Erie Indemnity Company (ERIE) Q2 2022 Earnings Call Transcript

For the period ending June 30, 2022

July 29, 2022 10:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good morning and welcome to the Erie Indemnity Company Second Quarter 2022 Earnings Conference Call. This call was prerecorded and there will be no question-and-answer session following the recording.

Now, I’d like to introduce your host for the call, Vice President of Investor Relations, Scott Beilharz.

Scott Beilharz

Thank you and welcome everyone. We appreciate you joining us for this recorded discussion about our second quarter results. This recording will include remarks from Tim NeCastro, President and Chief Executive Officer; and Greg Gutting, Executive Vice President and Chief Financial Officer. Our earnings release and financial supplement were issued yesterday afternoon after the market closed and are available within the Investor Relations section of our website, erieinsurance.com.

Before we begin, I would like to remind everyone that today’s discussion may contain forward-looking remarks that reflect the company’s current views about future events. These remarks are based on assumptions subject to known and unexpected risks and uncertainties. These risks and uncertainties may cause results to differ materially from those described in these remarks. For information on important factors that may cause such differences, please see the safe harbor statements in our Form 10-Q filing with the SEC dated July 28, 2022, and in the related press release.

This prerecorded call is the property of Erie Indemnity Company. It may not be reproduced or rebroadcast by any other party without the prior written consent of the Erie Indemnity Company.

With that, we will move on to Tim’s remarks. Tim?

Tim NeCastro

Thanks, Scott, and thanks to all of you for listening in today. It’s hard to believe we’re already halfway through 2022. First half of the year was a time of transition and new beginnings. Back in April, we began bringing a small number of employees back to our home office. These employees volunteered to be the first to work on our new Thomas B. Hagen building and they have been pioneers in helping us shape the employee experience as we move into a new era of work. That new era began in July, as we started bringing 200 more employees back to work on site each week, a process we expect to continue for several more months.

As we do this, we are finding a balance between flexibility, productivity and connectedness. Wherever possible, employees are working on hybrid schedule, with some days in the office and others remote. This allows employees to have the face-to-face interactions that are a key part of building strong relationships, while still giving them the flexibility they have come to value from working virtually. It’s also the core of our business strategy, combining the human touch with an enhanced digital experience. With that said, we know many employees prefer the convenience of fully remote work. And without a doubt, the pandemic has only heightened the competition for talent and work opportunities.