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April 28, 2025 Newswires
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2025 1st Quarter Investor Supplement

U.S. Markets via PUBT

ERIE INDEMNITY COMPANY

Investor Supplement First Quarter 2025

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 2024.

Erie Indemnity Company

Investor Supplement - First Quarter 2025 Table of Contents

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

Erie Indemnity Company

Investor Supplement - First Quarter 2025 Definitions

Indemnityis a publicly held Pennsylvania business corporation that has since its incorporation in 1925 served as the attorney-in-fact for the subscribers (policyholders) at the Erie Insurance Exchange ("Exchange"). Our primary function as attorney-in-fact is to perform policy issuance and renewal services on behalf of the subscribers at the Exchange. We also act as attorney-in-fact on behalf of the subscribers at the Exchange with respect to all claims handling and investment management services, as well as the service provider for all claims handling, life insurance and investment management services for the Exchange's insurance subsidiaries, collectively referred to as "administrative services".

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 Southeastestates 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.

Erie Indemnity Company

Investor Supplement - First Quarter 2025 (Unaudited)

Indemnity

Consolidated Income Statements

March 31,

2025

December 31,

2024

September 30,

2024

June 30,

2024

March 31,

2024

$ 755,049

$ 698,340

$ 769,162

$ 760,886

$ 665,686

17,645

17,216

17,154

17,051

16,934

210,273

201,987

206,754

206,028

191,567

6,432

6,547

6,816

6,473

6,514

989,399

924,090

999,886

990,438

880,701

436,860

385,174

420,516

419,951

375,760

190,890

169,619

192,491

174,251

174,562

627,750

554,793

613,007

594,202

550,322

210,273

201,987

206,754

206,028

191,567

838,023

756,780

819,761

800,230

741,889

151,376

167,310

180,125

190,208

138,812

18,876

19,083

17,449

16,274

15,378

1,072

1,837

(127)

(264)

525

19,948

20,920

17,322

16,010

15,903

502

246

2,925

(1,795)

1,853

(914)

(361)

(698)

(388)

(2,677)

19,536

20,805

19,549

13,827

15,079

3,834

3,693

1,168

3,292

3,411

174,746

191,808

200,842

207,327

157,302

36,329

39,779

41,012

43,424

32,750

$ 138,417

$ 152,029

$ 159,830

$ 163,903

$ 124,552

$ 2.65

$ 2.91

$ 3.06

$ 3.13

$ 2.38

(dollars in thousands, except per share data) Three Months Ended

Operating revenue

Management fee revenue - policy issuance and renewal services Management fee revenue - administrative services Administrative services reimbursement revenue

Service agreement revenue Total operating revenue

Operating expenses

Commissions

Non-commission expenses

Cost of operations - policy issuance and renewal services Cost of operations - administrative services

Total operating expenses Operating income

Investment income

Interest and dividend income, net

Equity in earnings (losses) of limited partnerships Net investment income

Net realized and unrealized investment gains (losses)

Net impairment losses recognized in earnings Total investment income

Other income

Income before income taxes Income tax expense

Net income

Net income per share - diluted

Erie Indemnity Company

Investor Supplement - First Quarter 2025 (Unaudited)

Indemnity

Consolidated Balance Sheet Information

March 31,

(in thousands) 2025

December 31,

2024

September 30,

2024

June 30,

2024

March 31,

2024

Assets

Cash, cash equivalents and restricted cash

$ 260,379

$ 298,397

$ 221,213

$ 170,634

$ 144,872

Receivables from Erie Insurance Exchange and affiliates, net

719,898

707,060

736,973

708,171

641,691

Investments, net

1,229,285

1,159,116

1,169,600

1,108,139

1,084,597

Fixed assets, net

513,088

513,494

480,707

469,145

461,914

Agent loans, net

98,823

92,731

91,636

66,280

67,448

Defined benefit pension plan

57,480

21,311

64,172

65,221

66,270

Other assets, net

89,275

96,505

99,846

104,370

89,002

Total assets $ 2,968,228 $ 2,888,614 $ 2,864,147 $ 2,691,960 $ 2,555,794

Liabilities and shareholders' equity Liabilities

Commissions payable

$ 429,380

$ 408,309

$ 426,341

$ 413,205

$ 384,613

Agent incentive compensation

42,190

75,458

60,073

44,870

26,968

Defined benefit pension plan

26,197

28,070

27,757

26,591

23,792

Contract liability

65,805

63,931

63,974

62,215

60,555

Other liabilities

337,305

325,588

338,047

316,266

333,686

Total liabilities

900,877

901,356

916,192

863,147

829,614

Shareholders' equity

2,067,351

1,987,258

1,947,955

1,828,813

1,726,180

Total liabilities and shareholders' equity $ 2,968,228 $ 2,888,614 $ 2,864,147 $ 2,691,960 $ 2,555,794

Attachments

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Disclaimer

Erie Indemnity Company published this content on April 28, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 28, 2025 at 12:35 UTC.

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