Erie Indemnity's second quarter EPS of $3.45 beats estimates while revenue meets expectations.

Erie Indemnity Company reported second quarter operating revenue of $1.09 billion, in line with analyst expectations, and diluted earnings per share of $3.45, beating estimates of $3.35.

Key Highlights

• Management fee revenue from policy issuance and renewal services grew 4.7% year-over-year to $862.9 million, driving top-line results.
• Operating income increased 2.5% to $204.1 million, as a decrease in non-commission expenses offset a significant increase in commission costs.
• The company's Board of Directors approved a quarterly Class A dividend of $1.4625 per share, an increase from $1.365 in the prior year's quarter.