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Erie Indemnity sees operating income rise slightly YOY in Q4'17

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Erie Indemnity sees operating income rise slightly YOY in Q4'17

Erie Indemnity Co. reported fourth-quarter 2017 net income of $32.1 million, or 61 cents per share, down from $45.8 million, or 87 cents per share, in the fourth quarter of 2016.

Net income was reduced by $10.1 million, or 19 cents per share, for the fourth quarter of 2017 due to recently enacted federal tax reform, the company said. Operating income increased slightly year over year to $58.0 million for the quarter.

Operating revenue totaled $401.4 million, up from $379.6 million in the year-ago quarter.

For full year 2017, Erie reported net income of $197.0 million, or $3.76 per share, down from $210.4 million, or $4.01 per share, in 2016. Operating revenue totaled $1.69 billion for 2017, up from $1.60 billion in 2016.