Erie Indemnity Q3 Earnings Top on Higher Management Fee Revenues

Zacks11-04

Erie Indemnity Company's ERIE third-quarter 2024 adjusted earnings of $3.06 per share beat the Zacks Consensus Estimate by 2.3%. The bottom line increased 21.9% year over year.The quarterly results ...

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The bottom line increased 21.9% year over year.The quarterly results ...</p>\n\n<a href=\"https://finance.yahoo.com/news/erie-indemnity-q3-earnings-top-155600768.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"AON","symbol_name":"怡安保险","start_time":0,"source_url":"https://finance.yahoo.com/news/erie-indemnity-q3-earnings-top-155600768.html","article_id":"2481534120","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/ShfhwtDyA2WzDBKdAL7M8Q--~B/aD00MDA7dz02MzU7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/zacks.com/6f2cab89bf2cbad1966358e04258e202"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2481534120","pubTimestamp":1730735760,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Erie Indemnity Company's ERIE third-quarter 2024 adjusted earnings of $3.06 per share beat the Zacks Consensus Estimate by 2.3%. The bottom line increased 21.9% year over year.The quarterly results reflected higher management fees and increased net investment income, offset by higher expenses.Erie Indemnity Company Price, Consensus and EPS Surprise. Erie Indemnity Company price-consensus-eps-surprise-chart | Erie Indemnity Company Quote. Total revenues of $1 billion beat the Zacks Consensus Estimate by 1.5%. The top line improved 16.4% year over year.Management fee revenue - policy issuance and renewal services increased 18.5% year over year to $769.2 million. The Zacks Consensus Estimate was pegged at $773 million.Management fee revenue - administrative services increased 6.2% year over year to $17.2 million. The Zacks Consensus Estimate was pegged at $16.5 million.ERIE exited the third quarter with cash and cash equivalents of $221.2 million, which increased 53.5% from the 2023-end l","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"AON":"怡安保险","MMC":"威达信集团","AJG":"亚瑟加拉格尔有限公司","ERIE":"伊瑞保险"},"translate_title":"伊利赔偿公司第三季度盈利因管理费收入增加而名列前茅","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ERIE":1,"AJG":0.9,"AON":0.9,"MMC":0.9},"content_text":"Erie Indemnity Company's ERIE third-quarter 2024 adjusted earnings of $3.06 per share beat the Zacks Consensus Estimate by 2.3%. The bottom line increased 21.9% year over year.The quarterly results reflected higher management fees and increased net investment income, offset by higher expenses.\n\nErie Indemnity Company Price, Consensus and EPS Surprise\n  \nErie Indemnity Company price-consensus-eps-surprise-chart | Erie Indemnity Company Quote\n\nERIE’s Q3 Details\nTotal revenues of $1 billion beat the Zacks Consensus Estimate by 1.5%. The top line improved 16.4% year over year. Management fee revenue - policy issuance and renewal services increased 18.5% year over year to $769.2 million. The Zacks Consensus Estimate was pegged at $773 million. Management fee revenue - administrative services increased 6.2% year over year to $17.2 million. The Zacks Consensus Estimate was pegged at $16.5 million. \nInvestment income increased 58.9% year over year to $19.5 million. Commissions increased $66.3 million year over year in the third quarter, primarily attributable to growth in direct and affiliated assumed written premium and, to a lesser extent, an increase in agent incentive compensation related to the profitability component.Cost of operations - policy issuance and renewal services increased 17.1% year over year to $613 million. Cost of operations - administrative services increased 10.5% year over year to $206.8 million.Total operating expenses increased 15.4% year over year to $819.8 million.\nFinancial Update of ERIE\nERIE exited the third quarter with cash and cash equivalents of $221.2 million, which increased 53.5% from the 2023-end level.Long-term debt was $23.5 million as of Sept. 30, 2024, up 8.9% from the 2023-end level.Shareholders' equity increased 17.1% from December 2023 end to $1.9 billion at third-quarter 2024 end.\nZacks Rank\nERIE carries a Zacks Rank #3 (Hold) currently. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.\nOther Industry Releases\nMarsh & McLennan Companies, Inc. MMC reported third-quarter 2024 adjusted earnings per share of $1.63, which beat the Zacks Consensus Estimate by 1.2%. The bottom line advanced 3.8% year over year. Consolidated revenues rose 6% year over year to $5.7 billion. The figure also improved 5% on an underlying basis. The top line, however, fell short of the consensus mark by 0.2%. Marsh & McLennan’s adjusted operating income was $1.19 billion in the third quarter, which grew 12% year over year but missed our estimate of $1.21 billion. Arthur J. Gallagher & Co. AJG reported third-quarter 2024 adjusted net earnings of $2.26 per share, which matched the Zacks Consensus Estimate. The bottom line increased 13% on a year-over-year basis. Total adjusted revenues of $2.7 billion missed the Zacks Consensus Estimate by 0.1%. However, the top line improved 11.1% year over year.EBITDAC grew 14.3% from the prior-year quarter to $808.8 million.Aon plc AON reported third-quarter 2024 adjusted earnings of $2.72 per share, which beat the Zacks Consensus Estimate by 11%. The bottom line advanced 17% year over year. Total revenues of $3.72 billion improved 26% year over year. The top line beat the consensus mark by 0.5%. It consisted of organic revenue growth of 7% and growth from acquisitions of 19%.Revenues are expected to register mid-single-digit or higher organic growth for 2024 and beyond. The company expects the adjusted operating margin to expand in 2024.\nWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report\nMarsh & McLennan Companies, Inc. (MMC) : Free Stock Analysis Report\nAon plc (AON) : Free Stock Analysis Report\nArthur J. Gallagher & Co. (AJG) : Free Stock Analysis Report\nErie Indemnity Company (ERIE) : Free Stock Analysis Report\nTo read this article on Zacks.com click here.\nZacks Investment Research","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2481534120"}