Erie Indemnity 10-Q 2026-03-31

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 March 31, 2026

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period fromto

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,			Pennsylvania						16530
			(Address of principal executive offices)												(Zip Code)

			814			870-2000
			(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 share						ERIE						NASDAQ 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 April 17, 2026.

The number of shares outstanding of the registrant’s Class B Common Stock as of the latest practicable date was 2,542 at April 17, 2026.

PART I.			FINANCIAL INFORMATION
Item 1.			Financial Statements (Unaudited)
			Consolidated Statements of Operations – Three months ended March 31, 2026 and 2025
			Consolidated Statements of Comprehensive Income – Three months ended March 31, 2026 and 2025
			Consolidated Statements of Financial Position – March 31, 2026 and December 31, 2025
			Consolidated Statements of Shareholders' Equity – Three months ended March 31. 2026 and 2025
			Consolidated Statements of Cash Flows – Three months ended March 31, 2026 and 2025
			Notes to Consolidated Financial Statements – March 31, 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

PART I. FINANCIAL INFORMATION

ERIE INDEMNITY COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(dollars in thousands, except per share data)

									Three months ended March 31,
															2026						2025
Operating revenue
Management fee revenue - policy issuance and renewal services															$	786,399					$	755,049
Management fee revenue - administrative services															19,475						17,645
Administrative services reimbursement revenue															200,096						210,273
Service agreement revenue															5,941						6,432
Total operating revenue															1,011,911						989,399
Operating expenses
Cost of operations - policy issuance and renewal services															645,028						627,750
Cost of operations - administrative services															200,096						210,273
Total operating expenses															845,124						838,023
Operating income															166,787						151,376
Investment income
Net investment income															23,560						19,948
Net realized and unrealized investment (losses) gains															(765)						502
Net impairment losses recognized in earnings															(676)						(914)
Total 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
Net income per share
Class A common stock – basic															$	3.23					$	2.97
Class A common stock – diluted															$	2.88					$	2.65
Class B common stock – basic and diluted															$	485					$	446
Weighted average shares outstanding – Basic
Class A common stock															46,188,850						46,188,903
Class B common stock															2,542						2,542
Weighted average shares outstanding – Diluted
Class A common stock															52,300,180						52,304,384
Class B common stock															2,542						2,542
Dividends declared per share
Class A common stock															$	1.4625					$	1.365
Class B common stock															$	219.375					$	204.75

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.

ERIE INDEMNITY COMPANY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

(in thousands)

									Three months ended March 31,
															2026						2025
Net income															$	150,474					$	138,417
Other comprehensive (loss) income, net of tax
Change in unrealized holding (losses) gains on available-for-sale securities															(12,535)						5,778
Pension and other postretirement plans															309						(561)
Total other comprehensive (loss) income, net of tax															(12,226)						5,217
Comprehensive income															$	138,248					$	143,634

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.

ERIE INDEMNITY COMPANY

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(dollars in thousands, except per share data)

			March 31,						December 31,
			2026						2025
Assets			(Unaudited)
Current assets:
Cash and cash equivalents (includes restricted cash of $39,549 and $30,189, respectively)			$	268,616					$	345,874
Available-for-sale securities			53,995						33,902
Available-for-sale securities lent			870						3,436
Receivables from Erie Insurance Exchange and affiliates

Showing the first 8K of 110K characters. Open the full section

The following discussion of financial condition and results of operations highlights significant factors influencing Erie Indemnity Company ("Indemnity", "we", "us", "our"). This discussion should be read in conjunction with the historical consolidated financial statements and the related notes thereto included in Part I, Item 1. "Financial Statements" of this Quarterly Report on Form 10-Q, and with Part II, Item 7. "Management’s Discussion and Analysis of Financial Condition and Results of Operations" for the year ended December 31, 2025, as contained in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 23, 2026.

INDEX

			Page Number
Cautionary Statement Regarding Forward-Looking Information			23
Recent Accounting Standards			24
Operating Overview			24
Results of Operations			27
Financial Condition			33
Liquidity and Capital Resources			34
Critical Accounting Estimates			36

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:

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.

RECENT ACCOUNTING STANDARDS

See Part I, Item 1. "Financial Statements - Note 2, Significant Accounting Policies, of Notes to Consolidated Financial Statements" contained within this report for a discussion of recently adopted and issued accounting standards, and the impact on our consolidated financial statements if known.

OPERATING OVERVIEW

Overview

We serve as the attorney-in-fact for the subscribers (policyholders) at the Exchange, a reciprocal insurer that writes property and casualty insurance. Our primary function as attorney-in-fact is to perform policy issuance and renewal services on behalf of the subscribers at the Exchange. We also act as attorney-in-fact on behalf of the subscribers at the Exchange, as well as the service provider for the Exchange's insurance subsidiaries, with respect to all administrative services.

The Exchange is a reciprocal insurance exchange, which is an unincorporated association of individuals, partnerships, and corporations that agree to insure one another. Each applicant for insurance (a subscriber) to the Exchange signs a subscriber's agreement, which contains an appointment of Indemnity as their attorney-in-fact to transact the business of the Exchange on their behalf. In accordance with the subscriber’s agreement for acting as attorney-in-fact in these two capacities, we retain a management fee calculated as a percentage of the direct and affiliated assumed premiums written by the Exchange.

