0000922621-15-000047.txt : 20151029 0000922621-15-000047.hdr.sgml : 20151029 20151029161909 ACCESSION NUMBER: 0000922621-15-000047 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20151029 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20151029 DATE AS OF CHANGE: 20151029 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ERIE INDEMNITY CO CENTRAL INDEX KEY: 0000922621 STANDARD INDUSTRIAL CLASSIFICATION: INSURANCE AGENTS BROKERS & SERVICES [6411] IRS NUMBER: 250466020 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-24000 FILM NUMBER: 151183976 BUSINESS ADDRESS: STREET 1: 100 ERIE INSURANCE PL CITY: ERIE STATE: PA ZIP: 16530 BUSINESS PHONE: 8148702000 MAIL ADDRESS: STREET 1: 100 ERIE INSURANCE PLACE CITY: ERIE STATE: PA ZIP: 16530 8-K 1 erie8-k09302015.htm 8-K 8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K
 
CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
 
 
Date of Report (Date of Earliest Event Reported):
 
October 29, 2015

Erie Indemnity Company
__________________________________________
(Exact name of registrant as specified in its charter)
 
 
 
Pennsylvania
0-24000
25-0466020
_____________________
(State or other jurisdiction
_____________
(Commission
______________
(I.R.S. Employer
of incorporation)
File Number)
Identification No.)
  
 
 
100 Erie Insurance Place, Erie, Pennsylvania
 
16530
_______________________________
(Address of principal executive offices)
 
___________
(Zip Code)
Registrant’s telephone number, including area code:
 
(814) 870-2000

Not Applicable
______________________________________________
Former name or former address, if changed since last report


 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))




Item 2.02 Results of Operations and Financial Condition.

On October 29, 2015, Erie Indemnity Company (the "Company") issued a press release announcing financial results for the quarter and nine months ended September 30, 2015. Copies of the press release and financial information are attached hereto and are incorporated herein by reference as Exhibit 99.1 and Exhibit 99.2, respectively.

On October 30, 2015 at 10:00 a.m. the Company will hold a telephone conference call that will be Webcast and that is complimentary to the press release announcing financial results for the quarter and nine months ended September 30, 2015.




Item 9.01 Financial Statements and Exhibits.

Exhibit 99.1 Press Release
Exhibit 99.2 Financial Information




SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
 
 
 
 
Erie Indemnity Company
  
 
 
 
 
October 29, 2015
 
By:
 
/s/ Gregory J. Gutting
 
 
 
 
 
 
 
 
 
Name: Gregory J. Gutting
 
 
 
 
Title: Interim Executive Vice President & CFO




Exhibit Index

 
 
 
Exhibit No.
 
Description
 
 
 
99.1
 
Press Release
99.2
 
Financial Information



EX-99.1 2 ex-99109302015.htm EXHIBIT 99.1 Exhibit
Exhibit 99.1


 
Erie Indemnity Reports Third Quarter 2015 Results
Earnings Up 5.7 percent, Net Income per Diluted Share Up 5.2 percent


Erie, Pa. - October 29, 2015 - Erie Indemnity Company (NASDAQ: ERIE) today announced financial results for the quarter ending September 30, 2015. Net income attributable to Indemnity was $50 million, or $0.94 per diluted share, in the third quarter of 2015, compared to $47 million, or $0.90 per diluted share, in the third quarter of 2014. Net income attributable to Indemnity was $145 million, or $2.75 per diluted share, in the first nine months of 2015, compared to $142 million, or $2.71 per diluted share, in the first nine months of 2014. For the third quarter of 2015, the growth was driven by increased revenue from management operations.
“We are very pleased with our third quarter results and the progress we are making with our strategic objectives. We remain committed to driving value for our agents, customers, employees and shareholders,” said Terry Cavanaugh, President and CEO.

