NU Online News Service, July 30, 3:25 p.m. EDT
Erie Indemnity Company reported 2010 second-quarter net income of $49 million, up $16 million from the prior year's $33 million.
Erie Indemnity manages the Erie Insurance Exchange, a group of Pennsylvania-based reciprocal insurers providing personal, commercial and life products.
With direct written premiums up more than 4 percent in the second quarter over the same period last year, management fee revenues rose to $270 million compared with $259 million in 2009.
Catastrophe losses added 8.1 points to the total property and casualty combined ratio of 101.8 for the second quarter, which was up 5.2 points. Losses included flooding, hail and wind storms mostly in Pennsylvania, Maryland and Ohio, Erie said.
Favorable prior accident year development driven by better severity trends in workers' compensation and commercial lines improved the combined ratio by 2.3 points during the second quarter.
Net income for the first six months of the year rose to $96 million compared with $44 million for the same period last year.
The Erie Insurance Exchange, or Erie Insurance Group, consists of Erie Insurance Company, Erie Insurance Company of New York, Flagship City Insurance Company, Erie Insurance Property and Casualty Company, and Erie Family Life Insurance Company.
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