US Market News
1月前
Erie Indemnity Reports First Quarter 2026 ResultsApril 23, 2026 4:15 PM
PR Newswire (US)
Net Income was $150.5 million, Earnings per Diluted Share was $2.88 ERIE, Pa., April 23, 2026 /PRNewswire/ -- Erie Indemnity Company (NASDAQ: ERIE) today announced financial results for the quarter ending March 31, 2026. Net income was $150.5 million, or $2.88 per diluted share, in the first quarter of 2026, compared to $138.4 million, or $2.65 per diluted share, in the first quarter of 2025.
1Q 2026
(in thousands)1Q'261Q'25
Operating income$ 166,787$ 151,376
Investment income22,11919,536
Other income1,4203,834
Income before income taxes190,326174,746
Income tax expense39,85236,329
Net income$ 150,474$ 138,417
1Q 2026 HighlightsOperating income before taxes increased $15.4 million, or 10.2 percent, in the first quarter of 2026 compared to the first quarter of 2025.Management fee revenue - policy issuance and renewal services increased $31.4 million, or 4.2 percent, in the first quarter of 2026 compared to the first quarter of 2025.Management fee revenue - administrative services increased $1.8 million, or 10.4 percent, in the first quarter of 2026 compared to the first quarter of 2025.Cost of operations - policy issuance and renewal servicesCommissions increased $28.0 million in the first quarter of 2026, compared to the same period in 2025, primarily driven by an increase in agent incentive compensation and the growth in direct and affiliated assumed written premium.Non-commission expense decreased $10.7 million in the first quarter of 2026 compared to the first quarter of 2025. Personnel costs increased $2.1 million, primarily driven by higher pension costs and increased compensation. Sales and advertising decreased $2.0 million primarily due to a decrease in advertising costs and community development initiative costs. Acquisition and underwriting support costs decreased $1.9 million primarily due to lower underwriting report costs. Professional fees decreased $7.0 million primarily due to reduced use of third-party services related to technology initiatives. Administrative and other costs decreased $1.6 million primarily due to lower charitable contributions related to the transition of charitable giving through the Erie Insurance Foundation, partially offset by an increase in credit card processing fees.Income from investments before taxes totaled $22.1 million in the first quarter of 2026 compared to $19.5 million in the first quarter of 2025. Net investment income was $23.6 million in the first quarter of 2026 compared to $19.9 million in the first quarter of 2025. Net realized and unrealized losses were $0.8 million in the first quarter of 2026 compared to gains of $0.5 million in the first quarter of 2025. Webcast InformationIndemnity has scheduled a pre-recorded audio broadcast on the Web for 10:00 AM ET on April 24, 2026. Investors may access the pre-recorded audio broadcast by logging on to www.erieinsurance.com.Erie Insurance GroupErie 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, according to AM Best Company. 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 (Excellent) by AM Best, ERIE has nearly seven 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; andability 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; andsevere 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, develop, retain, and protect 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; andability 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 CompanyConsolidated Statements of Operations(dollars in thousands, except per share data)
Three months ended March 31,
2026
2025
(Unaudited)Operating revenue
Management fee revenue - policy issuance and renewal services
$ 786,399
$ 755,049Management fee revenue - administrative services
19,475
17,645Administrative services reimbursement revenue
200,096
210,273Service agreement revenue
5,941
6,432Total operating revenue
1,011,911
989,399