3Q and Nine Months 2015 - Results of Indemnity Shareholder Interest
 
(dollars in millions)
3Q'14
3Q'15
 
2014
2015
 
 
Management operations

$62


$68

 

$188


$191

 
 
Investment operations
8

7

 
26

29

 
 
Income before income taxes
70

75

 
214

220

 
 
Provision for income taxes
23

25

 
72

75

 
 
Net income

$47


$50

 

$142


$145

 
 
Gross margin from management operations
16.5
%
17.2
%
 
17.5
%
16.6
%
 
 
 

3Q 2015 Highlights
 
Management Operations
Income from management operations before taxes increased $6 million, or 11.8 percent, in the third quarter of 2015 compared to the third quarter of 2014.
Revenue from management operations increased $26 million, or 7.3 percent, in the third quarter of 2015 compared to the third quarter of 2014.
Commissions increased $15 million in the third quarter of 2015, compared to the same period in 2014. The majority of the increase was driven by the 7.5 percent increase in direct written premiums of the Property and Casualty Group.

1



Non-commission expense increased $5 million in the third quarter of 2015 compared to the third quarter of 2014.  Underwriting and policy processing costs increased $3 million due to increased personnel costs. Information technology costs decreased $4 million, which included $5 million in decreased professional fees offset by $1 million in increased hardware and software costs. Administrative and other expenses increased $5 million, which included $4 million in personnel costs and $1 million in professional fees. Personnel costs in all expense categories include increases of $1 million in pension costs, $2 million in medical costs and $4 million in the estimate for incentive plan compensation related to the underwriting performance in the third quarter of 2015 compared to the same period in 2014.
The gross margin in the third quarter of 2015 was 17.2 percent, compared to 16.5 percent in the third quarter of 2014

Investment Operations
Income from investment operations before taxes totaled $7 million in the third quarter of 2015, compared to $8 million in the third quarter of 2014.
Nine Months 2015 Highlights
 
Management Operations
Income from management operations before taxes increased $3 million, or 1.7 percent, in the first nine months of 2015 compared to the first nine months of 2014.
Revenue from management operations increased $79 million, or 7.4 percent, in the first nine months of 2015 compared to the first nine months of 2014.
Commissions increased $54 million in the first nine months of 2015, compared to the same period in 2014. The majority of the increase was driven by the 7.6 percent increase in direct written premiums of the Property and Casualty Group, while about one-third of the increase was due to an increase in agent incentive costs related to profitable growth. The estimated agent incentive payout, at the end of each quarter, is based on actual underwriting results for the two prior years and the current year-to-date period. Therefore, fluctuations in the current quarter underwriting results can impact the estimated incentive payout on a quarter-to-quarter basis.
Non-commission expense increased $22 million in the nine months ended September 30, 2015 compared to the nine months ended September 30, 2014.  Sales and advertising costs increased $2 million due to increased personnel costs. Underwriting and policy processing costs increased $6 million due to increased personnel costs. Information technology costs increased $3 million, which included $2 million in hardware and software costs and $1 million in personnel costs. Administrative and other expenses increased $9 million, which included $6 million in personnel costs and $3 million in professional fees. Personnel costs in all expense categories include increases of $4 million in pension costs, $3 million in medical costs and $5 million in the estimate for incentive plan compensation related to the underwriting performance in the first nine months of 2015 compared to the same period in 2014.
The gross margin for the first nine months of 2015 was 16.6 percent, compared to 17.5 percent for the first nine months of 2014. The 0.9 point decrease in gross margin for the first nine months of 2015 was driven primarily by the increased estimated agent incentive payout discussed above. 


2



Investment Operations
Income from investment operations before taxes totaled $29 million in the first nine months of 2015, compared to $26 million in the first nine months of 2014. Earnings from limited partnerships were $17 million in the first nine months of 2015 compared to earnings of $13 million in the first nine months of 2014.
 
Webcast Information
Indemnity has scheduled a conference call and live audio broadcast on the Web for 10:00 AM ET on October 30, 2015. Investors may access the live audio broadcast by logging on to www.erieinsurance.com. Indemnity recommends visiting the website at least 15 minutes prior to the Webcast to download and install any necessary software. A Webcast audio replay will be available on the Investor Relations page of the Erie Insurance Group’s website by 12:30 PM ET.
 
