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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K
CURRENT REPORT

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

Date of Report (Date of Earliest Event Reported):February 27, 2025

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

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

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

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

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

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

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

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

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

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




Item 2.02 Results of Operations and Financial Condition.

On February 27, 2025, Erie Indemnity Company (the "Company") issued a press release announcing financial results for the quarter and year ended December 31, 2024. Copies of the press release and financial information are attached hereto and are incorporated herein by reference as Exhibit 99.1 and Exhibit 99.2, respectively.

On February 28, 2025 at 10:00 a.m. the Company will provide a pre-recorded Webcast that is complementary to the press release announcing financial results for the quarter and year ended December 31, 2024.



Item 8.01 Other Events.

At its meeting on February 20, 2025, the Company's Board of Directors approved the following quarterly dividend on shares of Erie Indemnity Company Class A common stock:

Dividend Number: 379
Class A Rate Per Share: $1.365
Declaration Date: February 20, 2025
Ex-Dividend Date: April 7, 2025
Record Date: April 7, 2025
Payable Date: April 22, 2025



Item 9.01 Financial Statements and Exhibits.

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

Exhibit Index

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


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
     
  Erie Indemnity Company
      
February 27, 2025 By: /s/ Julie M. Pelkowski
   Name: Julie M. Pelkowski
    Title: Executive Vice President & CFO



Exhibit 99.1
ex991image12312021.gif

Erie Indemnity Reports Full Year and Fourth Quarter 2024 Results
Net Income per Diluted Share was $2.91 for the Quarter and $11.48 for the Year

Erie, Pa. - February 27, 2025 - Erie Indemnity Company (NASDAQ: ERIE) today announced financial results for the full year and quarter ending December 31, 2024. Net income was $600.3 million, or $11.48 per diluted share, in 2024, compared to $446.1 million, or $8.53 per diluted share, in 2023. Net income was $152.0 million, or $2.91 per diluted share, in the fourth quarter of 2024, compared to $110.9 million, or $2.12 per diluted share, in the fourth quarter of 2023.
4Q and Full Year 2024
(in thousands)4Q'244Q'2320242023
Operating income$167,310 $127,084 $676,455 $520,256 
Investment income20,805 9,771 69,260 28,968 
Other income3,693 3,069 11,564 12,712 
Income before income taxes
191,808 139,924 757,279 561,936 
Income tax expense39,779 28,996 156,965 115,875 
Net income
$152,029 $110,928 $600,314 $446,061 

2024 Full Year Highlights
Operating income before taxes increased $156.2 million, or 30.0 percent, in 2024 compared to 2023.
◦Management fee revenue - policy issuance and renewal services increased $452.0 million, or 18.5 percent, in 2024 compared to 2023.
◦Management fee revenue - administrative services increased $4.7 million, or 7.4% in 2024 compared to 2023.
◦Cost of operations - policy issuance and renewal services
–Commissions increased $252.9 million in 2024 compared to 2023 primarily driven by the growth in direct and affiliated assumed written premium.
–Non-commission expense increased $47.9 million in 2024 compared to 2023. Underwriting and policy processing expense increased $18.5 million primarily due to increased underwriting report and personnel costs. Information technology costs decreased $1.3 million primarily due to a decrease in professional fees and personnel costs, partially offset by an increase in hardware and software costs. Sales and advertising expense increased $7.6 million primarily due to increased agent-related costs and costs from community development initiatives. Customer service costs increased $8.7 million primarily due to increased personnel costs and credit card processing fees. Administrative and other costs increased $14.5 million primarily due to increased personnel costs, charitable contributions and professional fees. Personnel costs in 2024 were impacted by increased compensation.
1


◦The administrative services reimbursement revenue and corresponding cost of operations increased both total operating revenue and total operating expenses by $806.3 million in 2024 and $737.1 million in 2023, but had no net impact on operating income.

Income from investments before taxes totaled $69.3 million in 2024 compared to $29.0 million in 2023. Net investment income was $70.2 million in 2024 compared to $44.6 million in 2023. Net investment income included limited partnership earnings of $2.0 million in 2024 compared to losses of $11.3 million in 2023. Net realized and unrealized gains on investments were $3.2 million in 2024 compared to losses of $5.8 million in 2023. Net impairment losses recognized in earnings were $4.1 million in 2024 compared to $9.8 million in 2023.


