Latest revenue
$1.01B
as of 2026-03-31
Latest net income
$150.5M
as of 2026-03-31
Net margin
14.9%
as of 2026-03-31
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $15.31B
- Enterprise value
- $15.31B
- P/E (trailing)
- 27.4×
- Forward P/E
- —
- P/B
- 6.51×
- Dividend yield
- 2.5%
- 52-wk high
- $380.67
- 52-wk low
- $210.06
- Beta
- —
- Shares out
- 68.3M
5-year trend
What this company does
Erie Indemnity acts as the attorney-in-fact for Erie Insurance Exchange, a reciprocal property and casualty insurer, handling policy sales, underwriting, claims, and administrative functions on behalf of policyholders. It earns a management fee calculated as a percentage of premiums written by the Exchange, which generated $786 million in policy issuance fees this quarter and drives nearly all profits. Q1 2026 net income rose 9% to $150 million on 2% revenue growth, with the company continuing to benefit from premium growth at the Exchange while operating expenses grew slower than fees.
Generated from ERIE's filing dated 2026-04-23
Key risks
- Single-customer concentration: ~100% of revenue derives from management/administrative fees tied to Erie Insurance Exchange premiums written.
- Capital return outpacing cash generation: Q1 operating cash fell to $91.9M vs $118.1M, while dividends rose 7% to $68.1M.
- Pension/AOCI exposure widened: AOCI loss grew to $(64.2)M from $(52.0)M as AFS unrealized losses hit $12.5M in Q1.
Generated from ERIE's filing dated 2026-04-23
Profitability
Operating margin
17.6%
1.1%Net margin
13.8%
13.1%Return on equity
24.5%
18.9%Return on assets
16.7%
19.8%Leverage
Debt / equity
0.47×
3.5%Long-term debt / equity
0.00×
100.0%Debt / assets
32.0%
2.4%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-03-31 | $1.01B | +2.3% | $150.5M | +8.7% | 14.9% |
Q4 2025 2025-12-31 | $951.0M | -74.6% | $63.4M | -58.3% | 6.7% |
Q3 2025 2025-09-30 | $1.07B | +5356.7% | $182.9M | +14.4% | 17.1% |
Q2 2025 2025-06-30 | $1.06B | +7566.9% | $174.7M | +6.6% | 16.5% |
Q1 2025 2025-03-31 | $989.4M | +6461.4% | $138.4M | +11.1% | 14.0% |
Q4 2024 2024-12-31 | $3.75B | — | $152.0M | — | 4.1% |
Q3 2024 2024-09-30 | $19.5M | +58.9% | $159.8M | +22.0% | 817.6% |
Q2 2024 2024-06-30 | $13.8M | +100.5% | $163.9M | +39.1% | 1185.4% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Insurance Agents, Brokers & Service · SIC 6411
Your notes
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Insider activity
Insider buying
$0
Insider selling
$101.0K
Net activity
−$101.0K
Distinct insiders
1
Open-market trades over the last 365 days.
Recent transactions
| Date | Insider | Type | Shares | Price | Value | |
|---|---|---|---|---|---|---|
| 2026-05-08 | Anthony Dabreo Senior Vice President, Life | Sale | 465 | $217.10 | $101.0K |
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns ERIE
Institutional value
$3.53B
Total shares held
14.2M
Distinct holders
260
-126 vs prior
As of
2026-03-31
Prior: 2025-12-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | PNC Financial Services Group, Inc. | 4.9M | $1.23B | -322 (-0.0%) | Trimmed |
| 2 | VANGUARD CAPITAL MANAGEMENT LLC | 1.6M | $409.8M | — | New |
| 3 | BlackRock, Inc. | 1.6M | $397.4M | +22.0K (+1.4%) | Added |
| 4 | VANGUARD PORTFOLIO MANAGEMENT LLC | 1.1M | $277.9M | — | New |
| 5 | Invesco Ltd. | 996.5K | $250.4M | +177.4K (+21.7%) | Added |
| 6 | ProShare Advisors LLC | 598.0K | $150.3M | +99.5K (+20.0%) | Added |
| 7 | DIMENSIONAL FUND ADVISORS LP | 226.0K | $56.8M | +900 (+0.4%) | Added |
| 8 | Vest Financial, LLC | 185.0K | $46.5M | +32.2K (+21.0%) | Added |
| 9 | FRANKLIN RESOURCES INC | 167.3K | $42.0M | -332.0K (-66.5%) | Trimmed |
| 10 | Bank of New York Mellon Corp | 164.6K | $41.4M | +14.1K (+9.4%) | Added |
| 11 | NOMURA ASSET MANAGEMENT CO LTD | 145.4K | $36.5M | +25.1K (+20.9%) | Added |
| 12 | DEUTSCHE BANK AG\ | 142.1K | $35.7M | +25.1K (+21.4%) | Added |
| 13 | VANGUARD FIDUCIARY TRUST CO | 139.9K | $35.2M | — | New |
| 14 | UBS Group AG | 139.2K | $35.0M | +7.0K (+5.3%) | Added |
| 15 | UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 118.1K | $29.7M | -591 (-0.5%) | Trimmed |
| 16 | CITIGROUP INC | 105.6K | $26.5M | +44.5K (+72.9%) | Added |
| 17 | Legal & General Group Plc | 101.0K | $25.4M | +8.5K (+9.2%) | Added |
| 18 | Summit Trail Advisors, LLC | 92.4K | $23.2M | -11.3K (-10.9%) | Trimmed |
| 19 | BNP PARIBAS FINANCIAL MARKETS | 91.5K | $23.0M | -12.9K (-12.3%) | Trimmed |
| 20 | Swiss National Bank | 74.5K | $18.7M | +5.3K (+7.7%) | Added |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
Cost of policy issuance operations rose to $645M while management fee revenue grew only 4%—what's driving the margin compression and is 18% operating margin sustainable?
- 2
Agent incentive compensation paid jumped 70% YoY to $134M against $79M prior—does this signal deteriorating Exchange underwriting requiring richer producer incentives?
- 3
Operating cash flow fell 22% to $92M despite higher net income—reconcile this divergence and address the $77M cash drawdown.
Refreshed when ERIE files a new report · last from 2026-04-23