Erie Indemnity Company (NASDAQ:ERIE) Q2 2020 Earnings Conference Call - Final Transcript

Jul 31, 2020 • 10:00 am ET


Erie Indemnity Company (NASDAQ:ERIE) Q2 2020 Earnings Conference Call - Final Transcript


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Good morning. And welcome to the Erie Indemnity Company Second Quarter 2020 Earnings Conference Call. This call was pre-recorded 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, you may proceed.

Scott Beilharz

Thank you, and welcome, everyone. We appreciate you joining us for the recorded discussion about our 2020 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,

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 this differences, please see the Safe Harbor statements in our Form 10-Q filing with the SEC dated July 30th, 2020 and in the related press release. This pre-recorded 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 Erie Indemnity Company.

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

Gregory J. Gutting

Thanks, Scott, and thank you, everyone, for your time today and your interest in Erie's second quarter results. Before we talk about our quarterly financials, I want to touch on a couple of topics that are certainly top of mind for us as a business, and more importantly, as people.

First, the pandemic. As the coronavirus has spread and states have opened up quickly, all of us at Erie are being grateful to the health care professionals and essential workers who deliver everyday with great courage and caring.

Some of the actions we've taken regarding remote work have been taken to protect our employees and help stem the spread of the disease and its impact on the healthcare system in our communities. While the majority of our 6,000 employees continue to work remotely, we have a few hundred exemplary workers who remain onsite throughout our 12 state footprint.

These are the employees maintaining our network and data systems, facilities, and construction teams and handling cash processing and other critical functions that can only be performed onsite. Together with more than 13,000 Erie licensed agents, our employees, wherever they're working, are consistently delivering on Erie's promise of service throughout these trying times.

As we shared with you in May, our support for customers includes $400 million in financial relief for our personal and commercial automobile customers. This included $200 million in policyholder dividends and an overall 5% rate reduction for those policies. We mailed 2.5 million dividend checks intended for more than 14,000 customers who responded