Our earnings are primarily driven by the management fee revenue generated for the services we provide on behalf of the subscribers at the Exchange. The policy issuance and renewal services we provide are related to the sales, underwriting, and issuance of policies. The sales related services we provide include agent compensation and certain sales and advertising support services. Agent compensation includes scheduled commissions to agents based upon premiums written as well as incentive compensation, which is earned by achieving targeted measures. Agent compensation generally comprises approximately two-thirds of our policy issuance and renewal expenses. The underwriting services we provide include underwriting and policy processing. The remaining services we provide include customer service and administrative support. We also provide information technology services that support all the functions listed above. See Part I, Item 1. "Financial Statements - Note 4, Segment Information, of Notes to Consolidated Financial Statements" contained within this report for the significant expense categories related to providing these services. Included in expenses for these services are allocations of costs for departments that support these policy issuance and renewal functions.

Consistent with its legal structure as a reciprocal insurer, the Exchange does not have any employees or officers. Therefore, it enters into contractual relationships by and through the subscribers' attorney-in-fact. Indemnity serves as the attorney-in-fact on behalf of the subscribers at the Exchange with respect to its administrative services as enumerated in the subscriber's agreement. The Exchange's insurance subsidiaries also utilize Indemnity for these services in accordance with the service agreements between each of the subsidiaries and Indemnity. Claims handling services include costs incurred in the claims process, including the adjustment, investigation, defense, recording, and payment functions. Life insurance management services include costs incurred in the management and processing of life insurance business. Investment management services are related to investment trading activity, accounting, and all other functions attributable to the investment of funds. In 2025, approximately 71% of the administrative services expenses were entirely attributable to the respective administrative functions (claims handling, life insurance management, and investment management), while the remaining 29% of these expenses were allocations of costs for departments that support these administrative functions. The expenses we incur and related reimbursements we receive for administrative services are presented gross in our Consolidated Statements of Operations. The subscriber's agreement and service agreements provide for reimbursement of amounts incurred for these services to Indemnity. Reimbursements are settled at cost on a monthly basis. State insurance regulations require that intercompany service agreements and any material amendments be approved in advance by the state insurance department.

Our results of operations are tied to the growth and financial condition of the Exchange as the Exchange is our sole customer, and our earnings are largely generated from management fees based on the direct and affiliated assumed premiums written by the Exchange. The Exchange generates revenue by insuring preferred and standard risks, with personal lines comprising 71% of the 2025 direct and affiliated assumed written premiums and commercial lines comprising the remaining 29%. The principal personal lines products are private passenger automobile and homeowners. The principal commercial lines products are commercial multi-peril, commercial automobile, and workers compensation.

Information security incident

In 2025, we experienced an information security incident that has been remediated and did not have a material impact on our consolidated financial condition, results of operations, or cash flows. As of March 31, 2026, we continue to pursue recovery of a portion of lost income due to business interruption and related expenses from our cybersecurity insurance policy.

Financial Overview

												Three months ended March 31,
(dollars in thousands, except per share data)																								2026						2025						% Change
																					(Unaudited)
Operating income																											$	166,787					$	151,376					10.2			%
Total investment income																											22,119						19,536						13.2
Other income																											1,420						3,834						(63.0)
Income before income taxes																											190,326						174,746						8.9
Income tax expense																											39,852						36,329						9.7
Net income																											$	150,474					$	138,417					8.7			%
Net income per share – diluted																											$	2.88					$	2.65					8.7			%

Operating income increased in the first quarter of 2026, compared to the same period in 2025, as growth in operating revenue outpaced the growth in operating expenses. Management fee revenue for policy issuance and renewal services increased 4.2% to $786.4 million in the first quarter of 2026. Management fee revenue is based upon the management fee rate we charge and the direct and affiliated assumed premiums written by the Exchange. The management fee rate was 25% for both 2026 and 2025. The direct and affiliated assumed premiums written by the Exchange increased 3.6% to $3.2 billion in the first quarter of 2026, compared to the same period in 2025.

Cost of operations for policy issuance and renewal services increased 2.8% to $645.0 million in the first quarter of 2026, compared to the same period in 2025, primarily due to increased agent incentive compensation due to improved profitability and higher scheduled commissions driven by direct and affiliated assumed written premium growth, partially offset by lower professional fees and decreased survey and underwriting report costs.

Management fee revenue for administrative services increased 10.4% to $19.5 million in the first quarter of 2026, compared to the same period in 2025. The administrative services reimbursement revenue and corresponding cost of operations increased both total operating revenue and total operating expenses by $200.1 million in the first quarter of 2026, but had no net impact on operating income.

Total investment income increased $2.6 million in the first quarter of 2026 compared to the same period in 2025, primarily due to an increase in net investment income, partially offset by an increase in realized and unrealized investment losses.

General Conditions and Trends Affecting Our Business

Economic conditions

Unfavorable changes in economic conditions, including declining consumer confidence, inflation, high unemployment, and the threat of recession, among others, may lead the Exchange’s customers to modify coverage, not renew policies, or even cancel policies, which could adversely affect the premium revenue of the Exchange, and consequently our management fee revenue. Elevated inflation, supply chain disruptions, or changes in tariff policies could impact the Exchange's operations and our management fees. In particular, unanticipated increased inflation costs including medical cost inflation, building material cost inflation, auto repair and replacement cost inflation, and social inflation may impact adequacy of estimated loss reserves and future premium rates of the Exchange. If any of these items impacted the financial condition or operations of the Exchange, it could have an impact on our financial results. For a discussion of the potential impacts to our operations or those of the Exchange, see Financial Condition and Liquidity and Capital Resources contained within this report, as well as Part I. Item 1A. "Risk Factors" included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 as filed with the Securities and Exchange Commission on February 23, 2026.

