Erie Indemnity Company (NASDAQ:ERIE) Q1 2024 Earnings Call Transcript

Erie Indemnity Company (NASDAQ:ERIE) Q1 2024 Earnings Call Transcript April 26, 2024

Erie Indemnity Company isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).

Operator: Good morning, and welcome to the Erie Indemnity Company First Quarter 2024 Earnings Conference Call. This call was pre-recorded, and there will be no question-and-answer session following the recording. Now I'd like to introduce your host for the call, Vice President of Investor Relations, Scott Beilharz.

Scott Beilharz: Thank you, and welcome, everyone. We appreciate you joining us for this recorded discussion about our first quarter results. This recording will include remarks from Tim NeCastro, President and Chief Executive Officer; and Julie Pelkowski, Executive Vice President and Chief Financial Officer. Our earnings release and financial supplement were issued yesterday afternoon after the market closed and are available within the Investor Relations section of our website, erieinsurance.com. Before we begin, I would like to remind everyone that today's discussion may contain forward-looking remarks that reflect the company's current views about future events. These remarks are based on assumptions subject to known and unexpected risks and uncertainties.

A close-up of a hand signing a documents, representing the process of policy issuance.

These risks and uncertainties may cause results to differ materially from those described in these remarks. For information on important factors that may cause these differences, please see the safe harbor statements in our Form 10-Q filing with the SEC filed yesterday and in the related press release. This prerecorded call is the property of Erie Indemnity Company. It may not be reproduced or rebroadcast by any other party without the prior written consent of Erie Indemnity Company. With that, we'll move on to Tim's remarks. Tim?

Tim NeCastro: Thanks, Scott, and thanks to all of you for your interest in Erie's performance for the first quarter of 2024. Last week, on April 20, we marked the 99th anniversary of our company's founding. Now on April 23, and we held our annual medium shareholders in person in the Thomas B. Hagen Building. At that meeting, I reflected on a remarkable journey Erie Insurance has been on for nearly a century. Two young men, H.O. Hirt and O.G. Crawford, opened the doors to the Erie Insurance in 1925 and brought in less than $30,000 in net premiums after the first year. Today, Erie's business has grown more than $10 billion in premium and almost 7 million policies in force, covering 12 states plus the District of Columbia with more than 6,500 employees and more than 14,000 independent agents.

I'm humbled and proud to be leading the company, and I'm confident in our position in the industry and our financial stability as we enter our 100th year of business. I'll share some first quarter updates on our business and workplace in a few minutes. But first, let's look at our financials. In our last call, we reported that weather-related claims were up significantly in 2023, which had a negative impact on our combined ratio. So far this year, we're starting to see a turnaround and our ratio is headed in the right direction. I'll now turn it over to Julie to discuss our financial results in greater detail. Julie?

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