Operating expenses
Cost of operations - policy issuance and renewal services
645,028
627,750Cost of operations - administrative services
200,096
210,273Total operating expenses
845,124
838,023Operating income
166,787
151,376
Investment income
Net investment income
23,560
19,948Net realized and unrealized investment (losses) gains
(765)
502Net impairment losses recognized in earnings
(676)
(914)Total investment income
22,119
19,536
Other income
1,420
3,834Income before income taxes
190,326
174,746Income tax expense
39,852
36,329Net income
$ 150,474
$ 138,417
Net income per share
Class A common stock – basic
$ 3.23
$ 2.97Class A common stock – diluted
$ 2.88
$ 2.65Class B common stock – basic and diluted
$ 485
$ 446
Weighted average shares outstanding – Basic
Class A common stock
46,188,850
46,188,903Class B common stock
2,542
2,542
Weighted average shares outstanding – Diluted
Class A common stock
52,300,180
52,304,384Class B common stock
2,542
2,542
Dividends declared per share
Class A common stock
$ 1.4625
$ 1.365Class B common stock
$ 219.375
$ 204.75Erie Indemnity CompanyConsolidated Statements of Financial Position(in thousands)
March 31, 2026
December 31, 2025
(Unaudited)
Assets
Current assets:
Cash and cash equivalents (includes restricted cash of $39,549 and $30,189, respectively)
$ 268,616
$ 345,874Available-for-sale securities
53,995
33,902Available-for-sale securities lent
870
3,436Receivables from Erie Insurance Exchange and affiliates, net
743,236
735,589Prepaid expenses and other current assets, net
79,713
66,061Accrued investment income
14,469
14,311Total current assets
1,160,899
1,199,173
Available-for-sale securities, net
1,296,154
1,286,566Equity securities
67,889
70,624Available-for-sale and equity securities lent
54,417
61,063Fixed assets, net
579,649
571,476Agent loans, net
102,436
93,953Defined benefit pension plan
66,617
24,137Other assets, net
48,617
48,489Total assets
$ 3,376,678
$ 3,355,481
Liabilities and shareholders' equity
Current liabilities:
Commissions payable
$ 440,465
$ 425,320Agent incentive compensation
58,393
132,560Accounts payable and accrued liabilities
229,421
200,701Dividends payable
68,109
68,109Contract liability
47,432
47,561Deferred executive compensation
6,466
9,400Securities lending payable
49,621
61,936Total current liabilities
899,907
945,587
Defined benefit pension plan
34,023
33,410Contract liability
22,936
23,274Deferred executive compensation
24,023
22,050Deferred income taxes, net
19,982
24,788Other long-term liabilities
22,286
22,998Total liabilities
1,023,157
1,072,107
Shareholders' equity
2,353,521
2,283,374Total liabilities and shareholders' equity
$ 3,376,678
$ 3,355,481
View original content to download multimedia:https://www.prnewswire.com/news-releases/erie-indemnity-reports-first-quarter-2026-results-302749054.htmlSOURCE Erie Indemnity Company
Original: Erie Indemnity Reports First Quarter 2026 Results
US Market News
3月前
Erie Indemnity Reports Full Year and Fourth Quarter 2025 ResultsFebruary 23, 2026 4:15 PM
PR Newswire (US)
Net Income per Diluted Share was $1.21 for the Quarter and $10.69 for the YearERIE, Pa., Feb. 23, 2026 /PRNewswire/ -- Erie Indemnity Company (NASDAQ: ERIE) today announced financial results for the full year and quarter ending December 31, 2025. Net income was $559.3 million, or $10.69 per diluted share, in 2025, compared to $600.3 million, or $11.48 per diluted share, in 2024. Net income was $63.4 million, or $1.21 per diluted share, in the fourth quarter of 2025, compared to $152.0 million, or $2.91 per diluted share, in the fourth quarter of 2024. Net income was reduced by $80.6 million, or $1.54 per diluted share, in the fourth quarter and year ended December 31, 2025, reflecting the after-tax impact of a $100 million charitable contribution made to the Erie Insurance Foundation, a tax-exempt private charitable foundation formed in 2025 to create long-term sustainability for charitable contributions and grantmaking.
