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WKN: 919562 | ISIN: US29530P1021 | Ticker-Symbol: EI2
Tradegate
08.08.25 | 11:54
302,00 Euro
-0,66 % -2,00
1-Jahres-Chart
ERIE INDEMNITY COMPANY Chart 1 Jahr
5-Tage-Chart
ERIE INDEMNITY COMPANY 5-Tage-Chart
RealtimeGeldBriefZeit
298,00306,0014:07
298,00306,0011:55
PR Newswire
29 Leser
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Erie Indemnity Company: Erie Indemnity Reports Second Quarter 2025 Results

Net Income per Diluted Share was $3.34 for the Quarter and $5.99 for the Six Months of 2025

ERIE, Pa., Aug. 7, 2025 /PRNewswire/ -- Erie Indemnity Company (NASDAQ: ERIE) today announced financial results for the quarter and six months ending June 30, 2025. Net income was $174.7 million, or $3.34 per diluted share, in the second quarter of 2025, compared to $163.9 million, or $3.13 per diluted share, in the second quarter of 2024. Net income was $313.1 million, or $5.99 per diluted share, in the first six months of 2025, compared to $288.5 million, or $5.52 per diluted share, in the first six months of 2024.

2Q and First Half 2025

(in thousands)

2Q'25

2Q'24

1H'25

1H'24

Operating income

$ 199,173

$ 190,208

$ 350,549

$ 329,020

Investment income

19,600

13,827

39,136

28,906

Other income

1,974

3,292

5,808

6,703

Income before income taxes

220,747

207,327

395,493

364,629

Income tax expense

46,062

43,424

82,391

76,174

Net income

$ 174,685

$ 163,903

$ 313,102

$ 288,455








2Q 2025 Highlights

Operating income before taxes increased $9.0 million, or 4.7 percent, in the second quarter of 2025 compared to the second quarter of 2024.

  • Management fee revenue - policy issuance and renewal services increased $63.0 million, or 8.3 percent, in the second quarter of 2025 compared to the second quarter of 2024.
  • Management fee revenue - administrative services increased $1.2 million, or 7.3 percent, in the second quarter of 2025 compared to the second quarter of 2024.
  • Cost of operations - policy issuance and renewal services
    • Commissions increased $43.5 million in the second quarter of 2025, compared to the second quarter of 2024, primarily driven by the growth in direct and affiliated assumed written premium and, to a lesser extent, an increase in agent incentive compensation.
    • Non-commission expense increased $10.6 million in the second quarter of 2025 compared to the second quarter of 2024. Information technology costs increased $7.1 million primarily due to an increase in personnel costs and a decrease in capitalized professional fees related to technology initiatives. Sales and advertising expense increased $2.8 million primarily due to increased agent-related and advertising costs. Personnel costs were impacted by increased healthcare costs compared to 2024.

Income from investments before taxes totaled $19.6 million in the second quarter of 2025 compared to $13.8 million in the second quarter of 2024. Net investment income was $20.0 million in the second quarter of 2025 compared to $16.0 million in the second quarter of 2024. Net realized and unrealized gains on investments were $0.5 million in the second quarter of 2025 compared to losses of $1.8 million in the second quarter of 2024.

First Half 2025 Highlights

Operating income before taxes increased $21.5 million, or 6.5 percent, in the first six months of 2025 compared to the first six months of 2024.

  • Management fee revenue - policy issuance and renewal services increased $152.3 million, or 10.7 percent, in the first six months of 2025 compared to the first six months of 2024.
  • Management fee revenue - administrative services increased $2.0 million, or 5.8 percent, in the first six months of 2025 compared to the first six months of 2024.
  • Cost of operations - policy issuance and renewal services
    • Commissions increased $104.6 million in the first six months of 2025 compared to the first six months of 2024, primarily driven by the growth in direct and affiliated assumed written premium and, to a lesser extent, an increase in agent incentive compensation.
    • Non-commission expense increased $26.9 million for the first six months of compared to the first six months of 2024. Underwriting and policy processing expense increased $4.3 million primarily due to increased personnel costs and printing and postage costs. Information technology costs increased $18.4 million primarily due to an increase in personnel costs and hardware and software costs and a decrease in capitalized professional fees related to technology initiatives. Customer service costs increased $2.7 million primarily due to increased personnel costs. Sales and advertising expense increased $3.0 million primarily due to increased advertising and personnel costs. Personnel costs were impacted by increased healthcare costs compared to 2024.

Income from investments before taxes totaled $39.1 million in the first six months of 2025 compared to $28.9 million in the first six months of 2024. Net investment income was $40.0 million in the first six months of 2025 compared to $31.9 million in the first six months of 2024. Net investment income included $1.2 million of limited partnership earnings in the first six months of 2025 compared to $0.3 million in the first six months of 2024. Net realized and unrealized gains were $1.0 million in the first six months of 2025 compared to $0.1 million in the first six months of 2024. Net impairment losses recognized in earnings were $1.8 million in the first six months of 2025 compared to $3.1 million in the first six months of 2024.

Webcast Information

Indemnity has scheduled a pre-recorded audio broadcast on the Web for 10:00 AM ET on August 8, 2025. Investors may access the pre-recorded audio broadcast by logging on to www.erieinsurance.com.

