Erie Indemnity Company has reported a net income of $32.6 million for the fourth quarter of 2007, compared to $45.5 million for the same period in 2006.
Net revenue from investment operations decreased to $12.4 million in the period as compared to $30.7 million in the same period of 2006.
Net income was $212.9 million for the year ended December 31, 2007, a 4.4% increase from $204 million registered in 2006. Net income was impacted by improved underwriting operations and limited partnership earnings.
Net revenue from investment operations increased by 6.6% to $110.5 million compared to $103.6 million in 2006.
John Brinling, president and CEO of Erie Indemnity, said: We capped the year with strong fourth quarter performance in our underlying business operations. We continued to retain greater numbers of our current customers ending the year with a strong retention ratio of 90.2%. We believe our company is positioned for another positive year in 2008.