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Postretirement Benefits - Projected and Accumulated Benefit Obligation (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Plans with Projected Benefit Obligation in Excess of Plan Assets
Projected benefit obligation	$ 35,621	$ 33,029
Plan assets	0	0
Supplemental Employee Retirement Plan (SERP)
Plan with Accumulated Benefit Obligation in Excess of Plan Assets
Accumulated benefit obligation	23,523	22,761
Plan assets	$ 0	$ 0

Significant Accounting Policies - Agent Incentive Compensation Liability (Details)	12 Months Ended
	Dec. 31, 2025
Primary Agent Incentive Compensation
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Agent bonus performance period	36 months
Period of prior year actual underwriting data used to estimate agent incentive compensation	2 years
Secondary Agent Incentive Compensation
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Agent bonus performance period	1 year

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Supplementary Data on Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net income	$ 559,335	$ 600,314	$ 446,061
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	69,450	56,530	47,415
Deferred income tax expense (benefit)	19,547	4,026	(1,002)
Lease amortization expense	7,333	7,377	6,177
Losses and impairments on investments	976	895	15,604
Loss on disposal and impairments of fixed assets	(5,741)	(3,874)	(1,607)
Net investment (income) loss	(4,385)	(874)	13,772
Receipt of donated equipment and other	(2,634)	0	0
(Decrease) increase in deferred compensation	(3,119)	2,677	6,143
Increase in receivables from affiliates	(28,529)	(81,722)	(100,401)
Increase in accrued investment income	(3,242)	(1,611)	(1,157)
Increase in pension asset	(29,380)	(34,516)	(101,250)
Decrease (increase) in prepaid expenses and other assets	22,345	(2,996)	7,729
(Decrease) increase in accounts payable and accrued expenses	(7,798)	(7,517)	7,237
Increase in commissions payable	17,011	54,600	53,681
Increase (decrease) in accrued agent incentive compensation	57,102	7,381	(27,089)
Increase in contract liability	6,904	2,811	6,678
Net cash provided by operating activities	$ 686,657	$ 611,249	$ 381,205

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Management fee received	$ 3,209,511	$ 2,898,367	$ 2,420,192
Administrative services reimbursements received	814,106	776,150	721,928
Service agreement revenue received	24,751	26,346	26,018
Net investment income received	78,699	67,643	57,448
Commissions paid to agents	(1,608,605)	(1,443,296)	(1,200,014)
Incentive compensation paid to agents	(94,794)	(94,864)	(120,211)
Salaries and wages paid	(264,406)	(249,137)	(226,036)
Pension contribution and employee benefits paid	(115,260)	(110,764)	(169,762)
General operating expenses paid	(316,643)	(308,273)	(293,857)
Administrative services expenses paid	(836,702)	(791,050)	(730,129)
Contribution to charitable foundation	(100,000)	0	0
Income taxes paid	(104,000)	(159,873)	(104,372)
Net cash provided by operating activities	686,657	611,249	381,205
Purchase of investments:
Available-for-sale securities	(693,066)	(473,647)	(279,999)
Equity securities	(36,926)	(32,799)	(35,480)
Other investments	(50)	(7,075)	(88)
Proceeds from investments:
Available-for-sale securities sales	205,965	205,159	160,614
Available-for-sale securities maturities/calls	188,569	196,641	76,617
Equity securities	34,339	35,894	24,458
Other investments	167	54	871
Purchase of fixed assets	(115,692)	(124,845)	(92,647)
Loans to agents and others	(35,505)	(36,362)	(20,525)
Collections on agent and other loans	12,871	10,068	8,614
Net cash used in investing activities	(439,328)	(226,912)	(157,565)
Cash flows from financing activities
Dividends paid to shareholders	(254,275)	(237,508)	(221,675)
Net changes in cash collateral for securities lent	54,423	7,513	0
Net cash used in financing activities	(199,852)	(229,995)	(221,675)
Net increase in cash, cash equivalents and restricted cash	47,477	154,342	1,965
Cash, cash equivalents and restricted cash, beginning of year	298,397	144,055	142,090
Cash, cash equivalents and restricted cash, end of year	345,874	298,397	144,055
Supplemental disclosure of noncash transactions
Liability incurred to purchase fixed assets	26,361	15,254	0
Operating lease assets obtained in exchange for lease liabilities	4,000	7,871	5,866
Receipt of donated equipment	$ 1,967	$ 0	$ 0

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical)	12 Months Ended
	Dec. 31, 2025 participant $ / shares	Dec. 31, 2024 participant $ / shares	Dec. 31, 2023 participant $ / shares
Number of incentive compensation deferral plan participants \| participant	3	5	5
Class A common stock
Dividends declared (in dollars per share)	$ 5.5575	$ 5.19	$ 4.845
Class B common stock
Dividends declared (in dollars per share)	$ 833.625	$ 778.50	$ 726.75

Incentive and Deferred Compensation Plans - Total Compensation Cost and Tax Benefit (Details) - Long-Term Incentive Plan - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Incentive Plans and Deferred Compensation [Line Items]
Total compensation cost	$ 663	$ 1,542	$ 7,332
Tax benefit	$ 139	$ 324	$ 1,540

Investments - Portion of Net Unrealized Gains (Losses) Recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Equity securities:
Net gains recognized during the period	$ 2,278	$ 4,848	$ 871
Less: net gains (losses) recognized on securities sold	341	1,213	(2,328)
Net unrealized gains recognized on securities held at reporting date	$ 1,937	$ 3,635	$ 3,199

Postretirement Benefits - Actuarial Assumptions (Details)	2 Months Ended		3 Months Ended	4 Months Ended	5 Months Ended	8 Months Ended	12 Months Ended
	Dec. 31, 2025	Oct. 31, 2025	Aug. 31, 2024	Dec. 31, 2024	May 31, 2024	Aug. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Employee Pension Plan
Actuarial assumptions used to determine benefit obligations:
Discount rate	5.72%			5.87%			5.72%	5.87%
Rate of compensation increase	5.07%			5.01%			5.07%	5.01%
Actuarial assumptions used to determine net periodic benefit costs:
Discount rate							5.87%	5.34%	5.67%
Expected return on assets							7.00%	7.00%	6.50%
Rate of compensation increase							5.05%	4.31%	3.30%
Supplemental Employee Retirement Plan (SERP)
Actuarial assumptions used to determine benefit obligations:
Discount rate	5.44%			5.65%			5.44%	5.65%
Rate of compensation increase	7.00%			7.00%			7.00%	7.00%
Actuarial assumptions used to determine net periodic benefit costs:
Discount rate	5.29%	5.51%	5.53%	5.12%	5.11%	5.65%			5.46%
Rate of compensation increase							7.00%	5.00%	5.00%

Income Taxes - Reconciliation of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
U.S. federal tax at statutory rate	$ 149,227	$ 159,029	$ 118,007
State and local income taxes, net of federal income tax effect	60	10	2
Tax credits	(1,432)	(2,000)	(1,300)
Nontaxable or nondeductible items	2,703	569	651
Other adjustments	710	(643)	(1,485)
Income tax expense	$ 151,268	$ 156,965	$ 115,875
Percent
U.S. federal tax at statutory rate	21.00%	21.00%	21.00%
State and local income taxes, net of federal income tax effect	0.00%	0.00%	0.00%
Tax credits	(0.20%)	(0.30%)	(0.20%)
Nontaxable or nondeductible items	0.40%	0.10%	0.10%
Other adjustments	0.10%	(0.10%)	(0.30%)
Income tax expense	21.30%	20.70%	20.60%
Tax Jurisdiction of Domicile [Extensible Enumeration]	UNITED STATES	UNITED STATES	UNITED STATES

Postretirement Benefits - Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amounts recognized in other comprehensive loss
Net actuarial loss arising during the year	$ 26,219	$ 44,509	$ 28,279
Amortization of net actuarial gain	2,519	6,859	15,331
Amortization of prior service cost	(1,688)	(1,611)	(1,446)
Plan amendments	1,935	1,146	583
Settlement gain	572	1,338	0
Total recognized in other comprehensive loss	$ 29,557	$ 52,241	$ 42,747

- Definition

Amount, before tax, after reclassification adjustment, of (increase) decrease in accumulated other comprehensive income for defined benefit plan.

+ References + Details

Significant Accounting Policies - Recognition of management fee revenue (Details)	12 Months Ended
	Dec. 31, 2025 obligation
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Management fee rate as a percent of direct and affiliated assumed written premiums of the Exchange	25.00%
Performance obligations under subscriber's agreement	2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Performance obligation, satisfaction period	4 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Earnings Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Earnings Per Share

Class A and Class B basic earnings per share and Class B diluted earnings per share are calculated under the two-class method. The two-class method allocates earnings to each class of stock based upon its dividend rights. Class B shares are convertible into Class A shares at a conversion ratio of 2,400 to 1. See Note 13, "Capital Stock".

Class A diluted earnings per share are calculated under the if-converted method, which reflects the conversion of Class B shares to Class A shares. Diluted earnings per share calculations include the dilutive effect of assumed issuance of stock-based awards under compensation plans that have the option to be paid in stock using the treasury stock method. See Note 11, "Incentive and Deferred Compensation Plans".

A reconciliation of the numerators and denominators used in the basic and diluted per-share computations is presented as follows for each class of common stock:



(dollars in thousands, except per share data)						For the years ended December 31,
	2025					2024					2023
	Allocated net income (numerator)		Weighted shares (denominator)	Per- share amount		Allocated net income (numerator)		Weighted shares (denominator)	Per- share amount		Allocated net income (numerator)		Weighted shares (denominator)	Per- share amount
Class A – Basic EPS:
Income available to Class A stockholders	$	554,755	46,189,024	$	12.01	$	595,399	46,189,044	$	12.89	$	442,409	46,188,981	$	9.58
Dilutive effect of stock-based awards	0		15,600	—		0		16,422	—		0		9,630	—
Assumed conversion of Class B shares	4,580		6,100,800	—		4,915		6,100,800	—		3,652		6,100,800	—
Class A – Diluted EPS:
Income available to Class A stockholders on Class A equivalent shares	$	559,335	52,305,424	$	10.69	$	600,314	52,306,266	$	11.48	$	446,061	52,299,411	$	8.53
Class B – Basic EPS:
Income available to Class B stockholders	$	4,580	2,542	$	1,802	$	4,915	2,542	$	1,934	$	3,652	2,542	$	1,437
Class B – Diluted EPS:
Income available to Class B stockholders	$	4,579	2,542	$	1,801	$	4,914	2,542	$	1,933	$	3,652	2,542	$	1,437

Concentrations of Credit Risk	12 Months Ended
Concentrations of Credit Risk	Dec. 31, 2025
Risks and Uncertainties [Abstract]
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments could potentially expose us to concentrations of credit risk, including our unsecured receivables from the Exchange. The majority of our revenue and receivables are from the Exchange and its affiliates. See also Note 1, "Nature of Operations". Net management fee amounts and other reimbursements due from the Exchange and its affiliates were $735.6 million, or 21.9% of total assets, at December 31, 2025, and $707.1 million, or 24.5% of total assets, at December 31, 2024. Both periods include a current expected credit loss allowance of $0.7 million.

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (d)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
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-Section 50
-Paragraph 21
-Subparagraph (d)(2)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 21
-Subparagraph (c)(3)
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
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-Section 55
-Paragraph 3A
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org/275/tableOfContent

+ Details

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Supplementary Data on Cash Flows (Tables)

12 Months Ended

Dec. 31, 2025

Supplemental Cash Flow Information [Abstract]

Schedule of Reconciliation of Net Income to Net Cash Provided by Operating Activities as Presented in the Consolidated Statements of Cash Flows

A reconciliation of net income to net cash provided by operating activities as presented in the Consolidated Statements of Cash Flows is as follows for the years ended December 31:


(in thousands)	2025		2024		2023

Cash flows from operating activities:
Net income	$	559,335	$	600,314	$	446,061
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	69,450		56,530		47,415
Deferred income tax expense (benefit)	19,547		4,026		(1,002)

Lease amortization expense	7,333		7,377		6,177
Losses and impairments on investments	976		895		15,604

Loss on disposal and impairments of fixed assets	5,741		3,874		1,607
Net investment (income) loss	(4,385)		(874)		13,772
Receipt of donated equipment and other	(2,634)		—		—
(Decrease) increase in deferred compensation	(3,119)		2,677		6,143

Increase in receivables from affiliates	(28,529)		(81,722)		(100,401)
Increase in accrued investment income	(3,242)		(1,611)		(1,157)

Increase in pension asset	(29,380)		(34,516)		(101,250)

Decrease (increase) in prepaid expenses and other assets	22,345		(2,996)		7,729
(Decrease) increase in accounts payable and accrued expenses	(7,798)		(7,517)		7,237
Increase in commissions payable	17,011		54,600		53,681
Increase (decrease) in accrued agent incentive compensation	57,102		7,381		(27,089)
Increase in contract liability	6,904		2,811		6,678
Net cash provided by operating activities	$	686,657	$	611,249	$	381,205

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Reconciliation of the Numerators and Denominators Used in the Basic and Diluted Per-share Computations

A reconciliation of the numerators and denominators used in the basic and diluted per-share computations is presented as follows for each class of common stock:



(dollars in thousands, except per share data)						For the years ended December 31,
	2025					2024					2023
	Allocated net income (numerator)		Weighted shares (denominator)	Per- share amount		Allocated net income (numerator)		Weighted shares (denominator)	Per- share amount		Allocated net income (numerator)		Weighted shares (denominator)	Per- share amount
Class A – Basic EPS:
Income available to Class A stockholders	$	554,755	46,189,024	$	12.01	$	595,399	46,189,044	$	12.89	$	442,409	46,188,981	$	9.58
Dilutive effect of stock-based awards	0		15,600	—		0		16,422	—		0		9,630	—
Assumed conversion of Class B shares	4,580		6,100,800	—		4,915		6,100,800	—		3,652		6,100,800	—
Class A – Diluted EPS:
Income available to Class A stockholders on Class A equivalent shares	$	559,335	52,305,424	$	10.69	$	600,314	52,306,266	$	11.48	$	446,061	52,299,411	$	8.53
Class B – Basic EPS:
Income available to Class B stockholders	$	4,580	2,542	$	1,802	$	4,915	2,542	$	1,934	$	3,652	2,542	$	1,437
Class B – Diluted EPS:
Income available to Class B stockholders	$	4,579	2,542	$	1,801	$	4,914	2,542	$	1,933	$	3,652	2,542	$	1,437

Incentive and Deferred Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Disclosure of Share-Based Compensation Arrangements

The following table presents the fully vested plan awards for the related performance periods at December 31: (1)


(dollars in thousands)	2025 (2)		2024		2023		2022
LTIP performance period	2023-2025		2022-2024		2021-2023		2020-2022
Fully vested plan award fair value	$	2,631	$	4,902	$	249	$	3,801

(1) Distributions to participants are made in June of the year following the close of the performance period.

(2) The 2025 award is estimated based upon the peer group information as of September 30, 2025. Distributions will be made in 2026 once peer group financial information becomes available.

The following table presents the total compensation cost charged to operations related to the LTIP awards, net of forfeitures, and the related tax benefits recognized in income, for the years ended December 31:


(in thousands)	2025		2024		2023
Total compensation cost	$	663	$	1,542	$	7,332
Tax benefit	$	139	$	324	$	1,540

The following table presents amounts related to shares purchased by the rabbi trust to satisfy the liability of awards deferred under the plan, and dividend equivalent credits on rabbi trust shares, for the years ended December 31:


(dollars in thousands, except per share data)	2025		2024		2023
LTIP performance period	2022-2024		2021-2023		2020-2022
AIP performance period	2024		2023		2022
Shares purchased	0		0		1,608
Average price paid per share	$	0.00	$	0.00	$	230.71
Cost of shares purchased	$	0	$	0	$	371

The following table presents amounts related to shares purchased by the rabbi trust to satisfy the liability of the plan and dividend equivalent credits on rabbi trust shares, and the total compensation cost charged to operations, for the years ended December 31:


(dollars in thousands, except per share data)	2025		2024		2023
Shares purchased	77		4,044		5,894
Average price paid per share	$	283.14	$	405.60	$	238.73
Cost of shares purchased	$	22	$	1,640	$	1,407
Total compensation cost	$	547	$	1,052	$	893

The following table presents amounts related to shares purchased to satisfy ECP plan liabilities and the total compensation cost charged to operations, for the years ended December 31:


(dollars in thousands, except per share data)	2025		2024 (1)		2023
Shares purchased	5,215		0		1,610
Average price paid per share	$	418.26	$	0.00	$	252.32
Cost of shares purchased	$	2,181	$	0	$	406
Total compensation cost (2)	$	2,830	$	6,895	$	4,022

(1) No shares were required to be purchased in the open market. The plan liability was satisfied in cash totaling $3.2 million.

(2) The fluctuations in all years are due to changes in number of participants and/or our stock price.

Schedule of Deferred Executive Compensation Liability

The following table sets forth a reconciliation of beginning and ending balances of our deferred executive compensation liability as of December 31:


(in thousands)
	2025		2024		2023

Deferred executive compensation, beginning of the year	$	34,595	$	31,918	$	25,760
Annual incentive plan awards	5,571		8,574		7,401
Long-term incentive plan awards	698		1,786		7,332

Employer match and hypothetical earnings on deferred compensation	2,962		4,680		2,828
Total plan awards and earnings	9,231		15,040		17,561
Total plan awards paid	(12,899)		(8,105)		(10,211)
Compensation deferred	2,414		1,701		1,809
Distributions from the deferred compensation plans	(1,434)		(2,372)		(313)
Forfeitures (1)	(35)		(244)		—
Funding of rabbi trust for deferred stock compensation plan for outside directors	(22)		(1,640)		(1,407)
Funding of rabbi trust for incentive compensation deferral plan (2)	(400)		(1,703)		(1,281)
Deferred executive compensation, end of the year	$	31,450	$	34,595	$	31,918

(1) Forfeitures are the result of plan participants who separated from service and are recognized in the year they occur.

(2) In 2025, 2024, and 2023, funding includes $0.4 million, $1.7 million and $0.9 million, respectively, representing shares held back to satisfy tax withholding on rabbi trust distributions that reduce funding requirements for performance award deferrals.

Investments (Tables)

12 Months Ended

Dec. 31, 2025

Investments [Abstract]

Schedule of Reconciliation of Cost to Fair Value, Net of Credit Loss Allowance, of Fixed Maturity Securities

The following tables summarize the amortized cost and estimated fair value, net of credit loss allowance, of our fixed maturity securities as of:



	December 31, 2025
(in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Estimated fair value
Available-for-sale securities:



Corporate debt securities	$	834,885	$	12,779	$	3,185	$	844,479
Collateralized debt obligations	133,224		207		164		133,267
Commercial mortgage-backed securities	139,516		2,808		1,783		140,541
Residential mortgage-backed securities	196,624		982		10,380		187,226
Other debt securities	34,863		543		254		35,152
U.S. Treasury	24,116		106		59		24,163
Total available-for-sale securities, net (1)	1,363,228		17,425		15,825		1,364,828
Held-to-maturity securities - states & political subdivisions	4,833		30		0		4,863
Total fixed maturity securities, net	$	1,368,061	$	17,455	$	15,825	$	1,369,691

(1) This includes an estimated fair value of $44.4 million of securities lent under a securities lending agreement.



	December 31, 2024
(in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Estimated fair value
Available-for-sale securities:



Corporate debt securities	$	647,861	$	4,767	$	8,685	$	643,943
Collateralized debt obligations	114,142		372		387		114,127
Commercial mortgage-backed securities	126,509		1,458		2,985		124,982
Residential mortgage-backed securities	150,212		62		16,462		133,812
Other debt securities	27,232		147		628		26,751

Total available-for-sale securities, net (1)	1,065,956		6,806		29,147		1,043,615
Held-to-maturity securities - states & political subdivisions	4,833		101		0		4,934
Total fixed maturity securities, net	$	1,070,789	$	6,907	$	29,147	$	1,048,549

(1) This includes an estimated fair value of $7.3 million of securities lent under a securities lending agreement.

Schedule of Amortized Cost and Estimated Fair Value, Net of Credit Loss Allowance, of Fixed Maturity Securities by Remaining Contractual Term to Maturity

The amortized cost and estimated fair value of our fixed maturity securities at December 31, 2025 are shown below by remaining contractual term to maturity. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.



	December 31, 2025
	Amortized		Estimated
(in thousands)	cost		fair value
Available-for-sale securities:
Due in one year or less	$	37,273	$	37,302
Due after one year through five years	552,240		558,399
Due after five years through ten years	249,274		251,231
Due after ten years	524,441		517,896
Total available-for-sale securities, net (1) (2)	1,363,228		1,364,828
Held-to-maturity securities - due after ten years	4,833		4,863
Total fixed maturity securities, net	$	1,368,061	$	1,369,691

(1) The contractual maturities of our available-for-sale securities are included in the table. However, given our intent to sell certain impaired securities, these securities are classified as current assets in our Consolidated Statement of Financial Position at December 31, 2025.

(2) This includes an estimated fair value of $44.4 million of securities lent under a securities lending agreement.

Schedule of Available-for-sale Securities in a Gross Unrealized Loss Position by Length of Time

The following tables present available-for-sale securities based on length of time in a gross unrealized loss position as of:



	December 31, 2025
	Less than 12 months				12 months or longer				Total
(dollars in thousands)	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses		No. of holdings


Corporate debt securities	$	72,699	$	1,555	$	41,040	$	1,630	$	113,739	$	3,185	418
Collateralized debt obligations	57,917		120		3,909		44		61,826		164		83
Commercial mortgage-backed securities	16,103		59		19,956		1,724		36,059		1,783		70
Residential mortgage-backed securities	17,675		27		92,019		10,353		109,694		10,380		146
Other debt securities	3,936		39		3,655		215		7,591		254		27
U.S. Treasury	13,296		59		0		0		13,296		59		3
Total available-for-sale securities	$	181,626	$	1,859	$	160,579	$	13,966	$	342,205	$	15,825	747
Quality breakdown of available-for-sale securities:
Investment grade	$	144,472	$	433	$	144,604	$	12,773	$	289,076	$	13,206	371
Non-investment grade	37,154		1,426		15,975		1,193		53,129		2,619		376
Total available-for-sale securities	$	181,626	$	1,859	$	160,579	$	13,966	$	342,205	$	15,825	747



	December 31, 2024
	Less than 12 months				12 months or longer				Total
(dollars in thousands)	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses		No. of holdings


Corporate debt securities	$	197,619	$	2,486	$	156,059	$	6,199	$	353,678	$	8,685	567
Collateralized debt obligations	33,686		71		11,762		316		45,448		387		77
Commercial mortgage-backed securities	28,333		407		24,966		2,578		53,299		2,985		131
Residential mortgage-backed securities	38,003		1,289		90,209		15,173		128,212		16,462		169
Other debt securities	11,663		150		5,045		478		16,708		628		42

Total available-for-sale securities	$	309,304	$	4,403	$	288,041	$	24,744	$	597,345	$	29,147	986
Quality breakdown of available-for-sale securities:
Investment grade	$	280,332	$	3,701	$	260,480	$	22,664	$	540,812	$	26,365	616
Non-investment grade	28,972		702		27,561		2,080		56,533		2,782		370
Total available-for-sale securities	$	309,304	$	4,403	$	288,041	$	24,744	$	597,345	$	29,147	986

Schedule of Allowances for Credit Losses on Investments

The following tables present a roll-forward of the allowances for credit losses on investments for the years ended December 31:


	2025
(in thousands)	Available-for-sale securities		Held-to-maturity securities		Other loans receivable		Agent loans
Balance, beginning of period	$	513	$	2,167	$	12,198	$	1,312
Provision and recoveries	1,389		0		2,928		368
Sales/collections and write-offs	(1,000)		0		(25)		0
Balance, end of period	$	902	$	2,167	$	15,101	$	1,680


	2024
(in thousands)	Available-for-sale securities		Held-to-maturity securities		Other loans receivable		Agent loans
Balance, beginning of period	$	597	$	0	$	11,081	$	957
Provision and recoveries	484		2,167		1,117		355
Sales/collections and write-offs	(568)		0		0		0
Balance, end of period	$	513	$	2,167	$	12,198	$	1,312

Schedule of Investment Income (Loss), Net of Expenses

Investment income (loss), net of expenses, was generated from the following portfolios for the years ended December 31:




(in thousands)	2025		2024		2023

Available-for-sale securities	$	57,093	$	49,605	$	42,563
Equity securities	4,637		4,758		4,493
Limited partnerships (1)	3,549		1,971		(11,308)
Agent loans (2)	6,417		4,368		3,236
Cash equivalents and other (2)	16,551		11,093		5,943
Total investment income	88,247		71,795		44,927
Less: investment expenses	2,410		1,640		355
Net investment income	$	85,837	$	70,155	$	44,572

(1) Limited partnership income (losses) include both realized gains (losses) and unrealized valuation changes. Our limited partnership investments are included in the line item "Other assets, net" in the Consolidated Statements of Financial Position. We have made no new significant limited partnership commitments since 2006, and the balance of limited partnership investments is expected to decline over time as additional distributions are received.

(2) 2024 and 2023 amounts have been reclassified to conform to the current period presentation.

Schedule of Net Realized and Unrealized Investment Gains (Losses)

Realized and unrealized gains (losses) on investments were as follows for the years ended December 31:




(in thousands)	2025		2024		2023
Available-for-sale securities:

Gross realized gains	$	2,891	$	3,415	$	804
Gross realized losses	(2,838)		(5,035)		(7,523)
Net realized gains (losses) on available-for-sale securities	53		(1,620)		(6,719)



Equity securities	2,278		4,848		871









Miscellaneous	5		1		10




Net realized and unrealized investment gains (losses)	$	2,336	$	3,229	$	(5,838)

The portion of net unrealized gains (losses) recognized during the reporting period related to equity securities held at the reporting date is calculated as follows for the years ended December 31:



(in thousands)	2025		2024		2023
Equity securities:
Net gains recognized during the period	$	2,278	$	4,848	$	871
Less: net gains (losses) recognized on securities sold	341		1,213		(2,328)
Net unrealized gains recognized on securities held at reporting date	$	1,937	$	3,635	$	3,199

Schedule of Impairments on Investments

Impairments on investments were as follows for the years ended December 31:



(in thousands)	2025		2024		2023
Available-for-sale securities:
Intent to sell	$	(495)	$	(299)	$	(1,759)
Credit impaired	(1,389)		(484)		(670)
Total available-for-sale securities	(1,884)		(783)		(2,429)
Expected credit losses:

Held-to-maturity securities	0		(2,167)		—
Agent loans	(368)		(355)		0
Other loans receivable	(1,060)		(819)		(7,337)
Net impairment losses recognized in earnings	$	(3,312)	$	(4,124)	$	(9,766)

Fair Value (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements on a Recurring Basis by Asset Class and Level of Input

The following tables present our fair value measurements on a recurring basis by asset class and level of input as of:



	December 31, 2025

(in thousands)	Total		Level 1		Level 2		Level 3

Available-for-sale securities:



Corporate debt securities	$	844,479	$	998	$	839,542	$	3,939
Collateralized debt obligations	133,267		0		133,267		0
Commercial mortgage-backed securities	140,541		0		117,520		23,021
Residential mortgage-backed securities	187,226		0		186,432		794
Other debt securities	35,152		0		35,152		0
U.S. Treasury	24,163		0		24,163		0
Total available-for-sale securities (1)	1,364,828		998		1,336,076		27,754
Equity securities:
Financial services sector	74,614		2,593		66,350		5,671
Utilities sector	3,696		0		3,696		0
Energy sector	2,713		0		2,713		0
Consumer sector	5,563		0		2,393		3,170
Technology sector	3,224		0		0		3,224

Communications sector	953		0		953		0
Total equity securities (2)	90,763		2,593		76,105		12,065
Total	$	1,455,591	$	3,591	$	1,412,181	$	39,819

(1) This includes $44.4 million of securities lent under a securities lending agreement.

