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Erie Indemnity Reports First Quarter 2025 Results

April 25, 2025

Net Income was $138.4 million, Earnings per Diluted Share was $2.65

Erie Indemnity Company (NASDAQ: ERIE) today announced financial results for the quarter ending March 31, 2025. Net income was $138.4 million, or $2.65 per diluted share, in the first quarter of 2025, compared to $124.6 million, or $2.38 per diluted share, in the first quarter of 2024.

1Q 2025

(in thousands)
1Q'25
1q'24
(in thousands)
Operating income
1Q'25

$151,376

1q'24

$138,812

(in thousands)

Investment income

1Q'25

19,536

1q'24

15,079

(in thousands)

Other income

1Q'25

3,834

1q'24

3,411

(in thousands)

Income before income taxes

1Q'25

174,746

1q'24

157,302

(in thousands)

Income tax expense

1Q'25

36,329

1q'24

32,750

(in thousands)

Net income

1Q'25

$138,417

1q'24

$124,552

(in thousands)
1Q'25
1q'24

1Q 2025 Highlights

Operating income before taxes increased $12.6 million, or 9.1 percent, in the first quarter of 2025 compared to the first quarter of 2024.

  • Management fee revenue - policy issuance and renewal services increased $89.4 million, or 13.4 percent, in the first quarter of 2025 compared to the first quarter of 2024.
  • Management fee revenue - administrative services increased $0.7 million, or 4.2 percent, in the first quarter of 2025 compared to the first quarter of 2024.
  • Cost of operations - policy issuance and renewal services
    •  Commissions increased $61.1 million in the first quarter of 2025, compared to the first quarter of 2024, primarily driven by the growth in direct and affiliated assumed written premium and, to a lesser extent, an increase in agent incentive compensation.
    • Non-commission expense increased $16.3 million in the first quarter of 2025 compared to the first quarter of 2024.Underwriting and policy processing expense increased $3.1 million primarily due to increased personnel costs. Information technology costs increased $11.3 million primarily due to an increase in hardware and software costs and personnel costs and a decrease in capitalized professional fees related to technology initiatives. Customer service costs increased $1.6 million primarily due to increased personnel costs and credit card processing fees. Personnel costs in the first quarter of 2025 were impacted by increased compensation including higher estimated costs for incentive plan awards compared to 2024.

Income from investments before taxes totaled $19.5 million in the first quarter of 2025 compared to $15.1 million in the first quarter of 2024.  Net investment income was $19.9 million in the first quarter of 2025 compared to $15.9 million in the first quarter of 2024.  Net realized and unrealized gains on investments were $0.5 million in the first quarter of 2025 compared to $1.9 million in the first quarter of 2024.  Net impairment losses recognized in earnings were $0.9 million in the first quarter of 2025 compared to $2.7 million in the first quarter of 2024.

Webcast Information

Indemnity has scheduled a pre-recorded audio broadcast on the Web for 10:00 AM ET on April 25, 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.

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