Erie Indemnity Co (ERIE) Q3 2022 Earnings Call Transcript

For the period ending September 30, 2022

October 28, 2022 10:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

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

Now I'd like to introduce your host of the call today, Vice President, Investor Relations, Scott Beilharz. Your line is open.

Scott Beilharz

Thank you, and welcome, everyone. We appreciate you joining us for this recorded discussion about our third 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 these differences, please see the safe harbor statements in our Form 10-Q filing with the SEC dated October 27, 2022 and in the related press release.

This prerecorded call is the property of the 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?

Timothy NeCastro

Thanks, Scott, and thanks to all of you for taking the time to learn more about Erie's performance in the third quarter of 2022.

As we move into the last few months of the year, I'm excited to be doing so with more employees working and collaborating in our offices with many of our long-standing in-person events back in place. Nearly 70% of employees in position who've worked on-site before the pandemic have now returned to our offices, and those returns will continue into next year. Like many other companies, we're taking a hybrid approach, balancing the flexibility our employees have come to value over the past couple of years with the needs of our business and relationship-based culture.

The past few months also saw the return of many of the celebrations and gatherings that are so important to us at Erie. Events like our annual branch meetings to recognize our independent agents, service anniversary celebrations to honor our long-tenured employees and summer picnics to connect with colleagues were all resumed after more than 2 years of cancellations and shifts to virtual formats. We are also excited to introduce our inaugural Diversity Summit held in September, a week-long event featuring guest speakers, interactive sessions and live panel discussions all designed to further engage employees and agents in our journey to integrate diversity, equity and inclusion into how we operate.