0001628280-26-026866 | 10-Q | XBRL Viewer

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Investments - Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Investment income (loss) from portfolios
Total investment income	$ 23,938	$ 20,350
Less: investment expenses	378	402
Net investment income	23,560	19,948
Available-for-sale securities
Investment income (loss) from portfolios
Available-for-sale, equity securities, cash equivalents, and other	17,232	13,283
Equity securities
Investment income (loss) from portfolios
Available-for-sale, equity securities, cash equivalents, and other	1,307	1,164
Limited partnerships
Investment income (loss) from portfolios
Limited partnerships	732	1,072
Agent loans
Investment income (loss) from portfolios
Available-for-sale, equity securities, cash equivalents, and other	1,904	1,444
Cash equivalents and other
Investment income (loss) from portfolios
Available-for-sale, equity securities, cash equivalents, and other	$ 2,763	$ 3,387

Nature of Operations	3 Months Ended
Nature of Operations	Mar. 31, 2026
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. The underwriting services we provide include underwriting and policy processing. The remaining services we provide include customer service and administrative support. We also provide information technology services that support all the functions listed above. See Note 4, "Segment Information", for the significant expense categories related to providing these services. Included in expenses for these services 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 13, "Concentrations of Credit Risk".

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities
Management fee received	$ 802,892	$ 760,565
Administrative services reimbursements received	199,831	221,955
Service agreement revenue received	5,941	6,432
Net investment income received	22,837	19,326
Commissions paid to agents	(389,960)	(370,528)
Incentive compensation paid to agents	(134,249)	(79,017)
Salaries and wages paid	(76,066)	(79,844)
Pension contribution and employee benefits paid	(65,201)	(60,501)
General operating expenses paid	(69,161)	(81,938)
Administrative services expenses paid	(204,965)	(218,352)
Income taxes (paid) recovered	(7)	20
Net cash provided by operating activities	91,892	118,118
Purchase of investments:
Available-for-sale securities	(187,180)	(131,330)
Equity securities	(3,168)	(6,946)
Proceeds from investments:
Available-for-sale securities sales	106,790	34,721
Available-for-sale securities maturities/calls	39,998	34,278
Equity securities	4,239	11,646
Purchase of fixed assets	(37,414)	(29,674)
Loans to agents and others	(14,811)	(12,568)
Collections on agent and other loans	2,820	2,113
Net cash used in investing activities	(88,726)	(97,760)
Cash flows from financing activities
Dividends paid to shareholders	(68,109)	(63,569)
Net changes in cash collateral for securities lent	(12,315)	5,193
Net cash used in financing activities	(80,424)	(58,376)
Net decrease in cash, cash equivalents and restricted cash	(77,258)	(38,018)
Cash, cash equivalents and restricted cash, beginning of period	345,874	298,397
Cash, cash equivalents and restricted cash, end of period	268,616	260,379
Supplemental disclosure of noncash transactions
Liability incurred to purchase fixed assets	1,549	844
Operating lease assets obtained in exchange for lease liabilities	$ 738	$ 1,319

Investments - Net Realized and Unrealized Investment (Losses) Gains (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Equity securities:
Equity securities	$ (914)	$ 759
Net realized and unrealized investment (losses) gains	(765)	502
Available-for-sale securities
Available-for-sale securities:
Gross realized gains	1,021	349
Gross realized losses	(872)	(611)
Net realized gains (losses) on available-for-sale securities	149	(262)
Equity securities
Equity securities:
Equity securities	(914)	759
Miscellaneous
Equity securities:
Miscellaneous	$ 0	$ 5

Fair Value

3 Months Ended

Mar. 31, 2026

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 March 31, 2026, 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:


	March 31, 2026
(in thousands)	Total		Level 1		Level 2		Level 3
Available-for-sale securities:




Corporate debt securities	$	861,267	$	1,483	$	856,026	$	3,758
Collateralized debt obligations	135,395		0		135,395		0
Commercial mortgage-backed securities	144,118		0		121,417		22,701
Residential mortgage-backed securities	199,063		0		198,156		907
Other debt securities	35,820		0		35,820		0
U.S. Treasury	11,484		0		11,484		0
Total available-for-sale securities (1)	1,387,147		1,483		1,358,298		27,366
Equity securities:
Financial services sector	69,073		2,035		61,376		5,662
Utilities sector	3,662		0		3,662		0
Energy sector	3,011		0		3,011		0
Consumer sector	5,546		0		2,379		3,167
Technology sector	3,470		0		0		3,470

Communications sector	1,416		0		1,416		0
Total equity securities (2)	86,178		2,035		71,844		12,299

Total	$	1,473,325	$	3,518	$	1,430,142	$	39,665

(1)This includes $37.0 million of securities lent under a securities lending agreement.

(2)This includes $18.3 million of securities lent under a securities lending agreement.


	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.

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 – 2026 Year-to-Date Change:


(in thousands)	Beginning balance at December 31, 2025		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 March 31, 2026
Available-for-sale securities:
Corporate debt securities	$	3,939	$	13	$	(139)	$	802	$	(701)	$	811	$	(967)	$	3,758

Commercial mortgage-backed securities	23,021		(384)		(140)		0		(202)		7,522		(7,116)		22,701
Residential mortgage-backed securities	794		1		(11)		0		(15)		138		0		907

Total available-for-sale securities	27,754		(370)		(290)		802		(918)		8,471		(8,083)		27,366
Equity securities	12,065		78		—		150		0		6		0		12,299
Total Level 3 securities	$	39,819	$	(292)	$	(290)	$	952	$	(918)	$	8,477	$	(8,083)	$	39,665

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 March 31, 2025
Available-for-sale securities:
Corporate debt securities	$	6,268	$	18	$	(54)	$	2,117	$	(575)	$	1,099	$	(2,843)	$	6,030
Collateralized debt obligations	0		0		(5)		700		0		0		0		695
Commercial mortgage-backed securities	24,089		(382)		300		0		(1,289)		1,353		(14,942)		9,129
Residential mortgage-backed securities	0		0		0		0		0		923		0		923

Total available-for-sale securities	30,357		(364)		241		2,817		(1,864)		3,375		(17,785)		16,777
Equity securities	6,974		655		—		1,000		0		18		0		8,647
Total Level 3 securities	$	37,331	$	291	$	241	$	3,817	$	(1,864)	$	3,393	$	(17,785)	$	25,424

(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:


	March 31, 2026				December 31, 2025
(in thousands)	Carrying value		Fair value		Carrying value		Fair value
Agent loans, net (1)	$	120,524	$	116,073	$	109,331	$	113,850
Other loans receivable, net (2)	16,126		16,069		15,491		12,509


Held-to-maturity securities, net (3)	4,833		4,748		4,833		4,863

(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

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

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X, and include the accounts of Indemnity and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026. For further information, refer to the consolidated financial statements and footnotes included in our Form 10-K for the year ended December 31, 2025 as filed with the Securities and Exchange Commission ("SEC") on February 23, 2026.
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") 2025-05, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets", effective with the quarterly period ending March 31, 2026. We applied the guidance prospectively and elected the practical expedient, which allows entities to assume that current conditions as of the balance sheet date do not change over the remaining life of the asset when estimating expected credit losses for current accounts receivable and current contract assets within the scope of "Revenue from Contracts with Customers (Topic 606)". The adoption of this guidance did not have a material impact on our consolidated financial statements and disclosures. 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 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.
Revenue	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. 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.
Earnings per share	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 11, "Capital Stock". Class A diluted earnings per share is 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.
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 March 31, 2026, 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.
Investments	The below securities have been evaluated for credit impairment using criteria described within Note 2, "Significant Accounting Policies, of Notes to Consolidated Financial Statements" included in our Annual Report on Form 10-K for the year ended December 31, 2025 as filed with the SEC on February 23, 2026. 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.
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.

Investments (Tables)

3 Months Ended

Mar. 31, 2026

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:


	March 31, 2026
(in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Estimated fair value




Available-for-sale securities:
Corporate debt securities	$	864,414	$	6,444	$	9,591	$	861,267
Collateralized debt obligations	135,831		99		535		135,395
Commercial mortgage-backed securities	144,079		1,934		1,895		144,118
Residential mortgage-backed securities	209,697		588		11,222		199,063
Other debt securities	35,908		271		359		35,820
U.S. Treasury	11,575		11		102		11,484
Total available-for-sale securities, net (1)	1,401,504		9,347		23,704		1,387,147

Held-to-maturity securities - states & political subdivisions	4,833		0		85		4,748

Total fixed maturity securities, net	$	1,406,337	$	9,347	$	23,789	$	1,391,895

(1)This includes an estimated fair value of $37.0 million of securities lent under a securities lending agreement.


