Erie Indemnity : 2026 1st Quarter Investor Supplement
ERIE
Published on 04/23/2026 at 05:28 pm EDT
This report is for informational purposes only and includes financial statements and financial exhibits that are unaudited. This report should be read in conjunction with documents filed with the U.S. Securities and Exchange Commission, including the most recent Annual Report on Form 10-K for 2025.
Page
Definitions
1
Indemnity Consolidated Income Statements
2
Indemnity Consolidated Balance Sheet Information
3
Property and Casualty Group Direct Written Premium Growth Measures
4
Property and Casualty Group Statutory Basis Combined Ratio - Direct Business
5
Exchange, which also commenced business in 1925, is a Pennsylvania-domiciled reciprocal insurer that writes property and casualty insurance.
Property and Casualty Group
The Property and Casualty Group ("P&C Group") is a regional insurance group operating in 12 Midwestern, Mid-Atlantic, and Southeastern states and the District of Columbia. The P&C Group is comprised of the Exchange and its wholly owned property and casualty insurance subsidiaries. Certain operating and statistical measures have been incorporated herein to provide supplemental data that indicate current trends in the P&C Group's business. These measures include revenue, policies in-force and policyholder retention. Policyholder retention is defined as renewal policies in the current period divided by total policies in the prior period.
The P&C Group, along with others in the property and casualty insurance industry, use statutory underwriting ratios as measures of performance. The loss and loss expense ratio is the ratio of incurred losses and loss adjustment expenses to earned premiums. The statutory underwriting expense ratio is the ratio of underwriting expenses to written premiums. The combined ratio is the sum of the loss and loss expense ratio, the underwriting expense ratio and the policyholder dividend ratio. A combined ratio below 100% demonstrates underwriting profit; a combined ratio above 100% demonstrates underwriting losses.
The calendar year ratio represents the combined ratio for the current calendar year.
Loss reserve development is the increase or decrease in incurred losses and loss adjustment expenses as a result of the re-estimation of loss and loss adjustment expense reserves at successive valuation dates for a group of claims. Loss reserve development may be related to one or more prior years. The prior year reserve development ratio represents the ratio of prior years' incurred losses and loss adjustment expenses to earned premiums.
The current accident year catastrophe loss ratio represents the ratio of current accident year incurred catastrophe losses and loss adjustment expenses to earned premiums.
The current accident year excluding catastrophes ratio represents the sum of the current accident year incurred losses and loss adjustment expenses to earned premiums ratio, the underwriting expense ratio and the policyholder dividend ratio.
Indemnity Consolidated Income Statements
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
$ 786,399
$ 727,629
$ 825,275
$ 823,853
$ 755,049
19,475
19,286
18,831
18,296
17,645
200,096
198,028
215,694
212,644
210,273
5,941
6,080
6,939
5,304
6,432
1,011,911
951,023
1,066,739
1,060,097
989,399
403,477
376,128
426,585
427,750
389,729
61,379
39,100
34,928
35,692
47,131
180,172
180,053
180,611
184,838
190,890
645,028
595,281
642,124
648,280
627,750
200,096
198,028
215,694
212,644
210,273
845,124
793,309
857,818
860,924
838,023
166,787
157,714
208,921
199,173
151,376
22,828
22,546
20,919
19,947
18,876
732
2,280
114
83
1,072
23,560
24,826
21,033
20,030
19,948
(765)
24
1,331
479
502
(676)
(679)
(810)
(909)
(914)
22,119
24,171
21,554
19,600
19,536
1,420
464
2,286
1,974
3,834
-
(100,000)
-
-
-
190,326
82,349
232,761
220,747
174,746
39,852
18,969
49,908
46,062
36,329
$ 150,474
$ 63,380
$ 182,853
$ 174,685
$ 138,417
$ 2.88
$ 1.21
$ 3.50
$ 3.34
$ 2.65
(dollars in thousands, except per share data) Three Months Ended
Management fee revenue - policy issuance and renewal services Management fee revenue - administrative services Administrative services reimbursement revenue
Service agreement revenue Total operating revenue
Commissions (1)
Agent incentive compensation (1)
Non-commission expenses
Cost of operations - policy issuance and renewal services Cost of operations - administrative services
Total operating expenses Operating income
Interest and dividend income, net
Equity in earnings of limited partnerships Net investment income
Net realized and unrealized investment (losses) gains
Net impairment losses recognized in earnings Total investment income
Other income
Contribution to charitable foundation (2)
Income before income taxes Income tax expense
Net income
Net income per share - diluted
Historical periods have been restated to conform to current period presentation.
This represents a contribution to Erie Insurance Foundation, a tax-exempt private charitable foundation formed in 2025 to create long-term sustainability for charitable contributions and grantmaking.
Indemnity
Consolidated Balance Sheet Information
March 31,
(in thousands) 2026
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
Assets
Cash, cash equivalents and restricted cash
$ 268,616
$ 345,874
$ 568,551
$ 358,027
$ 260,379
Receivables from Erie Insurance Exchange and affiliates, net
743,236
735,589
780,473
769,148
719,898
Investments, net
1,512,078
1,492,933
1,176,319
1,246,601
1,229,285
Fixed assets, net
579,649
571,476
557,607
519,834
513,088
Agent loans, net
120,524
109,331
109,131
99,572
98,823
Defined benefit pension plan
66,617
24,137
51,819
54,650
57,480
Other assets, net
85,958
76,141
80,428
80,382
89,275
Total assets $ 3,376,678 $ 3,355,481 $ 3,324,328 $ 3,128,214 $ 2,968,228
Liabilities and shareholders' equity Liabilities
Commissions payable
$ 440,465
$ 425,320
$ 425,310
$ 446,424
$ 429,380
Agent incentive compensation
58,393
132,560
99,717
70,101
42,190
Defined benefit pension plan
34,023
33,410
31,065
26,820
26,197
Contract liability
70,368
70,835
71,310
68,807
65,805
Other liabilities
419,908
409,982
388,048
331,517
337,305
Total liabilities
1,023,157
1,072,107
1,015,450
943,669
900,877
Shareholders' equity
2,353,521
2,283,374
2,308,878
2,184,545
2,067,351
Disclaimer
Erie Indemnity Company published this content on April 23, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 23, 2026 at 21:19 UTC.