BRIEF: Erie Indemnity Co. bounces back in third quarter

Fri. October 30, 2009; Posted: 02:18 PM

Oct 30, 2009 (Erie Times-News - McClatchy-Tribune Information Services via COMTEX) -- ERIE | Quote | Chart | News | PowerRating -- Erie-based Erie Indemnity Co., the management arm of the Erie Insurance Group, rallied in the third quarter of this year, reporting net income of $39.7 million or 69 cents a share.

That's up dramatically from the third quarter of 2008, when the company reported income of $4.2 million or 7 cents a share.

On the downside, the company's gross margin from management operations fell from 19.3 percent to 18.1 percent.

Perhaps the most dramatic change came on the investment side of the business, where the company reported pretax income of $8.3 million, compared to a $40.2 million investment loss in the third quarter of 2008.

For the first nine months of the year, the company reported net income of $83.5 million, compared with $75.5 million in the first nine months of 2008.

The company also reported that the number of policies in force grew 3.4 percent to 4.1 million during the past three months.

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For full details on Erie Indemnity Co Cl A (ERIE) click here. Erie Indemnity Co Cl A (ERIE) has Short Term PowerRatings of 6. Details on Erie Indemnity Co Cl A (ERIE) Short Term PowerRatings is available at This Link.

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