(2) This includes $20.1 million of securities lent under a securities lending agreement.



	December 31, 2024

(in thousands)	Total		Level 1		Level 2		Level 3

Available-for-sale securities:



Corporate debt securities	$	643,943	$	0	$	637,675	$	6,268
Collateralized debt obligations	114,127		0		114,127		0
Commercial mortgage-backed securities	124,982		0		100,893		24,089
Residential mortgage-backed securities	133,812		0		133,812		0
Other debt securities	26,751		0		26,751		0

Total available-for-sale securities (1)	1,043,615		0		1,013,258		30,357
Equity securities:
Financial services sector	69,930		1,052		65,378		3,500
Utilities sector	5,629		0		5,629		0
Energy sector	4,117		0		4,117		0
Consumer sector	3,341		54		1,787		1,500
Technology sector	1,974		0		0		1,974

Communications sector	900		0		900		0

Total equity securities	85,891		1,106		77,811		6,974
Total	$	1,129,506	$	1,106	$	1,091,069	$	37,331

(1) This includes $7.3 million of securities lent under a securities lending agreement.

Schedule of Roll Forward of Level 3 Fair Value Measurements on a Recurring Basis

Level 3 Assets – 2025 Year-to-Date Change:



(in thousands)	Beginning balance at December 31, 2024		Included in earnings(1)		Included in other comprehensive income (loss)		Purchases		Sales		Transfers into Level 3(2)		Transfers out of Level 3(2)		Ending balance at December 31, 2025
Available-for-sale securities:



Corporate debt securities	$	6,268	$	(37)	$	(48)	$	4,773	$	(2,324)	$	5,399	$	(10,092)	$	3,939
Collateralized debt obligations	0		(4)		0		700		(696)		0		0		0
Commercial mortgage-backed securities	24,089		(1,089)		429		4,769		(3,142)		26,476		(28,511)		23,021
Residential mortgage-backed securities	0		0		13		0		(42)		2,207		(1,384)		794

Total available-for-sale securities	30,357		(1,130)		394		10,242		(6,204)		34,082		(39,987)		27,754
Equity securities	6,974		681		—		4,750		0		158		(498)		12,065
Total Level 3 securities	$	37,331	$	(449)	$	394	$	14,992	$	(6,204)	$	34,240	$	(40,485)	$	39,819

Level 3 Assets – 2024 Year-to-Date Change:



(in thousands)	Beginning balance at December 31, 2023		Included in earnings(1)		Included in other comprehensive income (loss)		Purchases		Sales		Transfers into Level 3(2)		Transfers out of Level 3(2)		Ending balance at December 31, 2024
Available-for-sale securities:



Corporate debt securities	$	4,506	$	(129)	$	126	$	6,708	$	(1,821)	$	8,379	$	(11,501)	$	6,268

Commercial mortgage-backed securities	10,994		(1,519)		664		3,826		(1,571)		30,340		(18,645)		24,089
Residential mortgage-backed securities	1,534		(5)		(24)		0		(40)		0		(1,465)		0

Total available-for-sale securities	17,034		(1,653)		766		10,534		(3,432)		38,719		(31,611)		30,357
Equity securities	7,334		670		—		2,019		(84)		553		(3,518)		6,974
Total Level 3 securities	$	24,368	$	(983)	$	766	$	12,553	$	(3,516)	$	39,272	$	(35,129)	$	37,331

(1) These amounts are reported as net investment income and net realized and unrealized investment gains (losses) for each of the periods presented above.

(2) Transfers into and/or (out) of Level 3 are primarily attributable to the availability of market observable information and the re-evaluation of the observability of pricing inputs.

Schedule of Financial Instruments Not Carried at Fair Value

The following table presents the carrying values and fair values of financial instruments categorized as Level 3 in the fair value hierarchy that are recorded at carrying value as of:



	December 31, 2025				December 31, 2024
(in thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value

Agent loans, net (1)	$	109,331	$	113,850	$	92,731	$	90,713
Other loans receivable, net (2)	15,491		12,509		11,555		11,555
Held-to-maturity securities, net (3)	4,833		4,863		4,833		4,934

(1) The current portion of agent loans is included in the line item "Prepaid expenses and other current assets, net" in the Consolidated Statements of Financial Position.

(2) The current and long-term portions of other loans receivable are included in the line items "Prepaid expenses and other current assets, net" and "Other assets, net", respectively, in the Consolidated Statements of Financial Position.

(3) Held-to-maturity securities are included in the line item "Other assets, net" in the Consolidated Statements of Financial Position.

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

Postretirement Benefits - Fair Value Measurement for Pension Plan Assets by Major Category and Level of Input (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Fair value measurements of pension plan assets:
Total	$ 1,091,598	$ 1,002,049	$ 996,879
Employee Pension Plan
Fair value measurements of pension plan assets:
Total	1,091,598	1,002,049
Employee Pension Plan \| Level 1 Fair Value
Fair value measurements of pension plan assets:
Total	348,578	318,448
Employee Pension Plan \| Level 2 Fair Value
Fair value measurements of pension plan assets:
Total	0	0
Employee Pension Plan \| Level 3 Fair Value
Fair value measurements of pension plan assets:
Total	0	0
Employee Pension Plan \| Net Asset Value (NAV)
Fair value measurements of pension plan assets:
Total	743,020	683,601
Total equity securities \| Employee Pension Plan
Fair value measurements of pension plan assets:
Total	396,075	357,343
Total equity securities \| Employee Pension Plan \| Level 1 Fair Value
Fair value measurements of pension plan assets:
Total	333,021	302,703
Total equity securities \| Employee Pension Plan \| Level 2 Fair Value
Fair value measurements of pension plan assets:
Total	0	0
Total equity securities \| Employee Pension Plan \| Level 3 Fair Value
Fair value measurements of pension plan assets:
Total	0	0
Total equity securities \| Employee Pension Plan \| Net Asset Value (NAV)
Fair value measurements of pension plan assets:
Total	63,054	54,640
U.S. equity securities \| Employee Pension Plan
Fair value measurements of pension plan assets:
Total	235,431	214,942
U.S. equity securities \| Employee Pension Plan \| Level 1 Fair Value
Fair value measurements of pension plan assets:
Total	224,370	204,588
U.S. equity securities \| Employee Pension Plan \| Level 2 Fair Value
Fair value measurements of pension plan assets:
Total	0	0
U.S. equity securities \| Employee Pension Plan \| Level 3 Fair Value
Fair value measurements of pension plan assets:
Total	0	0
U.S. equity securities \| Employee Pension Plan \| Net Asset Value (NAV)
Fair value measurements of pension plan assets:
Total	11,061	10,354
Non-U.S. equity securities \| Employee Pension Plan
Fair value measurements of pension plan assets:
Total	160,644	142,401
Non-U.S. equity securities \| Employee Pension Plan \| Level 1 Fair Value
Fair value measurements of pension plan assets:
Total	108,651	98,115
Non-U.S. equity securities \| Employee Pension Plan \| Level 2 Fair Value
Fair value measurements of pension plan assets:
Total	0	0
Non-U.S. equity securities \| Employee Pension Plan \| Level 3 Fair Value
Fair value measurements of pension plan assets:
Total	0	0
Non-U.S. equity securities \| Employee Pension Plan \| Net Asset Value (NAV)
Fair value measurements of pension plan assets:
Total	51,993	44,286
Debt securities \| Employee Pension Plan
Fair value measurements of pension plan assets:
Total	679,966	628,961
Debt securities \| Employee Pension Plan \| Level 1 Fair Value
Fair value measurements of pension plan assets:
Total	0	0
Debt securities \| Employee Pension Plan \| Level 2 Fair Value
Fair value measurements of pension plan assets:
Total	0	0
Debt securities \| Employee Pension Plan \| Level 3 Fair Value
Fair value measurements of pension plan assets:
Total	0	0
Debt securities \| Employee Pension Plan \| Net Asset Value (NAV)
Fair value measurements of pension plan assets:
Total	679,966	628,961
Other \| Employee Pension Plan
Fair value measurements of pension plan assets:
Total	15,557	15,745
Other \| Employee Pension Plan \| Level 1 Fair Value
Fair value measurements of pension plan assets:
Total	15,557	15,745
Other \| Employee Pension Plan \| Level 2 Fair Value
Fair value measurements of pension plan assets:
Total	0	0
Other \| Employee Pension Plan \| Level 3 Fair Value
Fair value measurements of pension plan assets:
Total	0	0
Other \| Employee Pension Plan \| Net Asset Value (NAV)
Fair value measurements of pension plan assets:
Total	$ 0	$ 0

Nature of Operations	12 Months Ended
Nature of Operations	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of Operations Erie Indemnity Company ("Indemnity", "we", "us", "our") is a publicly held Pennsylvania business corporation that has since its incorporation in 1925 served as the attorney-in-fact for the subscribers (policyholders) at the Erie Insurance Exchange ("Exchange"). The Exchange, which also commenced business in 1925, is a Pennsylvania-domiciled reciprocal insurer that writes property and casualty insurance. Our primary function as attorney-in-fact is to perform policy issuance and renewal services on behalf of the subscribers at the Exchange. We also act as attorney-in-fact on behalf of the subscribers at the Exchange with respect to all claims handling and investment management services, as well as the service provider for all claims handling, life insurance, and investment management services for the Exchange's insurance subsidiaries, collectively referred to as "administrative services". Acting as attorney-in-fact in these two capacities is done in accordance with a subscriber's agreement (a limited power of attorney) executed individually by each subscriber (policyholder), which appoints Indemnity as each subscriber's attorney-in-fact to transact certain business on their behalf. In accordance with the subscriber's agreement for acting as attorney-in-fact in these two capacities, we retain a management fee calculated as a percentage of the direct and affiliated assumed premiums written by the Exchange. The policy issuance and renewal services we provide on behalf of the subscribers at the Exchange are related to the sales, underwriting, and issuance of policies. The sales related services we provide include agent compensation and certain sales and advertising support services. Agent compensation includes scheduled commissions to agents based upon premiums written as well as incentive compensation, which is earned by achieving targeted measures. Agent compensation comprised approximately 71% of our 2025 policy issuance and renewal expenses. The underwriting services we provide include underwriting and policy processing and comprised approximately 8% of our 2025 policy issuance and renewal expenses. The remaining services we provide include customer service and administrative support. We also provide information technology services that support all the functions listed above that comprised approximately 10% of our 2025 policy issuance and renewal expenses. Included in these expenses are allocations of costs for departments that support these policy issuance and renewal functions. Consistent with its legal structure as a reciprocal insurer, the Exchange does not have any employees or officers. Therefore, it enters into contractual relationships by and through the subscribers' attorney-in-fact. Indemnity serves as the attorney-in-fact on behalf of the subscribers at the Exchange with respect to its administrative services as enumerated in the subscriber's agreement. The Exchange's insurance subsidiaries also utilize Indemnity for these services in accordance with the service agreements between each of the subsidiaries and Indemnity. Claims handling services include costs incurred in the claims process, including the adjustment, investigation, defense, recording, and payment functions. Life insurance management services include costs incurred in the management and processing of life insurance business. Investment management services are related to investment trading activity, accounting, and all other functions attributable to the investment of funds. Included in these expenses are allocations of costs for departments that support these administrative functions. The subscriber's agreement and service agreements provide for reimbursement of amounts incurred for these services to Indemnity. Reimbursements are settled at cost. State insurance regulations require that intercompany service agreements and any material amendments be approved in advance by the state insurance department. Our results of operations are tied to the growth and financial condition of the Exchange. We continually monitor the financial strength of the Exchange. If any events occurred that impaired the Exchange's ability to grow or sustain its financial condition, including but not limited to a significant downgrade in financial strength ratings, disruption in the independent agency relationships, significant catastrophe losses, or products not meeting customer demands, the Exchange could find it more difficult to retain its existing business and attract new business. A decline in the business of the Exchange almost certainly could have as a consequence a decline in the total premiums paid and a correspondingly adverse effect on the amount of the management fee revenue we receive. We also have an exposure to a concentration of credit risk related to the unsecured receivables due from the Exchange for net management fee and other reimbursements. See Note 16, "Concentrations of Credit Risk".

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2025
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("GAAP") and include the accounts of Indemnity and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated.
Use of estimates	Use of estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Recently adopted accounting standards and Recently issued accounting standards	Recently adopted accounting standards We adopted Accounting Standards Update ("ASU") 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures", effective with the annual reporting period ending December 31, 2025. We applied the guidance retrospectively to prior periods presented in the consolidated financial statements for disclosure purposes, including the disclosure of specific categories in an effective tax rate reconciliation and certain information about income taxes paid. The additional disclosures required by this guidance have been included in Note 12, "Income Taxes". The adoption of this guidance had no other impact on our consolidated financial statements. Recently issued accounting standards In November 2024, the Financial Accounting Standards Board ("FASB") issued ASU 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses", which requires entities to disclose disaggregated information about certain income statement expense line items. The amendments in this ASU are required to be adopted for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments can be applied on either a prospective or retrospective basis. This will have no impact on our consolidated financial statements, and we are currently evaluating the impact of adoption on our disclosures. In July 2025, the FASB issued ASU 2025-05, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets", which provides a practical expedient when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under "Revenue from Contracts with Customers (Topic 606)". Under the practical expedient, entities may assume that current conditions as of the balance sheet date do not change for the remaining life of the asset. The amendments in this ASU are required to be adopted for fiscal years beginning after December 15, 2025, and interim periods within those fiscal years. Early adoption is permitted. An entity that elects the practical expedient should apply the amendments on a prospective basis. We do not expect the standard will have a material impact on our consolidated financial statements and disclosures. In September 2025, the FASB issued ASU 2025-06, "Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software", which removes all references to prescriptive and sequential software development project stages and requires an entity to start capitalizing software costs when management has authorized and committed to funding the software project and it is probable that the project will be completed and the software will be used to perform the function intended. The amendments in this ASU are required to be adopted for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years. Early adoption is permitted. The amendments can be applied on a prospective, modified or retrospective basis. We are currently evaluating the impact of adoption on our consolidated financial statements and disclosures. In December 2025, the FASB issued ASU 2025-11 "Interim Reporting (Topic 270) - Narrow-Scope Improvements", which clarifies current interim disclosure requirements and provides a comprehensive list of required interim disclosures. The guidance also incorporates a disclosure principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The amendments in this ASU are required to be adopted for interim reporting periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments can be applied on a prospective or retrospective basis. We do not expect the standard will have a material impact on our disclosures, and will have no other impact on our consolidated financial statements.
Cash and cash equivalents	Cash and cash equivalents Cash, money market accounts, and other short-term, highly liquid investments with a maturity of three months or less at the date of purchase, are considered cash and cash equivalents.
Restricted cash	Restricted cash – Restricted cash represents deposits held for the benefit of third parties related primarily to our agent loan participation program. These restricted funds are invested in bank deposits, contractually restricted as to withdrawal or usage, and included with "Cash and cash equivalents" in our Consolidated Statements of Financial Position.
Investments	Investments Available-for-sale securities – Fixed maturity debt securities and redeemable preferred stock are classified as available-for-sale and reported at fair value with unrealized investment gains and losses, net of income taxes, recognized in other comprehensive income. Available-for-sale securities with a remaining maturity of 12 months or less and any security that we intend to sell as of the reporting date are classified as current assets. Available-for-sale securities in an unrealized loss position are evaluated to determine whether the impairment is a result of credit loss or other factors. If we have the intent to sell or it's more likely than not that we would be required to sell the security before recovery of the amortized cost basis, the entire impairment is recognized in earnings. Securities that have experienced a decline in fair value that we do not intend to sell, and that we will not be required to sell before recovery, are evaluated to determine if the decline in fair value is credit related. Impairment resulting from a credit loss is recognized in earnings with a corresponding allowance on the Consolidated Statement of Financial Position. Future recoveries of credit loss result in an adjustment to the allowance and earnings in the period the credit conditions improve. Factors considered in the evaluation of credit loss include the extent to which fair value is less than cost and fundamental factors specific to the issuer such as financial condition, changes in credit ratings, near and long-term business prospects, and other factors, as well as the likelihood of recovery of the amortized cost of the security. If the qualitative review indicates credit impairment, the allowance for credit loss is measured as the amount that the security's amortized cost exceeds the present value of cash flows expected to be collected and is limited to the amount that fair value is below amortized cost. Equity securities – Equity securities primarily include non-redeemable preferred stocks that are reported at fair value with changes in the fair value recognized in net realized and unrealized investment gains (losses). Securities that we intend to sell as of the reporting date are classified as current assets. Realized gains and losses and investment income – Realized gains and losses on sales of available-for-sale and equity securities are recognized in income based upon the specific identification method and reported in net realized and unrealized investment gains (losses). Interest income is recognized as earned and includes amortization of premium and accretion of discount. Income is recognized based on the constant effective yield method, which includes periodically updated prepayment assumptions obtained from third party data sources on our prepaying securities. The effective yield for prepaying securities is recalculated on a retrospective basis. Dividend income is recognized at the ex-dividend date. Interest and dividend income and the results of our limited partnership investments are reported as net investment income. We do not record an allowance for credit losses on accrued investment income on our available-for-sale securities as any amount deemed uncollectible is reversed from interest income in the period the expected payment defaults. The below securities have been evaluated for credit impairment using criteria described within Note 2, "Significant Accounting Policies". The gross unrealized losses are primarily attributable to changes in interest rates and are not deemed to be credit-related. We do not have the intent to sell these securities and it is more likely than not that we would not be required to sell these securities before the anticipated recovery of the amortized cost basis.
Securities lending	Securities lending – We have securities lending transactions, managed by a third-party banking institution, whereby securities are loaned to unaffiliated financial institutions for short periods of time. The securities lending activity is accounted for as a secured borrowing and therefore the securities loaned, including available-for-sale and equity securities, are carried as invested assets on our Consolidated Statements of Financial Position, while the obligation to return the cash collateral is recorded as a current liability. The cash collateral received at the inception of the loan is reinvested and the related income is recognized in net investment income. Noncash collateral is not recorded in the Consolidated Statements of Financial Position, as we do not have the right to sell, repledge, or otherwise reinvest the noncash collateral. The collateral is required to equal a minimum of 102% of the estimated fair value of the securities loaned, and maintained at a level greater than or equal to 100% for the duration of the loan. We monitor the ratio of the collateral held to the estimated fair value of the securities loaned on a daily basis and obtain additional collateral as necessary. A securities lending transaction may be terminated at any time by the borrower or the lender. If terminated, we would repay our securities lending obligations from the sale of reinvested collateral or the proceeds of sales from our investment portfolio, which includes liquid securities.
Deferred taxes	Deferred taxes Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and the reported amounts in the consolidated financial statements, using the statutory tax rates in effect for the year in which the differences are expected to settle or be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date under the law. The need for valuation allowances on deferred tax assets are estimated based upon our assessment of the realizability of such amounts.
Fixed assets	Fixed assets Fixed assets are stated at cost less accumulated depreciation and amortization. Fixed assets are primarily comprised of software, which includes internal-use capitalized software and development costs, as well as buildings and building improvements, equipment, furniture and fixtures, and leasehold improvements. Assets in use are depreciated using the straight-line method over the estimated useful life except for leasehold improvements, which are depreciated over the shorter of their economic useful life or the remaining lease term. Software is depreciated over periods ranging from 3-7 years, buildings and building improvements are depreciated over 20-45 years, equipment is depreciated over 3-7 years, and furniture and fixtures are depreciated over 7 years. We review long-lived assets for impairment whenever events or changes indicate that the carrying value may not be recoverable. Under these circumstances, if the fair value were less than the carrying amount of the asset, we would recognize a loss for the difference.
Agent loans	Agent loans Agent loans, the majority of which are senior secured, are carried at unpaid principal balance net of a current expected credit loss allowance with interest recorded in investment income as earned. The allowance is estimated using available loss history and/or external loss rates based on comparable loan losses and considers current market conditions and forecasted information. Changes to the allowance are recognized in earnings as adjustments to net impairment recoveries (losses). Any current portion of agent loans is recorded in prepaid expenses and other current assets.
Other assets	Other assets Other assets primarily include limited partnership investments, other loans receivable, held-to-maturity securities, operating lease assets, and other long-term prepaid assets. Limited partnership investments are recorded using the equity method of accounting. Other loans receivable and held-to-maturity securities include investments to fund real estate development projects supporting revitalization efforts in our community. The loans are carried at unpaid principal balance, including any paid-in-kind interest capitalized as additional principal, if applicable, net of a current expected credit loss allowance. Any current portion of other loans receivable is recorded in prepaid expenses and other current assets. Held-to-maturity securities are carried at amortized cost, net of a current expected credit loss allowance. The allowances are calculated using the estimated value of, and priority rights to, collateral in the event of default or external loss rates based on comparable losses, and considers current market conditions and forecasted information. Changes to the allowances are recognized in earnings as adjustments to net impairment recoveries (losses) or other income (expense) depending on the nature of the asset. Interest on other loans receivable and held-to-maturity securities is recorded primarily in investment income as earned.
Agent incentive compensation liability	Agent incentive compensation liability Our more significant agent incentive compensation plan is based upon an individual agency's property and casualty underwriting profitability and also includes a component for growth in agency property and casualty premiums if the agency's underwriting profitability targets for the book of business are met. The estimated liability for this agent incentive compensation plan is based upon the performance over 36 months, and is modeled on a monthly basis using actual underwriting results for the two prior years and current year-to-date actual results and forecasted results for the remainder of the year. Our second agent incentive compensation plan is based on an agency's one-year underwriting profitability and uses a similar model but considers actual and forecasted results for a calendar year only. At December 31 of each year, we use actual data available and record an accrual based upon the expected payment amount. These costs are included in cost of operations - policy issuance and renewal services.
Recognition of management fee revenue and Recognition of service agreement revenue	Recognition of management fee revenue We retain management fees from the Exchange under the subscriber's agreement for services provided. In accordance with the subscriber's agreement, we may retain up to 25% of all direct and affiliated assumed premiums written by the Exchange. The management fee rate is set at least annually by our Board of Directors. The management fee revenue is calculated by multiplying the management fee rate by the direct and affiliated assumed premiums written by the Exchange and is allocated between the two performance obligations we have under the subscriber's agreement. The first performance obligation is to provide policy issuance and renewal services. The second performance obligation is acting as the attorney-in-fact with respect to various administrative services as enumerated in the subscriber's agreement. Management fee revenue allocated to the policy issuance and renewal services is recognized at the time of policy issuance or renewal, because it is at the time of policy issuance or renewal when the economic benefit of the service we provide (the substantially completed policy issuance or renewal service) and the control of the promised asset (the executed insurance policy) transfers to the customer. Management fee revenue allocated to the second performance obligation relates to us acting as the attorney-in-fact on behalf of the subscribers at the Exchange, as well as the service provider for the Exchange's insurance subsidiaries, with respect to the administrative services and is recognized over a four-year period representing the time over which the economic benefit of the services provided (i.e. management of the administrative services) transfers to the customer. Recognition of service agreement revenue Service agreement revenue primarily consists of service charges we collect from subscribers (policyholders) for providing multiple payment plans on policies written by the Exchange and its property and casualty subsidiaries. Service charges, which are fixed dollar charges for each installment billed beyond the first installment, are recognized as revenue when bills are rendered to the policyholder. Service agreement revenue also includes late payment and policy reinstatement fees, which are also recognized as revenue when bills are rendered to the policyholder. We also have a service agreement with the Exchange for the use of shared office space. Revenue related to this agreement is recognized at the time the space is used based on relevant utilization statistics. The majority of our revenue is derived from the subscriber's agreement between us and the subscribers (policyholders) at the Exchange. In accordance with the subscriber's agreement, we retain a management fee calculated as a percentage, not to exceed 25%, of all direct and affiliated assumed written premiums of the Exchange. We allocate a portion of our management fee revenue, currently 25% of the direct and affiliated assumed written premiums of the Exchange, between the two performance obligations we have under the subscriber's agreement. The first performance obligation is to provide policy issuance and renewal services to the subscribers (policyholders) at the Exchange, and the second is to act as attorney-in-fact on behalf of the subscribers at the Exchange, as well as the service provider for the Exchange's insurance subsidiaries, with respect to all administrative services. The transaction price, including management fee revenue and administrative services reimbursement revenue, includes variable consideration and is allocated based on the estimated standalone selling prices developed using industry information and other available information for similar services. A constraining estimate of variable consideration exists related to the potential for management fees to be returned if a policy were to be cancelled mid-term. Management fees are returned to the Exchange when policyholders cancel their insurance coverage mid-term and premiums are refunded to them. The constraining estimate is determined using the expected value method, based on both historical and current information. The estimated transaction price, as reduced by the constraint, reflects consideration expected for performance of our services. We update the transaction price and the related allocation at least annually based upon the most recent information available or more frequently if there have been significant changes in any components considered in the transaction price. The first performance obligation is to provide policy issuance and renewal services that result in executed insurance policies between the Exchange or one of its insurance subsidiaries and the subscriber (policyholder). The subscriber (policyholder) receives economic benefits when substantially all the policy issuance or renewal services are complete and an insurance policy is issued or renewed by the Exchange or one of its insurance subsidiaries. It is at the time of policy issuance or renewal that the allocated portion of revenue is recognized. Consistent with its legal structure as a reciprocal insurer, the Exchange does not have any employees or officers. Therefore, it enters into contractual relationships by and through the subscribers' attorney-in-fact. Indemnity serves as the attorney-in-fact on behalf of the subscribers at the Exchange with respect to its administrative services as enumerated in the subscriber's agreement. The Exchange's insurance subsidiaries also utilize Indemnity for these services in accordance with the service agreements between each of the subsidiaries and Indemnity. Collectively, these services represent a second performance obligation under the subscriber's agreement and the service agreements. The revenue allocated to this performance obligation is recognized over a four-year period representing the time over which these services are provided. The portion of revenue not yet earned is recorded as a contract liability in the Consolidated Statements of Financial Position.
Administrative services	Administrative services Consistent with its legal structure as a reciprocal insurer, the Exchange does not have any employees or officers. Therefore, it enters into contractual relationships by and through the subscribers' attorney-in-fact. Indemnity serves as the attorney-in-fact on behalf of the subscribers at the Exchange with respect to its administrative services as enumerated in the subscriber's agreement. The Exchange's insurance subsidiaries also utilize Indemnity for these services in accordance with the service agreements between each of the subsidiaries and Indemnity. Claims handling services include costs incurred in the claims process, including the adjustment, investigation, defense, recording and payment functions. Life insurance management services include costs incurred in the management and processing of life insurance business. Investment management services are related to investment trading activity, accounting and all other functions attributable to the investment of funds. Common overhead expenses and certain service department costs incurred by us on behalf of the subscribers at the Exchange and its insurance subsidiaries are reimbursed by the proper entity based upon relevant utilization statistics specifically measured to accomplish proportional allocations, which we believe are reasonable. In 2025, approximately 71% of the administrative services expenses were entirely attributable to the respective administrative functions (claims handling, life insurance management, and investment management), while the remaining 29% of these expenses were allocations of costs for departments that support these administrative functions. The expenses we incur and related reimbursements we receive for administrative services are presented gross in our Consolidated Statements of Operations. The subscriber's agreement and service agreements provide for reimbursement of amounts incurred for these services to Indemnity. Reimbursements are settled at cost on a monthly basis. State insurance regulations require that intercompany service agreements and any material amendments be approved in advance by the state insurance department.
Earnings per share	Class A and Class B basic earnings per share and Class B diluted earnings per share are calculated under the two-class method. The two-class method allocates earnings to each class of stock based upon its dividend rights. Class B shares are convertible into Class A shares at a conversion ratio of 2,400 to 1. See Note 13, "Capital Stock". Class A diluted earnings per share are calculated under the if-converted method, which reflects the conversion of Class B shares to Class A shares. Diluted earnings per share calculations include the dilutive effect of assumed issuance of stock-based awards under compensation plans that have the option to be paid in stock using the treasury stock method. See Note 11, "Incentive and Deferred Compensation Plans".
Financial instruments carried at fair value	Financial instruments carried at fair value Our available-for-sale and equity securities are recorded at fair value, which is the price that would be received to sell the asset in an orderly transaction between willing market participants as of the measurement date. Valuation techniques used to derive the fair value of our available-for-sale and equity securities are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources. Unobservable inputs reflect our own assumptions regarding fair market value for these securities. Financial instruments are categorized based upon the following characteristics or inputs to the valuation techniques: •Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date. •Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. •Level 3 – Unobservable inputs for the asset or liability. Estimates of fair values for our investment portfolio are obtained primarily from a nationally recognized pricing service. Our Level 1 securities are valued using an exchange traded price provided by the pricing service. Pricing service valuations for Level 2 securities include multiple verifiable, observable inputs including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data. Pricing service valuations for Level 3 securities are based upon proprietary models and are used when observable inputs are not available or in illiquid markets. Although virtually all of our prices are obtained from third party sources, we also perform internal pricing reviews, including evaluating the methodology and inputs used to ensure that we determine the proper classification level of the financial instrument and reviewing securities with price changes that vary significantly from current market conditions or independent price sources. Price variances are investigated and corroborated by market data and transaction volumes. We have reviewed the pricing methodologies of our pricing service as well as other observable inputs and believe that the prices adequately consider market activity in determining fair value. In limited circumstances we adjust the price received from the pricing service when, in our judgment, a better reflection of fair value is available based upon corroborating information and our knowledge and monitoring of market conditions such as a disparity in price of comparable securities and/or non-binding broker quotes. In other circumstances, certain securities are internally priced because prices are not provided by the pricing service. When a price from the pricing service is not available, values are determined by obtaining broker/dealer quotes and/or market comparables. When available, we obtain multiple quotes for the same security. The ultimate value for these securities is determined based upon our best estimate of fair value using corroborating market information. As of December 31, 2025, nearly all of our available-for-sale and equity securities were priced using a third party pricing service.
Fair value of financial instruments, transfers between levels	We review the fair value hierarchy classifications each reporting period. Transfers between hierarchy levels may occur due to changes in available market observable inputs.
Commitments and contingencies	We are involved in litigation arising in the ordinary course of conducting business. In accordance with current accounting standards for loss contingencies and based upon information currently known to us, we establish reserves for litigation when it is probable that a loss associated with a claim or proceeding has been incurred and the amount of the loss or range of loss can be reasonably estimated. When no amount within the range of loss is a better estimate than any other amount, we accrue the minimum amount of the estimable loss. To the extent that such litigation against us may have an exposure to a loss in excess of the amount we have accrued, we believe that such excess would not be material to our consolidated financial condition, results of operations, or cash flows. Legal fees are expensed as incurred. We believe that our accruals for legal proceedings are appropriate and, individually and in the aggregate, are not expected to be material to our consolidated financial condition, results of operations, or cash flows. We review all litigation on an ongoing basis when making accrual and disclosure decisions. For certain legal proceedings, we cannot reasonably estimate losses or a range of loss, if any, particularly for proceedings that are in their early stages of development or where the plaintiffs seek indeterminate damages. Various factors, including, but not limited to, the outcome of potentially lengthy discovery and the resolution of important factual questions, may need to be determined before probability can be established or before a loss or range of loss can be reasonably estimated. If the loss contingency in question is not both probable and reasonably estimable, we do not establish an accrual and the matter will continue to be monitored for any developments that would make the loss contingency both probable and reasonably estimable. In the event that a legal proceeding results in a substantial judgment against, or settlement by, us, there can be no assurance that any resulting liability or financial commitment would not have a material adverse effect on our consolidated financial condition, results of operations, or cash flows.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes

The provision for income taxes consists of the following for the years ended December 31:


(in thousands)
	2025		2024		2023
Federal
Current income tax expense	$	131,645	$	152,926	$	116,874
Deferred income tax expense (benefit)	19,547		4,026		(1,002)
State
Current income tax expense	76		13		3
Deferred income tax expense	—		—		—
Income tax expense	$	151,268	$	156,965	$	115,875

Schedule of Reconciliation of the Provision for Income Taxes

A reconciliation of the provision for income taxes, with amounts determined by applying the statutory federal income tax rate to pre-tax income, is as follows for the years ended December 31:


(dollars in thousands)
	2025				2024				2023
	Amount		%		Amount		%		Amount		%
U.S. federal tax at statutory rate	$	149,227	21.0	%	$	159,029	21.0	%	$	118,007	21.0	%
State and local income taxes, net of federal income tax effect (1)	60		0.0		10		0.0		2		0.0


Tax credits	(1,432)		(0.2)		(2,000)		(0.3)		(1,300)		(0.2)

Nontaxable or nondeductible items	2,703		0.4		569		0.1		651		0.1

Other adjustments	710		0.1		(643)		(0.1)		(1,485)		(0.3)
Income tax provision	$	151,268	21.3	%	$	156,965	20.7	%	$	115,875	20.6	%

(1) State taxes in Pennsylvania made up the majority (greater than 50 percent) of the tax effect in this category.

Schedule of Deferred Tax Assets and Liabilities

Temporary differences and carry-forwards, which give rise to deferred tax assets and liabilities, are as follows as of December 31:


(in thousands)
	2025		2024
Deferred tax assets:
Other employee benefits	$	18,213	$	18,409
Allowance for management fee returned on cancelled policies	7,322		4,647
Charitable contributions	5,221		—
Deferred revenue	4,457		4,181


Current expected credit loss allowance	3,647		2,966
Unrealized losses on investments	—		3,827
Other	4,958		4,617
Total deferred tax assets	43,818		38,647
Deferred tax liabilities:
Depreciation	47,017		27,089
Pension and other postretirement benefits	13,919		12,276
Unrealized gains on investments	2,532		—
Prepaid expenses	1,506		2,013







Other	3,632		3,687
Total deferred tax liabilities	68,606		45,065
Net deferred tax liability	$	(24,788)	$	(6,418)

Significant Accounting Policies - Fixed Assets (Details)	Dec. 31, 2025
Software \| Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful life	3 years
Software \| Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful life	7 years
Buildings and building improvements \| Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful life	20 years
Buildings and building improvements \| Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful life	45 years
Equipment \| Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful life	3 years
Equipment \| Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful life	7 years
Furniture and fixtures
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful life	7 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Other employee benefits	$ 18,213	$ 18,409
Allowance for management fee returned on cancelled policies	7,322	4,647
Charitable contributions	5,221	0
Deferred revenue	4,457	4,181
Current expected credit loss allowance	3,647	2,966
Unrealized losses on investments	0	3,827
Other	4,958	4,617
Total deferred tax assets	43,818	38,647
Deferred tax liabilities:
Depreciation	47,017	27,089
Pension and other postretirement benefits	13,919	12,276
Unrealized gains on investments	2,532	0
Prepaid expenses	1,506	2,013
Other	3,632	3,687
Total deferred tax liabilities	68,606	45,065
Net deferred tax liability	$ (24,788)	$ (6,418)

Investments - Net Realized and Unrealized Investment Gains (Losses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Equity securities:
Equity securities	$ 2,278	$ 4,848	$ 871
Net realized and unrealized investment gains (losses)	2,336	3,229	(5,838)
Available-for-sale securities
Available-for-sale securities:
Gross realized gains	2,891	3,415	804
Gross realized losses	(2,838)	(5,035)	(7,523)
Net realized gains (losses) on available-for-sale securities	53	(1,620)	(6,719)
Equity securities
Equity securities:
Equity securities	2,278	4,848	871
Miscellaneous
Equity securities:
Miscellaneous	$ 5	$ 1	$ 10

Fixed Assets - Fixed Assets by Category (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fixed assets
Total fixed assets, gross	$ 887,373	$ 789,823
Less: Accumulated depreciation and amortization	(315,897)	(276,329)
Fixed assets, net	571,476	513,494
Software
Fixed assets
Intangible assets, gross	412,789	351,814
Land, buildings, and building improvements
Fixed assets
Tangible fixed assets, gross	235,915	233,647
Equipment
Fixed assets
Tangible fixed assets, gross	57,968	52,122
Furniture and fixtures
Fixed assets
Tangible fixed assets, gross	22,944	22,944
Leasehold improvements
Fixed assets
Tangible fixed assets, gross	1,654	1,378
Construction in progress
Fixed assets
Tangible fixed assets, gross	78,148	46,302
Projects in progress
Fixed assets
Projects in progress	$ 77,955	$ 81,616

Related Party	12 Months Ended
Related Party	Dec. 31, 2025
Related Party Transactions [Abstract]
Related Party	Related Party Management fee A management fee is retained for services we provide under the subscriber's agreement with subscribers at the Exchange. The fee is a percentage of direct and affiliated assumed premiums written by the Exchange. This percentage rate is set at least annually by our Board of Directors but cannot exceed 25%. The management fee rate charged the Exchange was 25% in 2025, 2024, and 2023. The Board of Directors elected to maintain the fee at 25% beginning January 1, 2026. There is no provision in the subscriber's agreement for termination of our appointment as attorney-in-fact by the subscribers at the Exchange and the appointment is not affected by a policyholder's disability or incapacity. Insurance holding company system Most states have enacted legislation that regulates insurance holding company systems, defined as two or more affiliated persons, one or more of which is an insurer. The Exchange has the following wholly owned property and casualty insurance subsidiaries: Erie Insurance Company, Erie Insurance Company of New York, Erie Insurance Property & Casualty Company, and Flagship City Insurance Company, and a wholly owned life insurance company, Erie Family Life Insurance Company. Indemnity and the Exchange, and its wholly owned subsidiaries, meet the definition of an insurance holding company system. Transactions within a holding company system affecting the member insurers of the holding company system must be fair and reasonable and any charges or fees for services performed must be reasonable. Approval by the applicable insurance commissioner is required prior to the consummation of certain transactions affecting the members within a holding company system. Shared facilities The Exchange and its insurance subsidiaries have a service agreement with Indemnity to use space in Indemnity-owned properties. The amount charged is based on rental rates of like property in Erie, Pennsylvania and the square footage occupied. Income earned from the Exchange and its insurance subsidiaries for the use of space totaled $3.0 million, $2.9 million, and $2.6 million in 2025, 2024, and 2023, respectively. Operating expenses for Indemnity-owned properties under this service agreement include utilities, cleaning, repairs, real estate taxes, property insurance, and leasehold improvements. These expenses totaled $25.2 million, $21.9 million, and $20.0 million in 2025, 2024, and 2023, respectively. The Exchange and its insurance subsidiaries reimbursed us for operating expenses of shared facilities used to perform administrative services, which are allocated based upon square footage occupied. Reimbursements related to the use of this space totaled $6.9 million, $5.9 million, and $5.2 million in 2025, 2024, and 2023, respectively. Other loans receivable In 2023, we issued two senior secured loans totaling $13.6 million to fund a real estate development project supporting revitalization efforts in our community. Ownership in the project consists of related party investors, including affiliate entities and two Indemnity directors, as well as other unrelated investors. The first loan issued for $4.6 million accrues paid-in-kind interest at a fixed rate of 5% and matures December 15, 2027, with both principal and accrued interest due at maturity. The second loan issued for $9.0 million accrues paid-in-kind interest at a fixed rate of 5% and matures December 15, 2033, with both principal and accrued interest due at maturity. The loans, net of current expected credit loss allowances totaling $8.8 million and $8.0 million as of December 31, 2025 and 2024, respectively, are reported in "Other assets, net" in our Consolidated Statements of Financial Position, with changes in credit loss allowances reported in "Net impairment losses recognized in earnings" in our Consolidated Statements of Operations. Erie Insurance Foundation In 2025, we made a $100 million charitable contribution to the Erie Insurance Foundation (the "Foundation"). The Foundation is a separate entity from Indemnity. It is a tax-exempt private charitable foundation formed to create long-term sustainability for charitable contributions and grantmaking. Certain of Indemnity's directors and employees serve as directors and officers of the Foundation. The $100 million contribution is reported as non-operating expense in the Consolidated Statements of Operations.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accumulated other comprehensive income (loss), before tax
Investment securities, OCI	$ 23,950	$ 8,960	$ 35,169
Amortization of prior service costs	1,688	1,611	1,446
Amortization of net actuarial gain	(2,519)	(6,859)	(15,331)
Settlement gain	(572)	(1,338)	0
Pension and other postretirement plans, OCI (loss)	(29,557)	(52,241)	(42,747)
OCI (loss)	(5,607)	(43,281)	(7,578)
Accumulated other comprehensive income (loss), tax
Investment securities, OCI	5,030	1,881	7,385
Pension and other postretirement plans, OCI (loss)	(6,207)	(10,971)	(8,977)
OCI (loss)	(1,177)	(9,090)	(1,592)
Accumulated other comprehensive income (loss), net of tax
Net of tax, beginning of year	1,987,258	1,662,835	1,448,408
Investment securities, OCI	18,920	7,079	27,784
Pension and other postretirement plans, OCI (loss)	(23,350)	(41,270)	(33,770)
OCI (loss)	(4,430)	(34,191)	(5,986)
Net of tax, end of year	2,283,374	1,987,258	1,662,835
Total
Accumulated other comprehensive income (loss), before tax
Before Tax, beginning of year	(60,244)	(16,963)	(9,385)
Before Tax, end of year	(65,851)	(60,244)	(16,963)
Accumulated other comprehensive income (loss), tax
Income Tax, beginning of year	(12,653)	(3,563)	(1,971)
Income Tax, end of year	(13,830)	(12,653)	(3,563)
Accumulated other comprehensive income (loss), net of tax
Net of tax, beginning of year	(47,591)	(13,400)	(7,414)
OCI (loss)	(4,430)	(34,191)	(5,986)
Net of tax, end of year	(52,021)	(47,591)	(13,400)
Investment securities:
Accumulated other comprehensive income (loss), before tax
Before Tax, beginning of year	(22,442)	(31,402)	(66,571)
OCI before reclassifications	22,119	6,557	26,021
Realized investment (gains) losses	(53)	1,620	6,719
Impairment losses	1,884	783	2,429
Investment securities, OCI	23,950	8,960	35,169
Before Tax, end of year	1,508	(22,442)	(31,402)
Accumulated other comprehensive income (loss), tax
Income Tax, beginning of year	(4,714)	(6,595)	(13,980)
OCI before reclassifications	4,645	1,377	5,464
Realized investment (gains) losses	(11)	340	1,411
Impairment losses	396	164	510
Investment securities, OCI	5,030	1,881	7,385
Income Tax, end of year	316	(4,714)	(6,595)
Accumulated other comprehensive income (loss), net of tax
Net of tax, beginning of year	(17,728)	(24,807)	(52,591)
OCI before reclassifications	17,474	5,180	20,557
Realized investment (gains) losses	(42)	1,280	5,308
Impairment losses	1,488	619	1,919
Net of tax, end of year	1,192	(17,728)	(24,807)
Pension and other postretirement plans:
Accumulated other comprehensive income (loss), before tax
Before Tax, beginning of year	(37,802)	14,439	57,186
OCI (loss) before reclassifications	(28,154)	(45,655)	(28,862)
Amortization of prior service costs	1,688	1,611	1,446
Amortization of net actuarial gain	(2,519)	(6,859)	(15,331)
Settlement gain	(572)	(1,338)	0
Pension and other postretirement plans, OCI (loss)	(29,557)	(52,241)	(42,747)
Before Tax, end of year	(67,359)	(37,802)	14,439
Accumulated other comprehensive income (loss), tax
Income Tax, beginning of year	(7,939)	3,032	12,009
OCI (loss) before reclassifications	(5,912)	(9,588)	(6,061)
Amortization of prior service costs	354	338	304
Amortization of net actuarial gain	(529)	(1,440)	(3,220)
Settlement gain	(120)	(281)	0
Pension and other postretirement plans, OCI (loss)	(6,207)	(10,971)	(8,977)
Income Tax, end of year	(14,146)	(7,939)	3,032
Accumulated other comprehensive income (loss), net of tax
Net of tax, beginning of year	(29,863)	11,407	45,177
OCI (loss) before reclassifications	(22,242)	(36,067)	(22,801)
Amortization of prior service costs	1,334	1,273	1,142
Amortization of net actuarial gain	(1,990)	(5,419)	(12,111)
Settlement gain	(452)	(1,057)	0
Pension and other postretirement plans, OCI (loss)	(23,350)	(41,270)	(33,770)
Net of tax, end of year	$ (53,213)	$ (29,863)	$ 11,407

Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Schedule of Pension Plan Cost (Income)

Pension plan cost (income) includes the following components for the years ended December 31:


(in thousands)
	2025		2024		2023
Service cost for benefits earned	$	35,471	$	34,554	$	28,763
Interest cost on benefit obligation	58,748		52,688		50,193
Expected return on plan assets	(80,276)		(80,793)		(68,869)
Prior service cost amortization	1,688		1,611		1,446
Net actuarial gain amortization	(2,519)		(6,859)		(15,331)
Settlement gain (1)	(572)		(1,338)		—
Pension plan cost (income) (2)	$	12,540	$	(137)	$	(3,798)

(1) Settlement accounting was required due to lump sum payments made under the SERP to former officers in 2025 and 2024.

(2) Pension plan cost (income) represents total plan cost (income) before reimbursements between Indemnity and the Exchange and its insurance subsidiaries. The components of pension plan cost (income) other than the service cost components are included in the line item "Other income" in the Consolidated Statements of Operations, net of reimbursements between Indemnity and the Exchange and its insurance subsidiaries.

Schedule of Weighted-Average Actuarial Assumptions Used to Measure Benefit Obligations and Net Periodic Benefit Costs

The following table describes the weighted-average assumptions used to measure benefit obligations at December 31:


	2025		2024

Employee pension plan:
Discount rate	5.72	%	5.87	%
Expected return on assets	7.00		7.00
Rate of compensation increase – age-graded	5.07		5.01

SERP:
Discount rate	5.44	%	5.65	%
Rate of compensation increase	7.00		7.00

The following table describes the weighted-average assumptions used to measure net periodic benefit costs for the years ended December 31:


	2025		2024		2023

Employee pension plan:
Discount rate	5.87	%	5.34	%	5.67	%
Expected return on assets	7.00		7.00		6.50
Rate of compensation increase – age-graded	5.05		4.31		3.30

SERP:
Discount rate (1)	5.29	%	5.12	%	5.46	%
Rate of compensation increase	7.00		5.00		5.00

(1) Settlement accounting was required due to lump sum payments made under the SERP in 2025 and 2024. The 2025 discount rates in effect at the January 1, September 1, and November 1 measurement dates were 5.65%, 5.51%, and 5.29%, respectively. The 2024 discount rates in effect at the January 1, June 1, and September 1 measurement dates were 5.11%, 5.53%, and 5.12%, respectively.

Schedule of Funded Status of Pension Plans and Amounts Recognized in the Consolidated Statements of Financial Position

The following table sets forth the funded status of the pension plans and the amounts recognized in the Consolidated Statements of Financial Position at December 31:


(in thousands)
	2025		2024

Funded status at end of year	$	(11,484)	$	(11,718)

Pension asset	$	24,137	$	21,311
Pension liabilities – due within one year (1)	(2,211)		(4,959)
Pension liabilities – due after one year	(33,410)		(28,070)
Net amount recognized	$	(11,484)	$	(11,718)

(1) The current portion of pension liabilities for the unfunded plan is included in accounts payable and accrued liabilities.

Schedule of Reconciliation of Beginning and Ending Balances of the Projected Benefit Obligation, as well as the Accumulated Benefit Obligation

The following table sets forth a reconciliation of beginning and ending balances of the projected benefit obligation, as well as the accumulated benefit obligation at December 31:


(in thousands)
	2025		2024
Projected benefit obligation, beginning of year	$	1,013,767	$	993,554
Service cost for benefits earned	35,471		34,554
Interest cost on benefit obligation	58,748		52,688
Plan amendments	1,935		1,146
Actuarial loss (gain)	36,300		(28,250)
Benefits paid	(39,887)		(35,924)
Settlements	(3,252)		(4,001)
Projected benefit obligation, end of year	$	1,103,082	$	1,013,767

Accumulated benefit obligation, end of year	$	935,049	$	860,855

Schedule of Defined Benefit Pension Plans with Projected Benefit Obligations in Excess of Plan Assets

The SERP had a projected benefit obligation in excess of plan assets at December 31:


(in thousands)
	2025		2024
Projected benefit obligation	$	35,621	$	33,029

Plan assets	—		—

Schedule of Defined Benefit Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets

The SERP had an accumulated benefit obligation in excess of plan assets at December 31:


(in thousands)
	2025		2024

Accumulated benefit obligation	$	23,523	$	22,761
Plan assets	—		—

Schedule of Reconciliation of Beginning and Ending Balances of the Fair Value of Plan Assets

The following table sets forth a reconciliation of beginning and ending balances of the fair value of plan assets at December 31:


(in thousands)
	2025		2024
Fair value of plan assets, beginning of year	$	1,002,049	$	996,879
Actual return on plan assets	90,357		8,034
Employer contributions	42,331		37,061
Benefits paid	(39,887)		(35,924)
Settlements	(3,252)		(4,001)
Fair value of plan assets, end of year	$	1,091,598	$	1,002,049

Schedule of Amounts Included in Accumulated Other Comprehensive Loss that were Not Yet Recognized as Components of Net Benefit Costs

Net actuarial loss and prior service cost included in accumulated other comprehensive loss that were not yet recognized as components of net benefit costs were as follows at December 31:


(in thousands)
	2025		2024
Net actuarial loss	$	56,062	$	26,752
Prior service cost	11,297		11,050
Net amount not yet recognized	$	67,359	$	37,802

Schedule of Amounts Recognized in Other Comprehensive Loss for Pension Plans

Amounts recognized in other comprehensive loss for pension plans were as follows for the years ended December 31:


(in thousands)
	2025		2024		2023
Net actuarial loss arising during the year	$	26,219	$	44,509	$	28,279
Amortization of net actuarial gain	2,519		6,859		15,331
Amortization of prior service cost	(1,688)		(1,611)		(1,446)
Plan amendments (1)	1,935		1,146		583
Settlement gain	572		1,338		—
Total recognized in other comprehensive loss	$	29,557	$	52,241	$	42,747

(1) Plan amendments relate to new SERP participants.

Schedule of Target and Actual Asset Allocations for the Portfolio

The target and actual asset allocations for the portfolio are as follows for the years ended December 31:



	Target asset allocation		Target asset allocation		Actual asset allocation			Actual asset allocation
Asset allocation:	2025		2024		2025			2024
Equity securities:
U.S. equity securities	21	%	21	%	22	%	(1)	21	%
Non-U.S. equity securities	14		14		15		(2)	14
Total equity securities	35		35		37			35
Debt securities	64		64		62		(3)	63
Other	1		1		1		(4)	2
Total	100	%	100	%	100	%		100	%

(1) U.S. equity securities – 100% seek to achieve excess returns relative to the Russell 3000 Index.

(2) Non-U.S. equity securities – 11% are allocated to international small cap investments, while another 21% are allocated to international emerging market investments. The remaining 68% of the Non-U.S. equity securities are allocated to investments seeking to achieve excess returns relative to an international market index.

(3) Debt securities – 59% are allocated to long U.S. Treasury Strips, 41% are allocated to U.S. corporate bonds with an emphasis on long duration bonds rated A or better.

(4) Institutional money market fund.

Schedule of Fair Value Measurements of Pension Plan Assets by Major Category and Level of Input

The following tables present fair value measurements for the pension plan assets by major category and level of input as of:



	December 31, 2025

(in thousands)	Total		Level 1 Fair Value		Level 2 Fair Value		Level 3 Fair Value		Net Asset Value (NAV)
Equity securities:
U.S. equity securities	$	235,431	$	224,370	$	0	$	0	$	11,061
Non-U.S. equity securities	160,644		108,651		0		0		51,993
Total equity securities	396,075		333,021		0		0		63,054
Debt securities	679,966		0		0		0		679,966
Other	15,557		15,557		0		0		0
Total	$	1,091,598	$	348,578	$	0	$	0	$	743,020



	December 31, 2024

(in thousands)	Total		Level 1 Fair Value		Level 2 Fair Value		Level 3 Fair Value		Net Asset Value (NAV)
Equity securities:
U.S. equity securities	$	214,942	$	204,588	$	0	$	0	$	10,354
Non-U.S. equity securities	142,401		98,115		0		0		44,286
Total equity securities	357,343		302,703		0		0		54,640
Debt securities	628,961		0		0		0		628,961
Other	15,745		15,745		0		0		0
Total	$	1,002,049	$	318,448	$	0	$	0	$	683,601

Schedule of Benefits Expected to be Paid Over the Next 10 Years from Pension Plans

The following table sets forth amounts of benefits expected to be paid over the next 10 years from our pension plans as of:


(in thousands)
Year ending December 31,		Expected future benefit payments
2026	$	44,346
2027		47,555
2028		51,396
2029		54,999
2030		59,093
2031 - 2035		346,104

Investments - Impairments on Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Impairments [Line Items]
Credit impaired	$ (1,389)	$ (484)
Expected credit losses:
Held-to-maturity securities	0	(2,167)
Net impairment losses recognized in earnings	(3,312)	(4,124)	$ (9,766)
Total available-for-sale securities
Schedule of Impairments [Line Items]
Intent to sell	(495)	(299)	(1,759)
Credit impaired	(1,389)	(484)	(670)
Total available-for-sale securities	(1,884)	(783)	(2,429)
Held-to-maturity securities
Expected credit losses:
Held-to-maturity securities	0	(2,167)	0
Agent loans
Expected credit losses:
Agent loans	(368)	(355)	0
Other loans receivable
Expected credit losses:
Agent loans	(2,928)	(1,117)
Net impairment losses recognized in earnings	$ (1,060)	$ (819)	$ (7,337)

Revenue - Narrative (Details) $ in Millions	12 Months Ended
Revenue - Narrative (Details) $ in Millions	Dec. 31, 2025 USD ($) obligation	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Management fee rate as a percent of direct and affiliated assumed written premiums of the Exchange	25.00%
Performance obligations under subscriber's agreement \| obligation	2
Revenue recognized that was included in the contract liability at beginning of year \| $	$ 42.8	$ 41.2	$ 36.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation, satisfaction period	4 years

Fixed Assets

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Fixed Assets

The following table summarizes our fixed assets by category as of December 31:


(in thousands)	2025		2024
Software	$	412,789	$	351,814
Land, buildings, and building improvements	235,915		233,647
Equipment	57,968		52,122
Furniture and fixtures	22,944		22,944
Leasehold improvements	1,654		1,378
Construction in progress	78,148		46,302
Projects in progress	77,955		81,616
Total fixed assets, gross	887,373		789,823
Less: Accumulated depreciation and amortization	(315,897)		(276,329)
Fixed assets, net	$	571,476	$	513,494

Software increased primarily due to internal-use software projects that were completed and placed in service as well as the renewal of mainframe software licenses.