Financial market volatility

Our portfolio of available-for-sale and equity security investments is subject to market volatility, especially in periods of instability in the worldwide financial markets. Net investment income is impacted by the general level of interest rates, which impact reinvested cash flow from the portfolio and business operations. Depending upon market conditions, considerable fluctuation could occur in the fair value of our investment portfolio and reported total investment income, which could have an adverse impact on our consolidated financial condition, results of operations and cash flows. Various ongoing geopolitical events, the uncertain tariff, inflationary, and interest rate environment, and a potential economic slowdown could have a significant impact on the global financial markets with the potential for future losses and/or impairments on our investment portfolio.

RESULTS OF OPERATIONS

Management fee revenue

We have two performance obligations in the subscriber’s agreement, providing policy issuance and renewal services and acting as attorney-in-fact for the subscribers at the Exchange, as well as the service provider for the Exchange's insurance subsidiaries with respect to all administrative services. We retain management fees for acting as the attorney-in-fact for the subscribers at the Exchange in these two capacities and allocate our revenues between our performance obligations.

The management fee is calculated by multiplying all direct and affiliated assumed premiums written by the Exchange by the management fee rate, which is set by our Board of Directors at least annually. The management fee rate was set at 25% for both 2026 and 2025. Changes in the management fee rate can affect our revenue and net income significantly. The transaction price, including management fee revenue and administrative services reimbursement revenue, includes variable consideration and is allocated based on the estimated standalone selling prices developed using industry information and other available information for similar services. We update the transaction price and the related allocation at least annually based upon the most recent information available or more frequently if there have been significant changes in any components considered in the transaction price. Our current transaction price allocation review resulted in a minor change in the allocation between the two performance obligations in 2026 compared to 2025, which did not have a material impact on our consolidated financial statements.

The following table presents the allocation and disaggregation of revenue for our two performance obligations for the three months ended March 31:

(dollars in thousands)															2026			2025			% Change
															(Unaudited)
Policy issuance and renewal services
Direct and affiliated assumed premiums written by the Exchange																		$	3,232,426		$	3,120,674		3.6			%
Management fee rate																		24.41		%	24.37		%
Management fee revenue																		789,035			760,508			3.8
Change in estimate for management fee returned on cancelled policies (1)																		(2,636)			(5,459)			51.7
Management fee revenue - policy issuance and renewal services																		$	786,399		$	755,049		4.2			%
Administrative services
Direct and affiliated assumed premiums written by the Exchange																		$	3,232,426		$	3,120,674		3.6			%
Management fee rate																		0.59		%	0.63		%
Management fee revenue																		19,071			19,660			(3.0)
Change in contract liability (2)																		535			(1,968)			NM
Change in estimate for management fee returned on cancelled policies (1)																		(131)			(47)			NM
Management fee revenue - administrative services																		19,475			17,645			10.4
Administrative services reimbursement revenue																		200,096			210,273			(4.8)
Total revenue from administrative services																		$	219,571		$	227,918		(3.7)			%

NM = not meaningful

*(1)*A constraining estimate of variable consideration exists related to the potential for management fees to be returned if a policy were to be cancelled mid-term. Management fees are returned to the Exchange when policies are cancelled mid-term and unearned premiums are refunded.

*(2)*Management fee revenue - administrative services is recognized over time as the services are provided. See Part I, Item 1. "Financial Statements - Note 3, Revenue, of Notes to Consolidated Financial Statements" contained within this report.

Direct and affiliated assumed premiums written by the Exchange

Direct and affiliated assumed premiums include premiums written directly by the Exchange and premiums assumed from its wholly owned property and casualty subsidiaries. Direct and affiliated assumed premiums written by the Exchange increased 3.6% to $3.2 billion in the first quarter of 2026 compared to the first quarter of 2025, primarily driven by increased homeowners, commercial multi-peril and commercial auto premiums written. The year-over-year average premium per policy for all lines of business increased 8.1% at March 31, 2026 compared to 13.2% at March 31, 2025. Year-over-year policies in force for all lines of business decreased 1.7% in the first quarter of 2026 compared to an increase 3.2% in the first quarter of 2025.

Premiums generated from new business decreased 9.5% to $345 million in the first quarter of 2026 compared to the same period in 2025, primarily driven by decreased premiums written in the commercial multi-peril and personal auto lines. Contributing to this change was a 10.4% decrease in new business policies written, partially offset by a 4.5% increase in year-over-year average premium per policy on new business at March 31, 2026.

Premiums generated from renewal business increased 5.4% to $2.9 billion in the first quarter of 2026 compared to the first quarter of 2025 resulting from an increase of 8.7% in year-over-year average premium per policy at March 31, 2026, as well as an increase in year-over-year policies in force of 1.0% in the first quarter of 2026.

Personal lines – Total personal lines premiums written increased 2.1% to $2.2 billion in the first quarter of 2026, compared to the first quarter of 2025, driven by a 7.7% increase in total personal lines year-over-year average premium per policy, partially offset by a 2.2% decrease in total personal lines policies in force.

Commercial lines – Total commercial lines premiums written increased 6.8% to $1.0 billion in the first quarter of 2026, compared to the first quarter of 2025, driven by a 6.4% increase in total commercial lines year-over-year average premium per policy and a 2.1% increase in total commercial lines policies in force.

Future trends-premium revenue – The Exchange plans to continue its efforts to grow premiums and improve its competitive position in the marketplace. Expanding the size of its agency force through a careful agency selection and monitoring process and increased market penetration in our existing operating territories is expected to contribute to future growth .