4Q 2024 Highlights
Operating income before taxes increased $40.2 million, or 31.7 percent, in the fourth quarter of 2024 compared to the fourth quarter of 2023.
◦Management fee revenue - policy issuance and renewal services increased $96.7 million, or 16.1 percent, in the fourth quarter of 2024 compared to the fourth quarter of 2023.
◦Management fee revenue - administrative services increased $0.5 million, or 3.1 percent in the fourth quarter of 2024 compared to the fourth quarter of 2023.
◦Cost of operations - policy issuance and renewal services
–Commissions increased $50.8 million in the fourth quarter of 2024 compared to the fourth quarter of 2023 primarily driven by the growth in direct and affiliated assumed written premium.
–Non-commission expense increased $6.2 million in the fourth quarter of 2024 compared to the fourth quarter of 2023. Underwriting and policy processing expense increased $4.8 million primarily due to increased underwriting report and personnel costs. Information technology costs increased $2.6 million primarily due to increased hardware and software costs, partially offset by a decrease in professional fees. Sales and advertising expense decreased $2.0 million primarily due to decreased agent-related and advertising costs. Customer service costs increased $2.0 million primarily due to increased personnel costs and credit card processing fees. Administrative and other costs decreased $1.2 million primarily due to decreased personnel costs.
◦The administrative services reimbursement revenue and corresponding cost of operations increased both total operating revenue and total operating expenses by $202.0 million in the fourth quarter of 2024 and $192.7 million in the fourth quarter of 2023, but had no net impact on operating income.

Income from investments before taxes totaled $20.8 million in the fourth quarter of 2024 compared to $9.8 million in the fourth quarter of 2023. Net investment income was $20.9 million in the fourth quarter of 2024 compared to $14.2 million in the fourth quarter of 2023. Net investment income included limited partnership earnings of $1.8 million in the fourth quarter of 2024 compared to losses of $0.6 million in the fourth quarter of 2023. Net realized and unrealized gains on investments were $0.2 million in the fourth quarter of 2024 compared to $3.4 million in the fourth quarter of 2023. Net impairment losses recognized in earnings were $0.4 million in the fourth quarter of 2024 compared to $7.8 million in the fourth quarter of 2023.

2


Webcast Information
Indemnity has scheduled a pre-recorded audio broadcast on the Web for 10:00 AM ET on February 28, 2025.  Investors may access the pre-recorded audio broadcast by logging on to www.erieinsurance.com.


Erie Insurance Group
According to A.M. Best Company, Erie Insurance Group, based in Erie, Pennsylvania, is the 12th largest homeowners insurer, 13th largest automobile insurer and 13th largest commercial lines insurer in the United States based on direct premiums written. Founded in 1925, Erie Insurance is a Fortune 500 company and the 17th largest property/casualty insurer in the United States based on total lines net premium written. Rated A+ (Superior) by A.M. Best, ERIE has more than 7 million policies in force and operates in 12 states and the District of Columbia.

News releases and more information are available on ERIE's website at www.erieinsurance.com.


***
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:
Statements contained herein that are not historical fact are forward-looking statements and, as such, are subject to risks and uncertainties that could cause actual events and results to differ, perhaps materially, from those discussed herein.  Forward-looking statements relate to future trends, events or results and include, without limitation, statements and assumptions on which such statements are based that are related to our plans, strategies, objectives, expectations, intentions, and adequacy of resources.  Examples of forward-looking statements are discussions relating to premium and investment income, expenses, operating results, and compliance with contractual and regulatory requirements.  Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict.  Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements.  Among the risks and uncertainties, in addition to those set forth in our filings with the Securities and Exchange Commission, that could cause actual results and future events to differ from those set forth or contemplated in the forward-looking statements include the following:
•dependence upon our relationship with the Erie Insurance Exchange ("Exchange") and the management fee under the agreement with the subscribers at the Exchange;
•dependence upon our relationship with the Exchange and the growth of the Exchange, including:
◦general business and economic conditions;
◦factors impacting the timing of premium rates charged for policies;
◦factors affecting insurance industry competition, including technological innovations;
◦dependence upon the independent agency system; and
◦ability to maintain our brand, including our reputation for customer service;
•dependence upon our relationship with the Exchange and the financial condition of the Exchange, including:
◦the Exchange's ability to maintain acceptable financial strength ratings;
◦factors affecting the quality and liquidity of the Exchange's investment portfolio;
◦changes in government regulation of the insurance industry;
◦litigation and regulatory actions;
◦emergence of significant unexpected events, including pandemics and economic or social inflation;
◦emerging claims and coverage issues in the industry; and
◦severe weather conditions or other catastrophic losses, including terrorism;
•costs of providing policy issuance and renewal services to the subscribers at the Exchange under the subscriber's agreement;
•ability to attract and retain talented management and employees;
•ability to ensure system availability and effectively manage technology initiatives;
•difficulties with technology, data or network security breaches, including cyber attacks;
•ability to maintain uninterrupted business operations;
•compliance with complex and evolving laws and regulations and outcome of pending and potential litigation;
•factors affecting the quality and liquidity of our investment portfolio; and
•ability to meet liquidity needs and access capital.

