Erie Indemnity Q3 net income $90.2M, diluted EPS $1.72; operating income dips 1.2%

ERIE INDEMNITY CO

Net income of $90.2M vs $89.2M YoY; diluted EPS $1.72 vs $1.71 in Q3 2020.
Operating income fell 1.2% to $95.1M; management fee revenue (policy issuance) up 4.2% to $504.9M.
Investment income before taxes $20.6M vs $16.4M, driven by limited partnership earnings of $11.5M.
Commissions increased $14.9M on higher direct/affiliated written premium; non-commission costs up $5.9M.
Nine-month net income $242.8M ($4.64 diluted EPS) vs $230.5M ($4.41) in prior-year period.

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