At a glance
Erie Indemnity Company is worth $14.33B, about 26 times its fiscal 2025 earnings. Revenue grew 7.2% to $4.07B in fiscal 2025, with 13.8% kept as profit; over 5 years it has grown 9.9% a year. It pays no dividend. The stock returned −4.2% over the past year with dividends reinvested and +7.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 16.5% in the 2020 crash (S&P 500: 33.7%) and 17.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high within a month and 2 months after the lows.
The business in plain English
Erie Indemnity does not insure anyone itself. Since 1925 it has managed the Erie Insurance Exchange, a Pennsylvania reciprocal insurer that sells property and casualty insurance. In a reciprocal, policyholders (called subscribers) insure one another. The Exchange has no employees, so each policyholder signs a limited power of attorney naming Indemnity as their "attorney-in-fact" to handle certain business on their behalf.
Indemnity earns a management fee of up to 25% of the premiums the Exchange writes. Indemnity's board sets the rate at least once a year. Revenue was $4.07 billion in fiscal 2025. Fees for selling, underwriting and issuing policies made up 77%. Reimbursements for handling claims, managing life insurance and investing the Exchange's money added 20.6%, and these are repaid at cost. Smaller management and service fees made up the rest. Indemnity pays the agents' commissions out of its fee, and they were about 71% of its 2025 policy issuance and renewal expenses.
The Exchange is Indemnity's only customer, so Indemnity's results rise and fall with the Exchange's premiums. Indemnity reports a single segment, management operations. The Exchange sells only through independent agencies. Personal lines, mainly car and homeowners insurance, made up 71% of its 2025 premiums. Commercial lines made up the other 29%. They are mainly commercial multi-peril (bundled coverage for businesses), commercial auto and workers compensation.
Price history
The interactive chart needs JavaScript.
ERIE -4.2% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Management fee revenue - policy issuance and renewal services | $3.13B | 77% |
| Administrative services reimbursement revenue | $836.6M | 20.6% |
| Management fee revenue - administrative services | $74.1M | 1.8% |
| Service agreement revenue | $24.8M | 0.6% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $1.07B, up 0.3% from a year earlier, and net income was $182.0M (-0.5%).
- For fiscal 2025, revenue was $4.07B (+7.2% year over year; +9.9% a year from FY2020 to FY2025) with a 13.8% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +9.9% good |
|---|---|
| Operating margin | 17.6% good |
| Free cash flow margin | 14% good |
| Return on equity (FY2025) | 24.5% good |
| Return on assets (FY2025) | 16.7% good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $2.54B | $293.3M | $287.1M |
| FY2021 | $2.63B | $297.9M | $254.0M |
| FY2022 | $2.84B | $298.6M | $298.9M |
| FY2023 | $3.27B | $446.1M | $288.6M |
| FY2024 | $3.80B | $600.3M | $486.4M |
| FY2025 | $4.07B | $559.3M | $571.0M |
Valuation snapshot
| Market value | $14.33B |
|---|---|
| P/E ratio | 25.6 |
| Dividend yield | 2.13% |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ERIE price data to Nov 2, 2026 | -2.2% | -4.2% | +1.2% | +7.2% | +12.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -2.2% |
| 2025 | -29.4% |
| 2024 | +24.7% |
| 2023 | +37.4% |
| 2022 | +32.0% |
| 2021 | -20.0% |
| 2020 | +52.4% |
| 2019 | +27.1% |
| 2018 | +13.3% |
| 2017 | +11.2% |
| 2016 | +20.3% |
| 2015 | +9.6% |
| 2014 | +28.5% |
| 2013 | +8.1% |
| 2012 | -5.3% |
| 2011 | +23.0% |
| 2010 | +73.0% |
| 2009 | +9.0% |
| 2008 | -23.9% |
| 2007 | -7.9% |
| 2006 | +12.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 49% over that stretch · deepest drop along the way 49.7%, back to its old high 17.9 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 4.3% over that stretch · deepest drop along the way 16.5%, back to its old high 0.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 22.4% over that stretch · deepest drop along the way 17.1%, back to its old high 2.1 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| The PNC Financial Services Group, Inc. | 11% | Mar 31, 2025 |
ETFs with the most weight in ERIE
| KONG Formidable Fortress ETF | 2.42% |
| KNG FT Vest S&P 500 Dividend Aristocrats Target Income ETF | 1.6% |
| NOBL ProShares S&P 500 Dividend Aristocrats ETF | 1.59% |
| LEAD Siren DIVCON Leaders Dividend ETF | 1.42% |
| RSPF Invesco S&P 500 Equal Weight Financials ETF | 1.37% |
| IAK iShares U.S. Insurance ETF | 1.18% |
| FSGS First Trust SMID Growth Strength ETF | 1.13% |
| FSCS First Trust SMID Capital Strength ETF | 1.08% |
What could go wrong
- The board could lower the management fee. Indemnity's board sets the fee at least yearly, capped at 25% of the Exchange's premiums. It weighs both companies' financial strength and capital needs, so the rate could be cut. Regulators could also intervene.
