Intrinsic value of Erie Indemnity Cl A - ERIE

Previous Close

$133.21

  Intrinsic Value

$458.65

stock screener

  Rating & Target

str. buy

+244%

Previous close

$133.21

 
Intrinsic value

$458.65

 
Up/down potential

+244%

 
Rating

str. buy

Our model is not good at valuating stocks of financial companies, such as ERIE.

We calculate the intrinsic value of ERIE stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 6.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  38.50
  35.15
  32.14
  29.42
  26.98
  24.78
  22.80
  21.02
  19.42
  17.98
  16.68
  15.51
  14.46
  13.52
  12.66
  11.90
  11.21
  10.59
  10.03
  9.53
  9.07
  8.67
  8.30
  7.97
  7.67
  7.40
  7.16
  6.95
  6.75
  6.58
Revenue, $m
  2,343
  3,167
  4,184
  5,415
  6,876
  8,581
  10,537
  12,752
  15,229
  17,967
  20,964
  24,216
  27,718
  31,464
  35,449
  39,666
  44,112
  48,782
  53,674
  58,787
  64,120
  69,677
  75,459
  81,472
  87,723
  94,219
  100,969
  107,985
  115,277
  122,860
Variable operating expenses, $m
  1,914
  2,587
  3,419
  4,424
  5,618
  7,010
  8,609
  10,419
  12,442
  14,679
  17,128
  19,785
  22,646
  25,706
  28,962
  32,407
  36,039
  39,855
  43,852
  48,029
  52,386
  56,926
  61,650
  66,563
  71,670
  76,977
  82,492
  88,223
  94,181
  100,376
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  1,914
  2,587
  3,419
  4,424
  5,618
  7,010
  8,609
  10,419
  12,442
  14,679
  17,128
  19,785
  22,646
  25,706
  28,962
  32,407
  36,039
  39,855
  43,852
  48,029
  52,386
  56,926
  61,650
  66,563
  71,670
  76,977
  82,492
  88,223
  94,181
  100,376
Operating income, $m
  429
  580
  766
  991
  1,258
  1,570
  1,928
  2,334
  2,787
  3,288
  3,836
  4,432
  5,072
  5,758
  6,487
  7,259
  8,072
  8,927
  9,822
  10,758
  11,734
  12,751
  13,809
  14,909
  16,053
  17,242
  18,477
  19,761
  21,096
  22,483
EBITDA, $m
  450
  608
  803
  1,040
  1,320
  1,647
  2,023
  2,448
  2,924
  3,450
  4,025
  4,649
  5,322
  6,041
  6,806
  7,616
  8,469
  9,366
  10,305
  11,287
  12,311
  13,378
  14,488
  15,643
  16,843
  18,090
  19,386
  20,733
  22,133
  23,589
Interest expense (income), $m
  0
  4
  21
  42
  68
  100
  138
  182
  232
  289
  353
  424
  501
  585
  675
  771
  874
  983
  1,097
  1,218
  1,344
  1,476
  1,613
  1,756
  1,906
  2,061
  2,222
  2,389
  2,563
  2,744
  2,932
Earnings before tax, $m
  425
  559
  724
  923
  1,158
  1,433
  1,747
  2,102
  2,498
  2,935
  3,413
  3,931
  4,488
  5,083
  5,716
  6,385
  7,090
  7,830
  8,604
  9,414
  10,258
  11,138
  12,053
  13,004
  13,993
  15,020
  16,088
  17,198
  18,352
  19,551
Tax expense, $m
  115
  151
  195
  249
  313
  387
  472
  567
  674
  792
  921
  1,061
  1,212
  1,372
  1,543
  1,724
  1,914
  2,114
  2,323
  2,542
  2,770
  3,007
  3,254
  3,511
  3,778
  4,056
  4,344
  4,643
  4,955
  5,279
Net income, $m
  310
  408
  528
  674
  846
  1,046
  1,275
  1,534
  1,823
  2,143
  2,491
  2,869
  3,276
  3,711
  4,172
  4,661
  5,175
  5,716
  6,281
  6,872
  7,489
  8,130
  8,798
  9,493
  10,215
  10,965
  11,744
  12,555
  13,397
  14,273