	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.

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 March 31, 2026 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.


	March 31, 2026
	Amortized		Estimated
(in thousands)	cost		fair value
Available-for-sale securities:
Due in one year or less	$	54,888	$	54,861
Due after one year through five years	588,721		588,118
Due after five years through ten years	205,037		203,455
Due after ten years	552,858		540,713
Total available-for-sale securities, net (1) (2)	1,401,504		1,387,147

Held-to-maturity securities - due after ten years	4,833		4,748

Total fixed maturity securities, net	$	1,406,337	$	1,391,895

(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 March 31, 2026.

(2)This includes an estimated fair value of $37.0 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:


	March 31, 2026
	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	$	404,232	$	7,025	$	37,403	$	2,566	$	441,635	$	9,591	842
Collateralized debt obligations	89,699		483		3,395		52		93,094		535		128
Commercial mortgage-backed securities	43,321		275		16,736		1,620		60,057		1,895		94
Residential mortgage-backed securities	86,494		848		78,346		10,374		164,840		11,222		176
Other debt securities	14,420		118		3,457		241		17,877		359		40
U.S. Treasury	7,772		102		0		0		7,772		102		2
Total available-for-sale securities	$	645,938	$	8,851	$	139,337	$	14,853	$	785,275	$	23,704	1,282
Quality breakdown of available-for-sale securities:
Investment grade	$	533,288	$	4,779	$	123,311	$	12,799	$	656,599	$	17,578	642
Non-investment grade	112,650		4,072		16,026		2,054		128,676		6,126		640
Total available-for-sale securities	$	645,938	$	8,851	$	139,337	$	14,853	$	785,275	$	23,704	1,282


	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

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 three months ended March 31:


	2026
(in thousands)	Available-for-sale securities		Held-to-maturity securities		Other loans receivable		Agent loans
Balance, beginning of period	$	902	$	2,167	$	15,101	$	1,680
Provision and recoveries	275		0		256		199
Sales/collections and write-offs	(148)		0		0		0
Balance, end of period	$	1,029	$	2,167	$	15,357	$	1,879



	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	365		0		394		164
Sales/collections and write-offs	(52)		0		0		0
Balance, end of period	$	826	$	2,167	$	12,592	$	1,476

Schedule of Investment Income, Net of Expenses

Investment income, net of expenses, was generated from the following portfolios for the three months ended March 31:



(in thousands)	2026		2025
Available-for-sale securities	$	17,232	$	13,283
Equity securities	1,307		1,164
Limited partnerships (1)	732		1,072
Agent loans	1,904		1,444
Cash equivalents and other	2,763		3,387
Total investment income	23,938		20,350
Less: investment expenses	378		402
Net investment income	$	23,560	$	19,948

(1)Limited partnership income includes 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.

Schedule of Net Realized and Unrealized Investment Gains (Losses)

Realized and unrealized gains (losses) on investments were as follows for the three months ended March 31:



(in thousands)	2026		2025
Available-for-sale securities:
Gross realized gains	$	1,021	$	349
Gross realized losses	(872)		(611)
Net realized gains (losses) on available-for-sale securities	149		(262)
Equity securities	(914)		759
Miscellaneous	0		5
Net realized and unrealized investment (losses) gains	$	(765)	$	502

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



(in thousands)	2026		2025
Equity securities:
Net (losses) gains recognized during the period	$	(914)	$	759
Less: net (losses) gains recognized on securities sold	(32)		101
Net unrealized (losses) gains recognized on securities held at reporting date	$	(882)	$	658

Schedule of Impairments on Investments

Impairments on investments were as follows for the three months ended March 31:



(in thousands)	2026		2025
Available-for-sale securities:
Intent to sell	$	10	$	0
Credit impaired	(275)		(365)
Total available-for-sale securities	(265)		(365)
Expected credit losses:

Agent loans	(199)		(164)
Other loans receivable	(212)		(385)
Net impairment losses recognized in earnings	$	(676)	$	(914)

Investments - Cost and Fair Value, Net of Credit Loss Allowance, of Fixed Maturity Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Available-for-sale securities:
Amortized cost	$ 1,401,504
Estimated fair value	1,387,147
Held-to-maturity securities - states & political subdivisions
Amortized cost	1,406,337	$ 1,368,061
Gross unrealized gains	9,347	17,455
Gross unrealized losses	23,789	15,825
Estimated fair value	1,391,895	1,369,691
Fair value of securities lent	55,300	64,500
Corporate debt securities
Available-for-sale securities:
Amortized cost	864,414	834,885
Gross unrealized gains	6,444	12,779
Gross unrealized losses	9,591	3,185
Estimated fair value	861,267	844,479
Collateralized debt obligations
Available-for-sale securities:
Amortized cost	135,831	133,224
Gross unrealized gains	99	207
Gross unrealized losses	535	164
Estimated fair value	135,395	133,267
Commercial mortgage-backed securities
Available-for-sale securities:
Amortized cost	144,079	139,516
Gross unrealized gains	1,934	2,808
Gross unrealized losses	1,895	1,783
Estimated fair value	144,118	140,541
Residential mortgage-backed securities
Available-for-sale securities:
Amortized cost	209,697	196,624
Gross unrealized gains	588	982
Gross unrealized losses	11,222	10,380
Estimated fair value	199,063	187,226
Other debt securities
Available-for-sale securities:
Amortized cost	35,908	34,863
Gross unrealized gains	271	543
Gross unrealized losses	359	254
Estimated fair value	35,820	35,152
U.S. Treasury
Available-for-sale securities:
Amortized cost	11,575	24,116
Gross unrealized gains	11	106
Gross unrealized losses	102	59
Estimated fair value	11,484	24,163
Total available-for-sale securities
Available-for-sale securities:
Amortized cost	1,401,504	1,363,228
Gross unrealized gains	9,347	17,425
Gross unrealized losses	23,704	15,825
Estimated fair value	1,387,147	1,364,828
Held-to-maturity securities - states & political subdivisions
Fair value of securities lent	37,000	44,400
Held-to-maturity securities
Held-to-maturity securities - states & political subdivisions
Amortized cost	4,833	4,833
Gross unrealized gains	0	30
Gross unrealized losses	85	0
Estimated fair value	$ 4,748	$ 4,863

Revenue - Disaggregation of Revenue by Performance Obligation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of revenue by performance obligation
Revenue	$ 1,011,911	$ 989,399
Management fee revenue - policy issuance and renewal services
Disaggregation of revenue by performance obligation
Revenue	786,399	755,049
Management fee revenue - policy issuance and renewal services \| Transferred at Point in Time
Disaggregation of revenue by performance obligation
Revenue	786,399	755,049
Total revenue from administrative services \| Transferred Over Time
Disaggregation of revenue by performance obligation
Revenue	219,571	227,918
Management fee revenue - administrative services
Disaggregation of revenue by performance obligation
Revenue	19,475	17,645
Management fee revenue - administrative services \| Transferred Over Time
Disaggregation of revenue by performance obligation
Revenue	19,475	17,645
Administrative services reimbursement revenue
Disaggregation of revenue by performance obligation
Revenue	200,096	210,273
Administrative services reimbursement revenue \| Transferred Over Time
Disaggregation of revenue by performance obligation
Revenue	$ 200,096	$ 210,273