Premium levels impacted by changes in policies in force and rate actions affect the profitability of the Exchange and have a direct bearing on our management fee revenue. Future rate actions could be impacted by potential changes in regulation, inflationary trends, geopolitical factors, and tariff policies, among others. As the Exchange writes policies almost exclusively with annual terms, premium rate actions take 12 months to be fully recognized in written premiums, or longer for policies with a rate locking feature. See also Part I. Item 1A. "Risk Factors" included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 as filed with the Securities and Exchange Commission on February 23, 2026.

Policy issuance and renewal services

									Three months ended March 31,
(dollars in thousands)															2026			2025			% Change
															(Unaudited)
Management fee revenue - policy issuance and renewal services																		$	786,399		$	755,049		4.2			%
Service agreement revenue																		5,941			6,432			(7.6)
																		792,340			761,481			4.1
Cost of operations - policy issuance and renewal services																		645,028			627,750			2.8
Operating income - policy issuance and renewal services																		$	147,312		$	133,731		10.2			%

Policy issuance and renewal services

The management fee revenue allocated for providing policy issuance and renewal services was 24.41% and 24.37% of the direct and affiliated assumed premiums written by the Exchange for the three month periods ended March 31, 2026 and 2025, respectively. This portion of the management fee is recognized as revenue when the policy is issued or renewed because it is at that time that the services we provide are substantially complete and the executed insurance policy is transferred to the customer. The increase in management fee revenue for policy issuance and renewal services was driven by the increase in the direct and affiliated assumed premiums written by the Exchange discussed previously.

Service agreement revenue

Service agreement revenue primarily consists of service charges we collect from subscribers (policyholders) for providing multiple payment plans on policies written by the Exchange and its property and casualty subsidiaries and also includes late payment and policy reinstatement fees. The service charges are fixed dollar amounts per billed installment. Service agreement revenue also includes fees received from the Exchange for the use of shared office space.

Cost of policy issuance and renewal services

									Three months ended March 31,
(dollars in thousands)															2026			2025			% Change
															(Unaudited)
Commissions:
Total commissions																		$	464,856		$	436,860		6.4			%
Non-commission expense:
Personnel costs (1)																		$	92,063		$	89,989		2.3			%
Sales and advertising (1)																		4,905			6,952			(29.5)
Acquisition and underwriting support costs (1)																		24,124			26,003			(7.2)
Technology infrastructure costs (1)																		25,803			26,071			(1.0)
Professional fees (1)																		19,321			26,276			(26.5)
Administrative and other (1)																		13,956			15,599			(10.5)
Total non-commission expense																		180,172			190,890			(5.6)
Total cost of operations - policy issuance and renewal services																		$	645,028		$	627,750		2.8			%

(1) 2025 amounts have been recast to conform to current period presentation. See Part I, Item 1. "Financial Statements - Note 4, Segment Information, of Notes to Consolidated Financial Statements" contained within this report for additional information on the revised expense categories.

Commissions – 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. The estimated agent incentive payouts at March 31, 2026 are based on actual underwriting results for the two prior years and current year-to-date actual results and forecasted results for the remainder of 2026. The profitability component of agent incentive compensation increased due to improved actual and forecasted loss ratios for the three-year period ended 2026 compared to the three-year period ended 2025. Commission expense is also impacted by the growth in direct and affiliated assumed written premium.

Non-commission expense – 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.

Administrative services

									Three months ended March 31,
(dollars in thousands)															2026			2025			% Change
															(Unaudited)
Management fee revenue - administrative services																		$	19,475		$	17,645		10.4			%
Administrative services reimbursement revenue																		200,096			210,273			(4.8)
Total revenue allocated to administrative services																		219,571			227,918			(3.7)
Administrative services expenses
Claims handling services																		175,024			185,999			(5.9)
Investment management services																		7,418			7,733			(4.1)
Life management services																		17,654			16,541			6.7
Operating income - administrative services																		$	19,475		$	17,645		10.4			%

Administrative services

The management fee revenue allocated to administrative services was 0.59% and 0.63% of the direct and affiliated assumed premiums written by the Exchange for the three month periods ended March 31, 2026 and 2025, respectively. This portion of the management fee is recognized as revenue over a four-year period representing the time over which the services are provided. We also report reimbursed costs as revenues, which are recognized monthly as services are provided. The administrative services expenses we incur and the related reimbursements we receive are recorded gross in the Consolidated Statements of Operations.

Cost of administrative services

Consistent with its legal structure as a reciprocal insurer, the Exchange does not have any employees or officers. Therefore, it enters into contractual relationships by and through the subscribers' attorney-in-fact. Indemnity serves as the attorney-in-fact on behalf of the subscribers at the Exchange with respect to its administrative services as enumerated in the subscriber's agreement. The Exchange's insurance subsidiaries also utilize Indemnity for these services in accordance with the service agreements between each of the subsidiaries and Indemnity. The subscriber's agreement and service agreements provide for reimbursement of amounts incurred for these services to Indemnity. Reimbursements due from the Exchange and its insurance subsidiaries are recorded as a receivable and settled at cost.

Total investment income

A summary of the results of our investment operations is as follows for the three months ended March 31:

						2026			2025						% Change
(dollars in thousands)						(Unaudited)
Net investment income						$	23,560		$	19,948					18.1			%
Net realized and unrealized investment (losses) gains						(765)			502						NM
Net impairment losses recognized in earnings						(676)			(914)						26.0
Total investment income						$	22,119		$	19,536					13.2			%

NM = not meaningful

Net investment income

Net investment income includes interest and dividends on our fixed maturity and equity security portfolios and the results of our limited partnership investments, net of investment expenses. Net investment income increased $3.6 million in the first quarter of 2026 compared to the same period in 2025, primarily due to an increase in bond income driven by higher average holdings and yields.