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  2,306
  3,117
  4,118
  5,330
  6,768
  8,445
  10,371
  12,552
  14,989
  17,684
  20,634
  23,835
  27,282
  30,969
  34,891
  39,042
  43,417
  48,014
  52,829
  57,861
  63,110
  68,579
  74,271
  80,189
  86,342
  92,735
  99,379
  106,284
  113,462
  120,925
Adjusted assets (=assets-cash), $m
  2,306
  3,117
  4,118
  5,330
  6,768
  8,445
  10,371
  12,552
  14,989
  17,684
  20,634
  23,835
  27,282
  30,969
  34,891
  39,042
  43,417
  48,014
  52,829
  57,861
  63,110
  68,579
  74,271
  80,189
  86,342
  92,735
  99,379
  106,284
  113,462
  120,925
Revenue / Adjusted assets
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
Average production assets, $m
  105
  143
  188
  244
  309
  386
  474
  574
  685
  809
  943
  1,090
  1,247
  1,416
  1,595
  1,785
  1,985
  2,195
  2,415
  2,645
  2,885
  3,135
  3,396
  3,666
  3,948
  4,240
  4,544
  4,859
  5,187
  5,529
Working capital, $m
  -28
  -38
  -50
  -65
  -83
  -103
  -126
  -153
  -183
  -216
  -252
  -291
  -333
  -378
  -425
  -476
  -529
  -585
  -644
  -705
  -769
  -836
  -906
  -978
  -1,053
  -1,131
  -1,212
  -1,296
  -1,383
  -1,474
Total debt, $m
  385
  778
  1,264
  1,851
  2,549
  3,362
  4,296
  5,354
  6,536
  7,843
  9,274
  10,826
  12,498
  14,286
  16,188
  18,201
  20,324
  22,553
  24,888
  27,329
  29,875
  32,527
  35,287
  38,158
  41,142
  44,243
  47,465
  50,814
  54,295
  57,915
Total liabilities, $m
  1,119
  1,512
  1,997
  2,585
  3,283
  4,096
  5,030
  6,088
  7,270
  8,577
  10,007
  11,560
  13,232
  15,020
  16,922
  18,935
  21,057
  23,287
  25,622
  28,062
  30,609
  33,261
  36,021
  38,892
  41,876
  44,977
  48,199
  51,548
  55,029
  58,649
Total equity, $m
  1,188
  1,605
  2,121
  2,745
  3,486
  4,349
  5,341
  6,464
  7,719
  9,107
  10,626
  12,275
  14,050
  15,949
  17,969
  20,106
  22,360
  24,727
  27,207
  29,798
  32,502
  35,318
  38,249
  41,298
  44,466
  47,759
  51,180
  54,736
  58,433
  62,276
Total liabilities and equity, $m
  2,307
  3,117
  4,118
  5,330
  6,769
  8,445
  10,371
  12,552
  14,989
  17,684
  20,633
  23,835
  27,282
  30,969
  34,891
  39,041
  43,417
  48,014
  52,829
  57,860
  63,111
  68,579
  74,270
  80,190
  86,342
  92,736
  99,379
  106,284
  113,462
  120,925
Debt-to-equity ratio
  0.320
  0.480
  0.600
  0.670
  0.730
  0.770
  0.800
  0.830
  0.850
  0.860
  0.870
  0.880
  0.890
  0.900
  0.900
  0.910
  0.910
  0.910
  0.910
  0.920
  0.920
  0.920
  0.920
  0.920
  0.930
  0.930
  0.930
  0.930
  0.930
  0.930
Adjusted equity ratio
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  310
  408
  528
  674
  846
  1,046
  1,275
  1,534
  1,823
  2,143
  2,491
  2,869
  3,276
  3,711
  4,172
  4,661
  5,175
  5,716
  6,281
  6,872
  7,489
  8,130
  8,798
  9,493
  10,215
  10,965
  11,744
  12,555
  13,397
  14,273
Depreciation, amort., depletion, $m
  21
  29
  38
  49
  62
  77
  95
  115
  137
  162
  189
  218
  249
  283
  319
  357
  397
  439
  483
  529
  577
  627
  679
  733
  790
  848
  909
  972
  1,037
  1,106
Funds from operations, $m
  331
  436
  566
  722
  908
  1,123
  1,370
  1,649
  1,960
  2,304
  2,680
  3,087
  3,526
  3,994
  4,491
  5,018
  5,572
  6,155
  6,764
  7,401
  8,066