- 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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Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Fair Value - Fair Value Measurements on a Recurring Basis by Asset Class and Level of Input (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	$ 1,387,147
Total	1,473,325	$ 1,455,591
Fair value of securities lent	55,300	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	1,387,147	1,364,828
Fair value of securities lent	37,000	44,400
Corporate debt securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	861,267	844,479
Collateralized debt obligations
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	135,395	133,267
Commercial mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	144,118	140,541
Residential mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	199,063	187,226
Other debt securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	35,820	35,152
U.S. Treasury
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	11,484	24,163
Equity securities
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	86,178	90,763
Fair value of securities lent	18,300	20,100
Equity securities \| Financial services sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	69,073	74,614
Equity securities \| Utilities sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	3,662	3,696
Equity securities \| Energy sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	3,011	2,713
Equity securities \| Consumer sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	5,546	5,563
Equity securities \| Technology sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	3,470	3,224
Equity securities \| Communications sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	1,416	953
Level 1
Fair value measurements on a recurring basis by asset class and level of input
Total	3,518	3,591
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	1,483	998
Level 1 \| Corporate debt securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	1,483	998
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	0
Level 1 \| Equity securities
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	2,035	2,593
Level 1 \| Equity securities \| Financial services sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	2,035	2,593
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	0
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	1,430,142	1,412,181
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	1,358,298	1,336,076
Level 2 \| Corporate debt securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	856,026	839,542
Level 2 \| Collateralized debt obligations
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	135,395	133,267
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	121,417	117,520
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	198,156	186,432
Level 2 \| Other debt securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	35,820	35,152
Level 2 \| U.S. Treasury
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	11,484	24,163
Level 2 \| Equity securities
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	71,844	76,105
Level 2 \| Equity securities \| Financial services sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	61,376	66,350
Level 2 \| Equity securities \| Utilities sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	3,662	3,696
Level 2 \| Equity securities \| Energy sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	3,011	2,713
Level 2 \| Equity securities \| Consumer sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	2,379	2,393
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	1,416	953
Level 3
Fair value measurements on a recurring basis by asset class and level of input
Total	39,665	39,819
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	27,366	27,754
Level 3 \| Corporate debt securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	3,758	3,939
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	22,701	23,021
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	907	794
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	0
Level 3 \| Equity securities
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	12,299	12,065
Level 3 \| Equity securities \| Financial services sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	5,662	5,671
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	3,167	3,170
Level 3 \| Equity securities \| Technology sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	3,470	3,224
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

Segment Information - Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Total operating revenue	$ 1,011,911	$ 989,399
Total operating expenses	845,124	838,023
Operating income	166,787	151,376
Total investment income	22,119	19,536
Other income	1,420	3,834
Income tax expense	39,852	36,329
Net income	$ 150,474	$ 138,417
Erie Insurance Exchange
Segment Reporting Information [Line Items]
Depreciation and amortization expense reimbursed from the Exchange and its insurance subsidiaries (as a percent)	32.00%	29.00%
Management Operations
Segment Reporting Information [Line Items]
Total operating revenue	$ 1,011,911	$ 989,399
Commissions	464,856	436,860
Personnel costs	92,063	89,989
Sales and advertising	4,905	6,952
Acquisition and underwriting support costs	24,124	26,003
Technology infrastructure costs	25,803	26,071
Professional fees	19,321	26,276
Administrative and other	13,956	15,599
Total operating expenses	845,124	838,023
Operating income	166,787	151,376
Total investment income	22,119	19,536
Other income	1,420	3,834
Income tax expense	39,852	36,329
Net income	150,474	138,417
Depreciation and amortization expense	20,000	15,800
Management fee revenue \| Management Operations
Segment Reporting Information [Line Items]
Total operating revenue	805,874	772,694
Administrative services reimbursement revenue
Segment Reporting Information [Line Items]
Total operating revenue	200,096	210,273
Total operating expenses	200,096	210,273
Administrative services reimbursement revenue \| Management Operations
Segment Reporting Information [Line Items]
Total operating revenue	200,096	210,273
Total operating expenses	200,096	210,273
Service agreement revenue
Segment Reporting Information [Line Items]
Total operating revenue	5,941	6,432
Service agreement revenue \| Management Operations
Segment Reporting Information [Line Items]
Total operating revenue	5,941	6,432
Cost of operations - policy issuance and renewal services
Segment Reporting Information [Line Items]
Total operating revenue	786,399	755,049
Total operating expenses	645,028	627,750
Cost of operations - policy issuance and renewal services \| Management Operations
Segment Reporting Information [Line Items]
Total operating expenses	$ 645,028	$ 627,750

Segment Information - Narrative (Details)	3 Months Ended
Segment Information - Narrative (Details)	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Number of reportable segments	1

Significant Accounting Policies	3 Months Ended
Significant Accounting Policies	Mar. 31, 2026
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X, and include the accounts of Indemnity and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026. For further information, refer to the consolidated financial statements and footnotes included in our Form 10-K for the year ended December 31, 2025 as filed with the Securities and Exchange Commission ("SEC") on February 23, 2026. 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") 2025-05, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets", effective with the quarterly period ending March 31, 2026. We applied the guidance prospectively and elected the practical expedient, which allows entities to assume that current conditions as of the balance sheet date do not change over the remaining life of the asset when estimating expected credit losses for current accounts receivable and current contract assets within the scope of "Revenue from Contracts with Customers (Topic 606)". The adoption of this guidance did not have a material impact on our consolidated financial statements and disclosures. 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 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.

Accumulated Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Mar. 31, 2026

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

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 three months ended March 31:
































	2026						2025
(in thousands)	Before Tax		Income Tax		Net		Before Tax		Income Tax		Net
Investment securities:
AOCI (loss), beginning of period	$	1,508	$	316	$	1,192	$	(22,442)	$	(4,714)	$	(17,728)
OCI (loss) before reclassifications	(15,982)		(3,356)		(12,626)		6,687		1,404		5,283
Realized investment (gains) losses	(149)		(31)		(118)		262		55		207
Impairment losses	265		56		209		365		77		288

OCI (loss)	(15,866)		(3,331)		(12,535)		7,314		1,536		5,778
AOCI (loss), end of period	$	(14,358)	$	(3,015)	$	(11,343)	$	(15,128)	$	(3,178)	$	(11,950)

Pension and other postretirement plans:
AOCI (loss), beginning of period	$	(67,359)	$	(14,146)	$	(53,213)	$	(37,802)	$	(7,939)	$	(29,863)

Amortization of prior service costs	458		96		362		422		89		333
Amortization of net actuarial gain	(67)		(14)		(53)		(654)		(137)		(517)
Settlement gain	—		—		—		(477)		(100)		(377)
OCI (loss)	391		82		309		(709)		(148)		(561)
AOCI (loss), end of period	$	(66,968)	$	(14,064)	$	(52,904)	$	(38,511)	$	(8,087)	$	(30,424)

Total
AOCI (loss), beginning of period	$	(65,851)	$	(13,830)	$	(52,021)	$	(60,244)	$	(12,653)	$	(47,591)
Investment securities	(15,866)		(3,331)		(12,535)		7,314		1,536		5,778
Pension and other postretirement plans	391		82		309		(709)		(148)		(561)
OCI (loss)	(15,475)		(3,249)		(12,226)		6,605		1,388		5,217
AOCI (loss), end of period	$	(81,326)	$	(17,079)	$	(64,247)	$	(53,639)	$	(11,265)	$	(42,374)

Fair Value - Level 3 Assets (Details) - Level 3 - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Roll forward of level 3 fair value measurements on a recurring basis
Beginning balance	$ 39,819	$ 37,331
Included in earnings	(292)	291
Included in other comprehensive income (loss)	(290)	241
Purchases	952	3,817
Sales	(918)	(1,864)
Transfers into Level 3	8,477	3,393
Transfers out of Level 3	(8,083)	(17,785)
Ending balance	39,665	25,424
Available-for-sale securities
Roll forward of level 3 fair value measurements on a recurring basis
Beginning balance	27,754	30,357
Included in earnings	(370)	(364)
Included in other comprehensive income (loss)	(290)	241
Purchases	802	2,817
Sales	(918)	(1,864)
Transfers into Level 3	8,471	3,375
Transfers out of Level 3	(8,083)	(17,785)
Ending balance	27,366	16,777
Available-for-sale securities \| Corporate debt securities
Roll forward of level 3 fair value measurements on a recurring basis
Beginning balance	3,939	6,268
Included in earnings	13	18
Included in other comprehensive income (loss)	(139)	(54)
Purchases	802	2,117
Sales	(701)	(575)
Transfers into Level 3	811	1,099
Transfers out of Level 3	(967)	(2,843)
Ending balance	3,758	6,030
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		0
Included in other comprehensive income (loss)		(5)
Purchases		700
Sales		0
Transfers into Level 3		0
Transfers out of Level 3		0
Ending balance		695
Available-for-sale securities \| Commercial mortgage-backed securities
Roll forward of level 3 fair value measurements on a recurring basis
Beginning balance	23,021	24,089
Included in earnings	(384)	(382)
Included in other comprehensive income (loss)	(140)	300
Purchases	0	0
Sales	(202)	(1,289)
Transfers into Level 3	7,522	1,353
Transfers out of Level 3	(7,116)	(14,942)
Ending balance	22,701	9,129
Available-for-sale securities \| Residential mortgage-backed securities
Roll forward of level 3 fair value measurements on a recurring basis
Beginning balance	794	0
Included in earnings	1	0
Included in other comprehensive income (loss)	(11)	0
Purchases	0	0
Sales	(15)	0
Transfers into Level 3	138	923
Transfers out of Level 3	0	0
Ending balance	907	923
Equity securities \| Equity securities
Roll forward of level 3 fair value measurements on a recurring basis
Beginning balance	12,065	6,974
Included in earnings	78	655
Included in other comprehensive income (loss)	0	0
Purchases	150	1,000
Sales	0	0
Transfers into Level 3	6	18
Transfers out of Level 3	0	0
Ending balance	$ 12,299	$ 8,647

