33 million for the quarter, up 22.66 percent or $0.99 million from year-ago period. Meanwhile, income from fees and commission for the quarter increased by 5.65 percent or $21.97 million to $411.14 million. The company has recorded a gain on investments of $0.72 million in the quarter compared with a loss of $0.48 million for the previous year period.
"Revenue growth once again outpaced expense growth in the third quarter, resulting in an increase in earnings per share and an improved margin", said Tim NeCastro, Chief executive officer.
Assets, liabilities fall
Total assets decreased 91.80 percent or $16,629.98 million to $1,485.02 million on Sep. 30, 2016. On the other hand, total liabilities were at $646.09 million as on Sep. 30, 2016, down 93.53 percent or $9,343.91 million from year-ago. Return on assets stood at 3.86 percent in the quarter, up 3.59 from 0.27 percent in the last year period. At the same time, return on equity was at 6.84 percent in the quarter, up 6.23 from 0.61 percent in the last year period.
Investments stood at $118.06 million as on Sep. 30, 2016, down 99.19 percent or $14,531.94 million from year-ago. Meanwhile, yield on investments went up 449 basis points to 4.52 percent in the quarter.
Shareholders equity stood at $838.93 million as on Sep. 30, 2016, down 89.67 percent or $7,286.07 million from year-ago.
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