Construction in progress includes ongoing renovations to office buildings that are part of our principal headquarters and not yet subject to depreciation. The renovations are expected to be completed in phases with full completion expected in 2027.

Projects in progress include certain computer software and software development costs for internal use that are not yet subject to amortization.

Depreciation and amortization expense totaled $69.5 million, $56.5 million and $47.4 million for the years ended December 31, 2025, 2024 and 2023, respectively, and is primarily included in total operating expenses. The Exchange and its insurance subsidiaries reimbursed us for approximately 31%, 28% and 27% in 2025, 2024 and 2023, respectively, for annual depreciation and amortization expense on assets supporting administrative services.

Nature of Operations (Details)	12 Months Ended
Nature of Operations (Details)	Dec. 31, 2025 obligation
Expense Classification [Line Items]
Performance obligations under subscriber's agreement	2
Agent compensation expense
Expense Classification [Line Items]
Nature of expense as a percentage of total policy issuance and renewal expenses	71.00%
Underwriting and policy processing expense
Expense Classification [Line Items]
Nature of expense as a percentage of total policy issuance and renewal expenses	8.00%
Information technology expense
Expense Classification [Line Items]
Nature of expense as a percentage of total policy issuance and renewal expenses	10.00%

Investments - Available-for-sale Securities in a Gross Unrealized Loss Position by Length of Time (Details) $ in Thousands	Dec. 31, 2025 USD ($) holding	Dec. 31, 2024 USD ($) holding
Investment grade
Fair value
Less than 12 months	$ 144,472	$ 280,332
12 months or longer	144,604	260,480
Total	289,076	540,812
Unrealized losses
Less than 12 months	433	3,701
12 months or longer	12,773	22,664
Total	$ 13,206	$ 26,365
No. of holdings \| holding	371	616
Non-investment grade
Fair value
Less than 12 months	$ 37,154	$ 28,972
12 months or longer	15,975	27,561
Total	53,129	56,533
Unrealized losses
Less than 12 months	1,426	702
12 months or longer	1,193	2,080
Total	$ 2,619	$ 2,782
No. of holdings \| holding	376	370
Corporate debt securities
Fair value
Less than 12 months	$ 72,699	$ 197,619
12 months or longer	41,040	156,059
Total	113,739	353,678
Unrealized losses
Less than 12 months	1,555	2,486
12 months or longer	1,630	6,199
Total	$ 3,185	$ 8,685
No. of holdings \| holding	418	567
Collateralized debt obligations
Fair value
Less than 12 months	$ 57,917	$ 33,686
12 months or longer	3,909	11,762
Total	61,826	45,448
Unrealized losses
Less than 12 months	120	71
12 months or longer	44	316
Total	$ 164	$ 387
No. of holdings \| holding	83	77
Commercial mortgage-backed securities
Fair value
Less than 12 months	$ 16,103	$ 28,333
12 months or longer	19,956	24,966
Total	36,059	53,299
Unrealized losses
Less than 12 months	59	407
12 months or longer	1,724	2,578
Total	$ 1,783	$ 2,985
No. of holdings \| holding	70	131
Residential mortgage-backed securities
Fair value
Less than 12 months	$ 17,675	$ 38,003
12 months or longer	92,019	90,209
Total	109,694	128,212
Unrealized losses
Less than 12 months	27	1,289
12 months or longer	10,353	15,173
Total	$ 10,380	$ 16,462
No. of holdings \| holding	146	169
Other debt securities
Fair value
Less than 12 months	$ 3,936	$ 11,663
12 months or longer	3,655	5,045
Total	7,591	16,708
Unrealized losses
Less than 12 months	39	150
12 months or longer	215	478
Total	$ 254	$ 628
No. of holdings \| holding	27	42
U.S. Treasury
Fair value
Less than 12 months	$ 13,296
12 months or longer	0
Total	13,296
Unrealized losses
Less than 12 months	59
12 months or longer	0
Total	$ 59
No. of holdings \| holding	3
Available-for-sale securities
Fair value
Less than 12 months	$ 181,626	$ 309,304
12 months or longer	160,579	288,041
Total	342,205	597,345
Unrealized losses
Less than 12 months	1,859	4,403
12 months or longer	13,966	24,744
Total	$ 15,825	$ 29,147
No. of holdings \| holding	747	986

Earnings Per Share (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Class B common stock
Reconciliation of the numerators and denominators used in the basic and diluted per-share computations
Ratio for converting shares of Class B common stock into shares of Class A common stock	2,400	2,400
Income available to stockholders (Basic EPS:)
Allocated net income (numerator) \| $	$ 4,580	$ 4,915	$ 3,652
Weighted shares (denominator) (in shares) \| shares	2,542	2,542	2,542
Per-share amount (in dollars per share) \| $ / shares	$ 1,802	$ 1,934	$ 1,437
Income available to stockholders on equivalent shares (Diluted EPS:)
Allocated net income (numerator) \| $	$ 4,579	$ 4,914	$ 3,652
Weighted shares (denominator) (in shares) \| shares	2,542	2,542	2,542
Per-share amount (in dollars per share) \| $ / shares	$ 1,801	$ 1,933	$ 1,437
Class A common stock
Income available to stockholders (Basic EPS:)
Allocated net income (numerator) \| $	$ 554,755	$ 595,399	$ 442,409
Weighted shares (denominator) (in shares) \| shares	46,189,024	46,189,044	46,188,981
Per-share amount (in dollars per share) \| $ / shares	$ 12.01	$ 12.89	$ 9.58
Dilutive effect of stock-based awards
Allocated net income (numerator) \| $	$ 0	$ 0	$ 0
Weighted shares (denominator) (in shares) \| shares	15,600	16,422	9,630
Assumed conversion of Class B shares
Allocated net income (numerator) \| $	$ 4,580	$ 4,915	$ 3,652
Weighted shares (denominator) (in shares) \| shares	6,100,800	6,100,800	6,100,800
Income available to stockholders on equivalent shares (Diluted EPS:)
Allocated net income (numerator) \| $	$ 559,335	$ 600,314	$ 446,061
Weighted shares (denominator) (in shares) \| shares	52,305,424	52,306,266	52,299,411
Per-share amount (in dollars per share) \| $ / shares	$ 10.69	$ 11.48	$ 8.53

Investments - Cost and Fair Value, Net of Credit Loss Allowance, of Fixed Maturity Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Available-for-sale securities:
Amortized cost	$ 1,363,228
Estimated fair value	1,364,828
Held-to-maturity securities:
Amortized cost	1,368,061	$ 1,070,789
Gross unrealized gains	17,455	6,907
Gross unrealized losses	15,825	29,147
Estimated fair value	1,369,691	1,048,549
Fair value of securities lent	64,500
Corporate debt securities
Available-for-sale securities:
Amortized cost	834,885	647,861
Gross unrealized gains	12,779	4,767
Gross unrealized losses	3,185	8,685
Estimated fair value	844,479	643,943
Held-to-maturity securities:
Fair value of securities lent		7,300
Collateralized debt obligations
Available-for-sale securities:
Amortized cost	133,224	114,142
Gross unrealized gains	207	372
Gross unrealized losses	164	387
Estimated fair value	133,267	114,127
Commercial mortgage-backed securities
Available-for-sale securities:
Amortized cost	139,516	126,509
Gross unrealized gains	2,808	1,458
Gross unrealized losses	1,783	2,985
Estimated fair value	140,541	124,982
Residential mortgage-backed securities
Available-for-sale securities:
Amortized cost	196,624	150,212
Gross unrealized gains	982	62
Gross unrealized losses	10,380	16,462
Estimated fair value	187,226	133,812
Other debt securities
Available-for-sale securities:
Amortized cost	34,863	27,232
Gross unrealized gains	543	147
Gross unrealized losses	254	628
Estimated fair value	35,152	26,751
U.S. Treasury
Available-for-sale securities:
Amortized cost	24,116
Gross unrealized gains	106
Gross unrealized losses	59
Estimated fair value	24,163
Total available-for-sale securities
Available-for-sale securities:
Amortized cost	1,363,228	1,065,956
Gross unrealized gains	17,425	6,806
Gross unrealized losses	15,825	29,147
Estimated fair value	1,364,828	1,043,615
Held-to-maturity securities:
Fair value of securities lent	44,400
Held-to-maturity securities
Held-to-maturity securities:
Amortized cost	4,833	4,833
Gross unrealized gains	30	101
Gross unrealized losses	0	0
Estimated fair value	$ 4,863	$ 4,934

Segment Information - Narrative (Details)	12 Months Ended
Segment Information - Narrative (Details)	Dec. 31, 2025 segment
Segment Reporting [Abstract]
Number of reportable segments	1

Investments

12 Months Ended

Dec. 31, 2025

Investments [Abstract]

Investments

Fixed maturity securities

See Note 6, "Fair Value" for additional fair value disclosures. The following tables summarize the amortized cost and estimated fair value, net of credit loss allowance, of our fixed maturity securities as of:



	December 31, 2025
(in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Estimated fair value
Available-for-sale securities:



Corporate debt securities	$	834,885	$	12,779	$	3,185	$	844,479
Collateralized debt obligations	133,224		207		164		133,267
Commercial mortgage-backed securities	139,516		2,808		1,783		140,541
Residential mortgage-backed securities	196,624		982		10,380		187,226
Other debt securities	34,863		543		254		35,152
U.S. Treasury	24,116		106		59		24,163
Total available-for-sale securities, net (1)	1,363,228		17,425		15,825		1,364,828
Held-to-maturity securities - states & political subdivisions	4,833		30		0		4,863
Total fixed maturity securities, net	$	1,368,061	$	17,455	$	15,825	$	1,369,691

(1) This includes an estimated fair value of $44.4 million of securities lent under a securities lending agreement.



	December 31, 2024
(in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Estimated fair value
Available-for-sale securities:



Corporate debt securities	$	647,861	$	4,767	$	8,685	$	643,943
Collateralized debt obligations	114,142		372		387		114,127
Commercial mortgage-backed securities	126,509		1,458		2,985		124,982
Residential mortgage-backed securities	150,212		62		16,462		133,812
Other debt securities	27,232		147		628		26,751

Total available-for-sale securities, net (1)	1,065,956		6,806		29,147		1,043,615
Held-to-maturity securities - states & political subdivisions	4,833		101		0		4,934
Total fixed maturity securities, net	$	1,070,789	$	6,907	$	29,147	$	1,048,549

(1) This includes an estimated fair value of $7.3 million of securities lent under a securities lending agreement.



	December 31, 2025
	Amortized		Estimated
(in thousands)	cost		fair value
Available-for-sale securities:
Due in one year or less	$	37,273	$	37,302
Due after one year through five years	552,240		558,399
Due after five years through ten years	249,274		251,231
Due after ten years	524,441		517,896
Total available-for-sale securities, net (1) (2)	1,363,228		1,364,828
Held-to-maturity securities - due after ten years	4,833		4,863
Total fixed maturity securities, net	$	1,368,061	$	1,369,691

(2) This includes an estimated fair value of $44.4 million of securities lent under a securities lending agreement.

The below securities have been evaluated for credit impairment using criteria described within Note 2, "Significant Accounting Policies". The gross unrealized losses are primarily attributable to changes in interest rates and are not deemed to be credit-related. We do not have the intent to sell these securities and it is more likely than not that we would not be required to sell these securities before the anticipated recovery of the amortized cost basis.

The following tables present available-for-sale securities based on length of time in a gross unrealized loss position as of:



	December 31, 2025
	Less than 12 months				12 months or longer				Total
(dollars in thousands)	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses		No. of holdings


Corporate debt securities	$	72,699	$	1,555	$	41,040	$	1,630	$	113,739	$	3,185	418
Collateralized debt obligations	57,917		120		3,909		44		61,826		164		83
Commercial mortgage-backed securities	16,103		59		19,956		1,724		36,059		1,783		70
Residential mortgage-backed securities	17,675		27		92,019		10,353		109,694		10,380		146
Other debt securities	3,936		39		3,655		215		7,591		254		27
U.S. Treasury	13,296		59		0		0		13,296		59		3
Total available-for-sale securities	$	181,626	$	1,859	$	160,579	$	13,966	$	342,205	$	15,825	747
Quality breakdown of available-for-sale securities:
Investment grade	$	144,472	$	433	$	144,604	$	12,773	$	289,076	$	13,206	371
Non-investment grade	37,154		1,426		15,975		1,193		53,129		2,619		376
Total available-for-sale securities	$	181,626	$	1,859	$	160,579	$	13,966	$	342,205	$	15,825	747



	December 31, 2024
	Less than 12 months				12 months or longer				Total
(dollars in thousands)	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses		No. of holdings


Corporate debt securities	$	197,619	$	2,486	$	156,059	$	6,199	$	353,678	$	8,685	567
Collateralized debt obligations	33,686		71		11,762		316		45,448		387		77
Commercial mortgage-backed securities	28,333		407		24,966		2,578		53,299		2,985		131
Residential mortgage-backed securities	38,003		1,289		90,209		15,173		128,212		16,462		169
Other debt securities	11,663		150		5,045		478		16,708		628		42

Total available-for-sale securities	$	309,304	$	4,403	$	288,041	$	24,744	$	597,345	$	29,147	986
Quality breakdown of available-for-sale securities:
Investment grade	$	280,332	$	3,701	$	260,480	$	22,664	$	540,812	$	26,365	616
Non-investment grade	28,972		702		27,561		2,080		56,533		2,782		370
Total available-for-sale securities	$	309,304	$	4,403	$	288,041	$	24,744	$	597,345	$	29,147	986

Credit loss allowances

The following tables present a roll-forward of the allowances for credit losses on investments for the years ended December 31:


	2025
(in thousands)	Available-for-sale securities		Held-to-maturity securities		Other loans receivable		Agent loans
Balance, beginning of period	$	513	$	2,167	$	12,198	$	1,312
Provision and recoveries	1,389		0		2,928		368
Sales/collections and write-offs	(1,000)		0		(25)		0
Balance, end of period	$	902	$	2,167	$	15,101	$	1,680


	2024
(in thousands)	Available-for-sale securities		Held-to-maturity securities		Other loans receivable		Agent loans
Balance, beginning of period	$	597	$	0	$	11,081	$	957
Provision and recoveries	484		2,167		1,117		355
Sales/collections and write-offs	(568)		0		0		0
Balance, end of period	$	513	$	2,167	$	12,198	$	1,312

Net investment income

Investment income (loss), net of expenses, was generated from the following portfolios for the years ended December 31:




(in thousands)	2025		2024		2023

Available-for-sale securities	$	57,093	$	49,605	$	42,563
Equity securities	4,637		4,758		4,493
Limited partnerships (1)	3,549		1,971		(11,308)
Agent loans (2)	6,417		4,368		3,236
Cash equivalents and other (2)	16,551		11,093		5,943
Total investment income	88,247		71,795		44,927
Less: investment expenses	2,410		1,640		355
Net investment income	$	85,837	$	70,155	$	44,572

(2) 2024 and 2023 amounts have been reclassified to conform to the current period presentation.

Net realized and unrealized investment gains (losses)

Realized and unrealized gains (losses) on investments were as follows for the years ended December 31:




(in thousands)	2025		2024		2023
Available-for-sale securities:

Gross realized gains	$	2,891	$	3,415	$	804
Gross realized losses	(2,838)		(5,035)		(7,523)
Net realized gains (losses) on available-for-sale securities	53		(1,620)		(6,719)



Equity securities	2,278		4,848		871









Miscellaneous	5		1		10




Net realized and unrealized investment gains (losses)	$	2,336	$	3,229	$	(5,838)

The portion of net unrealized gains (losses) recognized during the reporting period related to equity securities held at the reporting date is calculated as follows for the years ended December 31:



(in thousands)	2025		2024		2023
Equity securities:
Net gains recognized during the period	$	2,278	$	4,848	$	871
Less: net gains (losses) recognized on securities sold	341		1,213		(2,328)
Net unrealized gains recognized on securities held at reporting date	$	1,937	$	3,635	$	3,199

Net impairment losses recognized in earnings

Impairments on investments were as follows for the years ended December 31:



(in thousands)	2025		2024		2023
Available-for-sale securities:
Intent to sell	$	(495)	$	(299)	$	(1,759)
Credit impaired	(1,389)		(484)		(670)
Total available-for-sale securities	(1,884)		(783)		(2,429)
Expected credit losses:

Held-to-maturity securities	0		(2,167)		—
Agent loans	(368)		(355)		0
Other loans receivable	(1,060)		(819)		(7,337)
Net impairment losses recognized in earnings	$	(3,312)	$	(4,124)	$	(9,766)

Securities lending transactions

As of December 31, 2025, the estimated fair value of loaned securities was $64.5 million, consisting of $44.4 million of available-for sale securities and $20.1 million of equity securities. As of December 31, 2024, the estimated fair value of loaned securities was $7.3 million, consisting of available-for-sale securities. Cash collateral received in connection with these securities lending transactions totaled $61.9 million and $7.5 million as of December 31, 2025 and 2024, respectively. The cash collateral was reinvested in cash equivalents and is included in "Cash and cash equivalents" in the Consolidated Statements of Financial Position. As of December 31, 2025, we also received $4.5 million of non-cash collateral, which we are not permitted to sell or repledge. There were no securities lending transactions outstanding with contractual maturities extending beyond one year from the reporting date.

If we have to return cash collateral on short notice, we may have difficulty selling investments in a timely manner, be forced to sell them for less than we otherwise would have been able to realize, or both. In addition, in the event of such forced sale, for securities in an unrealized loss position, realized losses would be incurred on securities sold and impairments would be incurred, if there is a need to sell securities prior to recovery, which may negatively impact our financial condition.

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Deferred tax asset valuation allowance	$ 0	$ 0
Federal income taxes paid	106,500,000	163,000,000.0	$ 104,000,000.0
Federal income tax refunds received	2,600,000	$ 3,100,000
State income taxes paid, net of state income tax refunds received	$ 100,000

Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Dec. 31, 2025	Feb. 17, 2026	Jun. 30, 2025
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2025
Document Transition Report	false
Entity File Number	0-24000
Entry Registrant Name	ERIE INDEMNITY COMPANY
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	25-0466020
Entity Address, Address Line One	100 Erie Insurance Place,
Entity Address, City or Town	Erie,
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	16530
City Area Code	814
Local Phone Number	870-2000
Title of 12(b) Security	Class A common stock,
Trading Symbol	ERIE
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Public Float			$ 8.7
Documents Incorporated by Reference	Portions of Part III of this Form 10-K (Items 10, 11, 12, 13, and 14) are incorporated by reference to the information statement on Schedule 14C to be filed with the Securities and Exchange Commission no later than 120 days after December 31, 2025.
Entity Central Index Key	0000922621
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Class A common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		46,189,068
Class B common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		2,542

Significant Accounting Policies - Administrative services (Details) - Administrative services reimbursement revenue	12 Months Ended
	Dec. 31, 2025
Direct expense
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Nature of expense as a percentage of total policy issuance and renewal expenses	71.00%
Allocated expense
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Nature of expense as a percentage of total policy issuance and renewal expenses	29.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Postretirement Benefits

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Postretirement Benefits

Pension plans

Our pension plans consist of a noncontributory defined benefit pension plan covering substantially all employees and an unfunded supplemental employee retirement plan ("SERP") for certain members of executive and senior management. The pension plan provides benefits to covered individuals satisfying certain age and service requirements. The defined benefit pension plan and SERP each provide benefits through a final average earnings formula.

Although we are the sponsor of these postretirement plans and record the funded status of these plans, there are reimbursements between us and the Exchange and its insurance subsidiaries for their allocated share of pension cost or income. These reimbursements represent pension benefits for employees performing administrative services and an allocated share of plan cost (income) for employees in departments that support the administrative functions. In 2025, the Exchange and its insurance subsidiaries reimbursed us for approximately 61% of the annual defined benefit pension cost and 33% of the annual SERP cost. For our funded pension plan, amounts are settled in cash for the portion of pension cost (income) allocated to the Exchange and its insurance subsidiaries. For our unfunded SERP, we pay the obligations when due and amounts are settled in cash between entities when there is a payout.

Pension plan cost (income)

Pension plan cost (income) includes the following components for the years ended December 31:


(in thousands)
	2025		2024		2023
Service cost for benefits earned	$	35,471	$	34,554	$	28,763
Interest cost on benefit obligation	58,748		52,688		50,193
Expected return on plan assets	(80,276)		(80,793)		(68,869)
Prior service cost amortization	1,688		1,611		1,446
Net actuarial gain amortization	(2,519)		(6,859)		(15,331)
Settlement gain (1)	(572)		(1,338)		—
Pension plan cost (income) (2)	$	12,540	$	(137)	$	(3,798)

(1) Settlement accounting was required due to lump sum payments made under the SERP to former officers in 2025 and 2024.

Actuarial assumptions

The following table describes the weighted-average assumptions used to measure benefit obligations at December 31:


	2025		2024

Employee pension plan:
Discount rate	5.72	%	5.87	%
Expected return on assets	7.00		7.00
Rate of compensation increase – age-graded	5.07		5.01

SERP:
Discount rate	5.44	%	5.65	%
Rate of compensation increase	7.00		7.00

The following table describes the weighted-average assumptions used to measure net periodic benefit costs for the years ended December 31:


	2025		2024		2023

Employee pension plan:
Discount rate	5.87	%	5.34	%	5.67	%
Expected return on assets	7.00		7.00		6.50
Rate of compensation increase – age-graded	5.05		4.31		3.30

SERP:
Discount rate (1)	5.29	%	5.12	%	5.46	%
Rate of compensation increase	7.00		5.00		5.00

The economic assumptions that have the most impact on the postretirement benefits expense are the discount rate and the long-term rate of return on plan assets. The discount rate assumption used to determine the benefit obligation for all periods presented was based upon a yield curve developed from corporate bond yield information.

The pension plan's expected long-term rate of return represents the average rate of return to be earned on plan assets over the period the benefits included in the benefit obligation are to be paid. To determine the expected long-term rate of return assumption, we utilized models based upon historical analysis and forward-looking views of the financial markets based upon key factors such as historical returns for the asset class' applicable indices, the correlations of the asset classes under various market conditions, and consensus views on future real economic growth and inflation. The expected future return for each asset class is then combined by considering correlations between asset classes and the volatilities of each asset class to produce a reasonable range of asset return results within which our expected long-term rate of return assumption falls.

Funding policy/funded status

Our defined benefit pension plan funding policy is generally to contribute an amount equal to the greater of the target normal cost for the plan year, or the amount necessary to fund the plan to 100%. Accordingly, we made contributions of $39 million and $33 million in 2025 and 2024, respectively. We also made a contribution of $47 million in January 2026. The pension asset is presented separately from the unfunded SERP plan as a non-current asset on the Consolidated Statements of Financial Position. The following table sets forth the funded status of the pension plans and the amounts recognized in the Consolidated Statements of Financial Position at December 31:


(in thousands)
	2025		2024

Funded status at end of year	$	(11,484)	$	(11,718)

Pension asset	$	24,137	$	21,311
Pension liabilities – due within one year (1)	(2,211)		(4,959)
Pension liabilities – due after one year	(33,410)		(28,070)
Net amount recognized	$	(11,484)	$	(11,718)

(1) The current portion of pension liabilities for the unfunded plan is included in accounts payable and accrued liabilities.

Benefit obligations

Benefit obligations are described in the following tables. Accumulated and projected benefit obligations represent the obligations of a pension plan for past service as of the measurement date. The accumulated benefit obligation is the present value of pension benefits earned as of the measurement date based on employee service and compensation prior to that date. It differs from the projected benefit obligation in that the accumulated benefit obligation includes no assumptions to reflect expected future compensation. The following table sets forth a reconciliation of beginning and ending balances of the projected benefit obligation, as well as the accumulated benefit obligation at December 31:


(in thousands)
	2025		2024
Projected benefit obligation, beginning of year	$	1,013,767	$	993,554
Service cost for benefits earned	35,471		34,554
Interest cost on benefit obligation	58,748		52,688
Plan amendments	1,935		1,146
Actuarial loss (gain)	36,300		(28,250)
Benefits paid	(39,887)		(35,924)
Settlements	(3,252)		(4,001)
Projected benefit obligation, end of year	$	1,103,082	$	1,013,767

Accumulated benefit obligation, end of year	$	935,049	$	860,855

Projected benefit obligations increased $89.3 million at December 31, 2025 compared to December 31, 2024 primarily due to the lower discount rate used to measure the future benefit obligations. The discount rate for the employee pension plan decreased to 5.72% in 2025 from 5.87% in 2024.

The SERP had a projected benefit obligation in excess of plan assets at December 31:


(in thousands)
	2025		2024
Projected benefit obligation	$	35,621	$	33,029

Plan assets	—		—

The SERP had an accumulated benefit obligation in excess of plan assets at December 31:


(in thousands)
	2025		2024

Accumulated benefit obligation	$	23,523	$	22,761
Plan assets	—		—

Plan assets

The following table sets forth a reconciliation of beginning and ending balances of the fair value of plan assets at December 31:


(in thousands)
	2025		2024
Fair value of plan assets, beginning of year	$	1,002,049	$	996,879
Actual return on plan assets	90,357		8,034
Employer contributions	42,331		37,061
Benefits paid	(39,887)		(35,924)
Settlements	(3,252)		(4,001)
Fair value of plan assets, end of year	$	1,091,598	$	1,002,049

Accumulated other comprehensive loss

Net actuarial loss and prior service cost included in accumulated other comprehensive loss that were not yet recognized as components of net benefit costs were as follows at December 31:


(in thousands)
	2025		2024
Net actuarial loss	$	56,062	$	26,752
Prior service cost	11,297		11,050
Net amount not yet recognized	$	67,359	$	37,802

Other comprehensive loss

Amounts recognized in other comprehensive loss for pension plans were as follows for the years ended December 31:


(in thousands)
	2025		2024		2023
Net actuarial loss arising during the year	$	26,219	$	44,509	$	28,279
Amortization of net actuarial gain	2,519		6,859		15,331
Amortization of prior service cost	(1,688)		(1,611)		(1,446)
Plan amendments (1)	1,935		1,146		583
Settlement gain	572		1,338		—
Total recognized in other comprehensive loss	$	29,557	$	52,241	$	42,747

(1) Plan amendments relate to new SERP participants.

Asset allocation

The employee pension plan utilizes a return seeking and a liability asset matching allocation strategy. It is based upon the understanding that 1) equity investments are expected to outperform debt investments over the long-term, 2) the potential volatility of short-term returns from equities is acceptable in exchange for the larger expected long-term returns, and 3) a portfolio structured across investment styles and markets (both domestic and foreign) reduces volatility. As a result, the employee pension plan's investment portfolio utilizes a broadly diversified asset allocation across domestic and foreign equity and debt markets. The investment portfolio is composed of commingled pools, an exchange traded fund, and a separate account that are dedicated exclusively to the management of employee benefit plan assets.

