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季報 季度報告 10-Q 2026-07-30

伊瑞保險第二季淨收入1.8億美元按年升3.2% 每股盈利3.45美元

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AI 繁中摘要

Erie Indemnity Company(納斯達克:ERIE)公佈截至2026年6月30日第二季度及上半年業績。作為Erie Insurance Exchange的授權代理人,公司主要收入來自管理費及行政服務。 📊 第二季度財務重點(未經審計): - 總營業收入:10.9億美元,按年升2.8%(2025年同期:10.6億美元) - 營業收入:2.041億美元,按年升2.5% - 淨收入:1.803億美元,按年升3.2%(2025年同期:1.747億美元) - A類股攤薄每股盈利:3.45美元(2025年同期:3.34美元) - 上半年淨收入:3.308億美元,按年升5.6% 📈 收入構成(第二季度): - 保單簽發及續保管理費收入:8.629億美元(2025年同期:8.239億美元) - 行政服務管理費:1,960萬美元 - 行政服務 reimbursements:2.016億美元 - 服務協議收入:570萬美元 💰 股息: - A類股季度股息:1.4625美元(按年增加7.1%) - B類股季度股息:219.375美元 🏦 財務狀況: - 總資產:35.6億美元(2025年底:33.6億美元) - 股東權益:24.7億美元(2025年底:22.8億美元) - 可供出售證券公允價值約14.5億美元 📋 營運摘要: 集團繼續作為Erie Insurance Exchange的唯一客戶提供服務,管理費按直接及關聯假定承保保費的25%計算。期內現金流強勁,經營活動淨現金流3.068億美元。公司持續投資於固定資產(期內投入7,890萬美元),反映對科技基建的長期投入。 管理層展望方面,公司與Erie Insurance Exchange的業務增長及財務狀況密切掛鈎。公司正評估多項新會計準則的影響(包括ASU 2024-03、ASU 2025-06及ASU 2025-11),預計不會對財務報表產生重大影響。 對投資者而言,公司盈利穩健增長、股息持續上調,加上與Erie Insurance Exchange的長期合作關係,展現穩定回報特性。投資者應留意保險行業的競爭環境、災害損失風險及利率變動對投資組合的潛在影響。
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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 

FORM 10-Q 
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2026 
 
OR
 
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from___to___
 
Commission file number 0-24000 

ERIE INDEMNITY COMPANY
(Exact name of registrant as specified in its charter)

Pennsylvania
25-0466020
(State or other jurisdiction of(IRS Employer
incorporation or organization)Identification No.)

100 Erie Insurance Place,Erie,Pennsylvania16530
(Address of principal executive offices)(Zip Code)

814870-2000
(Registrant’s telephone number, including area code)

Not applicable
(Former name, former address and former fiscal year, if changed since last report)

 
Securities registered pursuant to Section 12(b) of the Act:

Class A common stock,stated value $0.0292 per shareERIENASDAQ Stock Market, LLC
(Title of each class)(Trading Symbol)(Name of each exchange on which registered)

 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.  See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer☒Accelerated filer☐Non-accelerated filer☐

Smaller reporting company☐Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ 

The number of shares outstanding of the registrant’s Class A Common Stock as of the latest practicable date was 46,189,068 at July 24, 2026.
 
The number of shares outstanding of the registrant’s Class B Common Stock as of the latest practicable date was 2,542 at July 24, 2026.

Table of Contents

PART I.
FINANCIAL INFORMATION

Item 1.
Financial Statements (Unaudited)

Consolidated Statements of Operations – Three and six months ended June 30, 2026 and 2025

Consolidated Statements of Comprehensive Income – Three and six months ended June 30, 2026 and 2025

Consolidated Statements of Financial Position – June 30, 2026 and December 31, 2025

Consolidated Statements of Shareholders' Equity – Three and six months ended June 30. 2026 and 2025

Consolidated Statements of Cash Flows – Six months ended June 30, 2026 and 2025

Notes to Consolidated Financial Statements – June 30, 2026

Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations

Item 3.
Quantitative and Qualitative Disclosures About Market Risk

Item 4.
Controls and Procedures

PART II.
OTHER INFORMATION

Item 1.
Legal Proceedings

Item 1A.
Risk Factors

Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds

Item 6.
Exhibits

SIGNATURES

2

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1.    FINANCIAL STATEMENTS

ERIE INDEMNITY COMPANY
 CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(dollars in thousands, except per share data)

Three months ended
June 30,Six months ended
June 30,
2026202520262025
Operating revenue  
Management fee revenue - policy issuance and renewal services
$862,879 $823,853 $1,649,278 $1,578,902 
Management fee revenue - administrative services19,619 18,296 39,094 35,941 
Administrative services reimbursement revenue201,554 212,644 401,650 422,917 
Service agreement revenue5,744 5,304 11,685 11,736 
Total operating revenue1,089,796 1,060,097 2,101,707 2,049,496 

