Erie Indemnity Company (ERIE) 10-Year Financial Performance & Capital Metrics

ERIE • • Insurance & Managed Care

Financial ServicesInsurance BrokersFull-Service Insurance BrokersRegional Full-Service Brokers

AboutErie Indemnity Company operates as a managing attorney-in-fact for the subscribers at the Erie Insurance Exchange in the United States. The company provides sales, underwriting, policy issuance, and renewal services for the policyholders on behalf of the Erie Insurance Exchange. It also offers sales related services, including agent compensation, and sales and advertising support services; and underwriting services comprise underwriting and policy processing; and other services consist of customer services and administrative support services, as well as information technology services. Erie Indemnity Company was incorporated in 1925 and is based in Erie, Pennsylvania.Show more

Revenue $3.86B +16.7%
Combined Ratio 80.39% -3.2%
Net Income $600M +34.6%
Return on Equity 32.89% +14.7%
Medical Cost Ratio 0%
Operating Margin 19.61% +15.5%
Net Margin 15.54% +15.3%
ROA 22.4% +18.3%
Equity / Assets 68.8% +2.3%
Book Value per Share 37.72 +19.5%
Tangible BV/Share 37.72 +16.0%
Debt/Equity 0.00

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Excellent 3Y average ROE of 27.7%

✗Weaknesses

✗Trading more than 30% below 52-week high

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y10.49%

5Y9.29%

3Y13.1%

TTM-4.34%

Profit (Net Income) CAGR

10Y13.61%

5Y13.64%

3Y26.32%

TTM15.87%

EPS CAGR

10Y13.7%

5Y13.63%

3Y26.36%

TTM15.82%

ROCE

10Y Avg23.96%

5Y Avg26.63%

3Y Avg32.68%

Latest39.35%

Peer Comparison

Regional Full-Service Brokers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TWFGTWFG, Inc. Common Stock	415.39M	27.64	153.56	16.01%	3.03%	2.23%	8.97%	0.04
AJGArthur J. Gallagher & Co.	68.01B	264.84	40.56	14.72%	13.16%	7.12%	3.59%	0.67
ERIEErie Indemnity Company	13.04B	282.30	24.59	16.72%	15.6%	28.06%	3.73%	0.00
BROBrown & Brown, Inc.	27.18B	79.61	23.01	12.05%	18.75%	8.04%	4.02%	0.63
RELIReliance Global Group, Inc.	5.09M	0.52	-0.06	2.35%	-53.39%	-103.83%		4.35

