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erie-20250422
0000922621false00009226212025-04-222025-04-22
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K
CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported):April 22, 2025

ERIE INDEMNITY COMPANY
(Exact name of registrant as specified in its charter)

Pennsylvania0-2400025-0466020
(State or other jurisdiction(Commission(IRS Employer
of incorporation)File Number)Identification No.)

100 Erie Insurance Place,Erie,Pennsylvania16530
(Address of principal executive offices)(Zip Code)

Registrant’s telephone number, including area code:814870-2000

Not applicable
Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Class A common stock, stated value $0.0292 per shareERIENASDAQ Stock Market, LLC
(Title of each class)(Trading Symbol)(Name of each exchange on which registered)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐




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Item 2.02 Results of Operations and Financial Condition.

On April 24, 2025, Erie Indemnity Company (the “Company”) issued a press release announcing financial results for the quarter ended March 31, 2025. Copies of the press release and financial information are attached hereto and are incorporated herein by reference as Exhibit 99.1 and Exhibit 99.2, respectively.

On April 25, 2025 at 10:00 a.m. the Company will provide a pre-recorded Webcast that is complementary to the press release announcing financial results for the quarter ended March 31, 2025.



Item 5.07 Submission of Matters to a Vote of Security Holders.

(a) The Company held its 100th Annual Meeting of Shareholders (the “Annual Meeting”) on April 22, 2025. On the record date for the Annual Meeting, the Company had 2,542 shares of Class B common stock outstanding, which had the exclusive right to vote on all matters presented for consideration at the meeting.

(b) At the Annual Meeting, shareholders of the Company re-elected all 11 incumbent directors to serve on the Company's Board of Directors for a one-year term. The names of the elected directors and voting results appear below. None of the shareholders who voted for the election of Directors withheld authority or abstained. No other matters were submitted to a vote of the shareholders.

For
J. Ralph Borneman, Jr.2,542
Eugene C. Connell2,542
Salvatore Correnti2,542
LuAnn Datesh2,542
Jonathan Hirt Hagen2,542
Thomas B. Hagen2,542
C. Scott Hartz2,542
Brian A. Hudson, Sr.2,542
George R. Lucore2,542
Thomas W. Palmer2,542
Elizabeth Hirt Vorsheck2,542






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Item 8.01 Other Events.

At its meeting on April 22, 2025, the Company's Board of Directors approved the following quarterly dividend on shares of Erie Indemnity Company Class A common stock:

Dividend Number: 380
Class A Rate Per Share: $1.365
Declaration Date: April 22, 2025
Ex-Dividend Date: July 8, 2025
Record Date: July 8, 2025
Payable Date: July 22, 2025



Item 9.01 Financial Statements and Exhibits.

Exhibit 99.1 Press Release
Exhibit 99.2 Financial Information
Exhibit 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)








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Exhibit Index
   
Exhibit No. Description
 
99.1 
99.2 
104Cover Page Interactive Data File (embedded within the Inline XBRL document)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
     
  Erie Indemnity Company
      
April 24, 2025 By: /s/ Julie M. Pelkowski
    Name: Julie M. Pelkowski
    Title: Executive Vice President & CFO
Document
Exhibit 99.1
https://cdn.kscope.io/60533ccd265713255c23d9036b27a92a-ex991image06302022.gif


Erie Indemnity Reports First Quarter 2025 Results
Net Income was $138.4 million, Earnings per Diluted Share was $2.65

Erie, Pa., April 24, 2025 - Erie Indemnity Company (NASDAQ: ERIE) today announced financial results for the quarter ending March 31, 2025. Net income was $138.4 million, or $2.65 per diluted share, in the first quarter of 2025, compared to $124.6 million, or $2.38 per diluted share, in the first quarter of 2024.

1Q 2025
(in thousands)1Q'251Q'24
Operating income$151,376 $138,812 
Investment income19,536 15,079 
Other income3,834 3,411 
Income before income taxes174,746 157,302 
Income tax expense36,329 32,750 
Net income$138,417 $124,552 

1Q 2025 Highlights
Operating income before taxes increased $12.6 million, or 9.1 percent, in the first quarter of 2025 compared to the first quarter of 2024.
•Management fee revenue - policy issuance and renewal services increased $89.4 million, or 13.4 percent, in the first quarter of 2025 compared to the first quarter of 2024.
•Management fee revenue - administrative services increased $0.7 million, or 4.2 percent, in the first quarter of 2025 compared to the first quarter of 2024.
•Cost of operations - policy issuance and renewal services
◦Commissions increased $61.1 million in the first quarter of 2025, compared to the first 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 $16.3 million in the first quarter of 2025 compared to the first quarter of 2024. Underwriting and policy processing expense increased $3.1 million primarily due to increased personnel costs. Information technology costs increased $11.3 million primarily due to an increase in hardware and software costs and personnel costs and a decrease in capitalized professional fees related to technology initiatives. Customer service costs increased $1.6 million primarily due to increased personnel costs and credit card processing fees. Personnel costs in the first quarter of 2025 were impacted by increased compensation including higher estimated costs for incentive plan awards compared to 2024.