The target and actual asset allocations for the portfolio are as follows for the years ended December 31:



	Target asset allocation		Target asset allocation		Actual asset allocation			Actual asset allocation
Asset allocation:	2025		2024		2025			2024
Equity securities:
U.S. equity securities	21	%	21	%	22	%	(1)	21	%
Non-U.S. equity securities	14		14		15		(2)	14
Total equity securities	35		35		37			35
Debt securities	64		64		62		(3)	63
Other	1		1		1		(4)	2
Total	100	%	100	%	100	%		100	%

(1) U.S. equity securities – 100% seek to achieve excess returns relative to the Russell 3000 Index.

(3) Debt securities – 59% are allocated to long U.S. Treasury Strips, 41% are allocated to U.S. corporate bonds with an emphasis on long duration bonds rated A or better.

(4) Institutional money market fund.

The following tables present fair value measurements for the pension plan assets by major category and level of input as of:



	December 31, 2025

(in thousands)	Total		Level 1 Fair Value		Level 2 Fair Value		Level 3 Fair Value		Net Asset Value (NAV)
Equity securities:
U.S. equity securities	$	235,431	$	224,370	$	0	$	0	$	11,061
Non-U.S. equity securities	160,644		108,651		0		0		51,993
Total equity securities	396,075		333,021		0		0		63,054
Debt securities	679,966		0		0		0		679,966
Other	15,557		15,557		0		0		0
Total	$	1,091,598	$	348,578	$	0	$	0	$	743,020



	December 31, 2024

(in thousands)	Total		Level 1 Fair Value		Level 2 Fair Value		Level 3 Fair Value		Net Asset Value (NAV)
Equity securities:
U.S. equity securities	$	214,942	$	204,588	$	0	$	0	$	10,354
Non-U.S. equity securities	142,401		98,115		0		0		44,286
Total equity securities	357,343		302,703		0		0		54,640
Debt securities	628,961		0		0		0		628,961
Other	15,745		15,745		0		0		0
Total	$	1,002,049	$	318,448	$	0	$	0	$	683,601

Estimates of fair values of the pension plan assets are obtained primarily from the trustee and custodian of our pension plan. Our Level 1 category includes a money market mutual fund, an exchange traded fund, and a separate account for which the fair value is determined using an exchange traded price provided by the trustee and custodian. Commingled pools are valued based on NAV per share or unit as a practical expedient as reported by the fund manager, multiplied by the number of shares or units held as of the measurement date. Accordingly, these NAV-based investments have been excluded from the fair value hierarchy. These investments have minimal redemption notice periods and are redeemable daily at the NAV, less transaction fees, without significant restrictions. There are no significant unfunded commitments related to these investments.

Estimated future benefit payments

The following table sets forth amounts of benefits expected to be paid over the next 10 years from our pension plans as of:


(in thousands)
Year ending December 31,		Expected future benefit payments
2026	$	44,346
2027		47,555
2028		51,396
2029		54,999
2030		59,093
2031 - 2035		346,104

Employee savings plan

All full-time and regular part-time employees are eligible to participate in a qualified 401(k) savings plan. We match 100% of the participant contributions up to 3% of compensation and 50% of participant contributions over 3% and up to 5% of compensation. Matching contributions paid to the plan were $21.3 million in 2025, $21.0 million in 2024, and $18.4 million in 2023. The Exchange and its insurance subsidiaries reimbursed us for approximately 61% of the matching contributions. Employees are permitted to invest the employer-matching contributions in our Class A common stock. Employees, other than executive and senior officers, may sell the shares at any time without restriction, provided they are in compliance with applicable insider trading laws; sales by executive and senior officers are subject to additional pre-clearance restrictions imposed by our insider trading policies. The plan acquires shares in the open market necessary to meet the obligations of the plan. Plan participants held 0.1 million shares of our Class A common stock at December 31, 2025 and 2024.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Incentive and Deferred Compensation Plans - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) plan performance shares	Dec. 31, 2024	Dec. 31, 2023
Schedule of Incentive Plans and Deferred Compensation [Line Items]
Number of incentive plans for executives, senior vice presidents and other selected officers \| plan	2
Number of deferred compensation plans for executives, senior vice presidents and other selected officers \| plan	2
Number of deferred compensation plans for outside directors \| plan	2
Annual Incentive Plan
Schedule of Incentive Plans and Deferred Compensation [Line Items]
Maximum percentage of employee compensation that can be deferred (as a percent)	100.00%
Long-Term Incentive Plan
Schedule of Incentive Plans and Deferred Compensation [Line Items]
Maximum percentage of employee compensation that can be deferred (as a percent)	100.00%
Vesting period of performance and/or service condition(s)	3 years
Number of performance periods \| performance	3
Total unrecognized compensation cost related to share-based compensation plan awards pertaining to open performance periods \| $	$ 7.9
Expected period of recognition related to unrecognized compensation cost (in years)	2 years
Long-Term Incentive Plan \| Erie Insurance Exchange (EIE)
Schedule of Incentive Plans and Deferred Compensation [Line Items]
Compensation cost reimbursed to Indemnity from the Exchange and its subsidiaries (as a percent)	36.00%	39.00%	35.00%
Long-Term Incentive Plan \| Class A common stock
Schedule of Incentive Plans and Deferred Compensation [Line Items]
Maximum number of shares authorized for grant (in shares)	1,500,000
Long-Term Incentive Plan \| Performance-Vesting Award
Schedule of Incentive Plans and Deferred Compensation [Line Items]
Vesting percent of the grant (as a percent)	75.00%
Long-Term Incentive Plan \| Time-Vesting Award
Schedule of Incentive Plans and Deferred Compensation [Line Items]
Vesting percent of the grant (as a percent)	25.00%
Incentive Compensation Deferral Plan \| Class A common stock
Schedule of Incentive Plans and Deferred Compensation [Line Items]
Vesting percent of the grant (as a percent)	100.00%
Payment period for vested share credits (in years)	3 years
Stock Compensation Plan Outside Directors \| Class A common stock
Schedule of Incentive Plans and Deferred Compensation [Line Items]
Maximum number of shares authorized for grant (in shares)	250,000
Maximum period shares may be credited	10 years
Stock Compensation Plan Outside Directors \| Three Month Vesting Period \| Class A common stock
Schedule of Incentive Plans and Deferred Compensation [Line Items]
Vesting period of performance and/or service condition(s)	3 months
Vesting percent of the grant (as a percent)	25.00%
Equity Compensation Plan
Schedule of Incentive Plans and Deferred Compensation [Line Items]
Total unrecognized compensation cost related to share-based compensation plan awards pertaining to open performance periods \| $	$ 0.5
Equity Compensation Plan \| Erie Insurance Exchange (EIE)
Schedule of Incentive Plans and Deferred Compensation [Line Items]
Compensation cost reimbursed to Indemnity from the Exchange and its subsidiaries (as a percent)	32.00%	35.00%	35.00%
Equity Compensation Plan \| Class A common stock
Schedule of Incentive Plans and Deferred Compensation [Line Items]
Maximum number of shares authorized for grant (in shares)	250,000
Maximum number of shares which may be received by any single participant during any specified period (in shares)	10,000

Revenue - Disaggregation of Revenue by Performance Obligation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of revenue by performance obligation
Revenue	$ 4,067,258	$ 3,795,115	$ 3,268,940
Management fee revenue - policy issuance and renewal services
Disaggregation of revenue by performance obligation
Revenue	3,131,806	2,894,074	2,442,073
Management fee revenue - policy issuance and renewal services \| Transferred at point in time
Disaggregation of revenue by performance obligation
Revenue	3,131,806	2,894,074	2,442,073
Administrative services \| Transferred over time
Disaggregation of revenue by performance obligation
Revenue	910,697	874,691	800,808
Management fee revenue - administrative services
Disaggregation of revenue by performance obligation
Revenue	74,058	68,355	63,669
Management fee revenue - administrative services \| Transferred over time
Disaggregation of revenue by performance obligation
Revenue	74,058	68,355	63,669
Administrative services reimbursement revenue
Disaggregation of revenue by performance obligation
Revenue	836,639	806,336	737,139
Administrative services reimbursement revenue \| Transferred over time
Disaggregation of revenue by performance obligation
Revenue	$ 836,639	$ 806,336	$ 737,139

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2025

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income (Loss)

Changes in accumulated other comprehensive income ("AOCI") (loss) by component, including amounts reclassified to other comprehensive income ("OCI") (loss) and the related line item in the Consolidated Statements of Operations where net income is presented, are as follows for the year ended December 31:


(in thousands)	2025						2024						2023
	Before Tax		Income Tax		Net		Before Tax		Income Tax		Net		Before Tax		Income Tax		Net
Investment securities:
AOCI (loss), beginning of year	$	(22,442)	$	(4,714)	$	(17,728)	$	(31,402)	$	(6,595)	$	(24,807)	$	(66,571)	$	(13,980)	$	(52,591)
OCI before reclassifications	22,119		4,645		17,474		6,557		1,377		5,180		26,021		5,464		20,557
Realized investment (gains) losses	(53)		(11)		(42)		1,620		340		1,280		6,719		1,411		5,308
Impairment losses	1,884		396		1,488		783		164		619		2,429		510		1,919

OCI	23,950		5,030		18,920		8,960		1,881		7,079		35,169		7,385		27,784
AOCI (loss), end of year	$	1,508	$	316	$	1,192	$	(22,442)	$	(4,714)	$	(17,728)	$	(31,402)	$	(6,595)	$	(24,807)

Pension and other postretirement plans:
AOCI (loss), beginning of year	$	(37,802)	$	(7,939)	$	(29,863)	$	14,439	$	3,032	$	11,407	$	57,186	$	12,009	$	45,177
OCI (loss) before reclassifications	(28,154)		(5,912)		(22,242)		(45,655)		(9,588)		(36,067)		(28,862)		(6,061)		(22,801)
Amortization of prior service costs (1)	1,688		354		1,334		1,611		338		1,273		1,446		304		1,142
Amortization of net actuarial gain (1)	(2,519)		(529)		(1,990)		(6,859)		(1,440)		(5,419)		(15,331)		(3,220)		(12,111)
Settlement gain (1)	(572)		(120)		(452)		(1,338)		(281)		(1,057)		—		—		—
OCI (loss)	(29,557)		(6,207)		(23,350)		(52,241)		(10,971)		(41,270)		(42,747)		(8,977)		(33,770)
AOCI (loss), end of year	$	(67,359)	$	(14,146)	$	(53,213)	$	(37,802)	$	(7,939)	$	(29,863)	$	14,439	$	3,032	$	11,407

Total
AOCI (loss), beginning of year	$	(60,244)	$	(12,653)	$	(47,591)	$	(16,963)	$	(3,563)	$	(13,400)	$	(9,385)	$	(1,971)	$	(7,414)
Investment securities	23,950		5,030		18,920		8,960		1,881		7,079		35,169		7,385		27,784
Pension and other postretirement plans	(29,557)		(6,207)		(23,350)		(52,241)		(10,971)		(41,270)		(42,747)		(8,977)		(33,770)
OCI (loss)	(5,607)		(1,177)		(4,430)		(43,281)		(9,090)		(34,191)		(7,578)		(1,592)		(5,986)
AOCI (loss), end of year	$	(65,851)	$	(13,830)	$	(52,021)	$	(60,244)	$	(12,653)	$	(47,591)	$	(16,963)	$	(3,563)	$	(13,400)

(1)These components of AOCI (loss) are included in the computation of net periodic pension cost (income). See Note 10, "Postretirement Benefits", for additional information.

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2025

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Changes in Accumulated Other Comprehensive Income (Loss) by Component, Including Amounts Reclassified to Other Comprehensive Income (Loss) and the Related Line item in the Consolidated Statements of Operations Where Net Income is Presented


(in thousands)	2025						2024						2023
	Before Tax		Income Tax		Net		Before Tax		Income Tax		Net		Before Tax		Income Tax		Net
Investment securities:
AOCI (loss), beginning of year	$	(22,442)	$	(4,714)	$	(17,728)	$	(31,402)	$	(6,595)	$	(24,807)	$	(66,571)	$	(13,980)	$	(52,591)
OCI before reclassifications	22,119		4,645		17,474		6,557		1,377		5,180		26,021		5,464		20,557
Realized investment (gains) losses	(53)		(11)		(42)		1,620		340		1,280		6,719		1,411		5,308
Impairment losses	1,884		396		1,488		783		164		619		2,429		510		1,919

OCI	23,950		5,030		18,920		8,960		1,881		7,079		35,169		7,385		27,784
AOCI (loss), end of year	$	1,508	$	316	$	1,192	$	(22,442)	$	(4,714)	$	(17,728)	$	(31,402)	$	(6,595)	$	(24,807)

Pension and other postretirement plans:
AOCI (loss), beginning of year	$	(37,802)	$	(7,939)	$	(29,863)	$	14,439	$	3,032	$	11,407	$	57,186	$	12,009	$	45,177
OCI (loss) before reclassifications	(28,154)		(5,912)		(22,242)		(45,655)		(9,588)		(36,067)		(28,862)		(6,061)		(22,801)
Amortization of prior service costs (1)	1,688		354		1,334		1,611		338		1,273		1,446		304		1,142
Amortization of net actuarial gain (1)	(2,519)		(529)		(1,990)		(6,859)		(1,440)		(5,419)		(15,331)		(3,220)		(12,111)
Settlement gain (1)	(572)		(120)		(452)		(1,338)		(281)		(1,057)		—		—		—
OCI (loss)	(29,557)		(6,207)		(23,350)		(52,241)		(10,971)		(41,270)		(42,747)		(8,977)		(33,770)
AOCI (loss), end of year	$	(67,359)	$	(14,146)	$	(53,213)	$	(37,802)	$	(7,939)	$	(29,863)	$	14,439	$	3,032	$	11,407

Total
AOCI (loss), beginning of year	$	(60,244)	$	(12,653)	$	(47,591)	$	(16,963)	$	(3,563)	$	(13,400)	$	(9,385)	$	(1,971)	$	(7,414)
Investment securities	23,950		5,030		18,920		8,960		1,881		7,079		35,169		7,385		27,784
Pension and other postretirement plans	(29,557)		(6,207)		(23,350)		(52,241)		(10,971)		(41,270)		(42,747)		(8,977)		(33,770)
OCI (loss)	(5,607)		(1,177)		(4,430)		(43,281)		(9,090)		(34,191)		(7,578)		(1,592)		(5,986)
AOCI (loss), end of year	$	(65,851)	$	(13,830)	$	(52,021)	$	(60,244)	$	(12,653)	$	(47,591)	$	(16,963)	$	(3,563)	$	(13,400)

(1)These components of AOCI (loss) are included in the computation of net periodic pension cost (income). See Note 10, "Postretirement Benefits", for additional information.

Significant Accounting Polices - Securities Lending (Details)	12 Months Ended
	Dec. 31, 2025
Accounting Policies [Abstract]
Requiring percentage, collateral	102.00%
Requiring collateral percentage, minimum	100.00%

Capital Stock - Class A and B Common Stock (Details)	12 Months Ended
Capital Stock - Class A and B Common Stock (Details)	Dec. 31, 2025 classOfStock shares	Dec. 31, 2024 shares	Dec. 31, 2023 shares
Common stock
Number of classes of common stock \| classOfStock	2
Class A common stock
Common stock
Minimum multiplier for dividend payable on Class A common stock per dividend declared on Class B common stock	0.67%
Class B common stock
Common stock
Percentage of dividend declared on Class B common stock used to determine dividend payable on Class A common stock	0.67%
Ratio for converting shares of Class B common stock into shares of Class A common stock	2,400	2,400
Class B common stock shares converted into Class A common stock shares (in shares) \| shares	0	0	0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
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-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483014/272-10-45-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482987/272-10-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (e)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.5-02(29))
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-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
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-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 3
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Topic 946
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-Name Accounting Standards Codification
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-Publisher FASB
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+ Details

Incentive and Deferred Compensation Plans

12 Months Ended

Dec. 31, 2025

Incentive and Deferred Compensation Plans

We have two incentive plans and two deferred compensation plans for our executives, senior vice presidents and other selected officers, and two deferred compensation plans for our outside directors. Executives, senior vice presidents and other selected officers and key employees are also eligible to receive awards under an equity compensation plan, subject to the discretion of the Executive Compensation and Development Committee of our Board of Directors ("ECDC") or the chief executive officer.

Annual incentive plan

Our annual incentive plan ("AIP") is a bonus plan that pays cash to our executives, senior vice presidents and other selected officers annually. Participants can elect to defer up to 100% of the award under either the deferred compensation plan or the incentive compensation deferral plan. If the funding qualifier is met, plan participants are eligible to receive the award based upon attainment of corporate and individual performance measures, which can include various financial measures. The measures are established at the beginning of each year by the ECDC, with ultimate approval by the full Board of Directors. The corporate performance measures included the reported growth in direct written premium and policies in force, and statutory combined ratio of the Exchange and its property and casualty subsidiaries for all periods presented.

Long-term incentive plan

Our long-term incentive plan ("LTIP") is an incentive plan designed to reward executives, senior vice presidents and other selected officers who can have a significant impact on our long-term performance, and to further align the interests of such employees with those of our shareholders. Participants can elect to defer up to 100% of the award under the incentive compensation deferral plan.

The LTIP permits grants of performance-vesting and time-vesting awards. Performance-vesting awards can take the form of performance shares or units, or phantom performance shares, based on the level of achievement of performance goals as defined by us. Time-vesting awards can take the form of restricted shares or units, or phantom shares, including payment of dividends or dividend equivalent credits on the time-vesting awards, based on continued employment for a specified restricted period. Performance measures and a peer group of property and casualty companies to be used for comparison are determined by the ECDC for performance-vesting awards. The performance measures for all periods presented were the reported growth in direct written premium, statutory combined ratio, and return on invested assets of the Exchange and its property and casualty subsidiaries over a three-year performance period as compared to the results of the peer group over the same period. Because the performance component of the award is based upon a comparison to results of a peer group over a three-year period, the award accrual is based upon estimates of probable results for the remaining performance period. This estimate is subject to variability if our results or the results of the peer group are substantially different than the results we project. The type of award and form of payment, either in shares of our Class A common stock or cash, are determined by the ECDC at the beginning of each performance period, which is generally a three-year period. For the 2023-2025 performance period, the LTIP plan provides grants of performance-vesting awards. For the 2024-2026 and 2025-2027 performance periods, the LTIP plans provide grants of both a 75% performance-vesting award and a 25% time-vesting award. The plan awards for all three performance periods will be paid in cash.

The number of shares of our common stock authorized for grant under the LTIP is 1.5 million shares. We do not issue new shares of common stock to settle stock awards. We purchase our Class A common stock on the open market to settle stock awards under the plan. LTIP awards are considered vested at the end of each applicable performance period. The fair value of LTIP awards granting shares is measured at each reporting date at the current share price of our Class A common stock, and the fair value of LTIP awards granting units is measured at each reporting date based on the number of units earned. A liability is recorded and compensation expense is recognized ratably over the performance period.

The following table presents the fully vested plan awards for the related performance periods at December 31: (1)


(dollars in thousands)	2025 (2)		2024		2023		2022
LTIP performance period	2023-2025		2022-2024		2021-2023		2020-2022
Fully vested plan award fair value	$	2,631	$	4,902	$	249	$	3,801

(1) Distributions to participants are made in June of the year following the close of the performance period.

(2) The 2025 award is estimated based upon the peer group information as of September 30, 2025. Distributions will be made in 2026 once peer group financial information becomes available.


(in thousands)	2025		2024		2023
Total compensation cost	$	663	$	1,542	$	7,332
Tax benefit	$	139	$	324	$	1,540

The Exchange and its insurance subsidiaries reimburse us for compensation costs of employees performing administrative services. Earned compensation costs are allocated to these entities and reimbursed to us in cash once the payout is made. The Exchange and its insurance subsidiaries reimbursed us for approximately 36%, 39%, and 35% of the awards paid under these plans in 2025, 2024, and 2023, respectively. At December 31, 2025, there was $7.9 million of total unrecognized compensation cost for non-vested LTIP awards related to open performance periods, which is expected to be recognized over a period of two years.

Deferred compensation plan

Our deferred compensation plan allows executives, senior vice presidents and other selected officers to elect to defer receipt of a portion of their compensation and AIP cash awards until a later date. Employer 401(k) matching contributions that are in excess of the annual contribution or compensation limits are also credited to the participant accounts for those who elected to defer receipt of some portion of their base salary. Participants select hypothetical investment funds for their deferrals, which are credited with the hypothetical returns generated.

Incentive compensation deferral plan

We have an unfunded, non-qualified incentive compensation deferral plan for participants of the AIP and LTIP. Deferred awards will be credited to a deferred stock account as credits denominated in shares of our Class A common stock until retirement or other separation from service. Participants are 100% vested at date of deferral. We do not issue new shares of common stock to participants. We purchase shares of our Class A common stock in the open market to satisfy these awards. The shares are then held in a rabbi trust, which was established to hold the shares earned under both the incentive compensation deferral plan and the deferred stock compensation plan for outside directors. Tax withholdings on rabbi trust distributions are paid from funds outside the trust. As a result, shares withheld from distributions to satisfy those withholdings reduce the number of shares that must be purchased in the future to fund the rabbi trust for both plans. The rabbi trust is classified and accounted for as equity in a manner consistent with the accounting for treasury stock. Dividends received on the shares in the rabbi trust are used to purchase additional shares. Vested share credits will be paid to participants from the rabbi trust upon separation from service in approximate equal annual installments of Class A shares for a period of three years.


(dollars in thousands, except per share data)	2025		2024		2023
LTIP performance period	2022-2024		2021-2023		2020-2022
AIP performance period	2024		2023		2022
Shares purchased	0		0		1,608
Average price paid per share	$	0.00	$	0.00	$	230.71
Cost of shares purchased	$	0	$	0	$	371

Deferred compensation plans for outside directors

We have a deferred compensation plan for our outside directors that allows participants to defer receipt of a portion of their annual compensation until a later date. Participants select hypothetical investment funds for their deferrals, which are credited with the hypothetical returns generated.

We also have a deferred stock compensation plan for our outside directors to further align the interests of directors with those of our shareholders that provides for payment of a portion of the directors' annual compensation in shares of our Class A common stock. Each director vests in the grant 25% every three months over the course of a year. Dividends paid by us are credited to each director's account and vest immediately. We do not issue new shares of common stock to directors. We purchase shares of our Class A common stock in the open market to satisfy these awards, which are then held in the rabbi trust. The plan includes a maximum of 250,000 shares that may be issued under the plan and no shares may be credited later than ten years from the date our shareholders last approved the plan. The shares are distributed to the outside director from the rabbi trust upon ending board service.


(dollars in thousands, except per share data)	2025		2024		2023
Shares purchased	77		4,044		5,894
Average price paid per share	$	283.14	$	405.60	$	238.73
Cost of shares purchased	$	22	$	1,640	$	1,407
Total compensation cost	$	547	$	1,052	$	893

The following table sets forth a reconciliation of beginning and ending balances of our deferred executive compensation liability as of December 31:


(in thousands)
	2025		2024		2023

Deferred executive compensation, beginning of the year	$	34,595	$	31,918	$	25,760
Annual incentive plan awards	5,571		8,574		7,401
Long-term incentive plan awards	698		1,786		7,332

Employer match and hypothetical earnings on deferred compensation	2,962		4,680		2,828
Total plan awards and earnings	9,231		15,040		17,561
Total plan awards paid	(12,899)		(8,105)		(10,211)
Compensation deferred	2,414		1,701		1,809
Distributions from the deferred compensation plans	(1,434)		(2,372)		(313)
Forfeitures (1)	(35)		(244)		—
Funding of rabbi trust for deferred stock compensation plan for outside directors	(22)		(1,640)		(1,407)
Funding of rabbi trust for incentive compensation deferral plan (2)	(400)		(1,703)		(1,281)
Deferred executive compensation, end of the year	$	31,450	$	34,595	$	31,918

(1) Forfeitures are the result of plan participants who separated from service and are recognized in the year they occur.

Equity compensation plan

Our equity compensation plan ("ECP") is designed to reward executives, senior vice presidents and other selected officers and key employees who can have a significant impact on our long-term performance, and to further align the interests of such employees with those of our shareholders. The ECP permits grants of restricted shares, restricted share units and other share based awards, to be satisfied with shares of our Class A common stock or cash. The ECDC determines the form of the award to be granted at the beginning of each performance period. The ECP allows for the grant of up to 250,000 shares of our Class A common stock, and no individual may receive more than 10,000 shares in any calendar year. We do not issue new shares of common stock to satisfy plan awards. Share awards are settled through the purchase of our Class A common stock on the open market. Restricted share awards may be entitled to receive dividends payable during the performance period, or, if subject to performance goals, to receive dividend equivalents payable upon vesting. Dividend equivalents may provide for the crediting of interest or hypothetical investment experience, payable after expiration of the performance period. Vesting conditions are determined at the time the award is granted and may include continuation of employment for a specific period, satisfaction of performance goals within a defined performance period, and the satisfaction of any other terms and conditions as determined to be appropriate.

The following table presents amounts related to shares purchased to satisfy ECP plan liabilities and the total compensation cost charged to operations, for the years ended December 31:


(dollars in thousands, except per share data)	2025		2024 (1)		2023
Shares purchased	5,215		0		1,610
Average price paid per share	$	418.26	$	0.00	$	252.32
Cost of shares purchased	$	2,181	$	0	$	406
Total compensation cost (2)	$	2,830	$	6,895	$	4,022

(1) No shares were required to be purchased in the open market. The plan liability was satisfied in cash totaling $3.2 million.

(2) The fluctuations in all years are due to changes in number of participants and/or our stock price.

The Exchange and its insurance subsidiaries reimburse us for earned compensation costs of employees performing administrative services, which can fluctuate each year based on the plan participants. The Exchange and its insurance subsidiaries reimbursed us for approximately 32%, 35%, and 35% of the awards paid in 2025, 2024, and 2023 respectively. Unrecognized compensation cost at December 31, 2025 of $0.5 million is expected to be recognized in 2026.

