Erie Indemnity Company (ERIE) financial statements (2021 and earlier)

Company profile

Business Address 100 ERIE INSURANCE PL
ERIE, PA 16530
State of Incorp. PA
Fiscal Year End December 31
SIC 6411 - Insurance Agents, Brokers, and Service (benchmarking)
More info Complete financial analysis Financial benchmarking

Balance sheet (Statement of financial position) ($ in millions)

12/31/2020
12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
12/31/2014
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments18356812872452453,737
Cash and cash equivalents  266216189183514
Short-term investments18354147156623,223
Receivables497469458473384360 
Other undisclosed current assets21738730423730 
Total current assets:7328911,1698026666353,737
Noncurrent Assets
Long-term investments and receivables973725381733740651979
Long-term investments911725381733715626979
Accounts and financing receivable, after allowance for credit loss62      
Due from related parties    2525 
Intangible assets, net (including goodwill)     47 
Intangible assets, net (excluding goodwill)     47 
Deferred income tax assets1217
Other noncurrent assets409762292021 
Other undisclosed noncurrent assets35928616710312353 
Total noncurrent assets:1,3851,125609864883772979
Other undisclosed assets      13,042
TOTAL ASSETS:2,1172,0161,7781,6661,5491,40717,758
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities, including:15113511110588276 
Accounts payable     47 
Accrued liabilities262263242228211196 
Employee-related liabilities112020 
Interest and dividends payable484542393634 
Other undisclosed accounts payable and accrued liabilities(161)(174)(174)(163)(161)  
Deferred revenue3736
Debt222    
Deferred compensation liability171113162021 
Liability for uncertainty in income taxes   2   
Contract with customer, liability34
Other undisclosed current liabilities421404387387362148 
Total current liabilities:628588547510470446 
Noncurrent Liabilities
Long-term debt and lease obligation9496987525  
Long-term debt, excluding current maturities9496987525  
Liabilities, other than long-term debt208199160224238192189
Deferred revenue1918
Contract with customer, liability18
Deferred compensation liability, classified151413141317 
Liability, pension and other postretirement and postemployment benefits164146117208223174189
Other liabilities92212122 
Total noncurrent liabilities:301295258299262192189
Other undisclosed liabilities      9,586
Total liabilities:9298838058097326389,775
Stockholders' equity
Stockholders' equity attributable to parent, including:1,1881,133974857817770703
Treasury stock, value(1,164)(1,159)(1,158)(1,156)(1,156)(1,155) 
Additional paid in capital161616161616 
Accumulated other comprehensive loss(78)(117)(130)(156)(121)(97) 
Retained earnings2,3942,3782,2312,1412,0661,994 
Other undisclosed stockholders' equity attributable to parent201514121211703
Stockholders' equity attributable to noncontrolling interest      7,280
Total stockholders' equity:1,1881,1339748578177707,983
TOTAL LIABILITIES AND EQUITY:2,1172,0161,7781,6661,5491,40717,758

Income statement (P&L) ($ in millions)

12/31/2020
12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
12/31/2014
Revenues2,5362,4772,3821,6921,5971,5066,124
Financial services revenue1,6921,5971,5065,376
Cost of revenue(0)     (4,807)
Provision for loan, lease, and other losses(0)  
Deferred policy acquisition costs, amortization expense      (849)
Financial services costs   (3,958)
Gross profit:2,5362,4772,3821,6921,5971,5061,317
Operating expenses(2,198)(2,120)(2,038)(1,403)(1,304)(1,273) 
Other undisclosed operating income0      
Operating income:3383573442882922331,317
Nonoperating income (expense)314029292834(4)
Investment income, nonoperating334026292834(4)
Interest and debt expense(1)(1)(2)(1)(0)  
Income from continuing operations before equity method investments, income taxes:3693973713163202661,313
Income from equity method investments      113
Other undisclosed loss from continuing operations before income taxes      (596)
Income from continuing operations before income taxes:369397371316320266830
Income tax expense(75)(80)(83)(119)(110)(92)(257)
Net income:293317288197210175573
Net loss attributable to noncontrolling interest      (405)
Net income available to common stockholders, diluted:293317288197210175168

Comprehensive Income ($ in millions)

12/31/2020
12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
12/31/2014
Net income:293317288197210175573
Other comprehensive income (loss)25245(10)(38)39(60)
Other undisclosed comprehensive income      60
Comprehensive income:319319334187173213573
Comprehensive loss, net of tax, attributable to noncontrolling interest      (464)
Other undisclosed comprehensive income (loss), net of tax, attributable to parent1311(20)213(18) 
Comprehensive income, net of tax, attributable to parent:332330314189186196109

Statements sources

The financial statements are based on the company's filings with the The U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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