Net realized and unrealized investment (losses) gains

A breakdown of our net realized and unrealized investment gains (losses) is as follows for the three months ended March 31:

(in thousands)						2026						2025
Securities sold:						(Unaudited)
Available-for-sale securities						$	149					$	(262)
Equity securities						(32)						101
Change in fair value on remaining equity securities						(882)						658
Miscellaneous						0						5
Net realized and unrealized investment (losses) gains						$	(765)					$	502

Net impairment losses recognized in earnings

Net impairment losses during the first quarter of 2026 and 2025 included current expected credit losses on other loans receivable and agent loans as well as credit-related impairments on available-for-sale securities.

Financial Condition of Erie Insurance Exchange

Serving in the capacity of attorney-in-fact for the subscribers at the Exchange, we are dependent on the growth and financial condition of the Exchange, who is our sole customer. The strength of the Exchange and its wholly owned subsidiaries is rated annually by AM Best through assessing its financial stability and ability to pay claims. The ratings are generally based upon factors relevant to policyholders and are not directed toward return to investors. The Exchange and each of its property and casualty insurance subsidiaries are rated A "Excellent". See Part II, Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 as filed with the Securities and Exchange Commission on February 23, 2026 for a discussion of the Exchange's financial strength rating.

The financial statements of the Exchange are prepared in accordance with statutory accounting principles prescribed by the Commonwealth of Pennsylvania. Financial statements prepared under statutory accounting principles focus on the solvency of the insurer and generally provide a more conservative approach than under U.S. generally accepted accounting principles. Statutory direct written premiums of the Exchange and its wholly owned property and casualty insurance subsidiaries grew 3.6% to $3.2 billion in the first three months of 2026 compared to the same period in 2025. These premiums, along with investment income, are the major sources of cash that support the operations of the Exchange. Policyholders’ surplus determined under statutory accounting principles was $10.1 billion at both March 31, 2026 and December 31, 2025. The Exchange and its wholly owned property and casualty insurance subsidiaries' year-over-year policy retention ratio continues to be high at 88.0% at March 31, 2026 and 88.4% at December 31, 2025.

We have prepared our consolidated financial statements considering the financial strength of the Exchange based on its AM Best rating and strong level of surplus. See Part I, Item 1A. "Risk Factors" included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 as filed with the Securities and Exchange Commission on February 23, 2026 for possible outcomes that could impact that determination.

FINANCIAL CONDITION

Investments

Our investment portfolio is managed with the objective of maximizing after-tax returns on a risk-adjusted basis. The following table presents the carrying value of our investments as of:

(dollars in thousands)						March 31, 2026						% to total						December 31, 2025						% to total
						(Unaudited)
Available-for-sale securities (1)						$	1,387,147					85		%				$	1,364,828					85		%
Equity securities (2)						86,178						5						90,763						6
Agent loans (3)						120,524						8						109,331						7
Other investments (4)						38,753						2						37,342						2
Total investments						$	1,632,602					100		%				$	1,602,264					100		%

*(1)*This includes $37.0 million and $44.4 million of securities lent under a securities lending agreement as of March 31, 2026 and December 31, 2025, respectively.

*(2)*This includes $18.3 million and $20.1 million of securities lent under a securities lending agreement as of March 31, 2026 and December 31, 2025, respectively..

*(3)*The current portion of agent loans is included in the line item "Prepaid expenses and other current assets, net" in the Consolidated Statements of Financial Position.

*(4)*The current and long-term portions of other investments are included in the line items "Prepaid expenses and other current assets, net" and "Other assets, net", respectively in the Consolidated Statements of Financial Position.

Available-for-sale securities

Under our investment strategy, we maintain an available-for-sale security portfolio that is of high quality and well diversified within each market sector. This investment strategy also achieves a balanced maturity schedule. Our available-for-sale security portfolio is managed with the goal of achieving reasonable returns while limiting exposure to risk.

Available-for-sale securities are carried at fair value with unrealized gains and losses, net of deferred taxes, included in shareholders’ equity. Net unrealized losses on available-for-sale securities, net of deferred taxes, totaled $11.3 million at March 31, 2026, compared to unrealized gains of $1.3 million at December 31, 2025.

The following table presents a breakdown of the fair value of our available-for-sale portfolio by industry sector and rating as of:

(in thousands)						March 31, 2026 (1)
						AAA						AA						A						BBB						Non- investment grade						Fair value
						(Unaudited)
Basic materials						$	0					$	0					$	2,532					$	4,868					$	7,532					$	14,932
Communications						0						0						13,523						7,674						20,374						41,571
Consumer						0						10,959						50,126						80,326						55,039						196,450
Diversified						0						0						0						1,036						1,449						2,485
Energy						0						901						6,617						45,453						18,729						71,700
Financial						0						0						131,822						171,656						23,912						327,390
Industrial						0						1,008						19,007						29,060						43,547						92,622
Structured securities (2)						218,707						241,672						24,089						18,676						1,318						504,462
Technology						1,988						0						2,298						12,983						14,706						31,975
U.S. Treasury						0						11,484						0						0						0						11,484
Utilities						0						0						13,860						57,301						20,915						92,076
Total						$	220,695					$	266,024					$	263,874					$	429,033					$	207,521					$	1,387,147

*(1)*Ratings are supplied by S&P, Moody’s, and Fitch. The table is based upon the lowest rating for each security.