Operating expenses
Cost of operations - policy issuance and renewal services684,119 648,280 1,329,147 1,276,030 
Cost of operations - administrative services201,554 212,644 401,650 422,917 

Total operating expenses885,673 860,924 1,730,797 1,698,947 
Operating income204,123 199,173 370,910 350,549 

Investment income
Net investment income22,587 20,030 46,147 39,978 
Net realized and unrealized investment gains (losses)557 479 (208)981 
Net impairment losses recognized in earnings(591)(909)(1,267)(1,823)

Total investment income22,553 19,600 44,672 39,136 

Other income1,401 1,974 2,821 5,808 
Income before income taxes228,077 220,747 418,403 395,493 
Income tax expense47,783 46,062 87,635 82,391 
Net income$180,294 $174,685 $330,768 $313,102 

Net income per share  
Class A common stock – basic$3.87 $3.75 $7.10 $6.72 
Class A common stock – diluted$3.45 $3.34 $6.32 $5.99 
Class B common stock – basic and diluted$581 $563 $1,065 $1,008 

Weighted average shares outstanding – Basic
  
Class A common stock46,189,033 46,189,063 46,188,942 46,188,984 
Class B common stock2,542 2,542 2,542 2,542 

Weighted average shares outstanding – Diluted
  
Class A common stock52,298,697 52,304,407 52,299,440 52,304,397 
Class B common stock2,542 2,542 2,542 2,542 

Dividends declared per share  
Class A common stock$1.4625 $1.365 $2.925 $2.73 
Class B common stock$219.375 $204.75 $438.75 $409.50 

See accompanying notes to Consolidated Financial Statements. See Note 12, "Accumulated Other Comprehensive Income (Loss)", for amounts reclassified out of accumulated other comprehensive income (loss) into the Consolidated Statements of Operations.  
3

Table of Contents

ERIE INDEMNITY COMPANY
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(in thousands)

Three months ended
June 30,Six months ended
June 30,
2026202520262025
Net income$180,294 $174,685 $330,768 $313,102 

Other comprehensive income (loss), net of tax  
Change in unrealized holding gains (losses) on available-for-sale securities1,092 6,261 (11,443)12,039 
Pension and other postretirement plans308 (183)617 (744)
Total other comprehensive income (loss), net of tax1,400 6,078 (10,826)11,295 
Comprehensive income$181,694 $180,763 $319,942 $324,397 

 
See accompanying notes to Consolidated Financial Statements. See Note 12, "Accumulated Other Comprehensive Income (Loss)", for amounts reclassified out of accumulated other comprehensive income (loss) into the Consolidated Statements of Operations.
4

Table of Contents

ERIE INDEMNITY COMPANY
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(dollars in thousands, except per share data)

June 30,December 31,
20262025
Assets(Unaudited)
Current assets:
Cash and cash equivalents (includes restricted cash of $39,608 and $30,189, respectively)
$282,902 $345,874 
Available-for-sale securities61,715 33,902 
Available-for-sale securities lent1,973 3,436 
Receivables from Erie Insurance Exchange and affiliates, net753,245 735,589 
Prepaid expenses and other current assets, net92,533 66,061 

Accrued investment income14,194 14,311 
Total current assets1,206,562 1,199,173 

Available-for-sale securities, net1,327,084 1,286,566 
Equity securities150,516 70,624 
Available-for-sale and equity securities lent67,939 61,063 

Fixed assets, net593,365 571,476 
Agent loans, net100,680 93,953 

Defined benefit pension plan62,096 24,137 

Other assets, net48,774 48,489 
Total assets$3,557,016 $3,355,481 

Liabilities and shareholders' equity
Current liabilities:
Commissions payable$457,211 $425,320 
Agent incentive compensation116,570 132,560 
Accounts payable and accrued liabilities205,760 200,701 
Dividends payable68,109 68,109 
Contract liability48,457 47,561 
Deferred executive compensation9,154 9,400 
Securities lending payable63,157 61,936 

Total current liabilities968,418 945,587 

Defined benefit pension plan34,703 33,410 

Contract liability23,148 23,274 
Deferred executive compensation21,018 22,050 
Deferred income taxes, net19,085 24,788 
Other long-term liabilities23,538 22,998 
Total liabilities1,089,910 1,072,107 

Shareholders’ equity
Class A common stock, stated value $0.0292 per share; 74,996,930 shares authorized; 68,299,200 shares issued; 46,189,068 shares outstanding
1,992 1,992 
Class B common stock, convertible at a rate of 2,400 Class A shares for one Class B share, stated value $70 per share; 3,070 shares authorized; 2,542 shares issued and outstanding
178 178 
Additional paid-in-capital16,500 16,492 
Accumulated other comprehensive loss(62,847)(52,021)
Retained earnings3,657,373 3,462,823 

Total contributed capital and retained earnings3,613,196 3,429,464 
Treasury stock, at cost; 22,110,132 shares held
(1,170,957)(1,171,014)
Deferred compensation24,867 24,924 
Total shareholders’ equity2,467,106 2,283,374 
Total liabilities an