Erie Indemnity Reports First Quarter 2026 Results
Net Income was $150.5 million, Earnings per Diluted Share was $2.88
ERIE, Pa., April 23, 2026 /PRNewswire/ -- Erie Indemnity Company (NASDAQ: ERIE) today announced financial results for the quarter ending March 31, 2026. Net income was $150.5 million, or $2.88 per diluted share, in the first quarter of 2026, compared to $138.4 million, or $2.65 per diluted share, in the first quarter of 2025.
1Q 2026
(in thousands)
1Q'26
1Q'25
Operating income
$ 166,787
$ 151,376
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
1Q 2026 Highlights
Operating income before taxes increased $15.4 million, or 10.2 percent, in the first quarter of 2026 compared to the first quarter of 2025.
Income from investments before taxes totaled $22.1 million in the first quarter of 2026 compared to $19.5 million in the first quarter of 2025. Net investment income was $23.6 million in the first quarter of 2026 compared to $19.9 million in the first quarter of 2025. Net realized and unrealized losses were $0.8 million in the first quarter of 2026 compared to gains of $0.5 million in the first quarter of 2025.
Webcast Information
Indemnity has scheduled a pre-recorded audio broadcast on the Web for 10:00 AM ET on April 24, 2026. Investors may access the pre-recorded audio broadcast by logging on to www.erieinsurance.com.
Erie Insurance Group
Erie Insurance Group, based in Erie, Pennsylvania, is the 11 th largest homeowners insurer, 12 th largest automobile insurer and 10 th largest commercial lines insurer in the United States based on direct premiums written, according to AM Best Company. Founded in 1925, Erie Insurance is a Fortune 500 company and the 16 th largest property/casualty insurer in the United States based on net premiums written. Rated A (Excellent) by AM Best, ERIE has nearly seven million policies in force and operates in 12 states and the District of Columbia.
News releases and more information are available on ERIE's website at www.erieinsurance.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:
Statements contained herein that are not historical fact are forward-looking statements and, as such, are subject to risks and uncertainties that could cause actual events and results to differ, perhaps materially, from those discussed herein. Forward-looking statements relate to future trends, events or results and include, without limitation, statements and assumptions on which such statements are based that are related to our plans, strategies, objectives, expectations, intentions, and adequacy of resources. Examples of forward-looking statements are discussions relating to premium and investment income, expenses, operating results, and compliance with contractual and regulatory requirements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Among the risks and uncertainties, in addition to those set forth in our filings with the Securities and Exchange Commission, that could cause actual results and future events to differ from those set forth or contemplated in the forward-looking statements include the following:
A forward-looking statement speaks only as of the date on which it is made and reflects our analysis only as of that date. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changes in assumptions or otherwise.
Erie Indemnity Company
Consolidated Statements of Operations
(dollars in thousands, except per share data)
Three months ended March 31,
2026
2025
(Unaudited)
Operating revenue
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
Service agreement revenue
5,941
6,432
Total operating revenue
1,011,911
989,399
Operating expenses
Cost of operations - policy issuance and renewal services
645,028
627,750
Cost of operations - administrative services
200,096
210,273
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
Net income per share
Class A common stock – basic
$ 3.23
$ 2.97
Class A common stock – diluted
$ 2.88
$ 2.65
Class B common stock – basic and diluted
$ 485
$ 446
Weighted average shares outstanding – Basic
Class A common stock
46,188,850
46,188,903
Class B common stock
2,542
2,542
Weighted average shares outstanding – Diluted
Class A common stock
52,300,180
52,304,384
Class B common stock
2,542
2,542
Dividends declared per share
Class A common stock
$ 1.4625
$ 1.365
Class B common stock
$ 219.375
$ 204.75
Erie Indemnity Company
Consolidated Statements of Financial Position
(in thousands)
March 31, 2026
December 31, 2025
(Unaudited)
Assets
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
Liabilities and shareholders' equity
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
2,353,521
2,283,374
Total liabilities and shareholders' equity
$ 3,376,678
$ 3,355,481
SOURCE Erie Indemnity Company