EXHIBIT 99.1
CONTACT: Mark Dombrowski, Public and Media Relations
1-800-458-0811 ext. 2285 or 814/870-2285
Erie Indemnity Provides Supplemental First Quarter Data
Erie, Pa., April 26, 2004 - Erie Indemnity Company (Nasdaq: ERIE) is providing
supplemental information in response to questions raised during the Company's
April 23, 2004 webcast and conference call which discusses first quarter, 2004
financial results.
The following table presents the amount of cancellation premium, which
represents written but unearned premium associated with policies cancelled
during the respective calendar quarters. Cancellation premium is charged against
the gross written premium in the Property & Casualty Group Statements of
Operations in the period when the policy is cancelled. The percentages presented
in the right column reflect the proportion of cancellation premium to total
gross written premium during the respective calendar quarter.
Quarter Cancellation % Of Gross Written
Ended Premium Premium
- ----------------------------------------------------------------------------
March 31, 2002 $ 52,118,848 6.81%
June 30, 2002 55,501,632 6.29
September 30, 2002 61,915,798 6.89
December 31, 2002 63,710,413 7.60
March 31, 2003 72,013,010 7.68
June 30, 2003 74,179,130 7.08
September 30, 2003 85,704,049 8.11
December 31, 2003 90,929,672 9.54
March 31, 2004 $107,249,704 10.04%
The following table presents the reported Statutory Combined Ratio (not adjusted
for the profit component of the management fee paid to Erie Indemnity Company)
for Private Passenger Automobile policies of the Erie Insurance Property &
Casualty Group for the respective calendar quarters.
Erie Insurance
Property & Casualty Group
Reported Statutory Combined
Quarter Ratio for Private Passenger
Ended Automobile
- ---------------------------------------------------------------------
March 31, 2002 113.06%
June 30, 2002 113.30
September 30, 2002 116.87
December 31, 2002 163.87
March 31, 2003 118.50
June 30, 2003 104.96
September 30, 2003 104.99
December 31, 2003 107.06
March 31, 2004 106.21%
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Erie Indemnity Company provides management services to the member companies of
the Erie Insurance Group, which includes the Erie Insurance Exchange, Flagship
City Insurance Company, Erie Insurance Company, Erie Insurance Property and
Casualty Company, Erie Insurance Company of New York and Erie Family Life
Insurance Company.
According to A.M. Best Company, Erie Insurance Group, based in Erie,
Pennsylvania, is the 16th largest automobile insurer in the United States based
on direct premiums written and the 20th largest property/casualty insurer in the
United States based on total lines net premium written. The Group, rated A+
(Superior) by A.M. Best Company, has more than 3.7 million policies in force and
operates in 11 states and the District of Columbia. Erie Insurance Group ranked
368 on the FORTUNE 500 and is included in Forbes Magazine's PLATINUM 400 list of
the best-managed companies in America.
News releases and more information about Erie Insurance Group are available at
http://www.erieinsurance.com
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"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of
1995: Certain forward-looking statements contained herein involve risks and
uncertainties. These statements include certain discussions relating to
management fee revenue, cost of management operations, underwriting, premium and
investment income volume, business strategies, profitability and business
relationships and the Company's other business activities during 2004 and
beyond. In some cases, you can identify forward-looking statements by terms such
as "may," "will," "should," "could," "would," "expect," "plan," "intend,"
"anticipate," "believe," "estimate," "project," "predict," "potential" and
similar expressions. These forward-looking statements reflect the Company's
current views about future events, are based on assumptions and are subject to
known and unknown risks and uncertainties that may cause results to differ
materially from those anticipated in those statements. Many of the factors that
will determine future events or achievements are beyond our ability to control
or predict.
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