Erie Indemnity Company announced robust financial results for the full year and fourth quarter ended December 31, 2024. For the full year, net income reached $600.3 million, or $11.48 per diluted share, a significant increase from $446.1 million, or $8.53 per diluted share, in 2023.
Total operating revenue for 2024 was $3,795.1 million, up from $3,268.9 million in the previous year. This growth was primarily driven by a substantial increase in management fee revenue from policy issuance and renewal services, which rose to $2,894.1 million in 2024 from $2,442.1 million in 2023.
In the fourth quarter of 2024, net income was $152.0 million, or $2.91 per diluted share, compared to $110.9 million, or $2.12 per diluted share, in Q4 2023. Operating income before taxes for the full year increased by 30.0 percent, and by 31.7 percent for the fourth quarter, demonstrating strong operational performance.
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