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	1.52B	1.62B	1.72B	2.41B	2.48B	2.57B	2.67B	2.85B	3.31B	3.86B
Revenue Growth %	0.07%	0.06%	0.06%	0.4%	0.03%	0.04%	0.04%	0.07%	0.16%	0.17%
Medical Costs & Claims+	0	0	0	0	2.12B	0	0	0	0	0
Medical Cost Ratio %	-	-	-	-	-	-	-	-	-	-
Gross Profit+	1.52B	1.62B	1.72B	2.41B	357.34M	2.57B	2.67B	2.85B	3.31B	3.86B
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	1.33%	0.06%	0.06%	0.4%	-0.85%	6.19%	0.04%	0.07%	0.16%	0.17%
Operating Expenses+	1.26B	1.3B	1.4B	2.04B	1	2.2B	2.29B	2.47B	2.75B	3.11B
OpEx / Revenue %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization	0	0	0	0	16.81M	34.3M	49.1M	51.72M	53.59M	63.91M
Combined Ratio %	-	-	-	-	-	-	-	-	-	-
Operating Income+	266.25M	320.09M	315.69M	371.32M	357.34M	368.51M	376.4M	376.45M	561.94M	757.28M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.06%	0.2%	-0.01%	0.18%	-0.04%	0.03%	0.02%	0%	0.49%	0.35%
EBITDA+	266.25M	320.09M	315.69M	371.32M	374.15M	402.82M	425.5M	428.17M	615.53M	821.19M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense	0	101K	1.24M	2.46M	856K	731K	4.13M	2.01M	0	0
Non-Operating Income	0	-101K	-1.24M	-2.46M	-1.67M	-731K	-4.13M	-2.01M	0	0
Pretax Income+	266.25M	320.09M	315.69M	371.32M	396.7M	368.51M	376.4M	376.45M	561.94M	757.28M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	91.57M	109.72M	118.7M	83.1M	79.88M	75.21M	78.54M	77.88M	115.88M	156.97M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	174.68M	210.37M	197M	288.22M	316.82M	293.3M	297.86M	298.57M	446.06M	600.31M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.04%	0.2%	-0.06%	0.46%	0.1%	-0.07%	0.02%	0%	0.49%	0.35%
EPS (Diluted)+	3.33	4.01	3.76	4.93	6.06	5.61	5.69	5.71	8.53	11.48
EPS Growth %	0.05%	0.2%	-0.06%	0.31%	0.23%	-0.07%	0.01%	0%	0.49%	0.35%
EPS (Basic)	3.75	4.52	4.23	4.93	6.80	6.30	6.40	6.41	9.58	12.89
Diluted Shares Outstanding	58.6M	58.54M	58.44M	52.7M	58.42M	52.69M	46.19M	46.19M	52.68M	52.69M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	1.41B	1.55B	1.67B	1.78B	2.02B	2.12B	2.24B	2.24B	2.47B	2.89B
Asset Growth %	-0.92%	0.1%	0.08%	0.07%	0.13%	0.05%	0.06%	-0%	0.1%	0.17%
Total Investment Assets+	688.48M	771.45M	803.84M	795.2M	826.04M	1.08B	1.09B	967.22M	1.05B	1.13B
Long-Term Investments	626.41M	715.31M	754.49M	451.25M	790.85M	1.02B	1.03B	942.95M	963.48M	1.08B
Short-Term Investments	62.07M	56.14M	71.19M	402.34M	35.19M	17.7M	38.4M	24.27M	82.02M	44.6M
Total Current Assets+	635.15M	654.01M	760.14M	1.17B	891.4M	0	0	778.8M	930.19M	1.15B
Cash & Equivalents	182.89M	189.07M	215.72M	266.42M	336.74M	161.24M	183.7M	142.09M	144.06M	274.84M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	11.95M	5.26M	0	8.16M	7.18M	-726.13M	-757.43M	87.5M	67.79M	23.56M
Goodwill & Intangibles+	0	751.37M	846.3M	883.58M	0	0	0	42.78M	-49.53M	0
Goodwill	0	89.22M	40.69M	42.45M	0	0	0	42.78M	38.64M	0
Intangible Assets	0	662.15M	805.61M	841.12M	0	0	0	0	-88.17M	0
PP&E (Net)	59.09M	69.14M	83.15M	130.83M	243.78M	265.34M	374.8M	413.87M	442.61M	513.49M
Other Assets	86.65M	-695.23M	-796.96M	-856.28M	90.21M	-1.29B	-1.41B	18.28M	185.22M	147.64M
Total Liabilities	637.79M	732.04M	808.51M	804.65M	882.99M	929.07M	899.58M	791.05M	809.13M	901.36M
Total Debt+	0	24.77M	74.73M	99.73M	119.78M	95.86M	93.83M	122.5M	0	7.51M
Net Debt	-182.89M	-164.31M	-140.99M	-166.69M	-216.96M	-65.38M	-89.87M	-19.59M	-144.06M	-267.32M
Long-Term Debt	0	24.77M	74.73M	97.86M	95.84M	93.83M	91.73M	0	0	0
Short-Term Debt	0	0	0	1.87M	1.98M	2.03M	2.1M	0	0	7.51M
Total Current Liabilities+	445.7M	200.64M	226.82M	471.3M	587.71M	0	0	708.49M	708.98M	802.51M