*(2)*Structured securities include residential and commercial mortgage-backed securities, collateralized debt obligations and asset-backed securities.

Equity securities

Equity securities primarily include nonredeemable preferred stocks and are carried at fair value in the Consolidated Statements of Financial Position with all changes in unrealized gains and losses reflected in the Consolidated Statements of Operations.

The following table presents an analysis of the fair value of our equity securities by sector as of:

(in thousands)						March 31, 2026						December 31, 2025
						(Unaudited)
Financial services						$	69,073					$	74,614
Utilities						3,662						3,696
Energy						3,011						2,713
Consumer						5,546						5,563
Technology						3,470						3,224
Communications						1,416						953
Total						$	86,178					$	90,763

LIQUIDITY AND CAPITAL RESOURCES

We continue to monitor the sufficiency of our liquidity and capital resources given the potential impact of current economic conditions, including the uncertain tariff, inflationary, and interest rate environment. While we did not see a significant impact on our sources or uses of cash in the first quarter of 2026, future market disruptions could occur which may affect our liquidity position. If our normal operating and investing cash activities were to become insufficient to meet future funding requirements, we believe we have sufficient access to liquidity through our cash position, diverse liquid marketable securities, and our $100 million bank revolving line of credit that does not expire until November 2029. See broader discussions of potential risks to our operations in "Operating Overview" contained within this report and Part I. Item 1A. "Risk Factors" included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 as filed with the Securities and Exchange Commission on February 23, 2026.

Sources and Uses of Cash

Liquidity is a measure of a company’s ability to generate sufficient cash flows to meet the short- and long-term cash requirements of its business operations and growth needs. Our liquidity requirements have been met primarily by funds generated from management fee revenue and income from investments. Cash provided from these sources is used primarily to fund the costs of our management operations including commissions, salaries and wages, pension plans, share repurchases, dividends to shareholders, the purchase and development of information technology, and other capital expenditures. See Part I, Item 1. "Financial Statements - Note 9, Postretirement Benefits, of Notes to Consolidated Financial Statements" contained within this report for the funding policy and related contribution for our defined benefit pension plan. We expect that our operating cash needs will be met by funds generated from operations. Cash in excess of our operating needs is primarily invested in investment grade fixed maturities. As part of our liquidity review, we regularly evaluate our capital needs based on current and projected results and consider the potential impacts to our liquidity, borrowing capacity, financial covenants, and capital availability.

We maintain relationships and cash balances at diversified and well-capitalized financial institutions and have established processes to monitor them. We believe that our current cash, cash equivalents and marketable securities, and cash generated from operations will be sufficient to meet our current and future cash requirements.

Volatility in the financial markets presents challenges to us as we do occasionally access our investment portfolio as a source of cash. Some of our fixed income investments, despite being publicly traded, may be illiquid. Additionally, if we require significant amounts of cash on short notice in excess of anticipated cash requirements, or if we are required to return cash collateral in connection with our securities lending program, we may have difficulty selling investments in a timely manner, or be forced to sell at deep discounts. We believe we have sufficient liquidity to meet our needs from sources other than the liquidation of securities.

Cash flow activities

The following table provides condensed cash flow information as follows for the three months ended March 31:

(in thousands)						2026						2025
						(Unaudited)
Net cash provided by operating activities						$	91,892					$	118,118
Net cash used in investing activities						(88,726)						(97,760)
Net cash used in financing activities						(80,424)						(58,376)
Net decrease in cash, cash equivalents and restricted cash						$	(77,258)					$	(38,018)

Net cash provided by operating activities was $91.9 million in the first three months of 2026, compared to $118.1 million for the same period in 2025. Decreased cash from operating activities was primarily due to an increase in incentive compensation paid to agents of $55.2 million from improved underwriting profitability and cash paid for agent commissions of $19.4 million driven by growth in direct and affiliated assumed premiums written by the Exchange. This was partially offset by an increase in management fees received of $42.3 million driven by premium growth.

Net cash used in investing activities was $88.7 million in the first three months of 2026, compared to $97.8 million for the same period in 2025. The decrease in cash used in investing activities was primarily due to an increase in proceeds, net of purchases, from sales and maturities/calls of available-for-sale securities of $21.9 million, partially offset by an increase in fixed asset purchases of $7.7 million mostly related to software and home office renovations.

Net cash used in financing activities was $80.4 million in the first three months of 2026, compared to $58.4 million for the same period in 2025. Increased cash used in financing activities was primarily due to the release of cash collateral resulting from lower securities lending activity under our securities lending program.

Capital Outlook

We regularly prepare forecasts evaluating the current and future cash requirements for both normal and extreme risk events. Should an extreme risk event result in a cash requirement exceeding normal cash flows, we have the ability to meet our future funding requirements through various alternatives available to us.

Outside of our normal operating and investing cash activities, future funding requirements could be met through: 1) unrestricted and unpledged cash and cash equivalents, which totaled approximately $228.5 million at March 31, 2026, 2) $100 million available bank revolving line of credit, and 3) liquidation of unrestricted and unpledged assets held in our investment portfolio, including equity securities and investment grade bonds, which totaled approximately $1.1 billion at March 31, 2026. Volatility in the financial markets could impair our ability to sell certain fixed income securities or cause such securities to sell at deep discounts. Additionally, we have the ability to curtail or modify discretionary cash outlays such as those related to shareholder dividends and share repurchase activities. See Part I, Item 1. "Financial Statements - Note 8, Bank Line of Credit, of Notes to Consolidated Financial Statements" contained within this report for additional information related to our bank revolving line of credit.