4Q and Full Year 2025(in thousands)4Q'254Q'24
20252024Operating income$ 157,714$ 167,310
$ 717,184$ 676,455Investment income24,17120,805
84,86169,260Other income4643,693
8,55811,564Contribution to charitable foundation(100,000)—
(100,000)—Income before income taxes82,349191,808
710,603757,279Income tax expense18,96939,779
151,268156,965Net income$ 63,380$ 152,029
$ 559,335$ 600,314
2025 Full Year Highlights Operating income before taxes increased $40.7 million, or 6.0 percent, in 2025 compared to 2024.Management fee revenue - policy issuance and renewal services increased $237.7 million, or 8.2 percent, in 2025 compared to 2024.Management fee revenue - administrative services increased $5.7 million, or 8.3 percent in 2025 compared to 2024.Cost of operations - policy issuance and renewal servicesCommissions – Commissions increased $175.6 million in 2025 compared to 2024, primarily driven by the growth in direct and affiliated assumed written premium and an increase in agent incentive compensation due to improved property and casualty underwriting profitability for the three-year period ended 2025 compared to the three-year period ended 2024.Non-commission expense increased $25.5 million in 2025 compared to 2024. Underwriting and policy processing expense increased $4.8 million primarily due to increased postage and personnel costs, partially offset by a decrease in underwriting report costs. Information technology costs increased $24.3 million primarily due to an increase in personnel costs and hardware and software costs. Customer service costs increased $3.5 million primarily due to increased credit card processing fees and personnel costs. Administrative and other costs decreased $7.1 million primarily due to decreased professional fees and personnel costs. Personnel costs in 2025 were impacted by increased healthcare costs compared to 2024. Personnel costs in 2025 were also impacted by decreased incentive compensation compared to 2024. Decreases in incentive plan costs were primarily driven by lower performance metrics compared to 2024 and a decrease in company stock price during 2025 compared to an increase during 2024.The administrative services reimbursement revenue and corresponding cost of operations increased both total operating revenue and total operating expenses by $836.6 million in 2025 and $806.3 million in 2024, but had no net impact on operating income. Income from investments before taxes totaled $84.9 million in 2025 compared to $69.3 million in 2024. Net investment income was $85.8 million in 2025 compared to $70.2 million in 2024. Net investment income included limited partnership earnings of $3.5 million in 2025 compared to $2.0 million in 2024. Net realized and unrealized gains on investments were $2.3 million in 2025 compared to $3.2 million in 2024. Net impairment losses recognized in earnings were $3.3 million in 2025 compared to $4.1 million in 2024. 4Q 2025 Highlights Operating income before taxes decreased $9.6 million, or 5.7 percent, in the fourth quarter of 2025 compared to the fourth quarter of 2024.Management fee revenue - policy issuance and renewal services increased $29.3 million, or 4.2 percent, in the fourth quarter of 2025 compared to the fourth quarter of 2024.Management fee revenue - administrative services increased $2.1 million, or 12.0 percent in the fourth quarter of 2025 compared to the fourth quarter of 2024.Cost of operations - policy issuance and renewal servicesCommissions increased $30.1 million in the fourth quarter of 2025 compared to the fourth quarter of 2024, primarily driven by the growth in direct and affiliated assumed written premium and an increase in agent incentive compensation due to improved property and casualty underwriting profitability for the three-year period ended 2025 compared to the three-year period ended 2024.Non-commission expense increased $10.4 million in the fourth quarter of 2025 compared to the fourth quarter of 2024. Underwriting and policy processing expense decreased $1.2 million primarily due to a decrease in underwriting report costs, partially offset by an increase in personnel costs. Information technology costs increased $4.5 million primarily due to an increase in personnel costs and hardware and software costs. Sales and advertising expense increased $1.4 million primarily due to increased costs from community development initiatives. Administrative and other costs increased $5.8 million primarily due to increased personnel costs, partially offset by decreased professional fees. Personnel costs in the fourth quarter of 2025 were impacted by increased incentive compensation compared to the fourth quarter of 2024. Increases in incentive plan costs were primarily driven by improved performance metrics in the fourth quarter of 2025 compared to the fourth quarter of 2024.The administrative services reimbursement revenue and corresponding cost of operations increased both total operating revenue and total operating expenses by $198.0 million in the fourth quarter of 2025 and $202.0 million in the fourth quarter of 2024, but had no net impact on operating income. Income from investments before taxes totaled $24.2 million in the fourth