Erie Indemnity Co.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 23 April 2026: press release. The quarter’s numbers.

Key takeaways

Operating income before taxes rose: Operating income before taxes rose $15.4 million, or 10.2 percent, in the first quarter of 2026 against the first quarter of 2025. Source
Policy issuance fees rose 4.2%: Management fee revenue for policy issuance and renewal services rose $31.4 million, or 4.2 percent, year over year. Source
Commissions rose on agent incentives: Commissions rose $28.0 million, mainly from higher agent incentive compensation and growth in direct and affiliated assumed written premium. Source
Non-commission expense fell $10.7 million: Non-commission expense decreased $10.7 million. Within it, sales and advertising fell $2.0 million and acquisition and underwriting support fell $1.9 million. Source
Net investment income rose: Net investment income was $23.6 million, against $19.9 million a year earlier. Source
Realized and unrealized results turned negative: Net realized and unrealized losses were $0.8 million, against gains of $0.5 million a year earlier. Source

“Net income was $150.5 million, or $2.88 per diluted share, in the first quarter of 2026, compared to $138.4 million, or $2.65 per diluted share, in the first quarter of 2025.”
Erie Indemnity Co., press release

What changed from last quarter

Ended: Q4 2025 carried a $100 million contribution to the Erie Insurance Foundation; the Q1 2026 table shows no such line.

Results and operating income

Operating income before taxes rose: Operating income before taxes rose $15.4 million, or 10.2 percent, in the first quarter of 2026 against the first quarter of 2025. Source
Pre-tax income and tax expense: Income before income taxes was $190.3 million, against $174.7 million a year earlier. Income tax expense was $39.9 million, against $36.3 million. Source
Operating income reached $166.8 million: Operating income was $166.8 million in the first quarter of 2026, against $151.4 million in the first quarter of 2025. Source

Management fee revenue

Policy issuance fees rose 4.2%: Management fee revenue for policy issuance and renewal services rose $31.4 million, or 4.2 percent, year over year. Source
Administrative services fees rose 10.4%: Management fee revenue for administrative services rose $1.8 million, or 10.4 percent, year over year. Source
Premium growth named as a driver: The release names growth in direct and affiliated assumed written premium as a driver of commission costs. Source

“Operating income before taxes increased $15.4 million, or 10.2 percent, in the first quarter of 2026 compared to the first quarter of 2025.”
Erie Indemnity Co., press release

Costs of operations

Commissions rose on agent incentives: Commissions rose $28.0 million, mainly from higher agent incentive compensation and growth in direct and affiliated assumed written premium. Source
Non-commission expense fell $10.7 million: Non-commission expense decreased $10.7 million. Within it, sales and advertising fell $2.0 million and acquisition and underwriting support fell $1.9 million. Source
Professional fees fell on technology: Professional fees decreased $7.0 million, from reduced use of third-party services tied to technology initiatives. Source
Personnel costs rose on pensions: Personnel costs increased $2.1 million, driven mainly by higher pension costs and increased compensation. Source

Investment income

Net investment income rose: Net investment income was $23.6 million, against $19.9 million a year earlier. Source
Investment income before taxes rose: Income from investments before taxes was $22.1 million, against $19.5 million a year earlier. Source
Realized and unrealized results turned negative: Net realized and unrealized losses were $0.8 million, against gains of $0.5 million a year earlier. Source

Company profile and reach

Nearly seven million policies in force: The release says ERIE has nearly seven million policies in force in 12 states and DC. The prior release said more than 7 million. Source
Ranked 16th largest P&C insurer: The release places Erie Insurance as the 16th largest property/casualty insurer in the United States by net premiums written. Source
Personal and commercial line rankings: The release ranks the company 11th for homeowners, 12th for automobile and 10th for commercial lines, by direct premiums written. Source

Other income and administrative costs

Other income declined: Other income was $1.4 million, against $3.8 million a year earlier. Source
Administrative and other costs fell: Administrative and other costs decreased $1.6 million, mainly from lower charitable contributions, partly offset by higher credit card processing fees. Source
Giving moves through foundation: The release links lower charitable costs to a transition of charitable giving through the Erie Insurance Foundation. Source

Coming up, as management said on 23 April 2026

Pre-recorded audio broadcast: Pre-recorded audio broadcast at 10:00 AM ET on April 24, 2026, accessible at www.erieinsurance.com. Source

Figures management reported

Figure	Reported
Investment income Source	$22.1 million income from investments before taxes; $23.6 million net investment income

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Erie Indemnity Reports First Quarter 2026 Results

Net Income was $150.5 million, Earnings per Diluted Share was $2.88

Erie, Pa., April 23, 2026 - Erie Indemnity Company (NASDAQ: ERIE) today announced financial results for the quarter ending March 31, 2026. Net income was $150.5 million, or $2.88 per diluted share, in the first quarter of 2026, compared to $138.4 million, or $2.65 per diluted share, in the first quarter of 2025.

1Q 2026
(in thousands)	1Q'26	1Q'25
Operating income	$166,787	$151,376
Investment income	22,119	19,536
Other income	1,420	3,834
Income before income taxes	190,326	174,746
Income tax expense	39,852	36,329
Net income	$150,474	$138,417

1Q 2026 Highlights

Operating income before taxes increased $15.4 million, or 10.2 percent, in the first quarter of 2026 compared to the first quarter of 2025.

Management fee revenue - policy issuance and renewal services increased $31.4 million, or 4.2 percent, in the first quarter of 2026 compared to the first quarter of 2025.
Management fee revenue - administrative services increased $1.8 million, or 10.4 percent, in the first quarter of 2026 compared to the first quarter of 2025.
Cost of operations - policy issuance and renewal services
Commissions increased $28.0 million in the first quarter of 2026, compared to the same period in 2025, primarily driven by an increase in agent incentive compensation and the growth in direct and affiliated assumed written premium.
Non-commission expense decreased $10.7 million in the first quarter of 2026 compared to the first quarter of 2025. Personnel costs increased $2.1 million, primarily driven by higher pension costs and increased compensation. Sales and advertising decreased $2.0 million primarily due to a decrease in advertising costs and community development initiative costs. Acquisition and underwriting support costs decreased $1.9 million primarily due to lower underwriting report costs. Professional fees decreased $7.0 million primarily due to reduced use of third-party services related to technology initiatives. Administrative and other costs decreased $1.6 million

primarily due to lower charitable contributions related to the transition of charitable giving through the Erie Insurance Foundation, partially offset by an increase in credit card processing fees.

Income from investments before taxes totaled $22.1 million in the first quarter of 2026 compared to $19.5 million in the first quarter of 2025. Net investment income was $23.6 million in the first quarter of 2026 compared to $19.9 million in the first quarter of 2025. Net realized and unrealized losses were $0.8 million in the first quarter of 2026 compared to gains of $0.5 million in the first quarter of 2025.

Webcast Information

Indemnity has scheduled a pre-recorded audio broadcast on the Web for 10:00 AM ET on April 24, 2026. Investors may access the pre-recorded audio broadcast by logging on to www.erieinsurance.com.

Erie Insurance Group

Erie Insurance Group, based in Erie, Pennsylvania, is the 11 largest homeowners insurer, 12 largest automobile insurer and 10 largest commercial lines insurer in the United States based on direct premiums written, according to AM Best Company. Founded in 1925, Erie Insurance is a Fortune 500 company and the 16 largest property/casualty insurer in the United States based on net premiums written. Rated A (Excellent) by AM Best, ERIE has nearly seven 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:

Forward-looking statements notice

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, economic or social inflation, and changes in tariff policies;
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, develop, retain, and protect 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.