Income from investments before taxes totaled $19.5 million in the first quarter of 2025 compared to $15.1 million in the first quarter of 2024. Net investment income was $19.9 million in the first quarter of 2025 compared to $15.9 million in the first quarter of 2024. Net realized and unrealized gains on investments were $0.5 million in the first quarter of 2025 compared to $1.9 million in the first quarter of 2024. Net impairment losses recognized in earnings were $0.9 million in the first quarter of 2025 compared to $2.7 million in the first quarter of 2024.
Webcast Information
Indemnity has scheduled a pre-recorded audio broadcast on the Web for 10:00 AM ET on April 25, 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 12th largest homeowners insurer, 13th largest automobile insurer and 13th 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 17th largest property/casualty insurer in the United States based on total lines net premium 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;
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•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.
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Document

Exhibit 99.2
Erie Indemnity Company
Consolidated Statements of Operations
(dollars in thousands, except per share data)
Three months ended March 31,
20252024
(Unaudited)
Operating revenue
Management fee revenue - policy issuance and renewal services$755,049 $665,686 
Management fee revenue - administrative services17,645 16,934 
Administrative services reimbursement revenue210,273 191,567 
Service agreement revenue6,432 6,514 
Total operating revenue989,399 880,701 
Operating expenses
Cost of operations - policy issuance and renewal services627,750 550,322 
Cost of operations - administrative services210,273 191,567 
Total operating expenses838,023 741,889 
Operating income151,376 138,812 
Investment income
Net investment income19,948 15,903 
Net realized and unrealized investment gains502 1,853 
Net impairment losses recognized in earnings(914)(2,677)
Total investment income19,536 15,079 
Other income3,834 3,411 
Income before income taxes174,746 157,302 
Income tax expense36,329 32,750 
Net income$138,417 $124,552 
Net income per share
Class A common stock – basic$2.97 $2.67 
Class A common stock – diluted$2.65 $2.38 
Class B common stock – basic and diluted$446 $401 
Weighted average shares outstanding – Basic
Class A common stock46,188,903 46,189,014 
Class B common stock2,542 2,542 
Weighted average shares outstanding – Diluted
Class A common stock52,304,384 52,301,803 
Class B common stock2,542 2,542 
Dividends declared per share
Class A common stock$1.365 $1.275 
Class B common stock$204.75 $191.25 
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Erie Indemnity Company
Consolidated Statements of Financial Position
(in thousands)
March 31,
2025		December 31, 2024
(Unaudited)
Assets
Current assets:
Cash and cash equivalents (includes restricted cash of $25,164 and $23,559, respectively)
$260,379 $298,397 
Available-for-sale securities52,976 44,604 
Receivables from Erie Insurance Exchange and affiliates, net719,898 707,060 
Prepaid expenses and other current assets, net78,387 83,902 
Accrued investment income10,849 11,069 
Total current assets1,122,489 1,145,032 
Available-for-sale securities, net1,047,540 991,726 
Equity securities81,814 85,891 
Available-for-sale and equity securities lent12,289 7,285 
Fixed assets, net513,088 513,494 
Agent loans, net85,723 80,597 
Defined benefit pension plan57,480 21,311 
Other assets, net47,805 43,278 
Total assets$2,968,228 $2,888,614 
Liabilities and shareholders' equity
Current liabilities:
Commissions payable$429,380 $408,309 
Agent incentive compensation42,190 75,458 
Accounts payable and accrued liabilities210,708 190,028 
Dividends payable63,569 63,569 
Contract liability44,102 42,761 
Deferred executive compensation9,636 14,874 
Securities lending payable12,706 7,513 
Total current liabilities812,291 802,512 
Defined benefit pension plan26,197 28,070 
Contract liability21,703 21,170 
Deferred executive compensation22,944 19,721 
Deferred income taxes, net3,704 6,418 
Other long-term liabilities14,038 23,465 
Total liabilities900,877 901,356 
Shareholders’ equity2,067,351 1,987,258 
Total liabilities and shareholders’ equity$2,968,228 $2,888,614 
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