Investments - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of period	$ 902	$ 513
Provision and recoveries	275	365
Sales/collections and write-offs	(148)	(52)
Allowance for credit losses, end of period	1,029	826
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of period	2,167	2,167
Provision and recoveries	0	0
Sales/collections and write-offs	0	0
Allowance for credit losses, end of period	2,167	2,167
Other loans receivable
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of period	15,101	12,198
Provision and recoveries	256	394
Sales/collections and write-offs	0	0
Allowance for credit losses, end of period	15,357	12,592
Agent loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of period	1,680	1,312
Provision and recoveries	199	164
Sales/collections and write-offs	0	0
Allowance for credit losses, end of period	$ 1,879	$ 1,476

Fair Value (Tables)

3 Months Ended

Mar. 31, 2026

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:


	March 31, 2026
(in thousands)	Total		Level 1		Level 2		Level 3
Available-for-sale securities:




Corporate debt securities	$	861,267	$	1,483	$	856,026	$	3,758
Collateralized debt obligations	135,395		0		135,395		0
Commercial mortgage-backed securities	144,118		0		121,417		22,701
Residential mortgage-backed securities	199,063		0		198,156		907
Other debt securities	35,820		0		35,820		0
U.S. Treasury	11,484		0		11,484		0
Total available-for-sale securities (1)	1,387,147		1,483		1,358,298		27,366
Equity securities:
Financial services sector	69,073		2,035		61,376		5,662
Utilities sector	3,662		0		3,662		0
Energy sector	3,011		0		3,011		0
Consumer sector	5,546		0		2,379		3,167
Technology sector	3,470		0		0		3,470

Communications sector	1,416		0		1,416		0
Total equity securities (2)	86,178		2,035		71,844		12,299

Total	$	1,473,325	$	3,518	$	1,430,142	$	39,665

(1)This includes $37.0 million of securities lent under a securities lending agreement.

(2)This includes $18.3 million of securities lent under a securities lending agreement.


	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.

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

Level 3 Assets – 2026 Year-to-Date Change:


(in thousands)	Beginning balance at December 31, 2025		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 March 31, 2026
Available-for-sale securities:
Corporate debt securities	$	3,939	$	13	$	(139)	$	802	$	(701)	$	811	$	(967)	$	3,758

Commercial mortgage-backed securities	23,021		(384)		(140)		0		(202)		7,522		(7,116)		22,701
Residential mortgage-backed securities	794		1		(11)		0		(15)		138		0		907

Total available-for-sale securities	27,754		(370)		(290)		802		(918)		8,471		(8,083)		27,366
Equity securities	12,065		78		—		150		0		6		0		12,299
Total Level 3 securities	$	39,819	$	(292)	$	(290)	$	952	$	(918)	$	8,477	$	(8,083)	$	39,665

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 March 31, 2025
Available-for-sale securities:
Corporate debt securities	$	6,268	$	18	$	(54)	$	2,117	$	(575)	$	1,099	$	(2,843)	$	6,030
Collateralized debt obligations	0		0		(5)		700		0		0		0		695
Commercial mortgage-backed securities	24,089		(382)		300		0		(1,289)		1,353		(14,942)		9,129
Residential mortgage-backed securities	0		0		0		0		0		923		0		923

Total available-for-sale securities	30,357		(364)		241		2,817		(1,864)		3,375		(17,785)		16,777
Equity securities	6,974		655		—		1,000		0		18		0		8,647
Total Level 3 securities	$	37,331	$	291	$	241	$	3,817	$	(1,864)	$	3,393	$	(17,785)	$	25,424

(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:


	March 31, 2026				December 31, 2025
(in thousands)	Carrying value		Fair value		Carrying value		Fair value
Agent loans, net (1)	$	120,524	$	116,073	$	109,331	$	113,850
Other loans receivable, net (2)	16,126		16,069		15,491		12,509


Held-to-maturity securities, net (3)	4,833		4,748		4,833		4,863

(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

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

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
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

Earnings Per Share - Reconciliation of the Numerators and Denominators Used in the Basic and Diluted Per-Share Computations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Class A common stock
Income available to stockholders (Basic EPS)
Allocated net income (numerator)	$ 149,242	$ 137,284
Weighted shares (denominator) (in shares)	46,188,850	46,188,903
Per-share amount (in dollars per share)	$ 3.23	$ 2.97
Dilutive effect of stock-based awards
Allocated net income (numerator)	$ 0	$ 0
Weighted shares (denominator) (in shares)	10,530	14,681
Assumed conversion of Class B shares
Allocated net income (numerator)	$ 1,232	$ 1,133
Weighted shares (denominator) (in shares)	6,100,800	6,100,800
Income available to stockholders on equivalent shares (Diluted EPS)
Allocated net income (numerator)	$ 150,474	$ 138,417
Weighted shares (denominator) (in shares)	52,300,180	52,304,384
Per-share amount (in dollars per share)	$ 2.88	$ 2.65
Class B common stock
Income available to stockholders (Basic EPS)
Allocated net income (numerator)	$ 1,232	$ 1,133
Weighted shares (denominator) (in shares)	2,542	2,542
Per-share amount (in dollars per share)	$ 485	$ 446
Income available to stockholders on equivalent shares (Diluted EPS)
Allocated net income (numerator)	$ 1,232	$ 1,133
Weighted shares (denominator) (in shares)	2,542	2,542
Per-share amount (in dollars per share)	$ 485	$ 446

Investments - Impairments on Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Schedule of Impairments [Line Items]
Credit impaired	$ (275)	$ (365)
Expected credit losses:
Net impairment losses recognized in earnings	(676)	(914)
Total available-for-sale securities
Schedule of Impairments [Line Items]
Intent to sell	10	0
Credit impaired	(275)	(365)
Total available-for-sale securities	(265)	(365)
Agent loans
Expected credit losses:
Agent loans	(199)	(164)
Other loans receivable
Expected credit losses:
Agent loans	(256)	(394)
Net impairment losses recognized in earnings	$ (212)	$ (385)

Postretirement Benefits

3 Months Ended

Mar. 31, 2026

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. These reimbursements represent pension benefits for employees performing administrative services and an allocated share of plan cost for employees in departments that support the administrative functions. For the three months ended March 31, 2026, 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 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.

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 a $47 million contribution in January 2026. The funded pension plan is presented separately from the unfunded plan as a non-current asset on the Consolidated Statements of Financial Position.

Pension plan cost includes the following components for the three months ended March 31:



(in thousands)	2026		2025
Service cost for benefits earned	$	9,590	$	8,862
Interest cost on benefit obligation	15,514		14,675
Expected return on plan assets	(19,889)		(20,069)
Prior service cost amortization	458		422
Net actuarial gain amortization	(67)		(654)
Settlement gain (1)	—		(477)
Pension plan cost (2)	$	5,606	$	2,759

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

(2)Pension plan cost represents total plan cost before reimbursements between Indemnity and the Exchange and its insurance subsidiaries. The components of pension plan cost 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.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Investments - Amortized Cost and Estimated Fair Value, Net of Credit Loss Allowance, of Fixed Maturity Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Available-for-sale securities, Amortized cost
Due in one year or less	$ 54,888
Due after one year through five years	588,721
Due after five years through ten years	205,037
Due after ten years	552,858
Amortized cost	1,401,504
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	54,861
Due after one year through five years	588,118
Due after five years through ten years	203,455
Due after ten years	540,713
Estimated fair value	1,387,147
Held-to-maturity securities, Estimated fair value
Held-to-maturity securities - due after ten years	4,748
Amortized cost	1,406,337	$ 1,368,061
Estimated fair value	1,391,895	1,369,691
Fair value of securities lent	$ 55,300	$ 64,500

Commitments and Contingencies (Details) $ in Millions	3 Months Ended
Commitments and Contingencies (Details) $ in Millions	Mar. 31, 2026 USD ($)
Agent loans
Other Commitments [Line Items]
Minimum funding percentage of each loan	30.00%
Participation amount in loan program	$ 68.8
Agent loans \| Maximum
Other Commitments [Line Items]
Amount of loan participation program	150.0
Agent loans \| Payment Guarantee
Other Commitments [Line Items]
Maximum potential obligation, guaranteed portion	24.3
Other loans receivable \| Payment Guarantee
Other Commitments [Line Items]
Maximum potential obligation, guaranteed portion	$ 6.3

- Definition

Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.

