| Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||
| (Unaudited) | (Unaudited) | |||||||||||||||||||||||||
| Operating revenue | ||||||||||||||||||||||||||
| Management fee revenue - policy issuance and renewal services | $ | 769,162 | $ | 649,049 | $ | 2,195,734 | $ | 1,840,478 | ||||||||||||||||||
| Management fee revenue - administrative services | 17,154 | 16,151 | 51,139 | 46,976 | ||||||||||||||||||||||
| Administrative services reimbursement revenue | 206,754 | 187,118 | 604,349 | 544,411 | ||||||||||||||||||||||
| Service agreement revenue | 6,816 | 6,620 | 19,803 | 19,408 | ||||||||||||||||||||||
| Total operating revenue | 999,886 | 858,938 | 2,871,025 | 2,451,273 | ||||||||||||||||||||||
| Operating expenses | ||||||||||||||||||||||||||
| Cost of operations - policy issuance and renewal services | 613,007 | 523,349 | 1,757,531 | 1,513,690 | ||||||||||||||||||||||
| Cost of operations - administrative services | 206,754 | 187,118 | 604,349 | 544,411 | ||||||||||||||||||||||
| Total operating expenses | 819,761 | 710,467 | 2,361,880 | 2,058,101 | ||||||||||||||||||||||
| Operating income | 180,125 | 148,471 | 509,145 | 393,172 | ||||||||||||||||||||||
| Investment income | ||||||||||||||||||||||||||
| Net investment income | 17,322 | 14,642 | 49,235 | 30,360 | ||||||||||||||||||||||
| Net realized and unrealized investment gains (losses) | 2,925 | (2,227) | 2,983 | (9,246) | ||||||||||||||||||||||
| Net impairment losses recognized in earnings | (698) | (113) | (3,763) | (1,917) | ||||||||||||||||||||||
| Total investment income | 19,549 | 12,302 | 48,455 | 19,197 | ||||||||||||||||||||||
| Other income | 1,168 | 3,001 | 7,871 | 9,643 | ||||||||||||||||||||||
| Income before income taxes | 200,842 | 163,774 | 565,471 | 422,012 | ||||||||||||||||||||||
| Income tax expense | 41,012 | 32,734 | 117,186 | 86,879 | ||||||||||||||||||||||
| Net income | $ | 159,830 | $ | 131,040 | $ | 448,285 | $ | 335,133 | ||||||||||||||||||
| Net income per share | ||||||||||||||||||||||||||
| Class A common stock – basic | $ | 3.43 | $ | 2.81 | $ | 9.63 | $ | 7.20 | ||||||||||||||||||
| Class A common stock – diluted | $ | 3.06 | $ | 2.51 | $ | 8.57 | $ | 6.41 | ||||||||||||||||||
| Class B common stock – basic and diluted | $ | 515 | $ | 422 | $ | 1,444 | $ | 1,079 | ||||||||||||||||||
| Weighted average shares outstanding – Basic | ||||||||||||||||||||||||||
| Class A common stock | 46,189,059 | 46,189,037 | 46,189,038 | 46,188,962 | ||||||||||||||||||||||
| Class B common stock | 2,542 | 2,542 | 2,542 | 2,542 | ||||||||||||||||||||||
| Weighted average shares outstanding – Diluted | ||||||||||||||||||||||||||
| Class A common stock | 52,306,514 | 52,299,369 | 52,301,001 | 52,298,655 | ||||||||||||||||||||||
| Class B common stock | 2,542 | 2,542 | 2,542 | 2,542 | ||||||||||||||||||||||
| Dividends declared per share | ||||||||||||||||||||||||||
| Class A common stock | $ | 1.275 | $ | 1.19 | $ | 3.825 | $ | 3.57 | ||||||||||||||||||
| Class B common stock | $ | 191.25 | $ | 178.50 | $ | 573.75 | $ | 535.50 | ||||||||||||||||||
| September 30, 2024 | December 31, 2023 | |||||||||||||
| (Unaudited) | ||||||||||||||
| Assets | ||||||||||||||
| Current assets: | ||||||||||||||
Cash and cash equivalents (includes restricted cash of $23,547 and $12,542, respectively) | $ | 221,213 | $ | 144,055 | ||||||||||
| Available-for-sale securities | 48,575 | 82,017 | ||||||||||||
| Receivables from Erie Insurance Exchange and affiliates, net | 736,973 | 625,338 | ||||||||||||
| Prepaid expenses and other current assets, net | 80,141 | 69,321 | ||||||||||||
| Accrued investment income | 10,456 | 9,458 | ||||||||||||
| Total current assets | 1,097,358 | 930,189 | ||||||||||||
| Available-for-sale securities, net | 1,000,282 | 879,224 | ||||||||||||
| Available-for-sale securities lent | 8,135 | 0 | ||||||||||||
| Equity securities | 85,346 | 84,253 | ||||||||||||
| Fixed assets, net | 480,707 | 442,610 | ||||||||||||
| Agent loans, net | 79,829 | 58,434 | ||||||||||||
| Defined benefit pension plan | 64,172 | 34,320 | ||||||||||||
| Other assets, net | 48,318 | 42,934 | ||||||||||||
| Total assets | $ | 2,864,147 | $ | 2,471,964 | ||||||||||
| Liabilities and shareholders' equity | ||||||||||||||
| Current liabilities: | ||||||||||||||
| Commissions payable | $ | 426,341 | $ | 353,709 | ||||||||||
| Agent incentive compensation | 60,073 | 68,077 | ||||||||||||
| Accounts payable and accrued liabilities | 194,649 | 175,622 | ||||||||||||
| Dividends payable | 59,377 | 59,377 | ||||||||||||
| Contract liability | 42,754 | 41,210 | ||||||||||||
| Deferred executive compensation | 15,836 | 10,982 | ||||||||||||
| Securities lending payable | 7,905 | 0 | ||||||||||||
| Total current liabilities | 806,935 | 708,977 | ||||||||||||
| Defined benefit pension plan | 27,757 | 26,260 | ||||||||||||
| Contract liability | 21,220 | 19,910 | ||||||||||||
| Deferred executive compensation | 24,010 | 20,936 | ||||||||||||
| Deferred income taxes, net | 12,777 | 11,481 | ||||||||||||
| Other long-term liabilities | 23,493 | 21,565 | ||||||||||||
| Total liabilities | 916,192 | 809,129 | ||||||||||||
| Shareholders’ equity | 1,947,955 | 1,662,835 | ||||||||||||
| Total liabilities and shareholders’ equity | $ | 2,864,147 | $ | 2,471,964 | ||||||||||