About the Erie Insurance Group
 
According to A.M. Best Company, Erie Insurance Group, based in Erie, Pennsylvania, is the 11th largest homeowners insurer and 12th largest automobile insurer in the United States based on direct premiums written and the 16th 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 5 million policies in force and operates in 12 states and the District of Columbia. Erie Insurance Group is a FORTUNE 500 company, a Barron’s 500 company and has been recognized by Forbes as one of America's 50 Most Trustworthy Financial Companies.
News releases and more information about Erie Insurance Group are available at www.erieinsurance.com.
 
***
 
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995:
Statements contained herein that are not historical fact are forward-looking statements and, as such, are subject to risks and uncertainties that could cause actual events and results to differ, perhaps materially, from those discussed herein.  Forward-looking statements relate to future trends, events or results and include, without limitation, statements and assumptions on which such statements are based that are related to our plans, strategies, objectives, expectations, intentions and adequacy of resources.  Examples of forward-looking statements are discussions relating to premium and investment income, expenses, operating results, agency relationships, and compliance with contractual and regulatory requirements.  Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict.  Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements.  Among the risks and uncertainties, in addition to those set forth in our filings with the Securities and Exchange Commission, that could cause actual results and future events to differ from those set forth or contemplated in the forward-looking statements include the following:
 
Risk factors related to the Erie Indemnity Company (“Indemnity”) shareholder interest:
 
dependence upon Indemnity’s relationship with the Exchange and the management fee under the agreement with the subscribers at the Exchange;
costs of providing services to the Exchange under the subscriber’s agreement;
ability to attract and retain talented management and employees;
ability to maintain uninterrupted business operations;
factors affecting the quality and liquidity of Indemnity’s investment portfolio;
credit risk from the Exchange;
Indemnity’s ability to meet liquidity needs and access capital; and
outcome of pending and potential litigation.

Risk factors related to the non-controlling interest owned by the Erie Insurance Exchange (“Exchange”), which includes the Property and Casualty Group and Erie Family Life Insurance Company:
 
general business and economic conditions;
dependence upon the independent agency system;

3



ability to maintain our reputation for customer service;
factors affecting insurance industry competition;
changes in government regulation of the insurance industry;
premium rates and reserves must be established from forecasts of ultimate costs;
emerging claims, coverage issues in the industry, and changes in reserve estimates related to the property and casualty business;
changes in reserve estimates related to the life business;
severe weather conditions or other catastrophic losses, including terrorism and pandemic events;
the Exchange’s ability to acquire reinsurance coverage and collectability from reinsurers;
factors affecting the quality and liquidity of the Exchange’s investment portfolio;
the Exchange’s ability to meet liquidity needs and access capital;
the Exchange’s ability to maintain acceptable financial strength ratings;
outcome of pending and potential litigation; and
dependence upon the service provided by Indemnity.
 
A forward-looking statement speaks only as of the date on which it is made and reflects our analysis only as of that date.  We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changes in assumptions, or otherwise.



4

EX-99.2 3 ex-99209302015.htm EXHIBIT 99.2 Exhibit


Exhibit 99.2

Erie Indemnity Company
Consolidated Statements of Operations
(dollars in millions, except per share data)
 
 
Three months ended September 30,
Nine months ended September 30,
 
 
2015
 
2014
2015
 
2014
Revenues
 
(Unaudited)
(Unaudited)
Premiums earned
 
$
1,472

 
$
1,355

$
4,308

 
$
3,962

Net investment income
 
120

 
115

360

 
335

Net realized investment (losses) gains
 
(292
)
 
(85
)
(243
)
 
104

Net impairment losses recognized in earnings
 
(4
)
 
(1
)
(8
)
 
(1
)
Equity in earnings of limited partnerships
 
43

 
34

143

 
111

Other income
 
7

 
8

23

 
24

Total revenues
 
1,346

 
1,426

4,583

 
4,535

Benefits and expenses
 
 
 
 
 
 
 
Insurance losses and loss expenses
 
939

 
935

2,975

 
3,095

Policy acquisition and underwriting expenses
 
367

 
341

1,076

 
987

Total benefits and expenses
 
1,306

 
1,276

4,051

 
4,082

 
 
 
 
 
 
 
 