+ References

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+ Details

Postretirement Benefits - Pension Plan Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Retirement Benefits [Abstract]
Service cost for benefits earned	$ 9,590	$ 8,862
Interest cost on benefit obligation	15,514	14,675
Expected return on plan assets	(19,889)	(20,069)
Prior service cost amortization	458	422
Net actuarial gain amortization	(67)	(654)
Settlement gain	0	(477)
Pension plan cost	$ 5,606	$ 2,759
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Accumulated other comprehensive income (loss), before tax
Investment securities, OCI (loss)	$ (15,866)	$ 7,314
Pension and other postretirement plans, OCI (loss)	391	(709)
OCI (loss)	(15,475)	6,605
Accumulated other comprehensive income (loss), tax
Investment securities, OCI (loss)	(3,331)	1,536
Pension and other postretirement plans, OCI (loss)	82	(148)
OCI (loss)	(3,249)	1,388
Accumulated other comprehensive income (loss), net of tax
Net of tax, beginning balance	2,283,374	1,987,258
Investment securities, OCI (loss)	(12,535)	5,778
Pension and other postretirement plans, OCI (loss)	309	(561)
OCI (loss)	(12,226)	5,217
Net of tax, ending balance	2,353,521	2,067,351
Total
Accumulated other comprehensive income (loss), before tax
Before tax, beginning balance	(65,851)	(60,244)
Before tax, ending balance	(81,326)	(53,639)
Accumulated other comprehensive income (loss), tax
Income Tax, beginning balance	(13,830)	(12,653)
Income Tax, ending balance	(17,079)	(11,265)
Accumulated other comprehensive income (loss), net of tax
Net of tax, beginning balance	(52,021)	(47,591)
OCI (loss)	(12,226)	5,217
Net of tax, ending balance	(64,247)	(42,374)
Investment securities:
Accumulated other comprehensive income (loss), before tax
Before tax, beginning balance	1,508	(22,442)
OCI (loss) before reclassifications	(15,982)	6,687
Realized investment (gains) losses	(149)	262
Impairment losses	265	365
Investment securities, OCI (loss)	(15,866)	7,314
Before tax, ending balance	(14,358)	(15,128)
Accumulated other comprehensive income (loss), tax
Income Tax, beginning balance	316	(4,714)
OCI (loss) before reclassifications	(3,356)	1,404
Realized investment (gains) losses	(31)	55
Impairment losses	56	77
Investment securities, OCI (loss)	(3,331)	1,536
Income Tax, ending balance	(3,015)	(3,178)
Accumulated other comprehensive income (loss), net of tax
Net of tax, beginning balance	1,192	(17,728)
OCI (loss) before reclassifications	(12,626)	5,283
Realized investment (gains) losses	(118)	207
Impairment losses	209	288
Net of tax, ending balance	(11,343)	(11,950)
Pension and other postretirement plans:
Accumulated other comprehensive income (loss), before tax
Before tax, beginning balance	(67,359)	(37,802)
Amortization of prior service costs	458	422
Amortization of net actuarial gain	(67)	(654)
Settlement gain	0	(477)
Pension and other postretirement plans, OCI (loss)	391	(709)
Before tax, ending balance	(66,968)	(38,511)
Accumulated other comprehensive income (loss), tax
Income Tax, beginning balance	(14,146)	(7,939)
Amortization of prior service costs	96	89
Amortization of net actuarial gain	(14)	(137)
Settlement gain	0	(100)
Pension and other postretirement plans, OCI (loss)	82	(148)
Income Tax, ending balance	(14,064)	(8,087)
Accumulated other comprehensive income (loss), net of tax
Net of tax, beginning balance	(53,213)	(29,863)
Amortization of prior service costs	362	333
Amortization of net actuarial gain	(53)	(517)
Settlement gain	0	(377)
Pension and other postretirement plans, OCI (loss)	309	(561)
Net of tax, ending balance	$ (52,904)	$ (30,424)

Bank Line of Credit (Details) - Revolving line of credit	Mar. 31, 2026 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	$ 110,600,000

- 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

Bank Line of Credit	3 Months Ended
Bank Line of Credit	Mar. 31, 2026
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 March 31, 2026, 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 March 31, 2026. Investments with a fair value of $110.6 million were pledged as collateral on the line of credit at March 31, 2026. 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 March 31, 2026. The bank requires compliance with certain covenants, which include leverage ratios and debt restrictions. We are in compliance with all covenants at March 31, 2026.

- 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
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: 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 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2026	Apr. 17, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000922621
Amendment Flag	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		46,189,068
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,542

Investments - Portion of Net Unrealized (Losses) Gains Recognized During the Reporting Period (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Equity securities:
Net (losses) gains recognized during the period	$ (914)	$ 759
Less: net (losses) gains recognized on securities sold	(32)	101
Net unrealized (losses) gains recognized on securities held at reporting date	$ (882)	$ 658

Capital Stock	3 Months Ended
Capital Stock	Mar. 31, 2026
Class of Stock Disclosures [Abstract]
Capital Stock	Capital Stock Class A and B 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 during the three months ended March 31, 2026 and the year ended December 31, 2025. There is no provision for conversion of Class A shares into Class B shares, and Class B shares surrendered for conversion cannot be reissued. Stock repurchases In 2011, our Board of Directors approved a continuation of the current stock repurchase program of $150 million, with no time limitation. There were no shares repurchased under this program during the three months ended March 31, 2026 and the year ended December 31, 2025. We had approximately $17.8 million of repurchase authority remaining under this program at March 31, 2026.

Investments - Securities Lending Transactions (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Fair value of securities lent	$ 55.3	$ 64.5
Non-cash collateral that is not permitted to be sold or repledged	8.9	4.5
Available-for-sale securities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Fair value of securities lent	37.0	44.4
Equity securities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Fair value of securities lent	18.3	20.1
Cash equivalents
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Fair value of cash collateral	$ 49.6	$ 61.9

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2026
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.

Fair Value - Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Held-to-maturity securities, net
Carrying value and fair value measurements of financial instruments not carried at fair value
Carrying value	$ 4,833	$ 4,833
Fair value	4,748	4,863
Carrying value \| Agent Loans, net
Carrying value and fair value measurements of financial instruments not carried at fair value
Carrying value	120,524	109,331
Carrying value \| Other loans receivable, net
Carrying value and fair value measurements of financial instruments not carried at fair value
Carrying value	16,126	15,491
Carrying value \| Held-to-maturity securities, net
Carrying value 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 value and fair value measurements of financial instruments not carried at fair value
Fair value	116,073	113,850
Fair value \| Other loans receivable, net \| Level 3 Fair Value
Carrying value and fair value measurements of financial instruments not carried at fair value
Fair value	16,069	12,509
Fair value \| Held-to-maturity securities, net \| Level 3 Fair Value
Carrying value and fair value measurements of financial instruments not carried at fair value
Fair value	$ 4,748	$ 4,863