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We maintain a cybersecurity program in alignment with our overall Enterprise Risk Management ("ERM") program. See Part II, Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations" contained within this report for additional information on the ERM function. Our Privacy and Information Security Committee, comprised of officers and senior leaders, is responsible for overseeing the development and maintenance of information privacy and security policies and effective operation of our corporate information security and cybersecurity program in compliance with applicable state insurance regulations and other legal and regulatory requirements. This committee is sponsored by and reports directly to our Executive Council, which includes our Chief Executive Officer ("CEO"), Chief Financial Officer, executive vice presidents and certain senior vice presidents reporting directly to the CEO as applicable. Our cybersecurity program of technical, administrative, and physical controls is intended to reduce the risk of cyber threats and protect our information, as well as document processes to determine and make appropriate disclosures regarding potential material threats and incidents. Our cybersecurity philosophy and approach align to the National Institute of Standards and Technology Cybersecurity Framework and its core elements to govern, identify, protect, detect, respond, and recover from the various forms of cyber threats. Our practices include, but are not limited to, cybersecurity protocols and controls, system monitoring and detection, communication of incidents to appropriate management, third-party risk management, including assessments of emerging threats and vulnerabilities, and ongoing privacy and cybersecurity training for employees and contractors concerning cyber risk. A foundational element of our cybersecurity risk management processes is the annual Cybersecurity and Information Security Risk Assessment (CSRA), which includes an analysis of cybersecurity risks facing us and associated recommendations and action items to mitigate identified risks. We periodically utilize third parties to assess the effectiveness of our cybersecurity efforts through independent validations, verifications, and security assessments.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our cybersecurity program of technical, administrative, and physical controls is intended to reduce the risk of cyber threats and protect our information, as well as document processes to determine and make appropriate disclosures regarding potential material threats and incidents. Our cybersecurity philosophy and approach align to the National Institute of Standards and Technology Cybersecurity Framework and its core elements to govern, identify, protect, detect, respond, and recover from the various forms of cyber threats. Our practices include, but are not limited to, cybersecurity protocols and controls, system monitoring and detection, communication of incidents to appropriate management, third-party risk management, including assessments of emerging threats and vulnerabilities, and ongoing privacy and cybersecurity training for employees and contractors concerning cyber risk.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board of Directors has a process in place to monitor management’s oversight of cybersecurity. This is done primarily through regular reports to its Risk Committee as well as the full Board of Directors. Management provides reports on the emerging cybersecurity threat landscape and our cybersecurity risk management program, including our risk evaluation, the results of independent third-party security assessments, and our efforts to manage cyber related risks. We have a core incident response team (Core Team) consisting of dedicated, skilled leadership representatives from our Information Security, Privacy and Law teams, responsible for analyzing and assessing cyber incidents and leading response efforts. Our Chief Information Security Officer (CISO), responsible for overseeing and managing information security incidents, has over 25 years of experience in information technology (IT), including over 20 years dedicated to practicing or leading cybersecurity functions. Our CISO is also a Certified Information Systems Security Professional (CISSP). Our Privacy leader, responsible for managing privacy incidents, has over 20 years of experience in IT risk management, including over 10 years in IT risk and control functions and the remaining time focused on privacy and cybersecurity related functions and holds several information privacy and risk certifications. Our Legal leader, responsible for providing guidance on legal and other regulatory obligations in the areas of privacy, cybersecurity, technology, data use and third-party risk management, holds a Juris Doctor degree, is licensed to practice law, and has over 20 years of legal experience, including over 10 years focused on privacy and cybersecurity and holds several information security and privacy certifications, including the CISSP. The Core Team leaders are members of various organizations that support cybersecurity or privacy intelligence, education, information sharing and networking, including among others the Financial Services Information Sharing and Analysis Center (FS-ISAC), Domestic Security Alliance Council (DSAC), InfraGard, and International Association of Privacy Professionals (IAPP). The Core Team members are augmented as needed by representatives from other internal groups, including subject matter experts from Information Security, Privacy, Finance and Law, as well as certain third parties that may need to participate in the incident response process. Depending on the severity and impact of the incident, third parties engaged may include outside counsel, forensics investigators, public relation firms, data breach resolution providers, and cyber insurance brokers and carriers. In conjunction with legal counsel, the Core Team evaluates notification requirements and as necessary will notify stakeholders depending on the nature and severity of the incident, including law enforcement, state attorneys general, regulators, external auditors, third party providers, and impacted individuals. The Core Team is informed of cyber incidents from diverse sources, including for example, internal monitoring systems, information sharing organizations, employees, and other external information sources. Depending upon the levels of access to our information and/or information systems, third party service providers are contractually obligated to report cybersecurity incidents within their environments. The Core Team performs incident analysis and triage to determine scope, severity, prioritization and required response plans to address an incident in a manner that is intended to minimize the impact to us, our assets, and our operations. In accordance with applicable legal and regulatory requirements, this analysis and triage step includes an assessment of the potential for material impact to us from a cybersecurity incident or a series of individually immaterial related incidents that are material when aggregated. To date, we are not aware of any cybersecurity breach or other incident with respect to our systems or data that have materially affected, or that are reasonably likely to materially affect our business strategy, results of operations or financial condition. Additionally, we are not aware of any cybersecurity breach or other incident experienced by anyone with whom we have a third-party relationship that has had a material impact on our systems or data. However, there can be no guarantee that we will not experience any such incidents in the future. See Item 1A. "Risk Factors" for a discussion of cybersecurity risks.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board of Directors has a process in place to monitor management’s oversight of cybersecurity. This is done primarily through regular reports to its Risk Committee as well as the full Board of Directors. Management provides reports on the emerging cybersecurity threat landscape and our cybersecurity risk management program, including our risk evaluation, the results of independent third-party security assessments, and our efforts to manage cyber related risks.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board of Directors has a process in place to monitor management’s oversight of cybersecurity. This is done primarily through regular reports to its Risk Committee as well as the full Board of Directors. Management provides reports on the emerging cybersecurity threat landscape and our cybersecurity risk management program, including our risk evaluation, the results of independent third-party security assessments, and our efforts to manage cyber related risks.
Cybersecurity Risk Role of Management [Text Block]	The Core Team members are augmented as needed by representatives from other internal groups, including subject matter experts from Information Security, Privacy, Finance and Law, as well as certain third parties that may need to participate in the incident response process. Depending on the severity and impact of the incident, third parties engaged may include outside counsel, forensics investigators, public relation firms, data breach resolution providers, and cyber insurance brokers and carriers. In conjunction with legal counsel, the Core Team evaluates notification requirements and as necessary will notify stakeholders depending on the nature and severity of the incident, including law enforcement, state attorneys general, regulators, external auditors, third party providers, and impacted individuals. The Core Team is informed of cyber incidents from diverse sources, including for example, internal monitoring systems, information sharing organizations, employees, and other external information sources. Depending upon the levels of access to our information and/or information systems, third party service providers are contractually obligated to report cybersecurity incidents within their environments. The Core Team performs incident analysis and triage to determine scope, severity, prioritization and required response plans to address an incident in a manner that is intended to minimize the impact to us, our assets, and our operations. In accordance with applicable legal and regulatory requirements, this analysis and triage step includes an assessment of the potential for material impact to us from a cybersecurity incident or a series of individually immaterial related incidents that are material when aggregated.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our Board of Directors has a process in place to monitor management’s oversight of cybersecurity. This is done primarily through regular reports to its Risk Committee as well as the full Board of Directors. Management provides reports on the emerging cybersecurity threat landscape and our cybersecurity risk management program, including our risk evaluation, the results of independent third-party security assessments, and our efforts to manage cyber related risks.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	We have a core incident response team (Core Team) consisting of dedicated, skilled leadership representatives from our Information Security, Privacy and Law teams, responsible for analyzing and assessing cyber incidents and leading response efforts. Our Chief Information Security Officer (CISO), responsible for overseeing and managing information security incidents, has over 25 years of experience in information technology (IT), including over 20 years dedicated to practicing or leading cybersecurity functions. Our CISO is also a Certified Information Systems Security Professional (CISSP). Our Privacy leader, responsible for managing privacy incidents, has over 20 years of experience in IT risk management, including over 10 years in IT risk and control functions and the remaining time focused on privacy and cybersecurity related functions and holds several information privacy and risk certifications. Our Legal leader, responsible for providing guidance on legal and other regulatory obligations in the areas of privacy, cybersecurity, technology, data use and third-party risk management, holds a Juris Doctor degree, is licensed to practice law, and has over 20 years of legal experience, including over 10 years focused on privacy and cybersecurity and holds several information security and privacy certifications, including the CISSP. The Core Team leaders are members of various organizations that support cybersecurity or privacy intelligence, education, information sharing and networking, including among others the Financial Services Information Sharing and Analysis Center (FS-ISAC), Domestic Security Alliance Council (DSAC), InfraGard, and International Association of Privacy Professionals (IAPP).
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Core Team is informed of cyber incidents from diverse sources, including for example, internal monitoring systems, information sharing organizations, employees, and other external information sources. Depending upon the levels of access to our information and/or information systems, third party service providers are contractually obligated to report cybersecurity incidents within their environments. The Core Team performs incident analysis and triage to determine scope, severity, prioritization and required response plans to address an incident in a manner that is intended to minimize the impact to us, our assets, and our operations. In accordance with applicable legal and regulatory requirements, this analysis and triage step includes an assessment of the potential for material impact to us from a cybersecurity incident or a series of individually immaterial related incidents that are material when aggregated.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Concentrations of Credit Risk (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Concentration Risk [Line Items]
Management fee amounts	$ 735,589	$ 707,060
Receivables from Erie insurance exchange, allowance for credit loss	700	700
Affiliated Entity
Concentration Risk [Line Items]
Management fee amounts	$ 735,600	$ 707,100
Affiliated Entity \| Exchange And Affiliates \| Accounts Receivable \| Credit Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	21.90%	24.50%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Revenue

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue

The majority of our revenue is derived from the subscriber's agreement between us and the subscribers (policyholders) at the Exchange. In accordance with the subscriber's agreement, we retain a management fee calculated as a percentage, not to exceed 25%, of all direct and affiliated assumed written premiums of the Exchange. We allocate a portion of our management fee revenue, currently 25% of the direct and affiliated assumed written premiums of the Exchange, between the two performance obligations we have under the subscriber's agreement. The first performance obligation is to provide policy issuance and renewal services to the subscribers (policyholders) at the Exchange, and the second is to act as attorney-in-fact on behalf of the subscribers at the Exchange, as well as the service provider for the Exchange's insurance subsidiaries, with respect to all administrative services.

The transaction price, including management fee revenue and administrative services reimbursement revenue, includes variable consideration and is allocated based on the estimated standalone selling prices developed using industry information and other available information for similar services. A constraining estimate of variable consideration exists related to the potential for management fees to be returned if a policy were to be cancelled mid-term. Management fees are returned to the Exchange when policyholders cancel their insurance coverage mid-term and premiums are refunded to them. The constraining estimate is determined using the expected value method, based on both historical and current information. The estimated transaction price, as reduced by the constraint, reflects consideration expected for performance of our services. We update the transaction price and the related allocation at least annually based upon the most recent information available or more frequently if there have been significant changes in any components considered in the transaction price.

The first performance obligation is to provide policy issuance and renewal services that result in executed insurance policies between the Exchange or one of its insurance subsidiaries and the subscriber (policyholder). The subscriber (policyholder) receives economic benefits when substantially all the policy issuance or renewal services are complete and an insurance policy is issued or renewed by the Exchange or one of its insurance subsidiaries. It is at the time of policy issuance or renewal that the allocated portion of revenue is recognized.

Consistent with its legal structure as a reciprocal insurer, the Exchange does not have any employees or officers. Therefore, it enters into contractual relationships by and through the subscribers' attorney-in-fact. Indemnity serves as the attorney-in-fact on behalf of the subscribers at the Exchange with respect to its administrative services as enumerated in the subscriber's agreement. The Exchange's insurance subsidiaries also utilize Indemnity for these services in accordance with the service agreements between each of the subsidiaries and Indemnity. Collectively, these services represent a second performance obligation under the subscriber's agreement and the service agreements. The revenue allocated to this performance obligation is recognized over a four-year period representing the time over which these services are provided. The portion of revenue not yet earned is recorded as a contract liability in the Consolidated Statements of Financial Position. For the years ended December 31, 2025, 2024, and 2023, we recognized revenue of $42.8 million, $41.2 million, and $36.5 million, respectively, that was included in the contract liability balance at the beginning of the respective periods. The administrative services expenses we incur and the related reimbursements we receive are recorded gross in the Consolidated Statements of Operations.

Indemnity records a receivable from the Exchange for management fee revenue when the premium is written or assumed from affiliates by the Exchange. Indemnity collects the management fee from the Exchange when the Exchange collects the premiums from the subscribers (policyholders). As the Exchange issues policies almost exclusively with annual terms, cash collections generally occur within one year.

The following table disaggregates revenue by our two performance obligations for the years ended December 31:


(in thousands)	2025		2024		2023
Management fee revenue - policy issuance and renewal services	$	3,131,806	$	2,894,074	$	2,442,073

Management fee revenue - administrative services	74,058		68,355		63,669
Administrative services reimbursement revenue	836,639		806,336		737,139
Total revenue from administrative services	$	910,697	$	874,691	$	800,808

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Investments - Securities Lending Transactions (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Fair value of securities lent	$ 64.5
Collateral that is not permitted to be sold or repledged	4.5
Available-for-sale securities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Fair value of securities lent	44.4
Total equity securities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Fair value of securities lent	20.1
Corporate debt securities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Fair value of securities lent		$ 7.3
Cash equivalents
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Fair value of cash collateral	$ 61.9	$ 7.5

Incentive and Deferred Compensation Plans - Fully Vested Plan Awards (Details) - Long-Term Incentive Plan - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
2023-2025
Schedule of Incentive Plans and Deferred Compensation [Line Items]
Fully vested plan award fair value	$ 2,631
2022-2024
Schedule of Incentive Plans and Deferred Compensation [Line Items]
Fully vested plan award fair value		$ 4,902
2021-2023
Schedule of Incentive Plans and Deferred Compensation [Line Items]
Fully vested plan award fair value			$ 249
2020-2022
Schedule of Incentive Plans and Deferred Compensation [Line Items]
Fully vested plan award fair value				$ 3,801

Incentive and Deferred Compensation Plans - Deferred Executive Compensation Liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Deferred executive compensation liability
Deferred executive compensation, beginning of the year	$ 34,595	$ 31,918	$ 25,760
Total plan awards and earnings	9,231	15,040	17,561
Total plan awards paid	(12,899)	(8,105)	(10,211)
Deferred executive compensation, end of the year	31,450	34,595	31,918
Annual Incentive Plan
Deferred executive compensation liability
Annual incentive plan awards	5,571	8,574	7,401
Long-Term Incentive Plan
Deferred executive compensation liability
Long-term incentive plan awards	698	1,786	7,332
Forfeitures	(35)	(244)	0
Deferred Compensation Plans and Stock Compensation Plan for Outside Directors
Deferred executive compensation liability
Employer match and hypothetical earnings on deferred compensation	2,962	4,680	2,828
Compensation deferred	2,414	1,701	1,809
Distributions from the deferred compensation plans	(1,434)	(2,372)	(313)
Stock Compensation Plan for Outside Directors
Deferred executive compensation liability
Funding of rabbi trust	(22)	(1,640)	(1,407)
Incentive Compensation Deferral Plan
Deferred executive compensation liability
Funding of rabbi trust	(400)	(1,703)	(1,281)
Shares held back to satisfy tax withholding on rabbi trust distributions	$ 400	$ 1,700	$ 900

Segment Information - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total operating revenue	$ 4,067,258	$ 3,795,115	$ 3,268,940
Total operating expenses	3,350,074	3,118,660	2,748,684
Operating income	717,184	676,455	520,256
Total investment income	84,861	69,260	28,968
Other income	8,558	11,564	12,712
Contribution to charitable foundation	100,000	0	0
Income tax expense	151,268	156,965	115,875
Net income	559,335	600,314	446,061
Management Operations
Segment Reporting Information [Line Items]
Total operating revenue	4,067,258	3,795,115	3,268,940
Commissions	1,777,043	1,601,401	1,348,530
Underwriting and policy processing	204,245	199,485	181,003
Information technology	239,789	215,488	216,746
Sales and advertising	66,475	66,480	58,905
Customer service	46,538	43,045	34,391
Administrative and other	179,345	186,425	171,970
Total operating expenses	3,350,074	3,118,660	2,748,684
Operating income	717,184	676,455	520,256
Total investment income	84,861	69,260	28,968
Other income	8,558	11,564	12,712
Income tax expense	151,268	156,965	115,875
Net income	559,335	600,314	446,061
Management fee revenue \| Management Operations
Segment Reporting Information [Line Items]
Total operating revenue	3,205,864	2,962,429	2,505,742
Administrative services reimbursement revenue
Segment Reporting Information [Line Items]
Total operating revenue	836,639	806,336	737,139
Total operating expenses	836,639	806,336	737,139
Administrative services reimbursement revenue \| Management Operations
Segment Reporting Information [Line Items]
Total operating revenue	836,639	806,336	737,139
Total operating expenses	836,639	806,336	737,139
Service agreement revenue
Segment Reporting Information [Line Items]
Total operating revenue	24,755	26,350	26,059
Service agreement revenue \| Management Operations
Segment Reporting Information [Line Items]
Total operating revenue	24,755	26,350	26,059
Cost of operations - policy issuance and renewal services
Segment Reporting Information [Line Items]
Total operating revenue	3,131,806	2,894,074	2,442,073
Total operating expenses	2,513,435	2,312,324	2,011,545
Cost of operations - policy issuance and renewal services \| Management Operations
Segment Reporting Information [Line Items]
Total operating expenses	$ 2,513,435	$ 2,312,324	$ 2,011,545

Fixed Assets - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Fixed Assets - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation and amortization	$ 69,450	$ 56,530	$ 47,415
Insurance Subsidiaries Reimbursed, Percentage	31.00%	28.00%	27.00%

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References + Details

Fair Value - Fair Value Measurements on a Recurring Basis by Asset Class and Level of Input (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	$ 1,364,828
Total	1,455,591	$ 1,129,506
Fair value of securities lent	64,500
Total available-for-sale securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	1,364,828	1,043,615
Fair value of securities lent	44,400
Corporate debt securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	844,479	643,943
Fair value of securities lent		7,300
Collateralized debt obligations
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	133,267	114,127
Commercial mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	140,541	124,982
Residential mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	187,226	133,812
Other debt securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	35,152	26,751
U.S. Treasury
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	24,163
Equity securities
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	90,763	85,891
Fair value of securities lent	20,100
Equity securities \| Financial services sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	74,614	69,930
Equity securities \| Utilities sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	3,696	5,629
Equity securities \| Energy sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	2,713	4,117
Equity securities \| Consumer sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	5,563	3,341
Equity securities \| Technology sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	3,224	1,974
Equity securities \| Communications sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	953	900
Level 1
Fair value measurements on a recurring basis by asset class and level of input
Total	3,591	1,106
Level 1 \| Total available-for-sale securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	998	0
Level 1 \| Corporate debt securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	998	0
Level 1 \| Collateralized debt obligations
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	0	0
Level 1 \| Commercial mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	0	0
Level 1 \| Residential mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	0	0
Level 1 \| Other debt securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	0	0
Level 1 \| U.S. Treasury
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	0
Level 1 \| Equity securities
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	2,593	1,106
Level 1 \| Equity securities \| Financial services sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	2,593	1,052
Level 1 \| Equity securities \| Utilities sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	0	0
Level 1 \| Equity securities \| Energy sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	0	0
Level 1 \| Equity securities \| Consumer sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	0	54
Level 1 \| Equity securities \| Technology sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	0	0
Level 1 \| Equity securities \| Communications sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	0	0
Level 2
Fair value measurements on a recurring basis by asset class and level of input
Total	1,412,181	1,091,069
Level 2 \| Total available-for-sale securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	1,336,076	1,013,258
Level 2 \| Corporate debt securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	839,542	637,675
Level 2 \| Collateralized debt obligations
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	133,267	114,127
Level 2 \| Commercial mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	117,520	100,893
Level 2 \| Residential mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	186,432	133,812
Level 2 \| Other debt securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	35,152	26,751
Level 2 \| U.S. Treasury
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	24,163
Level 2 \| Equity securities
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	76,105	77,811
Level 2 \| Equity securities \| Financial services sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	66,350	65,378
Level 2 \| Equity securities \| Utilities sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	3,696	5,629
Level 2 \| Equity securities \| Energy sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	2,713	4,117
Level 2 \| Equity securities \| Consumer sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	2,393	1,787
Level 2 \| Equity securities \| Technology sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	0	0
Level 2 \| Equity securities \| Communications sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	953	900
Level 3
Fair value measurements on a recurring basis by asset class and level of input
Total	39,819	37,331
Level 3 \| Total available-for-sale securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	27,754	30,357
Level 3 \| Corporate debt securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	3,939	6,268
Level 3 \| Collateralized debt obligations
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	0	0
Level 3 \| Commercial mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	23,021	24,089
Level 3 \| Residential mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	794	0
Level 3 \| Other debt securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	0	0
Level 3 \| U.S. Treasury
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	0
Level 3 \| Equity securities
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	12,065	6,974
Level 3 \| Equity securities \| Financial services sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	5,671	3,500
Level 3 \| Equity securities \| Utilities sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	0	0
Level 3 \| Equity securities \| Energy sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	0	0
Level 3 \| Equity securities \| Consumer sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	3,170	1,500
Level 3 \| Equity securities \| Technology sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	3,224	1,974
Level 3 \| Equity securities \| Communications sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	$ 0	$ 0

Fair Value - Level 3 Assets (Details) - Level 3 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Roll forward of level 3 fair value measurements on a recurring basis
Beginning balance	$ 37,331	$ 24,368
Included in earnings	(449)	(983)
Included in other comprehensive income (loss)	394	766
Purchases	14,992	12,553
Sales	(6,204)	(3,516)
Transfers into Level 3	34,240	39,272
Transfers out of Level 3	(40,485)	(35,129)
Ending balance	39,819	37,331
Available-for-sale securities
Roll forward of level 3 fair value measurements on a recurring basis
Beginning balance	30,357	17,034
Included in earnings	(1,130)	(1,653)
Included in other comprehensive income (loss)	394	766
Purchases	10,242	10,534
Sales	(6,204)	(3,432)
Transfers into Level 3	34,082	38,719
Transfers out of Level 3	(39,987)	(31,611)
Ending balance	$ 27,754	$ 30,357
Fair value, asset, recurring basis, unobservable input reconciliation, gain (loss), statement of income or comprehensive income	Net realized and unrealized investment gains (losses), Net investment income	Net realized and unrealized investment gains (losses), Net investment income
Fair value, asset, recurring basis, unobservable input reconciliation, asset, gain (loss), statement of other comprehensive income or comprehensive income	Change in unrealized holding gains on available-for-sale securities	Change in unrealized holding gains on available-for-sale securities
Available-for-sale securities \| Corporate debt securities
Roll forward of level 3 fair value measurements on a recurring basis
Beginning balance	$ 6,268	$ 4,506
Included in earnings	(37)	(129)
Included in other comprehensive income (loss)	(48)	126
Purchases	4,773	6,708
Sales	(2,324)	(1,821)
Transfers into Level 3	5,399	8,379
Transfers out of Level 3	(10,092)	(11,501)
Ending balance	3,939	6,268
Available-for-sale securities \| Collateralized debt obligations
Roll forward of level 3 fair value measurements on a recurring basis
Beginning balance	0
Included in earnings	(4)
Included in other comprehensive income (loss)	0
Purchases	700
Sales	(696)
Transfers into Level 3	0
Transfers out of Level 3	0
Ending balance	0	0
Available-for-sale securities \| Commercial mortgage-backed securities
Roll forward of level 3 fair value measurements on a recurring basis
Beginning balance	24,089	10,994
Included in earnings	(1,089)	(1,519)
Included in other comprehensive income (loss)	429	664
Purchases	4,769	3,826
Sales	(3,142)	(1,571)
Transfers into Level 3	26,476	30,340
Transfers out of Level 3	(28,511)	(18,645)
Ending balance	23,021	24,089
Available-for-sale securities \| Residential mortgage-backed securities
Roll forward of level 3 fair value measurements on a recurring basis
Beginning balance	0	1,534
Included in earnings	0	(5)
Included in other comprehensive income (loss)	13	(24)
Purchases	0	0
Sales	(42)	(40)
Transfers into Level 3	2,207	0
Transfers out of Level 3	(1,384)	(1,465)
Ending balance	794	0
Equity securities \| Equity securities
Roll forward of level 3 fair value measurements on a recurring basis
Beginning balance	6,974	7,334
Included in earnings	681	670
Included in other comprehensive income (loss)	0	0
Purchases	4,750	2,019
Sales	0	(84)
Transfers into Level 3	158	553
Transfers out of Level 3	(498)	(3,518)
Ending balance	$ 12,065	$ 6,974

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Auditor Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Indianapolis, Indiana
Auditor Firm ID	42

Investments - Amortized Cost and Estimated Fair Value, Net of Credit Loss Allowance, of Fixed Maturity Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Available-for-sale securities, Amortized cost
Due in one year or less	$ 37,273
Due after one year through five years	552,240
Due after five years through ten years	249,274
Due after ten years	524,441
Amortized cost	1,363,228
Held-to-maturity securities, Amortized cost
Held-to-maturity securities - due after ten years	4,833
Available-for-sale securities, Estimated fair value
Due in one year or less	37,302
Due after one year through five years	558,399
Due after five years through ten years	251,231
Due after ten years	517,896
Estimated fair value	1,364,828
Held-to-maturity securities, Estimated fair value
Held-to-maturity securities - due after ten years	4,863
Amortized cost	1,368,061	$ 1,070,789
Estimated fair value	1,369,691	$ 1,048,549
Fair value of securities lent	$ 64,500

Postretirement Benefits - Pension Plan Cost (Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cost of pension plans:
Service cost for benefits earned	$ 35,471	$ 34,554	$ 28,763
Interest cost on benefit obligation	58,748	52,688	50,193
Expected return on plan assets	(80,276)	(80,793)	(68,869)
Prior service cost amortization	1,688	1,611	1,446
Net actuarial gain amortization	(2,519)	(6,859)	(15,331)
Settlement gain	(572)	(1,338)	0
Pension plan cost (income)	$ 12,540	$ (137)	$ (3,798)
Defined benefit plan, net periodic benefit cost (credit) excluding service cost, statement of income or comprehensive income	Other income
Erie Insurance Exchange (EIE) \| Employee Pension Plan
Postretirement benefits
Postretirement annual benefit income and expense reimbursed to and from, respectively, the Exchange and its subsidiaries (as a percent)	61.00%
Erie Insurance Exchange (EIE) \| Supplemental Employee Retirement Plan (SERP)
Postretirement benefits
Postretirement annual benefit income and expense reimbursed to and from, respectively, the Exchange and its subsidiaries (as a percent)	33.00%

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 559,335	$ 600,314	$ 446,061
Other comprehensive loss, net of tax
Change in unrealized holding gains on available-for-sale securities	18,920	7,079	27,784
Pension and other postretirement plans	(23,350)	(41,270)	(33,770)
Total other comprehensive loss, net of tax	(4,430)	(34,191)	(5,986)
Comprehensive income	$ 554,905	$ 566,123	$ 440,075

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Fair Value

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value

Financial instruments carried at fair value

Our available-for-sale and equity securities are recorded at fair value, which is the price that would be received to sell the asset in an orderly transaction between willing market participants as of the measurement date.

Valuation techniques used to derive the fair value of our available-for-sale and equity securities are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources. Unobservable inputs reflect our own assumptions regarding fair market value for these securities. Financial instruments are categorized based upon the following characteristics or inputs to the valuation techniques:

•Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.

•Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

•Level 3 – Unobservable inputs for the asset or liability.

Estimates of fair values for our investment portfolio are obtained primarily from a nationally recognized pricing service. Our Level 1 securities are valued using an exchange traded price provided by the pricing service. Pricing service valuations for Level 2 securities include multiple verifiable, observable inputs including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data. Pricing service valuations for Level 3 securities are based upon proprietary models and are used when observable inputs are not available or in illiquid markets.

