2025 1st Quarter Investor Supplement
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
Erie Indemnity Company
Investor Supplement - First Quarter 2025 Table of Contents
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Page |
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Definitions |
1 |
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Indemnity Consolidated Income Statements |
2 |
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Indemnity Consolidated Balance Sheet Information |
3 |
|
|
Property and Casualty Group Direct Written Premium Growth Measures |
4 |
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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
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The calendar year ratio represents the combined ratio for the current calendar year.
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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.
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The current accident year catastrophe loss ratio represents the ratio of current accident year incurred catastrophe losses and loss adjustment expenses to earned premiums.
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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
|
2025 |
2024 |
2024 |
2024 |
2024 |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
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(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
|
(in thousands) 2025 |
2024 |
2024 |
2024 |
2024 |
|
|
Assets Cash, cash equivalents and restricted cash |
|
|
|
|
|
|
Receivables from |
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 |
|||||
|
Liabilities and shareholders' equity Liabilities Commissions payable |
|
|
|
|
|
|
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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