Investments - Available-For-Sale Securities in a Gross Unrealized Loss Position by Length of Time (Details) $ in Thousands	Mar. 31, 2026 USD ($) holding	Dec. 31, 2025 USD ($) holding
Investment grade
Fair value
Less than 12 months	$ 533,288	$ 144,472
12 months or longer	123,311	144,604
Total	656,599	289,076
Unrealized losses
Less than 12 months	4,779	433
12 months or longer	12,799	12,773
Total	$ 17,578	$ 13,206
No. of holdings \| holding	642	371
Non-investment grade
Fair value
Less than 12 months	$ 112,650	$ 37,154
12 months or longer	16,026	15,975
Total	128,676	53,129
Unrealized losses
Less than 12 months	4,072	1,426
12 months or longer	2,054	1,193
Total	$ 6,126	$ 2,619
No. of holdings \| holding	640	376
Corporate debt securities
Fair value
Less than 12 months	$ 404,232	$ 72,699
12 months or longer	37,403	41,040
Total	441,635	113,739
Unrealized losses
Less than 12 months	7,025	1,555
12 months or longer	2,566	1,630
Total	$ 9,591	$ 3,185
No. of holdings \| holding	842	418
Collateralized debt obligations
Fair value
Less than 12 months	$ 89,699	$ 57,917
12 months or longer	3,395	3,909
Total	93,094	61,826
Unrealized losses
Less than 12 months	483	120
12 months or longer	52	44
Total	$ 535	$ 164
No. of holdings \| holding	128	83
Commercial mortgage-backed securities
Fair value
Less than 12 months	$ 43,321	$ 16,103
12 months or longer	16,736	19,956
Total	60,057	36,059
Unrealized losses
Less than 12 months	275	59
12 months or longer	1,620	1,724
Total	$ 1,895	$ 1,783
No. of holdings \| holding	94	70
Residential mortgage-backed securities
Fair value
Less than 12 months	$ 86,494	$ 17,675
12 months or longer	78,346	92,019
Total	164,840	109,694
Unrealized losses
Less than 12 months	848	27
12 months or longer	10,374	10,353
Total	$ 11,222	$ 10,380
No. of holdings \| holding	176	146
Other debt securities
Fair value
Less than 12 months	$ 14,420	$ 3,936
12 months or longer	3,457	3,655
Total	17,877	7,591
Unrealized losses
Less than 12 months	118	39
12 months or longer	241	215
Total	$ 359	$ 254
No. of holdings \| holding	40	27
U.S. Treasury
Fair value
Less than 12 months	$ 7,772	$ 13,296
12 months or longer	0	0
Total	7,772	13,296
Unrealized losses
Less than 12 months	102	59
12 months or longer	0	0
Total	$ 102	$ 59
No. of holdings \| holding	2	3
Available-for-sale securities
Fair value
Less than 12 months	$ 645,938	$ 181,626
12 months or longer	139,337	160,579
Total	785,275	342,205
Unrealized losses
Less than 12 months	8,851	1,859
12 months or longer	14,853	13,966
Total	$ 23,704	$ 15,825
No. of holdings \| holding	1,282	747

Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2026

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

Accumulated Other Comprehensive Income (Loss)
































	2026						2025
(in thousands)	Before Tax		Income Tax		Net		Before Tax		Income Tax		Net
Investment securities:
AOCI (loss), beginning of period	$	1,508	$	316	$	1,192	$	(22,442)	$	(4,714)	$	(17,728)
OCI (loss) before reclassifications	(15,982)		(3,356)		(12,626)		6,687		1,404		5,283
Realized investment (gains) losses	(149)		(31)		(118)		262		55		207
Impairment losses	265		56		209		365		77		288

OCI (loss)	(15,866)		(3,331)		(12,535)		7,314		1,536		5,778
AOCI (loss), end of period	$	(14,358)	$	(3,015)	$	(11,343)	$	(15,128)	$	(3,178)	$	(11,950)

Pension and other postretirement plans:
AOCI (loss), beginning of period	$	(67,359)	$	(14,146)	$	(53,213)	$	(37,802)	$	(7,939)	$	(29,863)

Amortization of prior service costs	458		96		362		422		89		333
Amortization of net actuarial gain	(67)		(14)		(53)		(654)		(137)		(517)
Settlement gain	—		—		—		(477)		(100)		(377)
OCI (loss)	391		82		309		(709)		(148)		(561)
AOCI (loss), end of period	$	(66,968)	$	(14,064)	$	(52,904)	$	(38,511)	$	(8,087)	$	(30,424)

Total
AOCI (loss), beginning of period	$	(65,851)	$	(13,830)	$	(52,021)	$	(60,244)	$	(12,653)	$	(47,591)
Investment securities	(15,866)		(3,331)		(12,535)		7,314		1,536		5,778
Pension and other postretirement plans	391		82		309		(709)		(148)		(561)
OCI (loss)	(15,475)		(3,249)		(12,226)		6,605		1,388		5,217
AOCI (loss), end of period	$	(81,326)	$	(17,079)	$	(64,247)	$	(53,639)	$	(11,265)	$	(42,374)

Postretirement Benefits (Tables)

3 Months Ended

Mar. 31, 2026

Retirement Benefits [Abstract]

Schedule of Pension Plan Cost

Pension plan cost includes the following components for the three months ended March 31:



(in thousands)	2026		2025
Service cost for benefits earned	$	9,590	$	8,862
Interest cost on benefit obligation	15,514		14,675
Expected return on plan assets	(19,889)		(20,069)
Prior service cost amortization	458		422
Net actuarial gain amortization	(67)		(654)
Settlement gain (1)	—		(477)
Pension plan cost (2)	$	5,606	$	2,759

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

Segment Information

3 Months Ended

Mar. 31, 2026

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 evaluates performance and decides how to allocate resources for the management operations segment 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, of Notes to Consolidated Financial Statements" included in our Annual Report on Form 10-K for the year ended December 31, 2025 as filed with the SEC on February 23, 2026.

Beginning in the first quarter of 2026, the significant segment expense categories included in the financial information regularly provided to the CODM were revised to align with the current manner in which the CODM reviews expenses in evaluating performance and allocating resources. Prior-period segment expense disclosures have been recast to conform to the current period presentation. This change did not affect our determination that we have one reportable segment and did not affect the measure of net income.

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



(in thousands)	2026		2025
Management fee revenue	$	805,874	$	772,694
Administrative services reimbursement revenue	200,096		210,273
Service agreement revenue	5,941		6,432
Total operating revenue	1,011,911		989,399

Commissions	464,856		436,860
Personnel costs (1)	92,063		89,989
Sales and advertising (1)	4,905		6,952
Acquisition and underwriting support costs (1)	24,124		26,003
Technology infrastructure costs (1)	25,803		26,071
Professional fees (1)	19,321		26,276
Administrative and other (1)	13,956		15,599
Cost of operations - policy issuance and renewal services	645,028		627,750
Cost of operations - administrative services	200,096		210,273
Total operating expenses (2)	845,124		838,023
Operating income	166,787		151,376

Total investment income	22,119		19,536

Other income	1,420		3,834
Income tax expense	39,852		36,329
Net income	$	150,474	$	138,417

(1) 2025 amounts have been recast to conform to current period presentation.

(2) Management operations segment depreciation and amortization expense included primarily in "Total operating expenses" as reported on our Consolidated Statements of Operations totaled $20.0 million and $15.8 million for the three months ended March 31, 2026 and 2025, respectively. The Exchange and its insurance subsidiaries reimbursed us approximately 32% and 29% in the three months ended March 31, 2026 and 2025, respectively, for depreciation and amortization expense on assets supporting administrative services. 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 21
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Postretirement Benefits - Narrative (Details) - USD ($) $ in Millions		3 Months Ended
	Jan. 01, 2026	Mar. 31, 2026
Employee pension plan
Postretirement Benefits
Funding target (as a percentage of the funding target liability)		100.00%
Defined benefit plan, plan assets, contributions by employer	$ 47
Erie Insurance Exchange \| Employee pension plan
Postretirement Benefits
Postretirement annual benefit expense reimbursed from the Exchange and its insurance subsidiaries (as a percent)		61.00%
Erie Insurance Exchange \| Supplemental employee retirement plan (SERP)
Postretirement Benefits
Postretirement annual benefit expense reimbursed from the Exchange and its insurance subsidiaries (as a percent)		33.00%

- Definition

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

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- Definition

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+ Details

Income Taxes (Details)	3 Months Ended
Income Taxes (Details)	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Effective income tax rate (as a percent)	20.90%	20.80%

Capital Stock - Class A and B Common Stock (Details) - Class B common stock	3 Months Ended	12 Months Ended
	Mar. 31, 2026 shares	Dec. 31, 2025 shares
Common Stock
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)	0	0

- Definition

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+ Details

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating revenue
Total operating revenue	$ 1,011,911	$ 989,399
Operating expenses
Total operating expenses	845,124	838,023
Operating income	166,787	151,376
Investment income
Net investment income	23,560	19,948
Net realized and unrealized investment (losses) gains	(765)	502
Net impairment losses recognized in earnings	(676)	(914)
Total investment income	22,119	19,536
Other income	1,420	3,834
Income before income taxes	190,326	174,746
Income tax expense	39,852	36,329
Net income	$ 150,474	$ 138,417
Class A common stock
Earnings per share - Basic and diluted:
Common stock - basic (in dollars per share)	$ 3.23	$ 2.97
Common stock - diluted (in dollars per share)	$ 2.88	$ 2.65
Weighted average shares outstanding – Basic
Common stock - Basic (in shares)	46,188,850	46,188,903
Weighted average shares outstanding – Diluted
Common stock - Diluted (in shares)	52,300,180	52,304,384
Dividends declared per share
Dividends declared (in dollars per share)	$ 1.4625	$ 1.365
Class B common stock
Earnings per share - Basic and diluted:
Common stock - basic (in dollars per share)	485	446
Common stock - diluted (in dollars per share)	$ 485	$ 446
Weighted average shares outstanding – Basic
Common stock - Basic (in shares)	2,542	2,542
Weighted average shares outstanding – Diluted
Common stock - Diluted (in shares)	2,542	2,542
Dividends declared per share
Dividends declared (in dollars per share)	$ 219.375	$ 204.75
Management fee revenue - policy issuance and renewal services
Operating revenue
Total operating revenue	$ 786,399	$ 755,049
Operating expenses
Total operating expenses	645,028	627,750
Management fee revenue - administrative services
Operating revenue
Total operating revenue	19,475	17,645
Administrative services reimbursement revenue
Operating revenue
Total operating revenue	200,096	210,273
Operating expenses
Total operating expenses	200,096	210,273
Service agreement revenue
Operating revenue
Total operating revenue	$ 5,941	$ 6,432

