Fourth-quarter earnings rise at Erie Indemnity Co.

   February 26, 2013 3:31 pm    0

 

The Erie Indemnity Co., the only Fortune 500 company based in Erie, has reported fourth-quarter earnings of $30 million. That’s an increase of 15 percent from the $26 million the company earned in the same quarter of 2011.

Results for the entire year, however, were off slightly.

Erie County’s third largest employer, with more than 2,000 local employees, reported this afternoon after the stock market closed that it earned a profit of $160 million in 2012, down 5.3 percent from the $169 million the company earned in 2011.

Erie Indemnity, the management arm of Erie Insurance, also announced that it continued to exercise its authority to repurchase company stock. In the fourth quarter, the company spent $16 million to repurchase 234,837 shares. The company has $59 million remaining in repurchase authority.

The company’s investments produced a return of $36 million for the year, down from the $45 million it earned the prior year.

 

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