Erie Insurance Group

According to A.M. Best Company, Erie Insurance Group, based in Erie, Pennsylvania, is the 11th largest homeowners insurer, 12th largest automobile insurer and 10th largest commercial lines insurer in the United States based on direct premiums written. Founded in 1925, Erie Insurance is a Fortune 500 company and the 16th largest property/casualty insurer in the United States based on net premiums written. Rated A+ (Superior) by A.M. 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:

  • dependence upon our relationship with the Erie Insurance Exchange ("Exchange") and the management fee under the agreement with the subscribers at the Exchange;
  • dependence upon our relationship with the Exchange and the growth of the Exchange, including:
    • general business and economic conditions;
    • factors impacting the timing of premium rates charged for policies;
    • factors affecting insurance industry competition, including technological innovations;
    • dependence upon the independent agency system; and
    • ability to maintain our brand, including our reputation for customer service;
  • dependence upon our relationship with the Exchange and the financial condition of the Exchange, including:
    • the Exchange's ability to maintain acceptable financial strength ratings;
    • factors affecting the quality and liquidity of the Exchange's investment portfolio;
    • changes in government regulation of the insurance industry;
    • litigation and regulatory actions;
    • emergence of significant unexpected events, including pandemics, economic or social inflation, and changes in tariff policies;
    • emerging claims and coverage issues in the industry; and
    • severe weather conditions or other catastrophic losses, including terrorism;
  • costs of providing policy issuance and renewal services to the subscribers at the Exchange under the subscriber's agreement;
  • ability to attract and retain talented management and employees;
  • ability to ensure system availability and effectively manage technology initiatives;
  • difficulties with technology, data or network security breaches, including cyber attacks;
  • ability to maintain uninterrupted business operations;
  • compliance with complex and evolving laws and regulations and outcome of pending and potential litigation;
  • factors affecting the quality and liquidity of our investment portfolio; and
  • ability to meet liquidity needs and access capital.

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 June 30,


Six months ended June 30,



2025


2024


2025


2024



(Unaudited)


(Unaudited)

Operating revenue









Management fee revenue - policy issuance and renewal services


$ 823,853


$ 760,886


$ 1,578,902


$ 1,426,572

Management fee revenue - administrative services


18,296


17,051


35,941


33,985

Administrative services reimbursement revenue


212,644


206,028


422,917


397,595

Service agreement revenue


5,304


6,473


11,736


12,987

Total operating revenue


1,060,097


990,438


2,049,496


1,871,139










Operating expenses









Cost of operations - policy issuance and renewal services


648,280


594,202


1,276,030


1,144,524

Cost of operations - administrative services


212,644


206,028


422,917


397,595

Total operating expenses


860,924


800,230


1,698,947


1,542,119

Operating income


199,173


190,208


350,549


329,020










Investment income









Net investment income


20,030


16,010


39,978


31,913

Net realized and unrealized investment gains (losses)


479


(1,795)


981


58

Net impairment losses recognized in earnings


(909)


(388)


(1,823)


(3,065)

Total investment income


19,600


13,827


39,136


28,906










Other income


1,974


3,292


5,808


6,703

Income before income taxes


220,747


207,327


395,493


364,629

Income tax expense


46,062


43,424


82,391


76,174

Net income


$ 174,685


$ 163,903


$ 313,102


$ 288,455










Net income per share









Class A common stock - basic


$ 3.75


$ 3.52


$ 6.72


$ 6.19

Class A common stock - diluted


$ 3.34


$ 3.13


$ 5.99


$ 5.52

Class B common stock - basic and diluted


$ 563


$ 528


$ 1,008


$ 929










Weighted average shares outstanding - Basic









Class A common stock


46,189,063


46,189,042


46,188,984


46,189,028

Class B common stock


2,542


2,542


2,542


2,542










Weighted average shares outstanding - Diluted









Class A common stock


52,304,407


52,305,299


52,304,397


52,303,551

Class B common stock


2,542


2,542


2,542


2,542










Dividends declared per share









Class A common stock


$ 1.365


$ 1.275


$ 2.73


$ 2.55

Class B common stock


$ 204.75


$ 191.25


$ 409.50


$ 382.50

Erie Indemnity Company

Consolidated Statements of Financial Position

(in thousands)




June 30,
2025


December 31,
2024



(Unaudited)



Assets





Current assets:





Cash and cash equivalents (includes restricted cash of $25,923 and $23,559, respectively)


$ 358,027


$ 298,397

Available-for-sale securities


59,162


44,604

Receivables from Erie Insurance Exchange and affiliates, net


769,148


707,060

Prepaid expenses and other current assets, net


71,133


83,902

Accrued investment income


11,998


11,069

Total current assets


1,269,468


1,145,032






Available-for-sale securities, net


1,048,584


991,726

Equity securities


68,095


85,891

Available-for-sale and equity securities lent


35,535


7,285

Fixed assets, net


519,834


513,494

Agent loans, net


85,027


80,597

Defined benefit pension plan


54,650


21,311

Other assets, net


47,021


43,278

Total assets


$ 3,128,214


$ 2,888,614






Liabilities and shareholders' equity





Current liabilities:





Commissions payable


$ 446,424


$ 408,309

Agent incentive compensation


70,101


75,458

Accounts payable and accrued liabilities


193,032


190,028

Dividends payable


63,569


63,569

Contract liability


46,213


42,761

Deferred executive compensation


7,181


14,874

Securities lending payable


35,159


7,513

Total current liabilities


861,679


802,512






Defined benefit pension plan


26,820


28,070

Contract liability


22,594


21,170

Deferred executive compensation


18,471


19,721

Deferred income taxes, net


476


6,418

Other long-term liabilities


13,629


23,465

Total liabilities


943,669


901,356






Shareholders' equity


2,184,545


1,987,258

Total liabilities and shareholders' equity


$ 3,128,214


$ 2,888,614

SOURCE Erie Indemnity Company

© 2025 PR Newswire
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