A forward-looking statement speaks only as of the date on which it is made and reflects our analysis only as of that date.  We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changes in assumptions, or otherwise.
3


Exhibit 99.2

Erie Indemnity Company
Consolidated Statements of Operations
(dollars in thousands, except per share data)
Three months ended December 31,Twelve months ended December 31,
2024202320242023
(Unaudited)
Operating revenue
Management fee revenue - policy issuance and renewal services$698,340 $601,595 $2,894,074 $2,442,073 
Management fee revenue - administrative services17,216 16,693 68,355 63,669 
Administrative services reimbursement revenue201,987 192,728 806,336 737,139 
Service agreement revenue6,547 6,651 26,350 26,059 
Total operating revenue924,090 817,667 3,795,115 3,268,940 
Operating expenses
Cost of operations - policy issuance and renewal services554,793 497,855 2,312,324 2,011,545 
Cost of operations - administrative services201,987 192,728 806,336 737,139 
Total operating expenses756,780 690,583 3,118,660 2,748,684 
Operating income
167,310 127,084 676,455 520,256 
Investment income
Net investment income20,920 14,212 70,155 44,572 
Net realized and unrealized investment gains (losses)246 3,408 3,229 (5,838)
Net impairment losses recognized in earnings(361)(7,849)(4,124)(9,766)
Total investment income
20,805 9,771 69,260 28,968 
Other income3,693 3,069 11,564 12,712 
Income before income taxes191,808 139,924 757,279 561,936 
Income tax expense39,779 28,996 156,965 115,875 
Net income
$152,029 $110,928 $600,314 $446,061 
Net income per share
Class A common stock – basic$3.26 $2.38 $12.89 $9.58 
Class A common stock – diluted$2.91 $2.12 $11.48 $8.53 
Class B common stock – basic
$490 $357 $1,934 $1,437 
Class B common stock – diluted$490 $357 $1,933 $1,437 
Weighted average shares outstanding – Basic
Class A common stock46,189,060 46,189,041 46,189,044 46,188,981 
Class B common stock2,542 2,542 2,542 2,542 
Weighted average shares outstanding – Diluted
Class A common stock52,310,894 52,301,676 52,306,266 52,299,411 
Class B common stock2,542 2,542 2,542 2,542 
Dividends declared per share
Class A common stock$1.365 $1.275 $5.190 $4.845 
Class B common stock$204.75 $191.25 $778.50 $726.75 



1

Erie Indemnity Company
Consolidated Statements of Financial Position
(in thousands)
December 31, 2024December 31, 2023
Assets
Current assets:
Cash and cash equivalents (includes restricted cash of $23,559 and $12,542, respectively)
$298,397 $144,055 
Available-for-sale securities44,604 82,017 
Receivables from Erie Insurance Exchange and affiliates, net707,060 625,338 
Prepaid expenses and other current assets, net83,902 69,321 
Accrued investment income11,069 9,458 
Total current assets1,145,032 930,189 
Available-for-sale securities, net991,726 879,224 
Available-for-sale securities lent7,285 — 
Equity securities85,891 84,253 
Fixed assets, net513,494 442,610 
Agent loans, net80,597 58,434 
Defined benefit pension plan21,311 34,320 
Other assets, net43,278 42,934 
Total assets$2,888,614 $2,471,964 
Liabilities and shareholders' equity
Current liabilities:
Commissions payable$408,309 $353,709 
Agent incentive compensation75,458 68,077 
Accounts payable and accrued liabilities190,028 175,622 
Dividends payable63,569 59,377 
Contract liability42,761 41,210 
Deferred executive compensation14,874 10,982 
Securities lending payable7,513 — 
Total current liabilities802,512 708,977 
Defined benefit pension plan28,070 26,260 
Contract liability21,170 19,910 
Deferred executive compensation19,721 20,936 
Deferred income taxes, net6,418 11,481 
Other long-term liabilities23,465 21,565 
Total liabilities901,356 809,129 
Shareholders' equity1,987,258 1,662,835 
Total liabilities and shareholders' equity$2,888,614 $2,471,964 


2
v3.25.0.1
Document and Entity Information
Feb. 27, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 27, 2025
Entity Registrant Name ERIE INDEMNITY COMPANY
Entity Incorporation, State or Country Code PA
Entity File Number 0-24000
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
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Class A common stock,
Trading Symbol ERIE
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Entity Central Index Key 0000922621
Amendment Flag false
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