  8,758
  9,477
  10,226
  11,004
  11,813
  12,653
  13,526
  14,434
  15,378
Change in working capital, $m
  -8
  -10
  -12
  -15
  -18
  -20
  -23
  -27
  -30
  -33
  -36
  -39
  -42
  -45
  -48
  -51
  -53
  -56
  -59
  -61
  -64
  -67
  -69
  -72
  -75
  -78
  -81
  -84
  -88
  -91
Cash from operations, $m
  339
  446
  578
  737
  925
  1,143
  1,393
  1,676
  1,990
  2,337
  2,716
  3,126
  3,568
  4,039
  4,539
  5,068
  5,626
  6,211
  6,823
  7,463
  8,130
  8,824
  9,547
  10,298
  11,079
  11,891
  12,734
  13,611
  14,522
  15,469
Maintenance CAPEX, $m
  -15
  -21
  -29
  -38
  -49
  -62
  -77
  -95
  -115
  -137
  -162
  -189
  -218
  -249
  -283
  -319
  -357
  -397
  -439
  -483
  -529
  -577
  -627
  -679
  -733
  -790
  -848
  -909
  -972
  -1,037
New CAPEX, $m
  -29
  -37
  -46
  -55
  -66
  -77
  -88
  -100
  -111
  -123
  -135
  -146
  -158
  -169
  -179
  -190
  -200
  -210
  -220
  -230
  -240
  -250
  -260
  -271
  -281
  -292
  -304
  -316
  -328
  -341
Cash from investing activities, $m
  -44
  -58
  -75
  -93
  -115
  -139
  -165
  -195
  -226
  -260
  -297
  -335
  -376
  -418
  -462
  -509
  -557
  -607
  -659
  -713
  -769
  -827
  -887
  -950
  -1,014
  -1,082
  -1,152
  -1,225
  -1,300
  -1,378
Free cash flow, $m
  294
  388
  504
  644
  811
  1,005
  1,228
  1,481
  1,764
  2,077
  2,419
  2,791
  3,192
  3,621
  4,077
  4,560
  5,069
  5,604
  6,164
  6,750
  7,361
  7,997
  8,660
  9,349
  10,065
  10,809
  11,582
  12,386
  13,222
  14,091
Issuance/(repayment) of debt, $m
  310
  393
  486
  588
  697
  813
  934
  1,057
  1,182
  1,307
  1,431
  1,552
  1,672
  1,788
  1,902
  2,013
  2,122
  2,229
  2,335
  2,441
  2,546
  2,652
  2,760
  2,871
  2,984
  3,101
  3,222
  3,349
  3,481
  3,620
Issuance/(repurchase) of shares, $m
  20
  10
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  330
  403
  486
  588
  697
  813
  934
  1,057
  1,182
  1,307
  1,431
  1,552
  1,672
  1,788
  1,902
  2,013
  2,122
  2,229
  2,335
  2,441
  2,546
  2,652
  2,760
  2,871
  2,984
  3,101
  3,222
  3,349
  3,481
  3,620
Total cash flow (excl. dividends), $m
  625
  791
  990
  1,232
  1,508
  1,818
  2,162
  2,539
  2,946
  3,384
  3,850
  4,344
  4,864
  5,409
  5,979
  6,573
  7,191
  7,833
  8,499
  9,190
  9,907
  10,649
  11,420
  12,219
  13,049
  13,910
  14,805
  15,735
  16,703
  17,710
Retained Cash Flow (-), $m
  -330
  -417
  -516
  -624
  -741
  -864
  -992
  -1,123
  -1,255
  -1,388
  -1,519
  -1,648
  -1,775
  -1,899
  -2,020
  -2,138
  -2,253
  -2,367
  -2,480
  -2,592
  -2,704
  -2,816
  -2,931
  -3,048
  -3,168
  -3,293
  -3,422
  -3,556
  -3,696
  -3,844
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  294
  373
  474
  608
  767
  955
  1,170
  1,416
  1,691
  1,996
  2,331
  2,695
  3,089
  3,510
  3,959
  4,435
  4,937
  5,466
  6,019
  6,599
  7,203
  7,833
  8,489
  9,171
  9,880
  10,617
  11,383
  12,179
  13,006
  13,867
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  282
  342
  412
  500
  595
  693
  791
  885
  971
  1,046
  1,107
  1,150
  1,174
  1,178
  1,162
  1,127
  1,074
  1,007
  927
  838
  745
  650
  556
  467
  384
  310
  244
  188
  142
  104
Current shareholders' claim on cash, %
  99.7
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6