Accounts Payable	88.14M	85.86M	104.3M	109.56M	122.48M	150.71M	138.32M	163.19M	170.89M	185.07M
Deferred Revenue	0	0	0	0	0	36.92M	34.94M	36.55M	41.21M	0
Other Current Liabilities	34M	-200.64M	-226.82M	-471.3M	80.88M	-610.35M	-618.23M	55.42M	59.38M	106.33M
Deferred Taxes	0	0	0	0	0	0	0	1000K	1000K	0
Other Liabilities	371.54M	-22.92M	-70.77M	-91.68M	188.77M	-112.71M	-109.42M	57.42M	-11.09M	98.84M
Total Equity+	769.5M	816.91M	857.34M	973.67M	1.13B	1.19B	1.34B	1.45B	1.66B	1.99B
Equity Growth %	-0.9%	0.06%	0.05%	0.14%	0.16%	0.05%	0.13%	0.08%	0.15%	0.2%
Shareholders Equity	769.5M	816.91M	857.34M	973.67M	1.13B	1.19B	1.34B	1.45B	1.66B	1.99B
Minority Interest	0	0	0	0	0	0	0	0	0	0
Retained Earnings	1.99B	2.07B	2.14B	2.23B	2.38B	2.39B	2.5B	2.58B	2.8B	3.16B
Common Stock	2.17M	2.17M	2.17M	2.17M	2.17M	2.17M	2.17M	2.17M	2.17M	2.17M
Accumulated OCI	-87.85M	-111.63M	-146.48M	-118.75M	-104.05M	-60.56M	-3.55M	15.45M	9.68M	-24.61M
Return on Equity (ROE)	0.04%	0.27%	0.24%	0.31%	0.3%	0.25%	0.24%	0.21%	0.29%	0.33%
Return on Assets (ROA)	0.02%	0.14%	0.12%	0.17%	0.17%	0.14%	0.14%	0.13%	0.19%	0.22%
Equity / Assets	-	-	-	-	-	-	-	-	-	-
Debt / Equity	-	0.03x	0.09x	0.10x	0.11x	0.08x	0.07x	0.08x	-	0.00x
Book Value per Share	13.13	13.96	14.67	18.48	19.40	22.55	29.07	31.36	31.56	37.72
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	174.68M	254.34M	197M	288.22M	364.53M	342.6M	402.79M	366.15M	381.2M	611.25M
Operating CF Growth %	-0.06%	0.46%	-0.23%	0.46%	0.26%	-0.06%	0.18%	-0.09%	0.04%	0.6%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	174.68M	210.37M	197M	288.22M	316.82M	293.3M	297.86M	298.57M	446.06M	600.31M
Depreciation & Amortization	16.46M	0	14.83M	13.37M	30.77M	34.3M	49.1M	51.72M	53.59M	63.91M
Stock-Based Compensation	0	0	0	0	8.9M	13.6M	0	0	0	0
Deferred Taxes	-14.58M	0	0	-1.36M	3.35M	-5.16M	-1.85M	9.47M	-1M	4.03M
Other Non-Cash Items	-1.88M	0	37.73M	31.61M	-14.19M	-10.85M	-28.26M	41.04M	30.98M	3.9M
Working Capital Changes	0	-7M	-52.56M	-43.62M	18.88M	17.4M	85.95M	-34.65M	-148.43M	-60.89M
Cash from Investing+	622K	-136.94M	-74.66M	-81.4M	-124.63M	-243.22M	-185.49M	-106.92M	-157.56M	-226.91M
Capital Expenditures	-12.56M	-25.21M	-28.93M	-56.3M	-102.04M	-55.53M	-148.8M	-67.2M	-92.65M	-124.84M
Acquisitions	25.81M	15.54M	0	6.01M	777K	0	0	0	0	0
Purchase of Investments	-228.31M	-369.81M	-391.18M	-396.98M	-1.02B	-476.67M	-439.85M	-484.16M	-315.57M	0
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	688K	1.59M	6.15M	-11.4M	-6.02M	-2.61M	3M	-2.84M	-11.91M	-298.71M
Cash from Financing+	-126.86M	-111.21M	-95.81M	-131.49M	-169.57M	-274.87M	-194.84M	-300.84M	-221.68M	-230M
Dividends Paid	-126.86M	-135.99M	-145.76M	-156.47M	-167.65M	-272.9M	-192.8M	-206.77M	-221.68M	-237.51M
Share Repurchases	0	0	0	0	0	0	0	0	0	0
Stock Issued	0	0	0	0	0	0	0	0	0	0
Debt Issuance (Net)	0	1000K	1000K	1000K	-1000K	-1000K	-1000K	-1000K	0	0
Other Financing	0	0	0	0	0	0	0	0	0	7.51M
Net Change in Cash+	91.14M	6.18M	26.65M	50.7M	70.32M	-175.5M	22.46M	-41.61M	1.97M	154.34M
Exchange Rate Effect	0	0	127K	0	0	0	0	0	0	0
Cash at Beginning	91.75M	182.89M	189.07M	215.72M	266.42M	336.74M	161.24M	183.7M	142.09M	144.06M
Cash at End	182.89M	189.07M	215.72M	266.42M	336.74M	161.24M	183.7M	142.09M	144.06M	298.4M
Free Cash Flow+	204.82M	229.13M	168.2M	207.29M	262.49M	287.07M	253.99M	298.95M	288.56M	486.4M
FCF Growth %	0.23%	0.12%	-0.27%	0.23%	0.27%	0.09%	-0.12%	0.18%	-0.03%	0.69%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF per Share	3.5	3.91	2.88	3.93	4.49	5.45	5.5	6.47	5.48	9.23