Although virtually all of our prices are obtained from third party sources, we also perform internal pricing reviews, including evaluating the methodology and inputs used to ensure that we determine the proper classification level of the financial instrument and reviewing securities with price changes that vary significantly from current market conditions or independent price sources. Price variances are investigated and corroborated by market data and transaction volumes. We have reviewed the pricing methodologies of our pricing service as well as other observable inputs and believe that the prices adequately consider market activity in determining fair value.

In limited circumstances we adjust the price received from the pricing service when, in our judgment, a better reflection of fair value is available based upon corroborating information and our knowledge and monitoring of market conditions such as a disparity in price of comparable securities and/or non-binding broker quotes. In other circumstances, certain securities are internally priced because prices are not provided by the pricing service.

When a price from the pricing service is not available, values are determined by obtaining broker/dealer quotes and/or market comparables. When available, we obtain multiple quotes for the same security. The ultimate value for these securities is determined based upon our best estimate of fair value using corroborating market information. As of December 31, 2025, nearly all of our available-for-sale and equity securities were priced using a third party pricing service.

The following tables present our fair value measurements on a recurring basis by asset class and level of input as of:



	December 31, 2025

(in thousands)	Total		Level 1		Level 2		Level 3

Available-for-sale securities:



Corporate debt securities	$	844,479	$	998	$	839,542	$	3,939
Collateralized debt obligations	133,267		0		133,267		0
Commercial mortgage-backed securities	140,541		0		117,520		23,021
Residential mortgage-backed securities	187,226		0		186,432		794
Other debt securities	35,152		0		35,152		0
U.S. Treasury	24,163		0		24,163		0
Total available-for-sale securities (1)	1,364,828		998		1,336,076		27,754
Equity securities:
Financial services sector	74,614		2,593		66,350		5,671
Utilities sector	3,696		0		3,696		0
Energy sector	2,713		0		2,713		0
Consumer sector	5,563		0		2,393		3,170
Technology sector	3,224		0		0		3,224

Communications sector	953		0		953		0
Total equity securities (2)	90,763		2,593		76,105		12,065
Total	$	1,455,591	$	3,591	$	1,412,181	$	39,819

(1) This includes $44.4 million of securities lent under a securities lending agreement.

(2) This includes $20.1 million of securities lent under a securities lending agreement.



	December 31, 2024

(in thousands)	Total		Level 1		Level 2		Level 3

Available-for-sale securities:



Corporate debt securities	$	643,943	$	0	$	637,675	$	6,268
Collateralized debt obligations	114,127		0		114,127		0
Commercial mortgage-backed securities	124,982		0		100,893		24,089
Residential mortgage-backed securities	133,812		0		133,812		0
Other debt securities	26,751		0		26,751		0

Total available-for-sale securities (1)	1,043,615		0		1,013,258		30,357
Equity securities:
Financial services sector	69,930		1,052		65,378		3,500
Utilities sector	5,629		0		5,629		0
Energy sector	4,117		0		4,117		0
Consumer sector	3,341		54		1,787		1,500
Technology sector	1,974		0		0		1,974

Communications sector	900		0		900		0

Total equity securities	85,891		1,106		77,811		6,974
Total	$	1,129,506	$	1,106	$	1,091,069	$	37,331

(1) This includes $7.3 million of securities lent under a securities lending agreement.

We review the fair value hierarchy classifications each reporting period. Transfers between hierarchy levels may occur due to changes in available market observable inputs.

Level 3 Assets – 2025 Year-to-Date Change:



(in thousands)	Beginning balance at December 31, 2024		Included in earnings(1)		Included in other comprehensive income (loss)		Purchases		Sales		Transfers into Level 3(2)		Transfers out of Level 3(2)		Ending balance at December 31, 2025
Available-for-sale securities:



Corporate debt securities	$	6,268	$	(37)	$	(48)	$	4,773	$	(2,324)	$	5,399	$	(10,092)	$	3,939
Collateralized debt obligations	0		(4)		0		700		(696)		0		0		0
Commercial mortgage-backed securities	24,089		(1,089)		429		4,769		(3,142)		26,476		(28,511)		23,021
Residential mortgage-backed securities	0		0		13		0		(42)		2,207		(1,384)		794

Total available-for-sale securities	30,357		(1,130)		394		10,242		(6,204)		34,082		(39,987)		27,754
Equity securities	6,974		681		—		4,750		0		158		(498)		12,065
Total Level 3 securities	$	37,331	$	(449)	$	394	$	14,992	$	(6,204)	$	34,240	$	(40,485)	$	39,819

Level 3 Assets – 2024 Year-to-Date Change:



(in thousands)	Beginning balance at December 31, 2023		Included in earnings(1)		Included in other comprehensive income (loss)		Purchases		Sales		Transfers into Level 3(2)		Transfers out of Level 3(2)		Ending balance at December 31, 2024
Available-for-sale securities:



Corporate debt securities	$	4,506	$	(129)	$	126	$	6,708	$	(1,821)	$	8,379	$	(11,501)	$	6,268

Commercial mortgage-backed securities	10,994		(1,519)		664		3,826		(1,571)		30,340		(18,645)		24,089
Residential mortgage-backed securities	1,534		(5)		(24)		0		(40)		0		(1,465)		0

Total available-for-sale securities	17,034		(1,653)		766		10,534		(3,432)		38,719		(31,611)		30,357
Equity securities	7,334		670		—		2,019		(84)		553		(3,518)		6,974
Total Level 3 securities	$	24,368	$	(983)	$	766	$	12,553	$	(3,516)	$	39,272	$	(35,129)	$	37,331

(1) These amounts are reported as net investment income and net realized and unrealized investment gains (losses) for each of the periods presented above.

(2) Transfers into and/or (out) of Level 3 are primarily attributable to the availability of market observable information and the re-evaluation of the observability of pricing inputs.

Financial instruments not carried at fair value

The following table presents the carrying values and fair values of financial instruments categorized as Level 3 in the fair value hierarchy that are recorded at carrying value as of:



	December 31, 2025				December 31, 2024
(in thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value

Agent loans, net (1)	$	109,331	$	113,850	$	92,731	$	90,713
Other loans receivable, net (2)	15,491		12,509		11,555		11,555
Held-to-maturity securities, net (3)	4,833		4,863		4,833		4,934

(1) The current portion of agent loans is included in the line item "Prepaid expenses and other current assets, net" in the Consolidated Statements of Financial Position.

(3) Held-to-maturity securities are included in the line item "Other assets, net" in the Consolidated Statements of Financial Position.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

Postretirement Benefits - Plan Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Fair value of plan assets:
Fair value of plan assets, beginning of year	$ 1,002,049	$ 996,879
Actual return on plan assets	90,357	8,034
Employer contributions	42,331	37,061
Benefits paid	(39,887)	(35,924)
Settlements	(3,252)	(4,001)
Fair value of plan assets, end of year	$ 1,091,598	$ 1,002,049

- Definition

Amount of contribution received by defined benefit plan from employer which increases plan assets.

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+ Details

- Definition

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

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+ Details

Postretirement Benefits - Estimated Future Benefit Payments (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Benefits expected to be paid over the next 10 years from pension plans:
2026	$ 44,346
2027	47,555
2028	51,396
2029	54,999
2030	59,093
2031 - 2035	$ 346,104

Segment Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Information

We have one reportable segment: management operations. All segment revenue is derived in the United States, the majority of which is from the subscriber's agreement between us and the subscribers (policyholders) at the Exchange, our sole customer, as further described in Note 3, "Revenue". Our chief operating decision maker ("CODM") is our Executive Council, which includes our Chief Executive Officer ("CEO"), Chief Financial Officer, executive vice presidents and certain senior vice presidents reporting directly to the CEO as applicable. The CODM assesses performance for the management operations segment and decides how to allocate resources based on net income, as reported in our Consolidated Statements of Operations. Net income is used to monitor budget versus actual results. Total assets as reported in our Consolidated Statements of Financial Position, all of which are located in the United States, are reviewed by the CODM for purposes of decision making. The accounting policies of our management operations segment are the same as those described in Note 2, "Significant Accounting Policies".

The following table presents our management operations segment revenue, significant segment expenses regularly provided to the CODM, and net income for the years ended December 31:


(in thousands)	2025		2024		2023
Management fee revenue	$	3,205,864	$	2,962,429	$	2,505,742
Administrative services reimbursement revenue	836,639		806,336		737,139
Service agreement revenue	24,755		26,350		26,059
Total operating revenue	4,067,258		3,795,115		3,268,940

Commissions	1,777,043		1,601,401		1,348,530
Underwriting and policy processing	204,245		199,485		181,003
Information technology	239,789		215,488		216,746
Sales and advertising	66,475		66,480		58,905
Customer service	46,538		43,045		34,391
Administrative and other	179,345		186,425		171,970
Cost of operations - policy issuance and renewal services	2,513,435		2,312,324		2,011,545
Cost of operations - administrative services	836,639		806,336		737,139
Total operating expenses (1)	3,350,074		3,118,660		2,748,684
Operating income	717,184		676,455		520,256

Total investment income	84,861		69,260		28,968

Other income	8,558		11,564		12,712
Contribution to charitable foundation	(100,000)		—		—
Income tax expense	151,268		156,965		115,875
Net income	$	559,335	$	600,314	$	446,061

(1) See Note 8, "Fixed Assets", for management operations segment depreciation and amortization expense included primarily in "Total operating expenses", as reported on our Consolidated Statements of Operations. See our Consolidated Statements of Cash Flows for segment

expenditures on fixed asset additions.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Related Party (Details) $ in Thousands	12 Months Ended
Related Party (Details) $ in Thousands	Dec. 31, 2025 USD ($) affiliate insurer	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) loan
Related party transactions
Management fee rate as a percent of direct and affiliated assumed written premiums of the Exchange	25.00%
Minimum number of affiliates to be classified as an insurance holding company system \| affiliate	2
Minimum number of insurer affiliates to be classified as an insurance holding company system \| insurer	1
Total operating revenue	$ 4,067,258	$ 3,795,115	$ 3,268,940
Contribution to charitable foundation	100,000	0	0
Rental Income
Related party transactions
Total operating revenue	$ 24,755	$ 26,350	$ 26,059
Erie Insurance Exchange (EIE)
Related party transactions
Management fee rate as a percent of direct and affiliated assumed written premiums of the Exchange	25.00%	25.00%	25.00%
Erie Insurance Exchange (EIE) \| 2021 Lease (Indemnity as Lessor)
Related party transactions
Operating expenses on shared facilities	$ 25,200	$ 21,900	$ 20,000
Reimbursements from the Exchange for shared facilities	6,900	5,900	5,200
Erie Insurance Exchange (EIE) \| Rental Income \| 2021 Lease (Indemnity as Lessor)
Related party transactions
Total operating revenue	3,000	2,900	$ 2,600
Other Affiliates
Related party transactions
Contribution to charitable foundation	100,000
Other Affiliates \| Other loans receivable
Related party transactions
Number of loans issued \| loan			2
Loan amount issued			$ 13,600
Allowance for credit loss	8,800	$ 8,000
Other Affiliates \| Senior secured first loan
Related party transactions
Loan amount issued	$ 4,600
Fixed interest rate	5.00%
Other Affiliates \| Senior secured second loan
Related party transactions
Loan amount issued	$ 9,000
Fixed interest rate	5.00%

Capital Stock	12 Months Ended
Capital Stock	Dec. 31, 2025
Class of Stock Disclosures [Abstract]
Capital Stock	Capital Stock Class A and B common stock We have two classes of common stock: Class A, which has a dividend preference, and Class B, which has voting power and a conversion right. Each share of Class A common stock outstanding at the time of the declaration of any dividend upon shares of Class B common stock shall be entitled to a dividend payable at the same time, at the same record date, and in an amount at least equal to 2/3 of 1.0% of any dividend declared on each share of Class B common stock. We may declare and pay a dividend in respect to Class A common stock without any requirement that any dividend be declared and paid in respect to Class B common stock. Sole shareholder voting power is vested in Class B common stock except insofar as any applicable law shall permit Class A common shareholders to vote as a class in regards to any changes in the rights, preferences, and privileges attaching to Class A common stock. Holders of Class B shares may, at their option, convert their shares into Class A shares at the rate of 2,400 Class A shares per Class B share. There were no shares of Class B common stock converted into Class A common stock in 2025, 2024 or 2023. Stock repurchases Our Board of Directors authorized a stock repurchase program effective January 1, 1999 allowing the repurchase of our outstanding Class A nonvoting common stock. In 2011, our Board of Directors approved a continuation of the current stock repurchase program for a total of $150 million, with no time limitation. Treasury shares are recorded in the Consolidated Statements of Financial Position at total cost based upon trade date. There were no shares repurchased under this program during 2025, 2024 or 2023. We had approximately $17.8 million of repurchase authority remaining under this program at December 31, 2025, based upon trade date. We made stock repurchases in 2025, 2024, and 2023 outside of our publicly announced share repurchase program related to stock-based awards. See Note 11, "Incentive and Deferred Compensation Plans" for additional information.

Investments - Net Investment Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Investment income (loss) from portfolios
Total investment income	$ 88,247	$ 71,795	$ 44,927
Less: investment expenses	2,410	1,640	355
Net investment income	85,837	70,155	44,572
Available-for-sale securities
Investment income (loss) from portfolios
Available-for-sale, equity securities, cash equivalents, and other	57,093	49,605	42,563
Equity securities
Investment income (loss) from portfolios
Available-for-sale, equity securities, cash equivalents, and other	4,637	4,758	4,493
Limited partnerships
Investment income (loss) from portfolios
Limited partnerships	3,549	1,971	(11,308)
Agent loans
Investment income (loss) from portfolios
Available-for-sale, equity securities, cash equivalents, and other	6,417	4,368	3,236
Cash equivalents and other
Investment income (loss) from portfolios
Available-for-sale, equity securities, cash equivalents, and other	$ 16,551	$ 11,093	$ 5,943

Fixed Assets (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Fixed Assets by Category

The following table summarizes our fixed assets by category as of December 31:


(in thousands)	2025		2024
Software	$	412,789	$	351,814
Land, buildings, and building improvements	235,915		233,647
Equipment	57,968		52,122
Furniture and fixtures	22,944		22,944
Leasehold improvements	1,654		1,378
Construction in progress	78,148		46,302
Projects in progress	77,955		81,616
Total fixed assets, gross	887,373		789,823
Less: Accumulated depreciation and amortization	(315,897)		(276,329)
Fixed assets, net	$	571,476	$	513,494

Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table presents our management operations segment revenue, significant segment expenses regularly provided to the CODM, and net income for the years ended December 31:


(in thousands)	2025		2024		2023
Management fee revenue	$	3,205,864	$	2,962,429	$	2,505,742
Administrative services reimbursement revenue	836,639		806,336		737,139
Service agreement revenue	24,755		26,350		26,059
Total operating revenue	4,067,258		3,795,115		3,268,940

Commissions	1,777,043		1,601,401		1,348,530
Underwriting and policy processing	204,245		199,485		181,003
Information technology	239,789		215,488		216,746
Sales and advertising	66,475		66,480		58,905
Customer service	46,538		43,045		34,391
Administrative and other	179,345		186,425		171,970
Cost of operations - policy issuance and renewal services	2,513,435		2,312,324		2,011,545
Cost of operations - administrative services	836,639		806,336		737,139
Total operating expenses (1)	3,350,074		3,118,660		2,748,684
Operating income	717,184		676,455		520,256

Total investment income	84,861		69,260		28,968

Other income	8,558		11,564		12,712
Contribution to charitable foundation	(100,000)		—		—
Income tax expense	151,268		156,965		115,875
Net income	$	559,335	$	600,314	$	446,061

expenditures on fixed asset additions.

Postretirement Benefits - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Amounts included in accumulated other comprehensive loss
Net actuarial loss	$ 56,062	$ 26,752
Prior service cost	11,297	11,050
Net amount not yet recognized	$ 67,359	$ 37,802

Investments - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of period	$ 513	$ 597
Provision and recoveries	1,389	484
Sales/collections and write-offs	(1,000)	(568)
Allowance for credit losses, end of period	902	513	$ 597
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of period	2,167	0
Provision and recoveries	0	2,167
Sales/collections and write-offs	0	0
Allowance for credit losses, end of period	2,167	2,167	0
Other loans receivable
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of period	12,198	11,081
Provision and recoveries	2,928	1,117
Sales/collections and write-offs	(25)	0
Allowance for credit losses, end of period	15,101	12,198	11,081
Agent loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of period	1,312	957
Provision and recoveries	368	355	0
Sales/collections and write-offs	0	0
Allowance for credit losses, end of period	$ 1,680	$ 1,312	$ 957

Postretirement Benefits - Employee Savings Plan (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Employee savings plan
Employer matching contribution paid to the plan	$ 21.3	$ 21.0	$ 18.4
Class A common stock held by plan participants (in shares)	0.1	0.1
Erie Insurance Exchange (EIE)
Employee savings plan
Matching contributions reimbursed to Indemnity from the Exchange and its subsidiaries (as a percent)	61.00%
100% employer matching contribution
Employee savings plan
Percentage of employer matching contribution of employee contributions	100.00%
100% employer matching contribution \| Maximum
Employee savings plan
Percentage of eligible employee compensation, matched by employer	3.00%
50% employer matching contribution
Employee savings plan
Percentage of employer matching contribution of employee contributions	50.00%
50% employer matching contribution \| Maximum
Employee savings plan
Percentage of eligible employee compensation, matched by employer	5.00%
50% employer matching contribution \| Minimum
Employee savings plan
Percentage of eligible employee compensation, matched by employer	3.00%

Significant Accounting Policies	12 Months Ended
Significant Accounting Policies	Dec. 31, 2025
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of presentation The accompanying consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("GAAP") and include the accounts of Indemnity and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated. Use of estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Recently adopted accounting standards We adopted Accounting Standards Update ("ASU") 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures", effective with the annual reporting period ending December 31, 2025. We applied the guidance retrospectively to prior periods presented in the consolidated financial statements for disclosure purposes, including the disclosure of specific categories in an effective tax rate reconciliation and certain information about income taxes paid. The additional disclosures required by this guidance have been included in Note 12, "Income Taxes". The adoption of this guidance had no other impact on our consolidated financial statements. Recently issued accounting standards In November 2024, the Financial Accounting Standards Board ("FASB") issued ASU 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses", which requires entities to disclose disaggregated information about certain income statement expense line items. The amendments in this ASU are required to be adopted for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments can be applied on either a prospective or retrospective basis. This will have no impact on our consolidated financial statements, and we are currently evaluating the impact of adoption on our disclosures. In July 2025, the FASB issued ASU 2025-05, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets", which provides a practical expedient when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under "Revenue from Contracts with Customers (Topic 606)". Under the practical expedient, entities may assume that current conditions as of the balance sheet date do not change for the remaining life of the asset. The amendments in this ASU are required to be adopted for fiscal years beginning after December 15, 2025, and interim periods within those fiscal years. Early adoption is permitted. An entity that elects the practical expedient should apply the amendments on a prospective basis. We do not expect the standard will have a material impact on our consolidated financial statements and disclosures. In September 2025, the FASB issued ASU 2025-06, "Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software", which removes all references to prescriptive and sequential software development project stages and requires an entity to start capitalizing software costs when management has authorized and committed to funding the software project and it is probable that the project will be completed and the software will be used to perform the function intended. The amendments in this ASU are required to be adopted for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years. Early adoption is permitted. The amendments can be applied on a prospective, modified or retrospective basis. We are currently evaluating the impact of adoption on our consolidated financial statements and disclosures. In December 2025, the FASB issued ASU 2025-11 "Interim Reporting (Topic 270) - Narrow-Scope Improvements", which clarifies current interim disclosure requirements and provides a comprehensive list of required interim disclosures. The guidance also incorporates a disclosure principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The amendments in this ASU are required to be adopted for interim reporting periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments can be applied on a prospective or retrospective basis. We do not expect the standard will have a material impact on our disclosures, and will have no other impact on our consolidated financial statements. Cash and cash equivalents Cash, money market accounts, and other short-term, highly liquid investments with a maturity of three months or less at the date of purchase, are considered cash and cash equivalents. Restricted cash – Restricted cash represents deposits held for the benefit of third parties related primarily to our agent loan participation program. These restricted funds are invested in bank deposits, contractually restricted as to withdrawal or usage, and included with "Cash and cash equivalents" in our Consolidated Statements of Financial Position. Investments Available-for-sale securities – Fixed maturity debt securities and redeemable preferred stock are classified as available-for-sale and reported at fair value with unrealized investment gains and losses, net of income taxes, recognized in other comprehensive income. Available-for-sale securities with a remaining maturity of 12 months or less and any security that we intend to sell as of the reporting date are classified as current assets. Available-for-sale securities in an unrealized loss position are evaluated to determine whether the impairment is a result of credit loss or other factors. If we have the intent to sell or it's more likely than not that we would be required to sell the security before recovery of the amortized cost basis, the entire impairment is recognized in earnings. Securities that have experienced a decline in fair value that we do not intend to sell, and that we will not be required to sell before recovery, are evaluated to determine if the decline in fair value is credit related. Impairment resulting from a credit loss is recognized in earnings with a corresponding allowance on the Consolidated Statement of Financial Position. Future recoveries of credit loss result in an adjustment to the allowance and earnings in the period the credit conditions improve. Factors considered in the evaluation of credit loss include the extent to which fair value is less than cost and fundamental factors specific to the issuer such as financial condition, changes in credit ratings, near and long-term business prospects, and other factors, as well as the likelihood of recovery of the amortized cost of the security. If the qualitative review indicates credit impairment, the allowance for credit loss is measured as the amount that the security's amortized cost exceeds the present value of cash flows expected to be collected and is limited to the amount that fair value is below amortized cost. Equity securities – Equity securities primarily include non-redeemable preferred stocks that are reported at fair value with changes in the fair value recognized in net realized and unrealized investment gains (losses). Securities that we intend to sell as of the reporting date are classified as current assets. Realized gains and losses and investment income – Realized gains and losses on sales of available-for-sale and equity securities are recognized in income based upon the specific identification method and reported in net realized and unrealized investment gains (losses). Interest income is recognized as earned and includes amortization of premium and accretion of discount. Income is recognized based on the constant effective yield method, which includes periodically updated prepayment assumptions obtained from third party data sources on our prepaying securities. The effective yield for prepaying securities is recalculated on a retrospective basis. Dividend income is recognized at the ex-dividend date. Interest and dividend income and the results of our limited partnership investments are reported as net investment income. We do not record an allowance for credit losses on accrued investment income on our available-for-sale securities as any amount deemed uncollectible is reversed from interest income in the period the expected payment defaults. Securities lending – We have securities lending transactions, managed by a third-party banking institution, whereby securities are loaned to unaffiliated financial institutions for short periods of time. The securities lending activity is accounted for as a secured borrowing and therefore the securities loaned, including available-for-sale and equity securities, are carried as invested assets on our Consolidated Statements of Financial Position, while the obligation to return the cash collateral is recorded as a current liability. The cash collateral received at the inception of the loan is reinvested and the related income is recognized in net investment income. Noncash collateral is not recorded in the Consolidated Statements of Financial Position, as we do not have the right to sell, repledge, or otherwise reinvest the noncash collateral. The collateral is required to equal a minimum of 102% of the estimated fair value of the securities loaned, and maintained at a level greater than or equal to 100% for the duration of the loan. We monitor the ratio of the collateral held to the estimated fair value of the securities loaned on a daily basis and obtain additional collateral as necessary. A securities lending transaction may be terminated at any time by the borrower or the lender. If terminated, we would repay our securities lending obligations from the sale of reinvested collateral or the proceeds of sales from our investment portfolio, which includes liquid securities. Deferred taxes Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and the reported amounts in the consolidated financial statements, using the statutory tax rates in effect for the year in which the differences are expected to settle or be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date under the law. The need for valuation allowances on deferred tax assets are estimated based upon our assessment of the realizability of such amounts. Fixed assets Fixed assets are stated at cost less accumulated depreciation and amortization. Fixed assets are primarily comprised of software, which includes internal-use capitalized software and development costs, as well as buildings and building improvements, equipment, furniture and fixtures, and leasehold improvements. Assets in use are depreciated using the straight-line method over the estimated useful life except for leasehold improvements, which are depreciated over the shorter of their economic useful life or the remaining lease term. Software is depreciated over periods ranging from 3-7 years, buildings and building improvements are depreciated over 20-45 years, equipment is depreciated over 3-7 years, and furniture and fixtures are depreciated over 7 years. We review long-lived assets for impairment whenever events or changes indicate that the carrying value may not be recoverable. Under these circumstances, if the fair value were less than the carrying amount of the asset, we would recognize a loss for the difference. Agent loans Agent loans, the majority of which are senior secured, are carried at unpaid principal balance net of a current expected credit loss allowance with interest recorded in investment income as earned. The allowance is estimated using available loss history and/or external loss rates based on comparable loan losses and considers current market conditions and forecasted information. Changes to the allowance are recognized in earnings as adjustments to net impairment recoveries (losses). Any current portion of agent loans is recorded in prepaid expenses and other current assets. Other assets Other assets primarily include limited partnership investments, other loans receivable, held-to-maturity securities, operating lease assets, and other long-term prepaid assets. Limited partnership investments are recorded using the equity method of accounting. Other loans receivable and held-to-maturity securities include investments to fund real estate development projects supporting revitalization efforts in our community. The loans are carried at unpaid principal balance, including any paid-in-kind interest capitalized as additional principal, if applicable, net of a current expected credit loss allowance. Any current portion of other loans receivable is recorded in prepaid expenses and other current assets. Held-to-maturity securities are carried at amortized cost, net of a current expected credit loss allowance. The allowances are calculated using the estimated value of, and priority rights to, collateral in the event of default or external loss rates based on comparable losses, and considers current market conditions and forecasted information. Changes to the allowances are recognized in earnings as adjustments to net impairment recoveries (losses) or other income (expense) depending on the nature of the asset. Interest on other loans receivable and held-to-maturity securities is recorded primarily in investment income as earned. Agent incentive compensation liability Our more significant agent incentive compensation plan is based upon an individual agency's property and casualty underwriting profitability and also includes a component for growth in agency property and casualty premiums if the agency's underwriting profitability targets for the book of business are met. The estimated liability for this agent incentive compensation plan is based upon the performance over 36 months, and is modeled on a monthly basis using actual underwriting results for the two prior years and current year-to-date actual results and forecasted results for the remainder of the year. Our second agent incentive compensation plan is based on an agency's one-year underwriting profitability and uses a similar model but considers actual and forecasted results for a calendar year only. At December 31 of each year, we use actual data available and record an accrual based upon the expected payment amount. These costs are included in cost of operations - policy issuance and renewal services. Recognition of management fee revenue We retain management fees from the Exchange under the subscriber's agreement for services provided. In accordance with the subscriber's agreement, we may retain up to 25% of all direct and affiliated assumed premiums written by the Exchange. The management fee rate is set at least annually by our Board of Directors. The management fee revenue is calculated by multiplying the management fee rate by the direct and affiliated assumed premiums written by the Exchange and is allocated between the two performance obligations we have under the subscriber's agreement. The first performance obligation is to provide policy issuance and renewal services. The second performance obligation is acting as the attorney-in-fact with respect to various administrative services as enumerated in the subscriber's agreement. Management fee revenue allocated to the policy issuance and renewal services is recognized at the time of policy issuance or renewal, because it is at the time of policy issuance or renewal when the economic benefit of the service we provide (the substantially completed policy issuance or renewal service) and the control of the promised asset (the executed insurance policy) transfers to the customer. Management fee revenue allocated to the second performance obligation relates to us acting as the attorney-in-fact on behalf of the subscribers at the Exchange, as well as the service provider for the Exchange's insurance subsidiaries, with respect to the administrative services and is recognized over a four-year period representing the time over which the economic benefit of the services provided (i.e. management of the administrative services) transfers to the customer. Administrative services Consistent with its legal structure as a reciprocal insurer, the Exchange does not have any employees or officers. Therefore, it enters into contractual relationships by and through the subscribers' attorney-in-fact. Indemnity serves as the attorney-in-fact on behalf of the subscribers at the Exchange with respect to its administrative services as enumerated in the subscriber's agreement. The Exchange's insurance subsidiaries also utilize Indemnity for these services in accordance with the service agreements between each of the subsidiaries and Indemnity. Claims handling services include costs incurred in the claims process, including the adjustment, investigation, defense, recording and payment functions. Life insurance management services include costs incurred in the management and processing of life insurance business. Investment management services are related to investment trading activity, accounting and all other functions attributable to the investment of funds. Common overhead expenses and certain service department costs incurred by us on behalf of the subscribers at the Exchange and its insurance subsidiaries are reimbursed by the proper entity based upon relevant utilization statistics specifically measured to accomplish proportional allocations, which we believe are reasonable. In 2025, approximately 71% of the administrative services expenses were entirely attributable to the respective administrative functions (claims handling, life insurance management, and investment management), while the remaining 29% of these expenses were allocations of costs for departments that support these administrative functions. The expenses we incur and related reimbursements we receive for administrative services are presented gross in our Consolidated Statements of Operations. The subscriber's agreement and service agreements provide for reimbursement of amounts incurred for these services to Indemnity. Reimbursements are settled at cost on a monthly basis. State insurance regulations require that intercompany service agreements and any material amendments be approved in advance by the state insurance department. Recognition of service agreement revenue Service agreement revenue primarily consists of service charges we collect from subscribers (policyholders) for providing multiple payment plans on policies written by the Exchange and its property and casualty subsidiaries. Service charges, which are fixed dollar charges for each installment billed beyond the first installment, are recognized as revenue when bills are rendered to the policyholder. Service agreement revenue also includes late payment and policy reinstatement fees, which are also recognized as revenue when bills are rendered to the policyholder. We also have a service agreement with the Exchange for the use of shared office space. Revenue related to this agreement is recognized at the time the space is used based on relevant utilization statistics.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)
$ in Thousands