Erie Indemnity Company is a management company. The Company serves as the attorney-in-fact for the subscribers (policyholders) at the Erie Insurance Exchange (Exchange). The Exchange is a reciprocal insurer that writes property and casualty insurance. The Company's function is to perform certain services for the Exchange relating to the sales, underwriting and issuance of policies on behalf of the Exchange. The sales related services the Company provides include agent compensation, and certain sales and advertising support services. Agent compensation includes scheduled commissions to agents based upon premiums written, as well as additional commissions and bonuses to agents. The underwriting services the Company provides include underwriting and policy processing expenses. It provides information technology services that supports various functions. The remaining services the Company provides include customer service and administrative costs.

FINANCIAL RATIOS  of  Erie Indemnity Cl A (ERIE)

Valuation Ratios
P/E Ratio 29.3
Price to Sales 3.9
Price to Book 7.5
Price to Tangible Book
Price to Cash Flow 24.2
Price to Free Cash Flow 26.9
Growth Rates
Sales Growth Rate 6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 92.3%
Cap. Spend. - 3 Yr. Gr. Rate 17.8%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 3.1%
Total Debt to Equity 3.1%
Interest Coverage 0
Management Effectiveness
Return On Assets 14.2%
Ret/ On Assets - 3 Yr. Avg. 9.6%
Return On Total Capital 26.1%
Ret/ On T. Cap. - 3 Yr. Avg. 24.4%
Return On Equity 26.5%
Return On Equity - 3 Yr. Avg. 24.5%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 21%
EBITDA Margin - 3 Yr. Avg. 19.6%
Operating Margin 18.3%
Oper. Margin - 3 Yr. Avg. 16.5%
Pre-Tax Margin 20%
Pre-Tax Margin - 3 Yr. Avg. 18.5%
Net Profit Margin 13.1%
Net Profit Margin - 3 Yr. Avg. 12.2%
Effective Tax Rate 34.4%
Eff/ Tax Rate - 3 Yr. Avg. 33.9%
Payout Ratio 64.8%

ERIE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ERIE stock intrinsic value calculation we used $1691.774 million for the last fiscal year's total revenue generated by Erie Indemnity Cl A. The default revenue input number comes from 0001 income statement of Erie Indemnity Cl A. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ERIE stock valuation model: a) initial revenue growth rate of 38.5% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for ERIE is calculated based on our internal credit rating of Erie Indemnity Cl A, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Erie Indemnity Cl A.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ERIE stock the variable cost ratio is equal to 81.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for ERIE stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Erie Indemnity Cl A.

Corporate tax rate of 27% is the nominal tax rate for Erie Indemnity Cl A. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ERIE stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for ERIE are equal to 4.5%.

Life of production assets of 0 years is the average useful life of capital assets used in Erie Indemnity Cl A operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ERIE is equal to -1.2%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $857.344 million for Erie Indemnity Cl A - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 46.189 million for Erie Indemnity Cl A is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Erie Indemnity Cl A at the current share price and the inputted number of shares is $6.2 billion.

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COMPANY NEWS

▶ Erie Insurance takes first place in J.D. Power study   [Oct-29-18 09:08AM  PR Newswire]
▶ Erie Indemnity: 3Q Earnings Snapshot   [Oct-25-18 06:39PM  Associated Press]
▶ Six Tips to Properly Use and Maintain a Leaf Blower   [Oct-22-18 07:00AM  PR Newswire]
▶ Erie Insurance names Rob Smith Columbus branch manager   [Oct-10-18 07:00AM  PR Newswire]
▶ Six Ways to Prepare Your Home for Trick or Treaters   [Oct-05-18 07:00AM  PR Newswire]
▶ Top Four Fall Driving Hazards and How to Handle Them   [Oct-01-18 07:00AM  PR Newswire]
▶ Eight Ways to Prevent Roommate Theft   [Aug-28-18 08:00AM  PR Newswire]
▶ Weekly CEO Buys Highlight   [Aug-27-18 10:54AM  GuruFocus.com]
▶ Erie Indemnity Reports Second Quarter 2018 Results   [Jul-26-18 04:15PM  PR Newswire]
▶ Four Questions to Ask Before Buying a Motorcycle   [Jul-12-18 10:06AM  PR Newswire]
▶ Five Ways to Protect Your Home This Summer   [Jun-26-18 05:14PM  PR Newswire]
▶ Is your deck a danger? Five key areas to check.   [Jun-15-18 08:56AM  PR Newswire]
▶ Four tips for smooth sailing this boating season   [May-23-18 03:40PM  PR Newswire]
▶ Erie Insurance names Carlin to leadership role   [May-11-18 08:00AM  PR Newswire]
▶ Erie Insurance names Gustafson to vice president role   [May-03-18 03:10PM  PR Newswire]
▶ Erie Indemnity: 1Q Earnings Snapshot   [Apr-26-18 07:37PM  Associated Press]
▶ Can in-car conversations actually make driving safer?   [Apr-25-18 05:21PM  PR Newswire]
▶ Seven Things to Know Before Signing a Lease   [Mar-26-18 09:30AM  PR Newswire]
▶ Erie Insurance promotes five to key IT roles   [Feb-28-18 09:00AM  PR Newswire]
▶ Four Ways to Slow Cook Safely   [Jan-30-18 01:30PM  PR Newswire]
▶ Eight Ways to Help Prevent Your Pipes from Freezing   [Jan-05-18 09:00AM  PR Newswire]
▶ Seven Ways to Recycle Your Christmas Tree   [Jan-04-18 09:00AM  PR Newswire]
▶ Prepare Your Home for Winter Hibernation   [Dec-07-17 02:00PM  PR Newswire]
▶ Everything You Need to Know About Driving on Black Ice   [Nov-27-17 07:55AM  PR Newswire]
▶ Erie Indemnity posts 3Q profit   [Oct-26-17 07:06PM  Associated Press]
▶ Seven Tips for First-Time Life Insurance Buyers   [Sep-07-17 01:15PM  PR Newswire]

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