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Combined Ratio	82.51%	80.21%	81.62%	84.58%	85.58%	85.66%	85.9%	86.8%	83.02%	80.39%
Medical Cost Ratio	0%	0%	0%	0%	85.58%	0%	0%	0%	0%	0%
Return on Equity (ROE)	3.99%	26.52%	23.53%	31.48%	30.07%	25.27%	23.54%	21.4%	28.67%	32.89%
Return on Assets (ROA)	1.82%	14.23%	12.26%	16.74%	16.7%	14.19%	13.67%	13.32%	18.94%	22.4%
Equity / Assets	54.68%	52.74%	51.47%	54.75%	56.21%	56.12%	59.88%	64.68%	67.27%	68.8%
Book Value / Share	13.13	13.96	14.67	18.48	19.4	22.55	29.07	31.36	31.56	37.72
Debt / Equity	-	0.03x	0.09x	0.10x	0.11x	0.08x	0.07x	0.08x	-	0.00x
Revenue Growth	6.85%	6.25%	6.19%	40.2%	2.88%	3.74%	3.88%	6.8%	16.06%	16.72%

Revenue by Segment

	2011	2012	2013	2014	2018	2019	2020	2022	2023	2024
Policy Issuance and Renewal Services	-	-	-	-	-	-	-	2.09B	2.44B	2.89B
Policy Issuance and Renewal Services Growth	-	-	-	-	-	-	-	-	16.97%	18.51%
Service Agreement	-	-	-	-	28.68M	27.63M	25.8M	25.69M	26.06M	26.35M
Service Agreement Growth	-	-	-	-	-	-3.66%	-6.62%	-0.43%	1.45%	1.12%
Insurance Investments	-	-	1.35B	764M	-	-	-	-	-	-
Insurance Investments Growth	-	-	-	-43.53%	-	-	-	-	-	-
Management Operations	1.1B	1.19B	-	-	-	-	-	-	-	-
Management Operations Growth	-	8.00%	-	-	-	-	-	-	-	-
Life Insurance Operations	10M	-	-	-	-	-	-	-	-	-
Life Insurance Operations Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Erie Indemnity Company (ERIE) has a price-to-earnings (P/E) ratio of 24.6x. This is roughly in line with market averages.

Growth & Financials

Erie Indemnity Company (ERIE) grew revenue by 16.7% over the past year. This is strong growth.

Yes, Erie Indemnity Company (ERIE) is profitable, generating $648.0M in net income for fiscal year 2024 (15.5% net margin).

Dividend & Returns

Yes, Erie Indemnity Company (ERIE) pays a dividend with a yield of 1.60%. This makes it attractive for income-focused investors.

Erie Indemnity Company (ERIE) has a return on equity (ROE) of 32.9%. This is excellent, indicating efficient use of shareholder capital.

Industry Metrics

Erie Indemnity Company (ERIE) has a combined ratio of 0.0%. A ratio below 100% indicates underwriting profitability.

US Stock Screener

...