Erie Indemnity Reports Third Quarter 2025 Results
Net Income per Diluted Share was $3.50 for the Quarter and $9.48 for the Nine Months of 2025
ERIE, Pa., Oct. 30, 2025 /PRNewswire/ -- Erie Indemnity Company (NASDAQ: ERIE) today announced financial results for the quarter and nine months ending September 30, 2025. Net income was $182.9 million, or $3.50 per diluted share, in the third quarter of 2025, compared to $159.8 million, or $3.06 per diluted share, in the third quarter of 2024. Net income was $496.0 million, or $9.48 per diluted share, in the first nine months of 2025, compared to $448.3 million, or $8.57 per diluted share, in the first nine months of 2024.
3Q and Nine Months 2025
(in thousands)
3Q'25
3Q'24
2025
2024
Operating income
$ 208,921
$ 180,125
$ 559,470
$ 509,145
Investment income
21,554
19,549
60,690
48,455
Other income
2,286
1,168
8,094
7,871
Income before income taxes
232,761
200,842
628,254
565,471
Income tax expense
49,908
41,012
132,299
117,186
Net income
$ 182,853
$ 159,830
$ 495,955
$ 448,285
3Q 2025 Highlights
Operating income before taxes increased $28.8 million, or 16.0 percent, in the third quarter of 2025 compared to the third quarter of 2024.
Income from investments before taxes totaled $21.6 million in the third quarter of 2025 compared to $19.5 million in the third quarter of 2024. Net investment income was $21.0 million in the third quarter of 2025 compared to $17.3 million in the third quarter of 2024. Net realized and unrealized gains were $1.3 million in the third quarter of 2025 compared to $2.9 million in the third quarter of 2024.
Nine Months 2025 Highlights
Operating income before taxes increased $50.3 million, or 9.9 percent, in the first nine months of 2025 compared to the first nine months of 2024.
Income from investments before taxes totaled $60.7 million in the first nine months of 2025 compared to $48.5 million in the first nine months of 2024. Net investment income was $61.0 million in the first nine months of 2025 compared to $49.2 million in the first nine months of 2024. Net investment income included $1.3 million of limited partnership earnings in the first nine months of 2025 compared to $0.1 million in the first nine months of 2024. Net realized and unrealized gains were $2.3 million in the first nine months of 2025 compared to $3.0 million in the first nine months of 2024. Net impairment losses recognized in earnings were $2.6 million in the first nine months of 2025 compared to $3.8 million in the first nine months of 2024.
Webcast Information
Indemnity has scheduled a pre-recorded audio broadcast on the Web for 10:00 AM ET on October 31, 2025. Investors may access the pre-recorded audio broadcast by logging on to www.erieinsurance.com.
Erie Insurance Group
Erie Insurance Group, based in Erie, Pennsylvania, is the 11 th largest homeowners insurer, 12 th largest automobile insurer and 10 th largest commercial lines insurer in the United States based on direct premiums written, according to AM Best Company. Founded in 1925, Erie Insurance is a Fortune 500 company and the 16 th largest property/casualty insurer in the United States based on net premiums written. Rated A (Excellent) by AM Best, ERIE has more than 7 million policies in force and operates in 12 states and the District of Columbia.
News releases and more information are available on ERIE's website at www.erieinsurance.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:
Statements contained herein that are not historical fact are forward-looking statements and, as such, are subject to risks and uncertainties that could cause actual events and results to differ, perhaps materially, from those discussed herein. Forward-looking statements relate to future trends, events or results and include, without limitation, statements and assumptions on which such statements are based that are related to our plans, strategies, objectives, expectations, intentions, and adequacy of resources. Examples of forward-looking statements are discussions relating to premium and investment income, expenses, operating results, and compliance with contractual and regulatory requirements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Among the risks and uncertainties, in addition to those set forth in our filings with the Securities and Exchange Commission, that could cause actual results and future events to differ from those set forth or contemplated in the forward-looking statements include the following:
A forward-looking statement speaks only as of the date on which it is made and reflects our analysis only as of that date. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changes in assumptions or otherwise.
