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ERIE

Erie Indemnity Company

ERIE

Erie Indemnity Company • NASDAQ
$295.49 ▲ 0.42% (+1.25)
Market Cap $13.65 B
52w High $456.93
52w Low $276.91
Dividend Yield 5.46%
P/E 23.87
Volume 46.44K
Outstanding Shares 46.19M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.304B ▲ $1.071B ▲ $182.853M ▲ 14.022% ▲ $3.93 ▲ $0 ▼
Q2-2025 $1.292B ▲ $326.554M ▲ $174.685M ▲ 13.516% ▲ $3.75 ▲ $220.747M ▲
Q1-2025 $1.219B ▲ $320.334M ▲ $138.417M ▼ 11.358% ▼ $2.97 ▼ $174.746M ▲
Q4-2024 $338.167M ▼ $146.359M ▼ $152.029M ▼ 44.957% ▲ $3.26 ▼ $0
Q3-2024 $1.227B $1.026B $159.83M 13.031% $3.43 $0

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $628.384M ▲ $3.324B ▲ $1.015B ▲ $2.309B ▲
Q2-2025 $391.266M ▲ $3.128B ▲ $943.669M ▲ $2.185B ▲
Q1-2025 $288.191M ▼ $2.968B ▲ $900.877M ▼ $2.067B ▲
Q4-2024 $319.442M ▲ $2.889B ▲ $901.356M ▼ $1.987B ▲
Q3-2024 $246.241M $2.864B $916.192M $1.948B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $0 ▼ $219.406M ▲ $35.52M ▲ $-44.402M ▼ $210.524M ▲ $184.412M ▲
Q2-2025 $174.685M ▲ $177.576M ▲ $-38.812M ▲ $-41.116M ▲ $97.648M ▲ $157.319M ▲
Q1-2025 $0 $118.118M ▼ $-97.76M ▼ $-58.376M ▲ $-38.018M ▼ $88.444M ▼
Q4-2024 $0 ▲ $193.458M ▼ $-56.506M ▲ $-59.768M ▼ $77.184M ▲ $146.815M ▼
Q3-2024 $-288.455M $199.171M $-90.774M $-57.818M $50.579M $171.457M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Policy Issuance and Renewal Services
Policy Issuance and Renewal Services
 $1.36Bn ▲$760.00M ▼$820.00M ▲$830.00M ▲
Service Agreement
Service Agreement
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Erie Indemnity’s revenue has risen steadily over the past five years, with growth clearly accelerating in the last two. Profits have expanded even faster than sales, showing improving efficiency and good cost control. Operating and net margins have widened, suggesting the business is scaling well on a largely fixed-cost platform. Earnings per share have climbed strongly in the most recent years, pointing to healthy underlying performance rather than one‑off gains. The main risk is that insurance cycles, pricing pressure, or higher claims at the underlying exchange could slow this pace of improvement over time.

Balance Sheet

Balance Sheet The balance sheet looks conservative and has strengthened over the period shown. Total assets and shareholders’ equity have grown steadily, indicating retained earnings are being built rather than paid out or leveraged away. Debt has come down sharply to very low levels, reducing financial risk and interest burden. Cash levels have improved recently, giving the company more flexibility to invest or cushion against shocks. Overall, financial leverage appears modest, which is a plus in an industry exposed to catastrophes and volatility at the underlying insurer level.

Cash Flow

Cash Flow Cash generated from day‑to‑day operations has been consistently positive and has stepped up meaningfully in the latest year, broadly matching the earnings improvement. Free cash flow has also been positive throughout, demonstrating that reported profits are backed by real cash and not just accounting. Investment spending has been moderate but trending higher, consistent with ongoing technology and platform upgrades rather than large, risky bets. The combination of rising operating cash flow, disciplined capital spending, and low debt gives Erie a solid foundation to fund its tech initiatives, support dividends, and absorb potential industry shocks.

Competitive Edge

Competitive Edge Erie Indemnity benefits from a distinctive “attorney‑in‑fact” model, earning a management fee on premiums written by the Erie Insurance Exchange rather than taking full underwriting risk itself. This fee‑based structure tends to produce steadier revenue than traditional insurers, which are more exposed to swings in claims. The company’s exclusive use of independent agents and long‑standing relationships in a focused regional footprint create a distribution network that is hard to copy quickly. High customer satisfaction and strong retention support durable fee income and agent loyalty. Key vulnerabilities include reliance on one primary insurance exchange, concentration in a limited number of states, and competition from larger national carriers and direct‑to‑consumer digital players.

Innovation and R&D

Innovation and R&D Erie is clearly leaning into technology and data rather than relying only on its traditional strengths. Migrating its data platform to the cloud, investing in analytics, and experimenting with artificial intelligence for climate and risk assessment all point to a deliberate modernization strategy. New product platforms like ErieSecure Auto and Business Auto 2.0 show the company is refreshing its offerings and processes, not just its back‑end systems. The focus on creating a single source of data truth and improving tools for independent agents should support both better pricing and a smoother customer and agent experience. Execution risk is real—large tech programs can run over budget or take longer than expected—but so far the investment pattern looks measured rather than reckless.

Summary

Erie Indemnity combines steady, accelerating revenue growth with expanding profitability, backed by a conservative balance sheet and solid cash generation. Its unique fee‑based role with the Erie Insurance Exchange, deep agent relationships, and strong customer loyalty give it a durable competitive base, especially within its chosen regional markets. At the same time, management is actively modernizing the business through cloud, data, and AI initiatives and rolling out updated products to support future growth. Main watchpoints include dependence on a single core insurance partner, geographic concentration, execution of large technology projects, and broader insurance‑sector risks such as regulatory changes and climate‑driven losses at the underlying exchange. Overall, the company appears to be evolving from a position of strength rather than reacting defensively, with financials that currently support that narrative.

NEWS

October 30, 2025 · 4:15 PM UTC

Erie Indemnity Reports Third Quarter 2025 Results

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October 22, 2025 · 3:00 PM UTC

Erie Indemnity to host third quarter 2025 pre-recorded conference call and webcast

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