$ERIE

ERIE INDEMNITY CO

CIK:0000922621|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating revenue
Total operating revenue	$ 1,089,796	$ 1,060,097	$ 2,101,707	$ 2,049,496
Operating expenses
Total operating expenses	885,673	860,924	1,730,797	1,698,947
Operating income	204,123	199,173	370,910	350,549
Investment income
Net investment income	22,587	20,030	46,147	39,978
Net realized and unrealized investment gains (losses)	557	479	(208)	981
Net impairment losses recognized in earnings	(591)	(909)	(1,267)	(1,823)
Total investment income	22,553	19,600	44,672	39,136
Other income	1,401	1,974	2,821	5,808
Income before income taxes	228,077	220,747	418,403	395,493
Income tax expense	47,783	46,062	87,635	82,391
Net income	$ 180,294	$ 174,685	$ 330,768	$ 313,102
Class A common stock
Earnings per share - Basic and diluted:
Common stock - basic (in dollars per share)	$ 3.87	$ 3.75	$ 7.10	$ 6.72
Common stock - diluted (in dollars per share)	$ 3.45	$ 3.34	$ 6.32	$ 5.99
Weighted average shares outstanding – Basic
Common stock - Basic (in shares)	46,189,033	46,189,063	46,188,942	46,188,984
Weighted average shares outstanding – Diluted
Common stock - Diluted (in shares)	52,298,697	52,304,407	52,299,440	52,304,397
Dividends declared per share
Dividends declared (in dollars per share)	$ 1.4625	$ 1.365	$ 2.925	$ 2.73
Class B common stock
Earnings per share - Basic and diluted:
Common stock - basic (in dollars per share)	581	563	1,065	1,008
Common stock - diluted (in dollars per share)	$ 581	$ 563	$ 1,065	$ 1,008
Weighted average shares outstanding – Basic
Common stock - Basic (in shares)	2,542	2,542	2,542	2,542
Weighted average shares outstanding – Diluted
Common stock - Diluted (in shares)	2,542	2,542	2,542	2,542
Dividends declared per share
Dividends declared (in dollars per share)	$ 219.375	$ 204.75	$ 438.75	$ 409.50
Management fee revenue - policy issuance and renewal services
Operating revenue
Total operating revenue	$ 862,879	$ 823,853	$ 1,649,278	$ 1,578,902
Operating expenses
Total operating expenses	684,119	648,280	1,329,147	1,276,030
Management fee revenue - administrative services
Operating revenue
Total operating revenue	19,619	18,296	39,094	35,941
Administrative services reimbursement revenue
Operating revenue
Total operating revenue	201,554	212,644	401,650	422,917
Operating expenses
Total operating expenses	201,554	212,644	401,650	422,917
Service agreement revenue
Operating revenue
Total operating revenue	$ 5,744	$ 5,304	$ 11,685	$ 11,736

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Management fee received	$ 1,656,098	$ 1,474,277
Administrative services reimbursements received	410,927	500,337
Service agreement revenue received	11,698	11,735
Net investment income received	46,038	37,795
Commissions paid to agents	(825,406)	(783,117)
Incentive compensation paid to agents	(137,949)	(85,401)
Salaries and wages paid	(130,034)	(139,121)
Pension contribution and employee benefits paid	(80,554)	(78,227)
General operating expenses paid	(148,455)	(154,610)
Administrative services expenses paid	(395,538)	(414,543)
Income taxes paid	(100,011)	(73,431)
Net cash provided by operating activities	306,814	295,694
Purchase of investments:
Available-for-sale securities	(529,834)	(208,686)
Equity securities	(95,633)	(14,517)
Proceeds from investments:
Available-for-sale securities sales	387,027	63,703
Available-for-sale securities maturities/calls	85,548	67,415
Equity securities	10,908	16,769
Other investments	252	0
Purchase of fixed assets	(78,933)	(49,931)
Loans to agents and others	(18,700)	(18,166)
Collections on agent and other loans	4,708	6,841
Net cash used in investing activities	(234,657)	(136,572)
Cash flows from financing activities
Dividends paid to shareholders	(136,218)	(127,138)
Net changes in cash collateral for securities lent	1,089	27,646
Net cash used in financing activities	(135,129)	(99,492)
Net (decrease) increase in cash, cash equivalents and restricted cash	(62,972)	59,630
Cash, cash equivalents and restricted cash, beginning of period	345,874	298,397
Cash, cash equivalents and restricted cash, end of period	282,902	358,027
Supplemental disclosure of noncash transactions
Liability incurred to purchase fixed assets	5,255	844
Operating lease assets obtained in exchange for lease liabilities	2,999	2,523
Receipt of donated equipment	$ 0	$ 1,967

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents (includes restricted cash of $39,608 and $30,189, respectively)	$ 282,902	$ 345,874
Available-for-sale securities	61,715	33,902
Available-for-sale securities lent	1,973	3,436
Receivables from Erie Insurance Exchange and affiliates, net	753,245	735,589
Prepaid expenses and other current assets, net	92,533	66,061
Accrued investment income	14,194	14,311
Total current assets	1,206,562	1,199,173
Available-for-sale securities, net	1,327,084	1,286,566
Equity securities	150,516	70,624
Available-for-sale and equity securities lent	67,939	61,063
Fixed assets, net	593,365	571,476
Agent loans, net	100,680	93,953
Defined benefit pension plan	62,096	24,137
Other assets, net	48,774	48,489
Total assets	3,557,016	3,355,481
Current liabilities:
Commissions payable	457,211	425,320
Agent incentive compensation	116,570	132,560
Accounts payable and accrued liabilities	205,760	200,701
Dividends payable	68,109	68,109
Contract liability	48,457	47,561
Deferred executive compensation	9,154	9,400
Securities lending payable	63,157	61,936
Total current liabilities	968,418	945,587
Defined benefit pension plan	34,703	33,410
Contract liability	23,148	23,274
Deferred executive compensation	21,018	22,050
Deferred income taxes, net	19,085	24,788
Other long-term liabilities	23,538	22,998
Total liabilities	1,089,910	1,072,107
Shareholders’ equity
Additional paid-in-capital	16,500	16,492
Accumulated other comprehensive loss	(62,847)	(52,021)
Retained earnings	3,657,373	3,462,823
Total contributed capital and retained earnings	3,613,196	3,429,464
Treasury stock, at cost; 22,110,132 shares held	(1,170,957)	(1,171,014)
Deferred compensation	24,867	24,924
Total shareholders’ equity	2,467,106	2,283,374
Total liabilities and shareholders’ equity	3,557,016	3,355,481
Class A common stock
Shareholders’ equity
Common stock	1,992	1,992
Class B common stock
Shareholders’ equity
Common stock	$ 178	$ 178