Erie Indemnity Company
Consolidated Statements of Operations
(dollars in thousands, except per share data)
Three months ended September 30,
Nine months ended September 30,
2025
2024
2025
2024
(Unaudited)
(Unaudited)
Operating revenue
Management fee revenue - policy issuance and renewal services
$ 825,275
$ 769,162
$ 2,404,177
$ 2,195,734
Management fee revenue - administrative services
18,831
17,154
54,772
51,139
Administrative services reimbursement revenue
215,694
206,754
638,611
604,349
Service agreement revenue
6,939
6,816
18,675
19,803
Total operating revenue
1,066,739
999,886
3,116,235
2,871,025
Operating expenses
Cost of operations - policy issuance and renewal services
642,124
613,007
1,918,154
1,757,531
Cost of operations - administrative services
215,694
206,754
638,611
604,349
Total operating expenses
857,818
819,761
2,556,765
2,361,880
Operating income
208,921
180,125
559,470
509,145
Investment income
Net investment income
21,033
17,322
61,011
49,235
Net realized and unrealized investment gains
1,331
2,925
2,312
2,983
Net impairment losses recognized in earnings
(810)
(698)
(2,633)
(3,763)
Total investment income
21,554
19,549
60,690
48,455
Other income
2,286
1,168
8,094
7,871
Income before income taxes
232,761
200,842
628,254
565,471
Income tax expense
49,908
41,012
132,299
117,186
Net income
$ 182,853
$ 159,830
$ 495,955
$ 448,285
Net income per share
Class A common stock – basic
$ 3.93
$ 3.43
$ 10.65
$ 9.63
Class A common stock – diluted
$ 3.50
$ 3.06
$ 9.48
$ 8.57
Class B common stock – basic and diluted
$ 589
$ 515
$ 1,597
$ 1,444
Weighted average shares outstanding – Basic
Class A common stock
46,189,068
46,189,059
46,189,012
46,189,038
Class B common stock
2,542
2,542
2,542
2,542
Weighted average shares outstanding – Diluted
Class A common stock
52,305,599
52,306,514
52,304,797
52,301,001
Class B common stock
2,542
2,542
2,542
2,542
Dividends declared per share
Class A common stock
$ 1.365
$ 1.275
$ 4.095
$ 3.825
Class B common stock
$ 204.75
$ 191.25
$ 614.25
$ 573.75
Erie Indemnity Company
Consolidated Statements of Financial Position
(in thousands)
September 30,
2025
December 31,
2024
(Unaudited)
Assets
Current assets:
Cash and cash equivalents (includes restricted cash of $28,000 and $23,559, respectively)
$ 568,551
$ 298,397
Available-for-sale securities
59,833
44,604
Available-for-sale securities lent
4,318
0
Receivables from Erie Insurance Exchange and affiliates, net
780,473
707,060
Prepaid expenses and other current assets, net
73,779
83,902
Accrued investment income
10,937
11,069
Total current assets
1,497,891
1,145,032
Available-for-sale securities, net
970,160
991,726
Equity securities
54,378
85,891
Available-for-sale and equity securities lent
51,836
7,285
Fixed assets, net
557,607
513,494
Agent loans, net
94,740
80,597
Defined benefit pension plan
51,819
21,311
Other assets, net
45,897
43,278
Total assets
$ 3,324,328
$ 2,888,614
Liabilities and shareholders' equity
Current liabilities:
Commissions payable
$ 425,310
$ 408,309
Agent incentive compensation
99,717
75,458
Accounts payable and accrued liabilities
199,995
190,028
Dividends payable
63,569
63,569
Contract liability
47,949
42,761
Deferred executive compensation
6,700
14,874
Securities lending payable
54,325
7,513
Total current liabilities
897,565
802,512
Defined benefit pension plan
31,065
28,070
Contract liability
23,361
21,170
Deferred executive compensation
20,798
19,721
Deferred income taxes, net
19,776
6,418
Other long-term liabilities
22,885
23,465
Total liabilities
1,015,450
901,356
Shareholders' equity
2,308,878
1,987,258
Total liabilities and shareholders' equity
$ 3,324,328
$ 2,888,614
SOURCE Erie Indemnity Company