Erie Indemnity(ERIE) - 2025 Q2 - Quarterly Results

Financial Statements Consolidated Statements of Operations Erie Indemnity Company reported increased operating revenue and net income for both the three and six months ended June 30, 2025, compared to the same periods in 2024, driven by management fee revenue and net investment income Three Months Ended June 30 - Total operating revenue for the three months ended June 30, 2025, increased by 7.03% to $1,060,097 thousand from $990,438 thousand in the prior year[2] - Net income for the three-month period grew by 6.58% to $174,685 thousand in 2025, up from $163,903 thousand in 2024[2] - Diluted EPS for Class A common stock rose to $3.34 in 2025 from $3.13 in 2024, an increase of 6.71%[2] Six Months Ended June 30 - Total operating revenue for the six months ended June 30, 2025, increased by 9.53% to $2,049,496 thousand from $1,871,139 thousand in the prior year[2] - Net income for the six-month period increased by 8.55% to $313,102 thousand in 2025, compared to $288,455 thousand in 2024[2] - Diluted EPS for Class A common stock increased to $5.99 in 2025 from $5.52 in 2024, representing an 8.51% growth[2] Consolidated Statements of Operations Highlights (dollars in thousands, except per share data): | Metric | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Operating Revenue: | | | | | | Management fee revenue - policy issuance and renewal services | $823,853 | $760,886 | $1,578,902 | $1,426,572 | | Total operating revenue | $1,060,097 | $990,438 | $2,049,496 | $1,871,139 | | Operating Expenses: | | | | | | Total operating expenses | $860,924 | $800,230 | $1,698,947 | $1,542,119 | | Income: | | | | | | Operating income | $199,173 | $190,208 | $350,549 | $329,020 | | Net investment income | $20,030 | $16,010 | $39,978 | $31,913 | | Net income | $174,685 | $163,903 | $313,102 | $288,455 | | Per Share Data: | | | | | | Class A common stock – diluted EPS | $3.34 | $3.13 | $5.99 | $5.52 | | Class A common stock – dividends declared per share | $1.365 | $1.275 | $2.73 | $2.55 | | Class B common stock – dividends declared per share | $204.75 | $191.25 | $409.50 | $382.50 | Consolidated Statements of Financial Position As of June 30, 2025, Erie Indemnity Company's total assets increased by 8.3% compared to December 31, 2024, driven by growth in cash, receivables, and available-for-sale securities, alongside increases in liabilities and shareholders' equity Consolidated Statements of Financial Position Highlights (in thousands): | Metric | June 30, 2025 | December 31, 2024 | Change (%) | | :------------------------------------------------ | :------------ | :---------------- | :--------- | | Assets: | | | | | Cash and cash equivalents | $358,027 | $298,397 | 20.0% | | Receivables from Erie Insurance Exchange and affiliates, net | $769,148 | $707,060 | 8.8% | | Available-for-sale securities, net | $1,048,584 | $991,726 | 5.7% | | Total assets | $3,128,214 | $2,888,614 | 8.3% | | Liabilities: | | | | | Commissions payable | $446,424 | $408,309 | 9.3% | | Securities lending payable | $35,159 | $7,513 | 368.0% | | Total liabilities | $943,669 | $901,356 | 4.7% | | Shareholders' Equity: | | | | | Shareholders' equity | $2,184,545 | $1,987,258 | 9.9% |