Income from operations before income taxes and noncontrolling interest
 
40

 
150

532

 
453

Provision for income taxes
 
7

 
42

166

 
133

Net income
 
$
33

 
$
108

$
366

 
$
320

 
 
 
 
 
 
 
 
Less: Net (loss) income attributable to noncontrolling interest in consolidated entity – Exchange
 
(17
)
 
61

221

 
178

 
 
 
 
 
 
 
 
Net income attributable to Indemnity
 
$
50

 
$
47

$
145

 
$
142

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings Per Share
 
 
 
 
 
 
 
Net income attributable to Indemnity per share
 
 
 
 
 
 
 
Class A common stock – basic
 
$
1.06

 
$
1.01

$
3.10

 
$
3.05

Class A common stock – diluted
 
$
0.94

 
$
0.90

$
2.75

 
$
2.71

Class B common stock – basic and diluted
 
$
160

 
$
151

$
466

 
$
458

Class B common stock – diluted
 
$
159

 
$
151

$
465

 
$
457

 
 
 
 
 
 
 
 
Weighted average shares outstanding attributable to Indemnity – Basic
 
 
 
 
 
 
 
Class A common stock
 
46,189,068

 
46,189,068

46,189,068

 
46,267,694

Class B common stock
 
2,542

 
2,542

2,542

 
2,542

 
 
 
 
 
 
 
 
Weighted average shares outstanding attributable to Indemnity – Diluted
 
 
 
 
 
 
 
Class A common stock
 
52,602,083

 
52,387,164

52,599,783

 
52,465,790

Class B common stock
 
2,542

 
2,542

2,542

 
2,542

 
 
 
 
 
 
 
 
Dividends declared per share
 
 
 
 
 
 
 
Class A common stock
 
$
0.6810

 
$
0.6350

$
2.0430

 
$
1.9050

Class B common stock
 
$
102.1500

 
$
95.2500

$
306.4500

 
$
285.7500



1



Erie Indemnity Company
Results of the Erie Insurance Group's Operations by Interest (Unaudited)
(in millions)
 
 
Indemnity
shareholder interest
 
Noncontrolling interest
(Exchange)
 
Eliminations of related party transactions
Erie Insurance Group
 
 
Three months ended September 30,
 
Three months ended September 30,
 
Three months ended September 30,
 
Three months ended September 30,
 
 
2015
2014
 
2015
2014
 
2015
2014
 
2015
2014
Management operations:
 
 
 
 
 
 
 
 
 
 
 
 
Management fee revenue, net
 
$
389

$
362

 
$

$

 
$
(389
)
$
(362
)
 
$

$

Service agreement revenue
 
7

8

 


 


 
7

8

Total revenue from management operations
 
396

370

 


 
(389
)
(362
)
 
7

8

Cost of management operations
 
328

308

 


 
(328
)
(308
)
 


Income from management operations before taxes
 
68

62

 


 
(61
)
(54
)
 
7

8

Property and casualty insurance operations:
 
 
 
 
 
 
 
 
 
 
 
 
Net premiums earned
 


 
1,447

1,333

 


 
1,447

1,333

Losses and loss expenses
 


 
912

908

 
(1
)
(1
)
 
911

907

Policy acquisition and underwriting expenses
 


 
420

387

 
(63
)
(56
)
 
357

331

Income from property and casualty insurance operations before taxes
 


 
115

38

 
64

57

 
179

95

Life insurance operations: (1)
 
 
 
 
 
 
 
 
 
 
 
 
Total revenue
 


 
49

48

 
0

0

 
49

48

Total benefits and expenses
 


 
38

38

 
0

0

 
38

38

Income from life insurance operations before taxes
 


 
11

10

 
0

0

 
11

10

Investment operations: (1)
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income
 
4

4

 
95

90

 
(3
)
(3
)
 
96

91

Net realized investment losses
 
0

0

 
(292
)
(88
)
 


 
(292
)
(88
)
Net impairment losses recognized in earnings
 
(1
)
0

 
(3
)
0

 


 
(4
)
0

Equity in earnings of limited partnerships
 
4

4

 
39

30

 


 
43

34

Income (loss) from investment operations before taxes
 
7

8

 
(161
)
32

 
(3
)
(3
)
 
(157
)
37

Income (loss) from operations before income taxes and noncontrolling interest
 
75

70

 
(35
)
80

 


 
40

150

Provision for income taxes
 
25

23

 
(18
)
19

 


 
7

42

Net income (loss)
 
$
50

$
47

 
$
(17
)
$
61

 
$

$

 
$
33

$
108


(1)    Earnings on life insurance related invested assets are integral to the evaluation of the life insurance operations because of the long duration of life products. On that basis, for presentation purposes, the life insurance operations in the table above include life insurance related investment results.