Concentrations of Credit Risk (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Concentration Risk [Line Items]
Receivables from Erie Insurance Exchange and affiliates, net	$ 743,236	$ 735,589
Receivables from Erie Insurance Exchange, allowance for credit loss	700	700
Affiliated Entity
Concentration Risk [Line Items]
Receivables from Erie Insurance Exchange and affiliates, net	$ 743,200	$ 735,600

- 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/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-20

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482836/275-10-55-18

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-20

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 954
-SubTopic 310
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478785/954-310-50-2

+ Details

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents (includes restricted cash of $39,549 and $30,189, respectively)	$ 268,616	$ 345,874
Available-for-sale securities	53,995	33,902
Available-for-sale securities lent	870	3,436
Receivables from Erie Insurance Exchange and affiliates, net	743,236	735,589
Prepaid expenses and other current assets, net	79,713	66,061
Accrued investment income	14,469	14,311
Total current assets	1,160,899	1,199,173
Available-for-sale securities, net	1,296,154	1,286,566
Equity securities	67,889	70,624
Available-for-sale and equity securities lent	54,417	61,063
Fixed assets, net	579,649	571,476
Agent loans, net	102,436	93,953
Defined benefit pension plan	66,617	24,137
Other assets, net	48,617	48,489
Total assets	3,376,678	3,355,481
Current liabilities:
Commissions payable	440,465	425,320
Agent incentive compensation	58,393	132,560
Accounts payable and accrued liabilities	229,421	200,701
Dividends payable	68,109	68,109
Contract liability	47,432	47,561
Deferred executive compensation	6,466	9,400
Securities lending payable	49,621	61,936
Total current liabilities	899,907	945,587
Defined benefit pension plan	34,023	33,410
Contract liability	22,936	23,274
Deferred executive compensation	24,023	22,050
Deferred income taxes, net	19,982	24,788
Other long-term liabilities	22,286	22,998
Total liabilities	1,023,157	1,072,107
Shareholders’ equity
Additional paid-in-capital	16,500	16,492
Accumulated other comprehensive loss	(64,247)	(52,021)
Retained earnings	3,545,188	3,462,823
Total contributed capital and retained earnings	3,499,611	3,429,464
Treasury stock, at cost; 22,110,132 shares held	(1,171,160)	(1,171,014)
Deferred compensation	25,070	24,924
Total shareholders’ equity	2,353,521	2,283,374
Total liabilities and shareholders’ equity	3,376,678	3,355,481
Class A common stock
Shareholders’ equity
Common stock	1,992	1,992
Class B common stock
Shareholders’ equity
Common stock	$ 178	$ 178

Investments

3 Months Ended

Mar. 31, 2026

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:


	March 31, 2026
(in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Estimated fair value




Available-for-sale securities:
Corporate debt securities	$	864,414	$	6,444	$	9,591	$	861,267
Collateralized debt obligations	135,831		99		535		135,395
Commercial mortgage-backed securities	144,079		1,934		1,895		144,118
Residential mortgage-backed securities	209,697		588		11,222		199,063
Other debt securities	35,908		271		359		35,820
U.S. Treasury	11,575		11		102		11,484
Total available-for-sale securities, net (1)	1,401,504		9,347		23,704		1,387,147

Held-to-maturity securities - states & political subdivisions	4,833		0		85		4,748

Total fixed maturity securities, net	$	1,406,337	$	9,347	$	23,789	$	1,391,895

(1)This includes an estimated fair value of $37.0 million of securities lent under a securities lending agreement.


	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.


	March 31, 2026
	Amortized		Estimated
(in thousands)	cost		fair value
Available-for-sale securities:
Due in one year or less	$	54,888	$	54,861
Due after one year through five years	588,721		588,118
Due after five years through ten years	205,037		203,455
Due after ten years	552,858		540,713
Total available-for-sale securities, net (1) (2)	1,401,504		1,387,147

Held-to-maturity securities - due after ten years	4,833		4,748

Total fixed maturity securities, net	$	1,406,337	$	1,391,895

(2)This includes an estimated fair value of $37.0 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, of Notes to Consolidated Financial Statements" included in our Annual Report on Form 10-K for the year ended December 31, 2025 as filed with the SEC on February 23, 2026. 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:


	March 31, 2026
	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	$	404,232	$	7,025	$	37,403	$	2,566	$	441,635	$	9,591	842
Collateralized debt obligations	89,699		483		3,395		52		93,094		535		128
Commercial mortgage-backed securities	43,321		275		16,736		1,620		60,057		1,895		94
Residential mortgage-backed securities	86,494		848		78,346		10,374		164,840		11,222		176
Other debt securities	14,420		118		3,457		241		17,877		359		40
U.S. Treasury	7,772		102		0		0		7,772		102		2
Total available-for-sale securities	$	645,938	$	8,851	$	139,337	$	14,853	$	785,275	$	23,704	1,282
Quality breakdown of available-for-sale securities:
Investment grade	$	533,288	$	4,779	$	123,311	$	12,799	$	656,599	$	17,578	642
Non-investment grade	112,650		4,072		16,026		2,054		128,676		6,126		640
Total available-for-sale securities	$	645,938	$	8,851	$	139,337	$	14,853	$	785,275	$	23,704	1,282


	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

Credit loss allowances

The following tables present a roll-forward of the allowances for credit losses on investments for the three months ended March 31:


	2026
(in thousands)	Available-for-sale securities		Held-to-maturity securities		Other loans receivable		Agent loans
Balance, beginning of period	$	902	$	2,167	$	15,101	$	1,680
Provision and recoveries	275		0		256		199
Sales/collections and write-offs	(148)		0		0		0
Balance, end of period	$	1,029	$	2,167	$	15,357	$	1,879



	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	365		0		394		164
Sales/collections and write-offs	(52)		0		0		0
Balance, end of period	$	826	$	2,167	$	12,592	$	1,476

Net investment income

Investment income, net of expenses, was generated from the following portfolios for the three months ended March 31:



(in thousands)	2026		2025
Available-for-sale securities	$	17,232	$	13,283
Equity securities	1,307		1,164
Limited partnerships (1)	732		1,072
Agent loans	1,904		1,444
Cash equivalents and other	2,763		3,387
Total investment income	23,938		20,350
Less: investment expenses	378		402
Net investment income	$	23,560	$	19,948

Net realized and unrealized investment (losses) gains

Realized and unrealized gains (losses) on investments were as follows for the three months ended March 31:



(in thousands)	2026		2025
Available-for-sale securities:
Gross realized gains	$	1,021	$	349
Gross realized losses	(872)		(611)
Net realized gains (losses) on available-for-sale securities	149		(262)
Equity securities	(914)		759
Miscellaneous	0		5
Net realized and unrealized investment (losses) gains	$	(765)	$	502



(in thousands)	2026		2025
Equity securities:
Net (losses) gains recognized during the period	$	(914)	$	759
Less: net (losses) gains recognized on securities sold	(32)		101
Net unrealized (losses) gains recognized on securities held at reporting date	$	(882)	$	658

Net impairment (losses) recoveries recognized in earnings

Impairments on investments were as follows for the three months ended March 31:



(in thousands)	2026		2025
Available-for-sale securities:
Intent to sell	$	10	$	0
Credit impaired	(275)		(365)
Total available-for-sale securities	(265)		(365)
Expected credit losses:

Agent loans	(199)		(164)
Other loans receivable	(212)		(385)
Net impairment losses recognized in earnings	$	(676)	$	(914)

Securities lending transactions

As of March 31, 2026, the estimated fair value of loaned securities was $55.3 million, consisting of $37.0 million of available- for-sale securities and $18.3 million of equity securities. 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. Cash collateral received in connection with these securities lending transactions totaled $49.6 million and $61.9 million as of March 31, 2026 and December 31, 2025 respectively. The cash collateral was reinvested in cash equivalents and is included with "Cash and cash equivalents" in our Consolidated Statements of Financial Position. We also received $8.9 million and $4.5 million of non-cash collateral as of March 31, 2026 and December 31, 2025, respectively, 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.

