| Three months ended December 31, | Twelve months ended December 31, | |||||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||
| (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 services | 17,216 | 16,693 | 68,355 | 63,669 | ||||||||||||||||||||||
| Administrative services reimbursement revenue | 201,987 | 192,728 | 806,336 | 737,139 | ||||||||||||||||||||||
| Service agreement revenue | 6,547 | 6,651 | 26,350 | 26,059 | ||||||||||||||||||||||
| Total operating revenue | 924,090 | 817,667 | 3,795,115 | 3,268,940 | ||||||||||||||||||||||
| Operating expenses | ||||||||||||||||||||||||||
| Cost of operations - policy issuance and renewal services | 554,793 | 497,855 | 2,312,324 | 2,011,545 | ||||||||||||||||||||||
| Cost of operations - administrative services | 201,987 | 192,728 | 806,336 | 737,139 | ||||||||||||||||||||||
| Total operating expenses | 756,780 | 690,583 | 3,118,660 | 2,748,684 | ||||||||||||||||||||||
Operating income | 167,310 | 127,084 | 676,455 | 520,256 | ||||||||||||||||||||||
| Investment income | ||||||||||||||||||||||||||
| Net investment income | 20,920 | 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 income | 3,693 | 3,069 | 11,564 | 12,712 | ||||||||||||||||||||||
| Income before income taxes | 191,808 | 139,924 | 757,279 | 561,936 | ||||||||||||||||||||||
| Income tax expense | 39,779 | 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 stock | 46,189,060 | 46,189,041 | 46,189,044 | 46,188,981 | ||||||||||||||||||||||
| Class B common stock | 2,542 | 2,542 | 2,542 | 2,542 | ||||||||||||||||||||||
| Weighted average shares outstanding – Diluted | ||||||||||||||||||||||||||
| Class A common stock | 52,310,894 | 52,301,676 | 52,306,266 | 52,299,411 | ||||||||||||||||||||||
| Class B common stock | 2,542 | 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 | ||||||||||||||||||
| December 31, 2024 | December 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 securities | 44,604 | 82,017 | ||||||||||||
| Receivables from Erie Insurance Exchange and affiliates, net | 707,060 | 625,338 | ||||||||||||
| Prepaid expenses and other current assets, net | 83,902 | 69,321 | ||||||||||||
| Accrued investment income | 11,069 | 9,458 | ||||||||||||
| Total current assets | 1,145,032 | 930,189 | ||||||||||||
| Available-for-sale securities, net | 991,726 | 879,224 | ||||||||||||
| Available-for-sale securities lent | 7,285 | — | ||||||||||||
| Equity securities | 85,891 | 84,253 | ||||||||||||
| Fixed assets, net | 513,494 | 442,610 | ||||||||||||
| Agent loans, net | 80,597 | 58,434 | ||||||||||||
| Defined benefit pension plan | 21,311 | 34,320 | ||||||||||||
| Other assets, net | 43,278 | 42,934 | ||||||||||||
| Total assets | $ | 2,888,614 | $ | 2,471,964 | ||||||||||
| Liabilities and shareholders' equity | ||||||||||||||
| Current liabilities: | ||||||||||||||
| Commissions payable | $ | 408,309 | $ | 353,709 | ||||||||||
| Agent incentive compensation | 75,458 | 68,077 | ||||||||||||
| Accounts payable and accrued liabilities | 190,028 | 175,622 | ||||||||||||
| Dividends payable | 63,569 | 59,377 | ||||||||||||
| Contract liability | 42,761 | 41,210 | ||||||||||||
| Deferred executive compensation | 14,874 | 10,982 | ||||||||||||
| Securities lending payable | 7,513 | — | ||||||||||||
| Total current liabilities | 802,512 | 708,977 | ||||||||||||
| Defined benefit pension plan | 28,070 | 26,260 | ||||||||||||
| Contract liability | 21,170 | 19,910 | ||||||||||||
| Deferred executive compensation | 19,721 | 20,936 | ||||||||||||
| Deferred income taxes, net | 6,418 | 11,481 | ||||||||||||
| Other long-term liabilities | 23,465 | 21,565 | ||||||||||||
| Total liabilities | 901,356 | 809,129 | ||||||||||||
| Shareholders' equity | 1,987,258 | 1,662,835 | ||||||||||||
| Total liabilities and shareholders' equity | $ | 2,888,614 | $ | 2,471,964 | ||||||||||