Off-Balance Sheet Arrangements

We have entered into certain contingent obligations for guarantees. See Part I, Item 1. "Financial Statements - Note 14, Commitments and Contingencies, of Notes to Consolidated Financial Statements" contained within this report for additional information. We do not believe that these obligations will have a material current or future effect on our consolidated financial condition, results of operations or cash flows.

CRITICAL ACCOUNTING ESTIMATES

We make estimates and assumptions that have a significant effect on the amounts and disclosures reported in the consolidated financial statements. The most significant estimates relate to investment valuation and the retirement benefit plan for employees. While management believes its estimates are appropriate, the ultimate amounts may differ from estimates provided. Our most critical accounting estimates are described in Item 7. "Management’s Discussion and Analysis of Financial Condition and Results of Operations" for the year ended December 31, 2025 of our Annual Report on Form 10-K as filed with the Securities and Exchange Commission on February 23, 2026. See Part I, Item 1. "Financial Statements - Note 6, Fair Value, of Notes to Consolidated Financial Statements" contained within this report for additional information on our valuation of investments.

Our exposure to market risk is primarily related to fluctuations in interest rates and prices. Quantitative and qualitative disclosures about market risk resulting from changes in interest rates, prices and other risk exposures for the year ended December 31, 2025 are included in Item 7A. "Quantitative and Qualitative Disclosures About Market Risk" of our Annual Report on Form 10-K as filed with the Securities and Exchange Commission on February 23, 2026.

The uncertain tariff, inflationary and interest rate environment, ongoing geopolitical risks and a potential economic slowdown may create future volatility; however, there have been no material impacts on our portfolio during the three months ended March 31, 2026. We continue to closely monitor the economic environment and financial markets and will take appropriate measures, when necessary, to minimize potential risk exposure to our cash and investment balances. For a recent discussion of conditions surrounding our investment portfolio, see the "Operating Overview", "Results of Operations" and "Financial Condition" discussions contained in Part I, Item 2. "Management’s Discussion and Analysis of Financial Condition and Results of Operations" contained within this report.

We carried out an evaluation, with the participation of management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (pursuant to Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended) as of the end of the period covered by this report. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures are effective.

Our management evaluated, with the participation of the Chief Executive Officer and Chief Financial Officer, any change in our internal control over financial reporting and determined there has been no change in our internal control over financial reporting during the three months ended March 31, 2026 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

Erie Indemnity Company ("Indemnity") was named as a defendant in a complaint filed on August 24, 2021, by alleged subscribers of the Erie Insurance Exchange (the "Exchange") in the Court of Common Pleas Civil Division of Allegheny County, Pennsylvania captioned TROY STEPHENSON, CHRISTINA STEPHENSON, SUSAN RUBEL and STEVEN BARNETT, individually and on behalf of all others similarly situated (Plaintiffs) v. Erie Indemnity Company (Defendant).

The complaint seeks relief for alleged breaches of fiduciary duty by Indemnity in connection with the setting of the management fee it receives, in accordance with the terms of the Subscribers Agreement executed between Indemnity and all policyholders of the Exchange, as compensation for acting as the attorney-in-fact in the management of the Exchange. The relief sought is for the period beginning two years prior to the date of the filing of the complaint and continuing through 2021.

The complaint seeks (i) a finding that Indemnity has breached its fiduciary duties; (ii) an award of damages in an amount to be determined at trial; and (iii) such other relief, including disgorgement of profits or other injunctive relief, that the Court deems just and proper.

Service of the complaint was effectuated on September 20, 2021. A Notice of Removal to the United States District Court for the Western District of Pennsylvania was filed on October 20, 2021. On November 2, 2021, Plaintiffs filed a Notice of Voluntary Dismissal. As a result, the action was dismissed without prejudice.

On December 6, 2021, another Complaint was filed in the Court of Common Pleas of Allegheny County, Pennsylvania captioned ERIE INSURANCE EXCHANGE, an unincorporated association, by TROY STEPHENSON, CHRISTINA STEPHENSON and STEVEN BARNETT, trustees ad litem, and alternatively, ERIE INSURANCE EXCHANGE, by TROY STEPHENSON, CHRISTINA STEPHENSON and STEVEN BARNETT, (Plaintiff), v. ERIE INDEMNITY COMPANY, (Defendant).

This most recent complaint has the same allegation of breach of fiduciary duty by Indemnity in connection with the setting of the management fee it receives, in accordance with the terms of the Subscribers Agreement executed between Indemnity and all policyholders of the Exchange, as compensation for acting as the attorney-in-fact in the management of the Exchange.

This most recent complaint seeks the same relief, specifically, (i) a finding that Indemnity has breached its fiduciary duties; (ii) an award of damages in an amount to be determined at trial; and (iii) such other relief, including disgorgement of profits or other injunctive relief, that the Court deems just and proper.

A Notice of Removal to the United States District Court for the Western District of Pennsylvania was filed on January 27, 2022. Indemnity intends to vigorously defend against all of the allegations and requests for relief in the complaint.

By Memorandum Opinion and Order dated September 28, 2022, the Court granted the Motion for Remand and directed the case be remanded to the Court of Common Pleas of Allegheny County, Pennsylvania. On September 30, 2022, Indemnity filed a Motion to Stay the Remand Order pending an appeal to the United States Court of Appeals for the Third Circuit. On October 3, 2022, the Court granted the Stay. On October 11, 2022, Indemnity filed a Petition for Permission to Appeal the Remand Order with the Third Circuit. By Order dated November 7, 2022, a three judge panel of the Court denied the Petition to Appeal.