Earnings Per Share

3 Months Ended

Mar. 31, 2026

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 11, "Capital Stock".

Class A diluted earnings per share is 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.

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 for the three months ended March 31:

















	2026					2025
(dollars in thousands, except per share data)	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	$	149,242	46,188,850	$	3.23	$	137,284	46,188,903	$	2.97
Dilutive effect of stock-based awards	0		10,530	—		0		14,681	—
Assumed conversion of Class B shares	1,232		6,100,800	—		1,133		6,100,800	—
Class A – Diluted EPS:
Income available to Class A stockholders on Class A equivalent shares	$	150,474	52,300,180	$	2.88	$	138,417	52,304,384	$	2.65
Class B – Basic and diluted EPS:
Income available to Class B stockholders	$	1,232	2,542	$	485	$	1,133	2,542	$	446

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2026
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 and guarantees that could be funded by us through this program is $150 million. We have committed to fund a minimum of 30% of each loan executed through this program. As of March 31, 2026, our portion of the outstanding loans executed under this agreement is $68.8 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 March 31, 2026, our maximum potential amount of future payments on the guaranteed portion is $24.3 million. All loan payments under the participation program are current as of March 31, 2026. We also have contingent obligations for guarantees related to certain real estate development projects supporting revitalization efforts in our community. As of March 31, 2026, our maximum potential obligation related to guarantees is $6.3 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.

Earnings Per Share - Narrative (Details)	Mar. 31, 2026	Dec. 31, 2025
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

Revenue - Narrative (Details) $ in Millions	3 Months Ended
Revenue - Narrative (Details) $ in Millions	Mar. 31, 2026 USD ($) obligation	Mar. 31, 2025 USD ($)
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 \| $	$ 17.2	$ 15.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation, satisfaction period	4 years

Revenue

3 Months Ended

Mar. 31, 2026

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. During the three months ended March 31, 2026, we recognized revenue of $17.2 million that was included in the contract liability balance as of December 31, 2025. During the three months ended March 31, 2025, we recognized revenue of $15.4 million that was included in the contract liability balance as of December 31, 2024. 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 three months ended March 31:



(in thousands)	2026		2025
Management fee revenue - policy issuance and renewal services	$	786,399	$	755,049

Management fee revenue - administrative services	19,475		17,645
Administrative services reimbursement revenue	200,096		210,273
Total revenue from administrative services	$	219,571	$	227,918

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
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+ Details

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED) (Parenthetical)	3 Months Ended
	Mar. 31, 2026 participant $ / shares	Mar. 31, 2025 participant $ / shares
Number of incentive compensation deferral plan participants \| participant	3	2
Class A common stock
Dividends declared (in dollars per share)	$ 1.4625	$ 1.365
Class B common stock
Dividends declared (in dollars per share)	$ 219.375	$ 204.75

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

Total

Additional paid-in-capital

Accumulated other comprehensive (loss) income

Retained earnings

Treasury stock

Deferred compensation

Class A common stock

Common stock

Class A common stock

Retained earnings

Class B common stock

Common stock

Class B common stock

Retained earnings

Net of tax, beginning balance at Dec. 31, 2024

$ 1,987,258

$ 16,466

$ (47,591)

$ 3,162,303

$ (1,169,074)

$ 22,984

$ 1,992

$ 178

Increase (decrease) in shareholders' equity

Net income

138,417

Other comprehensive (loss) income

5,217

Dividends declared

$ (63,048)

$ (521)

Net purchase of treasury stock

^[1]

Deferred compensation

(869)

869

Rabbi trust distribution

^[2]

407

(407)

Net of tax, ending balance at Mar. 31, 2025

2,067,351

16,494

(42,374)

3,237,151

(1,169,536)

23,446

1,992

178

Net of tax, beginning balance at Dec. 31, 2025

2,283,374

16,492

(52,021)

3,462,823

(1,171,014)

24,924

1,992

178

Increase (decrease) in shareholders' equity

Net income

150,474

Other comprehensive (loss) income

(12,226)

Dividends declared

$ (67,551)

$ (558)

Net purchase of treasury stock

^[1]

Deferred compensation

(670)

670

Rabbi trust distribution

^[2]

524

(524)

Net of tax, ending balance at Mar. 31, 2026

$ 2,353,521

$ 16,500

$ (64,247)

$ 3,545,188

$ (1,171,160)

$ 25,070

$ 1,992

$ 178

[1]	Net purchases of treasury stock in 2026 and 2025 include the repurchase of our Class A common stock in the open market that were subsequently distributed to satisfy stock-based compensation awards.
[2]	Distributions of our Class A shares were made from the rabbi trust to three incentive compensation deferral plan participants in 2026 and two in 2025.

- Definition

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

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+ Details

- Definition

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

+ References

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+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Net income	$ 150,474	$ 138,417
Other comprehensive (loss) income, net of tax
Change in unrealized holding (losses) gains on available-for-sale securities	(12,535)	5,778
Pension and other postretirement plans	309	(561)
Total other comprehensive (loss) income, net of tax	(12,226)	5,217
Comprehensive income	$ 138,248	$ 143,634

- 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

+ Details

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2026

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 for the three months ended March 31:

















	2026					2025
(dollars in thousands, except per share data)	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	$	149,242	46,188,850	$	3.23	$	137,284	46,188,903	$	2.97
Dilutive effect of stock-based awards	0		10,530	—		0		14,681	—
Assumed conversion of Class B shares	1,232		6,100,800	—		1,133		6,100,800	—
Class A – Diluted EPS:
Income available to Class A stockholders on Class A equivalent shares	$	150,474	52,300,180	$	2.88	$	138,417	52,304,384	$	2.65
Class B – Basic and diluted EPS:
Income available to Class B stockholders	$	1,232	2,542	$	485	$	1,133	2,542	$	446

Revenue (Tables)

3 Months Ended

Mar. 31, 2026

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 three months ended March 31:



(in thousands)	2026		2025
Management fee revenue - policy issuance and renewal services	$	786,399	$	755,049

Management fee revenue - administrative services	19,475		17,645
Administrative services reimbursement revenue	200,096		210,273
Total revenue from administrative services	$	219,571	$	227,918

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2026
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income tax expense is provided on an interim basis based upon our estimate of the annual effective income tax rate, adjusted each quarter for discrete items. For the three months ended March 31, 2026 and 2025, our effective tax rate was 20.9% and 20.8%, respectively.

- 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

Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

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 three months ended March 31:



(in thousands)	2026		2025
Management fee revenue	$	805,874	$	772,694
Administrative services reimbursement revenue	200,096		210,273
Service agreement revenue	5,941		6,432
Total operating revenue	1,011,911		989,399

Commissions	464,856		436,860
Personnel costs (1)	92,063		89,989
Sales and advertising (1)	4,905		6,952
Acquisition and underwriting support costs (1)	24,124		26,003
Technology infrastructure costs (1)	25,803		26,071
Professional fees (1)	19,321		26,276
Administrative and other (1)	13,956		15,599
Cost of operations - policy issuance and renewal services	645,028		627,750
Cost of operations - administrative services	200,096		210,273
Total operating expenses (2)	845,124		838,023
Operating income	166,787		151,376

Total investment income	22,119		19,536

Other income	1,420		3,834
Income tax expense	39,852		36,329
Net income	$	150,474	$	138,417

(1) 2025 amounts have been recast to conform to current period presentation.

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) $ in Thousands	Mar. 31, 2026 USD ($) $ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares
Current assets:
Restricted cash \| $	$ 39,549	$ 30,189
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

Nature of Operations (Details)	3 Months Ended
Nature of Operations (Details)	Mar. 31, 2026 obligation
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Performance obligations under subscriber's agreement	2

Capital Stock - Stock Repurchases (Details) - Stock repurchase program - Class A common stock - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025	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
Approximate amount of repurchase authority remaining under the current stock repurchase program	$ 17.8

Concentrations of Credit Risk	3 Months Ended
Concentrations of Credit Risk	Mar. 31, 2026
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 $743.2 million and $735.6 million at March 31, 2026 and December 31, 2025, respectively, which includes a current expected credit loss allowance of $0.7 million in both periods.

- 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

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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details