Total

Class A common stock

Class B common stock

Common stock

Class A common stock

Common stock

Class B common stock

Additional paid-in-capital

Accumulated other comprehensive loss

Retained earnings

Class A common stock

Retained earnings

Class B common stock

Treasury stock

Deferred compensation

Net of tax, beginning of year at Dec. 31, 2022

$ 1,448,408

$ 1,992

$ 178

$ 16,481

$ (7,414)

$ 2,583,261

$ (1,168,949)

$ 22,859

Increase (Decrease) in Shareholders' Equity

Net income

446,061

Other comprehensive loss

(5,986)

Dividends declared

$ (223,786)

$ (1,847)

$ (223,786)

$ (1,847)

Net purchase of treasury stock

^[1]

(15)

Deferred compensation

(2,228)

2,228

Rabbi trust distribution

^[2]

2,012

(2,012)

Net of tax, end of year at Dec. 31, 2023

1,662,835

1,992

178

16,466

(13,400)

2,803,689

(1,169,165)

23,075

Increase (Decrease) in Shareholders' Equity

Net income

600,314

Other comprehensive loss

(34,191)

Dividends declared

(239,721)

(1,979)

(239,721)

(1,979)

Net purchase of treasury stock

^[1]

Deferred compensation

(2,156)

^[2]

2,156

^[2]

Rabbi trust distribution

^[2]

2,247

(2,247)

Net of tax, end of year at Dec. 31, 2024

1,987,258

1,992

178

16,466

(47,591)

3,162,303

(1,169,074)

22,984

Increase (Decrease) in Shareholders' Equity

Net income

559,335

Other comprehensive loss

(4,430)

Dividends declared

$ (256,696)

$ (2,119)

$ (256,696)

$ (2,119)

Net purchase of treasury stock

^[1]

Deferred compensation

(2,514)

2,514

Rabbi trust distribution

^[2]

574

(574)

Net of tax, end of year at Dec. 31, 2025

$ 2,283,374

$ 1,992

$ 178

$ 16,492

$ (52,021)

$ 3,462,823

$ (1,171,014)

$ 24,924

[1]	Net purchases of treasury stock in 2023, 2024 and 2025 include the purchase of our Class A common stock in the open market that were subsequently distributed to satisfy stock-based compensation awards. See Note 11, "Incentive and Deferred Compensation Plans".
[2]	Distributions of our Class A shares were made from the rabbi trust to five incentive compensation deferral plan participants in both 2023 and 2024 and three incentive compensation plan deferral participants in 2025. See Note 11, "Incentive and Deferred Compensation Plans".

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 1
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 3
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 15: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Capital Stock - Stock Repurchases (Details) - Class A common stock - Stock repurchase program - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2011
Stock repurchases
Amount of authorized stock repurchases approved for continuation under the current program				$ 150.0
Shares repurchased under stock repurchase program (in shares)	0	0	0
Approximate amount of repurchase authority remaining under the current stock repurchase program	$ 17.8

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) $ in Thousands	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares
Current assets:
Restricted cash \| $	$ 30,189	$ 23,559
Shareholders' equity
Treasury stock (in shares)	22,110,132	22,110,132
Class A common stock
Shareholders' equity
Common stock, stated value per share (in dollars per share) \| $ / shares	$ 0.0292	$ 0.0292
Common stock, authorized (in shares)	74,996,930	74,996,930
Common stock, issued (in shares)	68,299,200	68,299,200
Common stock, outstanding (in shares)	46,189,068	46,189,068
Class B common stock
Shareholders' equity
Common stock, stated value per share (in dollars per share) \| $ / shares	$ 70	$ 70
Common stock, authorized (in shares)	3,070	3,070
Common stock, issued (in shares)	2,542	2,542
Common stock, outstanding (in shares)	2,542	2,542
Ratio for converting shares of Class B common stock into shares of Class A common stock	2,400	2,400

Postretirement Benefits - Benefit Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Projected benefit obligation:
Projected benefit obligation, beginning of year	$ 1,013,767	$ 993,554
Service cost for benefits earned	35,471	34,554	$ 28,763
Interest cost on benefit obligation	58,748	52,688	50,193
Plan amendments	1,935	1,146
Actuarial loss (gain)	36,300	(28,250)
Benefits paid	(39,887)	(35,924)
Settlements	(3,252)	(4,001)
Projected benefit obligation, end of year	1,103,082	1,013,767	$ 993,554
Accumulated benefit obligation, end of year	935,049	$ 860,855
Employee Pension Plan
Projected benefit obligation:
Projected benefit obligations increase	$ 89,300
Discount rate	5.72%	5.87%

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating revenue
Total operating revenue	$ 4,067,258	$ 3,795,115	$ 3,268,940
Operating expenses
Total operating expenses	3,350,074	3,118,660	2,748,684
Operating income	717,184	676,455	520,256
Investment income
Net investment income	85,837	70,155	44,572
Net realized and unrealized investment gains (losses)	2,336	3,229	(5,838)
Net impairment losses recognized in earnings	(3,312)	(4,124)	(9,766)
Total investment income	84,861	69,260	28,968
Other income	8,558	11,564	12,712
Contribution to charitable foundation	(100,000)	0	0
Income before income taxes	710,603	757,279	561,936
Income tax expense	151,268	156,965	115,875
Net income	$ 559,335	$ 600,314	$ 446,061
Class A common stock
Earnings per share - Basic and diluted:
Common stock - basic (in dollars per share)	$ 12.01	$ 12.89	$ 9.58
Common stock - diluted (in dollars per share)	$ 10.69	$ 11.48	$ 8.53
Weighted average shares outstanding – Basic
Common stock - basic (in shares)	46,189,024	46,189,044	46,188,981
Weighted average shares outstanding – Diluted
Common stock - diluted (in shares)	52,305,424	52,306,266	52,299,411
Class B common stock
Earnings per share - Basic and diluted:
Common stock - basic (in dollars per share)	$ 1,802	$ 1,934	$ 1,437
Common stock - diluted (in dollars per share)	$ 1,801	$ 1,933	$ 1,437
Weighted average shares outstanding – Basic
Common stock - basic (in shares)	2,542	2,542	2,542
Weighted average shares outstanding – Diluted
Common stock - diluted (in shares)	2,542	2,542	2,542
Management fee revenue - policy issuance and renewal services
Operating revenue
Total operating revenue	$ 3,131,806	$ 2,894,074	$ 2,442,073
Operating expenses
Total operating expenses	2,513,435	2,312,324	2,011,545
Management fee revenue - administrative services
Operating revenue
Total operating revenue	74,058	68,355	63,669
Administrative services reimbursement revenue
Operating revenue
Total operating revenue	836,639	806,336	737,139
Operating expenses
Total operating expenses	836,639	806,336	737,139
Service agreement revenue
Operating revenue
Total operating revenue	$ 24,755	$ 26,350	$ 26,059

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events No items were identified in this period subsequent to the financial statement date that required adjustment or additional disclosure, other than the disclosure made in Note 10, "Postretirement Benefits" regarding the January 2026 pension contribution.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies We have an agreement with a bank for an agent loan participation program. The maximum amount of loans to be funded through this program is $150 million. We have committed to fund a minimum of 30% of each loan executed through this program. As of December 31, 2025, outstanding loans executed under this agreement totaled $146.6 million, of which our portion of the loans is $55.6 million. Additionally, we have agreed to guarantee a portion of the funding provided by the other participants in the program in the event of default. As of December 31, 2025, our maximum potential amount of future payments on the guaranteed portion is $17.7 million. All loan payments under the participation program are current as of December 31, 2025. We also have contingent obligations for guarantees related to certain real estate development projects supporting revitalization efforts in our community. As of December 31, 2025, our maximum potential obligation related to the guarantees is $6.4 million. We are involved in litigation arising in the ordinary course of conducting business. In accordance with current accounting standards for loss contingencies and based upon information currently known to us, we establish reserves for litigation when it is probable that a loss associated with a claim or proceeding has been incurred and the amount of the loss or range of loss can be reasonably estimated. When no amount within the range of loss is a better estimate than any other amount, we accrue the minimum amount of the estimable loss. To the extent that such litigation against us may have an exposure to a loss in excess of the amount we have accrued, we believe that such excess would not be material to our consolidated financial condition, results of operations, or cash flows. Legal fees are expensed as incurred. We believe that our accruals for legal proceedings are appropriate and, individually and in the aggregate, are not expected to be material to our consolidated financial condition, results of operations, or cash flows. We review all litigation on an ongoing basis when making accrual and disclosure decisions. For certain legal proceedings, we cannot reasonably estimate losses or a range of loss, if any, particularly for proceedings that are in their early stages of development or where the plaintiffs seek indeterminate damages. Various factors, including, but not limited to, the outcome of potentially lengthy discovery and the resolution of important factual questions, may need to be determined before probability can be established or before a loss or range of loss can be reasonably estimated. If the loss contingency in question is not both probable and reasonably estimable, we do not establish an accrual and the matter will continue to be monitored for any developments that would make the loss contingency both probable and reasonably estimable. In the event that a legal proceeding results in a substantial judgment against, or settlement by, us, there can be no assurance that any resulting liability or financial commitment would not have a material adverse effect on our consolidated financial condition, results of operations, or cash flows.

Bank Line of Credit	12 Months Ended
Bank Line of Credit	Dec. 31, 2025
Debt Disclosure [Abstract]
Bank Line of Credit	Bank Line of Credit We have access to a $100 million bank revolving line of credit with a $25 million letter of credit sublimit that expires on November 1, 2029. As of December 31, 2025, a total of $99.2 million remains available under the facility due to $0.8 million outstanding letters of credit, which reduce the availability for letters of credit to $24.2 million. We had no borrowings outstanding on our line of credit as of December 31, 2025. Investments with a fair value of $111.4 million were pledged as collateral on the line of credit at December 31, 2025. These investments have no trading restrictions and are reported as available-for-sale securities and cash and cash equivalents on our Consolidated Statement of Financial Position as of December 31, 2025. The bank requires compliance with certain covenants, which include leverage ratios and debt restrictions. We are in compliance with all covenants at December 31, 2025.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
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+ Details

Supplementary Data on Cash Flows

12 Months Ended

Dec. 31, 2025

Supplemental Cash Flow Information [Abstract]

Supplementary Data on Cash Flows

A reconciliation of net income to net cash provided by operating activities as presented in the Consolidated Statements of Cash Flows is as follows for the years ended December 31:


(in thousands)	2025		2024		2023

Cash flows from operating activities:
Net income	$	559,335	$	600,314	$	446,061
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	69,450		56,530		47,415
Deferred income tax expense (benefit)	19,547		4,026		(1,002)

Lease amortization expense	7,333		7,377		6,177
Losses and impairments on investments	976		895		15,604

Loss on disposal and impairments of fixed assets	5,741		3,874		1,607
Net investment (income) loss	(4,385)		(874)		13,772
Receipt of donated equipment and other	(2,634)		—		—
(Decrease) increase in deferred compensation	(3,119)		2,677		6,143

Increase in receivables from affiliates	(28,529)		(81,722)		(100,401)
Increase in accrued investment income	(3,242)		(1,611)		(1,157)

Increase in pension asset	(29,380)		(34,516)		(101,250)

Decrease (increase) in prepaid expenses and other assets	22,345		(2,996)		7,729
(Decrease) increase in accounts payable and accrued expenses	(7,798)		(7,517)		7,237
Increase in commissions payable	17,011		54,600		53,681
Increase (decrease) in accrued agent incentive compensation	57,102		7,381		(27,089)
Increase in contract liability	6,904		2,811		6,678
Net cash provided by operating activities	$	686,657	$	611,249	$	381,205

Commitments and Contingencies (Details)	12 Months Ended
Commitments and Contingencies (Details)	Dec. 31, 2025 USD ($)
Agent loans
Other Commitments [Line Items]
Minimum funding percentage of each loan	30.00%
Participation amount in loan program	$ 55,600,000
Payment Guarantee \| Agent loans
Other Commitments [Line Items]
Maximum potential obligation	17,700,000
Payment Guarantee \| Other loans receivable
Other Commitments [Line Items]
Maximum potential obligation	6,400,000
Third-Party Bank \| Agent loans
Other Commitments [Line Items]
Amount of loan participation program	146,600,000
Maximum \| Third-Party Bank \| Agent loans
Other Commitments [Line Items]
Amount of loan participation program	$ 150,000,000

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents (includes restricted cash of $30,189 and $23,559, respectively)	$ 345,874	$ 298,397
Available-for-sale securities	33,902	44,604
Available-for-sale securities lent	3,436	0
Receivables from Erie Insurance Exchange and affiliates, net	735,589	707,060
Prepaid expenses and other current assets, net	66,061	83,902
Accrued investment income	14,311	11,069
Total current assets	1,199,173	1,145,032
Available-for-sale securities, net	1,286,566	991,726
Equity securities	70,624	85,891
Available-for-sale and equity securities lent	61,063	7,285
Fixed assets, net	571,476	513,494
Agent loans, net	93,953	80,597
Defined benefit pension plan	24,137	21,311
Other assets, net	48,489	43,278
Total assets	3,355,481	2,888,614
Current liabilities:
Commissions payable	425,320	408,309
Agent incentive compensation	132,560	75,458
Accounts payable and accrued liabilities	200,701	190,028
Dividends payable	68,109	63,569
Contract liability	47,561	42,761
Deferred executive compensation	9,400	14,874
Securities lending payable	61,936	7,513
Total current liabilities	945,587	802,512
Defined benefit pension plan	33,410	28,070
Contract liability	23,274	21,170
Deferred executive compensation	22,050	19,721
Deferred income taxes, net	24,788	6,418
Other long-term liabilities	22,998	23,465
Total liabilities	1,072,107	901,356
Shareholders' equity
Additional paid-in-capital	16,492	16,466
Accumulated other comprehensive loss	(52,021)	(47,591)
Retained earnings	3,462,823	3,162,303
Total contributed capital and retained earnings	3,429,464	3,133,348
Treasury stock, at cost; 22,110,132 shares held	(1,171,014)	(1,169,074)
Deferred compensation	24,924	22,984
Total shareholders' equity	2,283,374	1,987,258
Total liabilities and shareholders' equity	3,355,481	2,888,614
Class A common stock
Shareholders' equity
Common stock	1,992	1,992
Class B common stock
Shareholders' equity
Common stock	$ 178	$ 178

Postretirement Benefits - Asset Allocation (Details) - Employee Pension Plan	Dec. 31, 2025	Dec. 31, 2024
Target asset allocation for the portfolio:
Total plan assets	100.00%	100.00%
Actual asset allocation for the portfolio:
Total plan assets	100.00%	100.00%
Total equity securities
Target asset allocation for the portfolio:
Total plan assets	35.00%	35.00%
Actual asset allocation for the portfolio:
Total plan assets	37.00%	35.00%
U.S. equity securities
Target asset allocation for the portfolio:
Total plan assets	21.00%	21.00%
Actual asset allocation for the portfolio:
Total plan assets	22.00%	21.00%
U.S. small capitalization core equity
Target asset allocation for the portfolio:
Total plan assets	100.00%
Non-U.S. equity securities
Target asset allocation for the portfolio:
Total plan assets	14.00%	14.00%
Actual asset allocation for the portfolio:
Total plan assets	15.00%	14.00%
International small capitalization risk controlled equity
Target asset allocation for the portfolio:
Total plan assets	11.00%
International emerging markets equity
Target asset allocation for the portfolio:
Total plan assets	21.00%
International risk controlled equity
Target asset allocation for the portfolio:
Total plan assets	68.00%
Debt securities
Target asset allocation for the portfolio:
Total plan assets	64.00%	64.00%
Actual asset allocation for the portfolio:
Total plan assets	62.00%	63.00%
U.S. Treasury Strips
Target asset allocation for the portfolio:
Total plan assets	59.00%
U.S. corporate bonds with an emphasis on long duration bonds rated A or better
Target asset allocation for the portfolio:
Total plan assets	41.00%
Other
Target asset allocation for the portfolio:
Total plan assets	1.00%	1.00%
Actual asset allocation for the portfolio:
Total plan assets	1.00%	2.00%

Incentive and Deferred Compensation Plans - Total Compensation Cost and Share-Based Payment Arrangement (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Stock Compensation Plan Outside Directors
Schedule of Incentive Plans and Deferred Compensation [Line Items]
Total compensation cost	$ 547	$ 1,052	$ 893
Equity Compensation Plan
Schedule of Incentive Plans and Deferred Compensation [Line Items]
Share-based compensation arrangement by share-based payment award, share-based liabilities paid		3,200
Total compensation cost	$ 2,830	$ 6,895	$ 4,022
Share-Based Payment Arrangement \| Incentive Compensation Deferral Plan \| Class A common stock
Schedule of Incentive Plans and Deferred Compensation [Line Items]
Shares purchased (in shares)	0	0	1,608
Average price paid per share (in dollars per share)	$ 0.00	$ 0.00	$ 230.71
Share-based compensation arrangement by share-based payment award, share-based liabilities paid	$ 0	$ 0	$ 371
Share-Based Payment Arrangement \| Stock Compensation Plan Outside Directors \| Class A common stock
Schedule of Incentive Plans and Deferred Compensation [Line Items]
Shares purchased (in shares)	77	4,044	5,894
Average price paid per share (in dollars per share)	$ 283.14	$ 405.60	$ 238.73
Share-based compensation arrangement by share-based payment award, share-based liabilities paid	$ 22	$ 1,640	$ 1,407
Share-Based Payment Arrangement \| Equity Compensation Plan \| Class A common stock
Schedule of Incentive Plans and Deferred Compensation [Line Items]
Shares purchased (in shares)	5,215	0	1,610
Average price paid per share (in dollars per share)	$ 418.26	$ 0.00	$ 252.32
Share-based compensation arrangement by share-based payment award, share-based liabilities paid	$ 2,181	$ 0	$ 406

Revenue (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue by Performance Obligation

The following table disaggregates revenue by our two performance obligations for the years ended December 31:


(in thousands)	2025		2024		2023
Management fee revenue - policy issuance and renewal services	$	3,131,806	$	2,894,074	$	2,442,073

Management fee revenue - administrative services	74,058		68,355		63,669
Administrative services reimbursement revenue	836,639		806,336		737,139
Total revenue from administrative services	$	910,697	$	874,691	$	800,808

Postretirement Benefits - Funding Policy/Funded Status (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Jan. 31, 2026
Postretirement benefits
Employer contributions	$ 42,331	$ 37,061
Net amount recognized in the Statements of Financial Position:
Funded status at end of year	(11,484)	(11,718)
Pension asset	24,137	21,311
Pension liabilities – due within one year	(2,211)	(4,959)
Pension liabilities – due after one year	(33,410)	(28,070)
Net amount recognized	$ (11,484)	(11,718)
Employee Pension Plan
Postretirement benefits
Funding target (as a percentage of the funding target liability)	100.00%
Employer contributions	$ 39,000	$ 33,000
Employee Pension Plan \| Subsequent Event
Postretirement benefits
Employer contributions, 2026			$ 47,000

Fair Value - Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Held-to-maturity securities, net
Carrying values and fair value measurements of financial instruments not carried at fair value
Carrying Value	$ 4,833	$ 4,833
Fair value	4,863	4,934
Carrying Value \| Agent loans, net
Carrying values and fair value measurements of financial instruments not carried at fair value
Carrying Value	109,331	92,731
Carrying Value \| Other loans receivable, net
Carrying values and fair value measurements of financial instruments not carried at fair value
Carrying Value	15,491	11,555
Carrying Value \| Held-to-maturity securities, net
Carrying values and fair value measurements of financial instruments not carried at fair value
Carrying Value	4,833	4,833
Fair Value \| Agent loans, net \| Level 3 Fair Value
Carrying values and fair value measurements of financial instruments not carried at fair value
Fair Value	113,850	90,713
Fair Value \| Other loans receivable, net \| Level 3 Fair Value
Carrying values and fair value measurements of financial instruments not carried at fair value
Fair Value	12,509	11,555
Fair Value \| Held-to-maturity securities, net \| Level 3 Fair Value
Carrying values and fair value measurements of financial instruments not carried at fair value
Fair value	$ 4,863	$ 4,934

Bank Line of Credit (Details) - Revolving Line of Credit	Dec. 31, 2025 USD ($)
Bank line of credit
Maximum borrowing capacity under the bank revolving line of credit	$ 100,000,000
Maximum letter of credit sublimit under the bank revolving line of credit	25,000,000
Available borrowing capacity under the bank revolving line of credit, due to outstanding letters of credit	99,200,000
Outstanding amount of letters of credit sublimit under the bank revolving line of credit	800,000
Available amount of letters of credit sublimit under the bank revolving line of credit	24,200,000
Borrowings outstanding under the bank revolving line of credit	0
Security owned and pledged as collateral, associated liabilities, fair value	$ 111,400,000

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Income Taxes - Provision for Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Federal
Current income tax expense	$ 131,645	$ 152,926	$ 116,874
Deferred income tax expense (benefit)	19,547	4,026	(1,002)
State
Current income tax expense	76	13	3
Deferred income tax expense	0	0	0
Income tax expense	$ 151,268	$ 156,965	$ 115,875

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

The provision for income taxes consists of the following for the years ended December 31:


(in thousands)
	2025		2024		2023
Federal
Current income tax expense	$	131,645	$	152,926	$	116,874
Deferred income tax expense (benefit)	19,547		4,026		(1,002)
State
Current income tax expense	76		13		3
Deferred income tax expense	—		—		—
Income tax expense	$	151,268	$	156,965	$	115,875

A reconciliation of the provision for income taxes, with amounts determined by applying the statutory federal income tax rate to pre-tax income, is as follows for the years ended December 31:


(dollars in thousands)
	2025				2024				2023
	Amount		%		Amount		%		Amount		%
U.S. federal tax at statutory rate	$	149,227	21.0	%	$	159,029	21.0	%	$	118,007	21.0	%
State and local income taxes, net of federal income tax effect (1)	60		0.0		10		0.0		2		0.0


Tax credits	(1,432)		(0.2)		(2,000)		(0.3)		(1,300)		(0.2)

Nontaxable or nondeductible items	2,703		0.4		569		0.1		651		0.1

Other adjustments	710		0.1		(643)		(0.1)		(1,485)		(0.3)
Income tax provision	$	151,268	21.3	%	$	156,965	20.7	%	$	115,875	20.6	%

(1) State taxes in Pennsylvania made up the majority (greater than 50 percent) of the tax effect in this category.

Temporary differences and carry-forwards, which give rise to deferred tax assets and liabilities, are as follows as of December 31:


(in thousands)
	2025		2024
Deferred tax assets:
Other employee benefits	$	18,213	$	18,409
Allowance for management fee returned on cancelled policies	7,322		4,647
Charitable contributions	5,221		—
Deferred revenue	4,457		4,181


Current expected credit loss allowance	3,647		2,966
Unrealized losses on investments	—		3,827
Other	4,958		4,617
Total deferred tax assets	43,818		38,647
Deferred tax liabilities:
Depreciation	47,017		27,089
Pension and other postretirement benefits	13,919		12,276
Unrealized gains on investments	2,532		—
Prepaid expenses	1,506		2,013







Other	3,632		3,687
Total deferred tax liabilities	68,606		45,065
Net deferred tax liability	$	(24,788)	$	(6,418)

If we determine that any of our deferred tax assets will not result in future tax benefits, a valuation allowance must be established for the portion of the assets that are not expected to be realized. We had no valuation allowance recorded at December 31, 2025 or 2024.

We do not have any unrecognized tax benefit that, if recognized, would affect our effective tax rate as of December 31, 2025 and 2024. Any interest expense related to uncertain tax positions would be recognized in income tax expense.

New tax legislation, commonly referred to as the One Big Beautiful Bill Act ("OBBBA"), was signed into law on July 4, 2025. The OBBBA included changes to the timing of tax deductions related to depreciation and software development expenditures in 2025. The legislation also introduced a 1% taxable income floor for charitable deductions effective January 1, 2026. The effects of the OBBBA are reflected in our income tax provisions and effective tax rate for the year ended December 31, 2025.

Federal income taxes paid were $106.5 million, $163.0 million, and $104.0 million in 2025, 2024, and 2023, respectively. Federal income tax refunds received were $2.6 million and $3.1 million in 2025 and 2024, respectively. State income taxes paid, net of state income tax refunds received, were $0.1 million in 2025.

Tax years ending December 31, 2024, 2023 and 2022 remain open to IRS examination. We are not currently under IRS audit, nor have we been notified of an upcoming IRS audit.

We are the attorney-in-fact for the subscribers (policyholders) at the Exchange, a reciprocal insurance exchange. In that capacity, we provide all services and facilities necessary to conduct the Exchange's insurance business. Indemnity and the Exchange together constitute a single insurance business. Consequently, we are not subject to state corporate income or franchise taxes in states where the Exchange conducts its business and the states collect premium tax in lieu of corporate income or franchise tax, as a result of the Exchange's remittance of premium taxes in those states.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details