quarter of 2025 compared to $20.8 million in the fourth quarter of 2024. Net investment income was $24.8 million in the fourth quarter of 2025 compared to $20.9 million in the fourth quarter of 2024. Net investment income included limited partnership earnings of $2.3 million in the fourth quarter of 2025 compared to $1.8 million in the fourth quarter of 2024. Net impairment losses recognized in earnings were $0.7 million in the fourth quarter of 2025 compared to $0.4 million in the fourth quarter of 2024.Webcast InformationIndemnity has scheduled a pre-recorded audio broadcast on the Web for 10:00 AM ET on February 24, 2026. Investors may access the pre-recorded audio broadcast by logging on to www.erieinsurance.com.Erie Insurance GroupErie 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, according to AM Best Company. 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 (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: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; andability 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; andsevere 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, develop, retain, and protect 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; andability 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 CompanyConsolidated Statements of Operations(dollars in thousands, except per share data)
Three months ended
December 31,
Twelve months ended
December 31,
2025
2024
2025
2024
(Unaudited)
Operating revenue
Management fee revenue - policy issuance and renewal services
$ 727,629
$ 698,340
$ 3,131,806
$ 2,894,074Management fee revenue - administrative services
19,286
17,216
74,058
68,355Administrative services reimbursement revenue
198,028
201,987
836,639
806,336Service agreement revenue
6,080
6,547
24,755
26,350Total operating revenue
951,023
924,090
4,067,258
3,795,115
Operating expenses
Cost of operations - policy issuance and renewal services
595,281
554,793
2,513,435
2,312,324Cost of operations - administrative services
198,028
201,987
836,639
806,336Total operating expenses
793,309
756,780
3,350,074
3,118,660Operating income
157,714
167,310
717,184
676,455
Investment income
Net investment income
24,826
20,920
85,837
70,155Net realized and unrealized investment gains
24
246
2,336
3,229Net impairment losses recognized in earnings
(679)
(361)
(3,312)
(4,124)Total investment income
24,171
20,805
84,861
69,260
Other income
464
3,693
8,558
11,564Contribution to charitable foundation
(100,000)
—
(100,000)
—Income before income taxes
82,349
191,808
710,603
757,279Income tax expense
18,969
39,779
151,268
156,965Net income
$ 63,380
$ 152,029
$ 559,335
$ 600,314
Net income per share
Class A common stock – basic
$ 1.36
$ 3.26
$ 12.01
$ 12.89Class A common stock – diluted
$ 1.21
$ 2.91
$ 10.69
$ 11.48Class B common stock – basic
$ 204
$ 490
$ 1,802
$ 1,934Class B common stock – diluted
$ 204
$ 490
$ 1,801
$ 1,933
Weighted average shares outstanding – Basic
Class A common stock
46,189,058
46,189,060
46,189,024
46,189,044Class B common stock
2,542
2,542
2,542
2,542
Weighted average shares outstanding – Diluted
Class A common stock
52,307,301
52,310,894
52,305,424
52,306,266Class B common stock
2,542
2,542
2,542
2,542
Dividends declared per share
Class A common stock
$ 1.4625
$ 1.365
$ 5.5575
$ 5.19Class B common stock
$ 219.375
$ 204.75
$ 833.625
$ 778.50 Erie Indemnity CompanyConsolidated Statements of Financial Position(in thousands)
December 31, 2025
December 31, 2024Assets
Current assets:
Cash and cash equivalents (includes restricted cash of $30,189 and $23,559, respectively)
$ 345,874
$ 298,397Available-for-sale securities
33,902
44,604Available-for-sale securities lent
3,436
0Receivables from Erie Insurance Exchange and affiliates, net
735,589
707,060Prepaid expenses and other current assets, net
66,061
83,902Accrued investment income
14,311
11,069Total current assets
1,199,173
1,145,032
Available-for-sale securities, net
1,286,566
991,726Equity securities
70,624
85,891Available-for-sale and equity securities lent
61,063
7,285Fixed assets, net
571,476
513,494Agent loans, net
93,953
80,597Defined benefit pension plan
24,137
21,311Other assets, net
48,489
43,278Total assets
$ 3,355,481
$ 2,888,614
Liabilities and shareholders' equity
Current liabilities:
Commissions payable
$ 425,320
$ 408,309Agent incentive compensation
132,560
75,458Accounts payable and accrued liabilities
200,701
190,028Dividends payable
68,109
63,569Contract liability
47,561
42,761Deferred executive compensation
9,400
14,874Securities lending payable
61,936
7,513Total current liabilities
945,587
802,512
Defined benefit pension plan
33,410
28,070Contract liability
23,274
21,170Deferred executive compensation
22,050
19,721Deferred income taxes, net
24,788
6,418Other long-term liabilities
22,998
23,465Total liabilities
1,072,107
901,356
Shareholders' equity
2,283,374
1,987,258Total liabilities and shareholders' equity
$ 3,355,481
$ 2,888,614
View original content to download multimedia:https://www.prnewswire.com/news-releases/erie-indemnity-reports-full-year-and-fourth-quarter-2025-results-302692991.htmlSOURCE Erie Indemnity Company
Original: Erie Indemnity Reports Full Year and Fourth Quarter 2025 Results