On November 21, 2022, Indemnity filed a Petition for Rehearing requesting that the Third Circuit permit the appeal. By Order dated January 9, 2023, the Court granted the petition for rehearing and vacated the prior Order of October 7, 2022, denying permission to appeal. On April 20, 2023, argument was held before a three-judge panel of the Third Circuit. By Opinion dated May 22, 2023, the Court affirmed the decision of the District Court finding that there was no basis for federal court jurisdiction and that the matter had been properly remanded to state court. On June 5, 2023, Indemnity filed a Petition for Panel Rehearing or Rehearing En Banc. By Order dated June 22, 2023, the Court denied the Petition. The United States District Court thereafter extended its stay of the issuance of the remand order through the conclusion of any proceedings in the United States Supreme Court challenging the decision of the United States Court of Appeals for the Third Circuit that no federal jurisdiction exists in this case.

On October 20, 2023, Indemnity filed a Petition for Writ of Certiorari with the Supreme Court of the United States. The Petition sought a determination from the Court that the lower courts improperly denied federal jurisdiction. By order dated February 26, 2024, the United States Supreme Court denied Indemnity's Petition for Writ of Certiorari.

Separately, Indemnity filed a Complaint in Federal Court to invoke certain provisions of the “All Writs Act” and the “Anti-Injunction Act.” By filing this complaint, Indemnity seeks to protect the federal court's prior binding, final judgments in favor of Indemnity and thereby foreclose further litigation of the claims and issues pertaining to the compensation practices that were the subject of the prior judgments. After the denial of certiorari, the district court, by Opinion and Order dated February 28, 2024, granted Indemnity's motion for a preliminary injunction under the All Writs Act after determining that the gravamen of the plaintiff's state court action “is the same” as two actions previously dismissed in federal court, that Indemnity would be irreparably harmed if it is forced to relitigate those same issues in state court, plaintiffs had a full and fair opportunity to litigate the same issues in prior litigation, and that an injunction would serve the public interest. The Court’s order preliminarily enjoined the named plaintiffs from pursuing the Erie Ins. Exch. v. Erie Indem. Co. action and enjoined the state court from conducting further proceedings in that action. The court ordered Indemnity to file a motion to convert the preliminary injunction into a permanent injunction. In the meantime, plaintiffs filed a Notice of Appeal with the United States Court of Appeals for the Third Circuit. As a result of the filing of the appeal, the trial court stayed the order issuing an injunction.

On October 14, 2025, the Third Circuit issued an Opinion and concluded that “the District Court abused its discretion in granting Indemnity’s motion for preliminary injunction.” The Court determined that the Complaint in Stephenson only sought to challenge the management fee established in December 2019 and 2020. The Court went on to conclude that the issues were not litigated in either Ritz or Beltz and, therefore, the Stephenson plaintiffs were not precluded from challenging the management fee for those years. On October 28, 2025, Indemnity filed a Petition for Reargument before the Court en banc. On November 12, 2025, the Third Circuit denied the Petition for Reargument. On January 12, 2026, Indemnity filed a Petition for Writ of Certiorari with the United States Supreme Court. On March 23, 2026, the United States Supreme Court denied the Petition for Writ of Certiorari. The matter will now be remanded to the Court of Common Pleas of Allegheny County for further proceedings.

Indemnity intends to vigorously defend against all allegations and requests for relief sought by plaintiffs.

For additional information on contingencies, see Part I, Item 1. "Financial Statements - Note 14, Commitment and Contingencies, of Notes to Consolidated Financial Statements" contained within this report.

There have been no material changes to the risk factors previously disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 as filed with the Securities and Exchange Commission on February 23, 2026.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Issuer Purchases of Equity Securities

In 2011, our Board of Directors approved a continuation of the current stock repurchase program, authorizing repurchases for a total of $150 million with no time limitation. This repurchase authority included, and was not in addition to, any unspent amounts remaining under the prior authorization.

The following table provides information regarding our Class A nonvoting common stock share repurchases during the quarter

ending March 31, 2026:

(dollars in thousands, except per share data)
Period						Total number of shares purchased						Average price paid per share						Total number of shares purchased as part of publicly announced program						Dollar value of shares that may yet be purchased under the program
January 1-31, 2026 (1)						5,938						$	279.57					—						$	17,754
February 1-28, 2026 (2)						476						273.84						—						17,754
March 1-31, 2026 (3)						1,334						245.71						—						17,754
Total						7,748						273.38						—

(1) Represents shares purchased on the open market for stock-based awards in conjunction with our equity compensation plan.

(2) Represents shares purchased on the open market to fund the rabbi trust for the outside director deferred stock compensation plan.

(3) Represents shares purchased on the open market to fund the rabbi trust for the incentive compensation deferral plan.

Exhibit
Number						Description of Exhibit
31.1+						Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2+						Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32++						Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS+						Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH+						Inline XBRL Taxonomy Extension Schema Document.
101.CAL+						Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF+						Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB+						Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE+						Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104+						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

+ Filed herewith.

++ Furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

									Erie Indemnity Company
									(Registrant)
Date:			April 23, 2026			By:			/s/ Timothy G. NeCastro
									Timothy G. NeCastro, President & CEO
						By:			/s/ Julie M. Pelkowski
									Julie M. Pelkowski, Executive Vice President & CFO