2



Erie Indemnity Company
Results of the Erie Insurance Group's Operations by Interest (Unaudited)
(in millions)
 
 
Indemnity
shareholder interest
 
Noncontrolling interest
(Exchange)
 
Eliminations of related party transactions
Erie Insurance Group
 
 
Nine months ended September 30,
 
Nine months ended September 30,
 
Nine months ended September 30,
 
Nine months ended September 30,
 
 
2015
2014
 
2015
2014
 
2015
2014
 
2015
2014
Management operations:
 
 
 
 
 
 
 
 
 
 
 
 
Management fee revenue, net
 
$
1,127

$
1,047

 
$

$

 
$
(1,127
)
$
(1,047
)
 
$

$

Service agreement revenue
 
22

23

 


 


 
22

23

Total revenue from management operations
 
1,149

1,070

 


 
(1,127
)
(1,047
)
 
22

23

Cost of management operations
 
958

882

 


 
(958
)
(882
)
 


Income from management operations before taxes
 
191

188

 


 
(169
)
(165
)
 
22

23

Property and casualty insurance operations:
 
 
 
 
 
 
 
 
 
 
 
 
Net premiums earned
 


 
4,239

3,899

 


 
4,239

3,899

Losses and loss expenses
 


 
2,897

3,016

 
(3
)
(4
)
 
2,894

3,012

Policy acquisition and underwriting expenses
 


 
1,222

1,132

 
(175
)
(173
)
 
1,047

959

Income (loss) from property and casualty insurance operations before taxes
 


 
120

(249
)
 
178

177

 
298

(72
)
Life insurance operations: (1)
 
 
 
 
 
 
 
 
 
 
144

143

Total revenue
 


 
144

144

 
0

(1
)
 
144

143

Total benefits and expenses
 


 
110

111

 
0

0

 
110

111

Income from life insurance operations before taxes
 


 
34

33

 
0

(1
)
 
34

32

Investment operations: (1)
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income
 
13

12

 
284

263

 
(9
)
(11
)
 
288

264

Net realized investment gains (losses)
 
0

1

 
(244
)
95

 


 
(244
)
96

Net impairment losses recognized in earnings
 
(1
)
0

 
(7
)
0

 


 
(8
)
0

Equity in earnings of limited partnerships
 
17

13

 
125

97

 


 
142

110

Income from investment operations before taxes
 
29

26

 
158

455

 
(9
)
(11
)
 
178

470

Income from operations before income taxes and noncontrolling interest
 
220

214

 
312

239

 


 
532

453

Provision for income taxes
 
75

72

 
91

61

 


 
166

133

Net income
 
$
145

$
142

 
$
221

$
178

 
$

$

 
$
366

$
320


(1)    Earnings on life insurance related invested assets are integral to the evaluation of the life insurance operations because of the long duration of life products. On that basis, for presentation purposes, the life insurance operations in the table above include life insurance related investment results.


3




Erie Indemnity Company
Reconciliation of Operating Income to Net Income



Reconciliation of operating income to net income (unaudited)

We disclose operating income, a non-GAAP financial measure, to enhance our investors’ understanding of our performance related to the Indemnity shareholder interest.  Our method of calculating this measure may differ from those used by other companies, and therefore comparability may be limited.
 
Indemnity defines operating income as net income excluding realized capital gains and losses, impairment losses and related federal income taxes.
 
