Earnings for Erie-based Erie Indemnity Co. grew 4.3 percent in the first quarter of 2017 to $47.9 million
Profits rose as the company grew revenues 6.6 percent to $399 million.
The company, one of Erie County's largest employers with about 2,700 local employees, announced quarterly earnings Monday after the stock market closed for the day.
Other good news also came from the company, which has begun site preparation for a new $135 million building in Erie.
Revenue from management fees increased 6.7 percent to $24.6 million while commissions paid out during the quarter were up by $11.8 million compared to the same period in 2016.
The company's investment income, calculated before taxes, for the first quarter rose from $2.6 million in the first quarter of 2016 to $6.6 million in the first three months of 2017.
"We are off to a good start in 2017, Tim NeCastro, CEO, said in a statement. "Solid top line growth combined with prudent expense management and improved investment returns result in increased earnings per share for the quarter."
The company, which has more than five million insurance policies in force, does business in 12 states and the District of Columbia.
A more detailed report will be offered by company officials during a webcast for investors and analysts at 10 a.m. Tuesday.
Jim Martin can be reached at 870-1668 or by email. Follow him on Twitter at http://twitter.com/ETNMartin.
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