| Three months ended March 31, | ||||||||||||||
| 2025 | 2024 | |||||||||||||
| (Unaudited) | ||||||||||||||
| Operating revenue | ||||||||||||||
| Management fee revenue - policy issuance and renewal services | $ | 755,049 | $ | 665,686 | ||||||||||
| Management fee revenue - administrative services | 17,645 | 16,934 | ||||||||||||
| Administrative services reimbursement revenue | 210,273 | 191,567 | ||||||||||||
| Service agreement revenue | 6,432 | 6,514 | ||||||||||||
| Total operating revenue | 989,399 | 880,701 | ||||||||||||
| Operating expenses | ||||||||||||||
| Cost of operations - policy issuance and renewal services | 627,750 | 550,322 | ||||||||||||
| Cost of operations - administrative services | 210,273 | 191,567 | ||||||||||||
| Total operating expenses | 838,023 | 741,889 | ||||||||||||
| Operating income | 151,376 | 138,812 | ||||||||||||
| Investment income | ||||||||||||||
| Net investment income | 19,948 | 15,903 | ||||||||||||
| Net realized and unrealized investment gains | 502 | 1,853 | ||||||||||||
| Net impairment losses recognized in earnings | (914) | (2,677) | ||||||||||||
| Total investment income | 19,536 | 15,079 | ||||||||||||
| Other income | 3,834 | 3,411 | ||||||||||||
| Income before income taxes | 174,746 | 157,302 | ||||||||||||
| Income tax expense | 36,329 | 32,750 | ||||||||||||
| Net income | $ | 138,417 | $ | 124,552 | ||||||||||
| Net income per share | ||||||||||||||
| Class A common stock – basic | $ | 2.97 | $ | 2.67 | ||||||||||
| Class A common stock – diluted | $ | 2.65 | $ | 2.38 | ||||||||||
| Class B common stock – basic and diluted | $ | 446 | $ | 401 | ||||||||||
| Weighted average shares outstanding – Basic | ||||||||||||||
| Class A common stock | 46,188,903 | 46,189,014 | ||||||||||||
| Class B common stock | 2,542 | 2,542 | ||||||||||||
| Weighted average shares outstanding – Diluted | ||||||||||||||
| Class A common stock | 52,304,384 | 52,301,803 | ||||||||||||
| Class B common stock | 2,542 | 2,542 | ||||||||||||
| Dividends declared per share | ||||||||||||||
| Class A common stock | $ | 1.365 | $ | 1.275 | ||||||||||
| Class B common stock | $ | 204.75 | $ | 191.25 | ||||||||||
| March 31, 2025 | December 31, 2024 | |||||||||||||
| (Unaudited) | ||||||||||||||
| Assets | ||||||||||||||
| Current assets: | ||||||||||||||
Cash and cash equivalents (includes restricted cash of $25,164 and $23,559, respectively) | $ | 260,379 | $ | 298,397 | ||||||||||
| Available-for-sale securities | 52,976 | 44,604 | ||||||||||||
| Receivables from Erie Insurance Exchange and affiliates, net | 719,898 | 707,060 | ||||||||||||
| Prepaid expenses and other current assets, net | 78,387 | 83,902 | ||||||||||||
| Accrued investment income | 10,849 | 11,069 | ||||||||||||
| Total current assets | 1,122,489 | 1,145,032 | ||||||||||||
| Available-for-sale securities, net | 1,047,540 | 991,726 | ||||||||||||
| Equity securities | 81,814 | 85,891 | ||||||||||||
| Available-for-sale and equity securities lent | 12,289 | 7,285 | ||||||||||||
| Fixed assets, net | 513,088 | 513,494 | ||||||||||||
| Agent loans, net | 85,723 | 80,597 | ||||||||||||
| Defined benefit pension plan | 57,480 | 21,311 | ||||||||||||
| Other assets, net | 47,805 | 43,278 | ||||||||||||
| Total assets | $ | 2,968,228 | $ | 2,888,614 | ||||||||||
| Liabilities and shareholders' equity | ||||||||||||||
| Current liabilities: | ||||||||||||||
| Commissions payable | $ | 429,380 | $ | 408,309 | ||||||||||
| Agent incentive compensation | 42,190 | 75,458 | ||||||||||||
| Accounts payable and accrued liabilities | 210,708 | 190,028 | ||||||||||||
| Dividends payable | 63,569 | 63,569 | ||||||||||||
| Contract liability | 44,102 | 42,761 | ||||||||||||
| Deferred executive compensation | 9,636 | 14,874 | ||||||||||||
| Securities lending payable | 12,706 | 7,513 | ||||||||||||
| Total current liabilities | 812,291 | 802,512 | ||||||||||||
| Defined benefit pension plan | 26,197 | 28,070 | ||||||||||||
| Contract liability | 21,703 | 21,170 | ||||||||||||
| Deferred executive compensation | 22,944 | 19,721 | ||||||||||||
| Deferred income taxes, net | 3,704 | 6,418 | ||||||||||||
| Other long-term liabilities | 14,038 | 23,465 | ||||||||||||
| Total liabilities | 900,877 | 901,356 | ||||||||||||
| Shareholders’ equity | 2,067,351 | 1,987,258 | ||||||||||||
| Total liabilities and shareholders’ equity | $ | 2,968,228 | $ | 2,888,614 | ||||||||||