Indemnity uses operating income to evaluate the results of its operations.  It reveals trends that may be obscured by the net effects of realized capital gains and losses including impairment losses.  Realized capital gains and losses, including impairment losses, may vary significantly between periods and are generally driven by business decisions and economic developments such as capital market conditions which are not related to our ongoing operations.  We are aware that the price to earnings multiple commonly used by investors as a forward-looking valuation technique uses operating income as the denominator.  Operating income should not be considered as a substitute for net income prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and does not reflect Indemnity’s overall profitability.
 
The following table reconciles operating income and net income for the Indemnity shareholder interest:
 
 
Indemnity Shareholder Interest
 
 
Three months ended September 30,
 
Nine months ended September 30,
(in millions, except per share data)
 
2015
 
2014
 
2015
 
2014
 
 
(Unaudited)
 
(Unaudited)
Operating income attributable to Indemnity
 
$
51

 
$
47

 
$
146

 
$
141

Net realized investment (losses) gains and impairments
 
(1
)
 
0

 
(1
)
 
1

Income tax benefit (expense)
 
0

 
0

 
0

 
0

Realized (losses) gains and impairments, net of income taxes
 
(1
)
 
0

 
(1
)
 
1

Net income attributable to Indemnity
 
$
50

 
$
47

 
$
145

 
$
142

 
 
 
 
 
 
 
 
 
Per Indemnity Class A common share-diluted:
 
 
 
 
 
 
 
 
Operating income attributable to Indemnity
 
$
0.95

 
$
0.90

 
$
2.76

 
$
2.70

Net realized investment (losses) gains and impairments
 
(0.01
)
 
0.00

 
(0.01
)
 
0.02

Income tax benefit (expense)
 
0.00

 
0.00

 
0.00

 
(0.01
)
Realized (losses) gains and impairments, net of income taxes
 
(0.01
)
 
0.00

 
(0.01
)
 
0.01

Net income attributable to Indemnity
 
$
0.94

 
$
0.90

 
$
2.75

 
$
2.71



4



Erie Indemnity Company
Consolidated Statements of Financial Position
(in millions)
 
 
September 30, 2015
 
December 31, 2014
 
 
(Unaudited)
 
 
Assets
 
 
 
 
Investments – Indemnity
 
 
 
 
Available-for-sale securities, at fair value:
 
 
 
 
Fixed maturities
 
$
588

 
$
564

Equity securities
 
20

 
25

Limited partnerships
 
95

 
113

Other invested assets
 
1

 
1

Investments – Exchange
 
 

 
 

Available-for-sale securities, at fair value:
 
 

 
 

Fixed maturities
 
9,392

 
9,007

Equity securities
 
720

 
850

Trading securities, at fair value
 
2,981

 
3,223

Limited partnerships
 
832

 
866

Other invested assets
 
21

 
20

Total investments
 
14,650

 
14,669

 
 
 
 
 
Cash and cash equivalents (Exchange portion of $496 and $422, respectively)
 
618

 
514

Premiums receivable from policyholders – Exchange
 
1,417

 
1,281

Reinsurance recoverable – Exchange
 
162

 
161

Deferred income taxes – Indemnity
 
51

 
37

Deferred acquisition costs – Exchange
 
656

 
595

Other assets (Exchange portion of $451 and $374, respectively)
 
561

 
501

Total assets
 
$
18,115

 
$
17,758

 
 
 
 
 
Liabilities and shareholders’ equity
 
 
 
 
Liabilities
 
 
 
 
Indemnity liabilities
 
 
 
 
Other liabilities
 
$
644

 
$
611

Exchange liabilities
 
 

 
 

Losses and loss expense reserves
 
3,923

 
3,853

Life policy and deposit contract reserves
 
1,848

 
1,812

Unearned premiums
 
3,109

 
2,834

Deferred income taxes
 
283

 
490

Other liabilities
 
183

 
175

Total liabilities
 
9,990

 
9,775

 
 
 
 
 
Indemnity's shareholders’ equity
 
750

 
703

 
 
 
 
 
Noncontrolling interest in consolidated entity – Exchange
 
7,375

 
7,280

Total equity
 
8,125

 
7,983

Total liabilities, shareholders’ equity and noncontrolling interest
 
$
18,115

 
$
17,758




5
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