- Everything rides on a single customer. The Erie Insurance Exchange is Indemnity's sole customer. Big catastrophe losses, lower financial strength ratings or strained ties with independent agents could shrink the Exchange's premiums, and Indemnity's fees with them.
- Heavy exposure to auto and home insurance. Personal lines, mainly car and homeowners policies, were 71% of the Exchange's 2025 premiums. Price competition from large national insurers, or changes in vehicle types and usage, could slow premium growth.
- Rate increases take a year or more. The Exchange writes almost all policies for one-year terms, and some auto policies lock in rates. Price changes therefore take 12 months or longer to show up fully in premiums and Indemnity's fees.
- Service costs could rise faster than fees. Indemnity pays agent commissions, underwriting and technology costs out of its fee. Agent pay alone was about 71% of 2025 policy issuance and renewal expenses. If costs outpace fee revenue, profits shrink.
- Technology failures or cyber attacks. Indemnity provides information technology services for the Exchange's policy work. Outages, failed technology projects, or breaches through cyber attacks, vendors or cloud providers could disrupt operations and make it harder to compete.
Recent events
- Quarterly results released
- Quarterly results released; Other company announcement
- Executive or board change
- Quarterly results released; Shareholder vote results; Other company announcement
- Quarterly results released; Other company announcement
- Executive or board change; Other company announcement
- Other company announcement
For income and retirement investors
Erie Indemnity pays a cash dividend, and the yield was 2.37% as of October 28, 2026. Total dividends paid rose every year from $193 million in fiscal 2021 to $254 million in fiscal 2025. In fiscal 2025, dividends used about 45.5% of earnings and 44.5% of free cash flow (cash left after running and investing in the business). It recorded no share buybacks from fiscal 2021 to 2025.
The shares have behaved unevenly in market slumps. They fell 49.7% in the 2008 financial crisis and did not regain their peak until September 2010. They dropped 16.5% in the 2020 COVID crash but recovered within days. They gained 22.4% between the market's January 2022 peak and its October 2022 low. The deepest drop on record, 60.9%, came in the three years to October 28, 2026. As a single stock with one customer, Erie Indemnity carries more risk than a diversified fund.
Questions investors ask
How does Erie Indemnity make money?
Mainly through a management fee. Erie Indemnity manages the Erie Insurance Exchange, a reciprocal insurer whose policyholders insure one another, and keeps a fee of up to 25% of the premiums the Exchange writes. In fiscal 2025, fees for selling, underwriting and issuing policies made up 77% of its $4.07 billion revenue. Reimbursements for claims, life insurance and investment services added 20.6%, and these are repaid at cost. Indemnity pays the independent agents' commissions out of its fee.
Is Erie Indemnity an insurance company?
Not in the usual sense. Erie Indemnity does not write insurance policies itself. It serves as attorney-in-fact, a manager acting under a limited power of attorney, for policyholders of the Erie Insurance Exchange. The Exchange writes the property and casualty policies but has no employees. Indemnity's fee is tied to the Exchange's premiums rather than its claims. Even so, heavy catastrophe losses at the Exchange could hurt Indemnity by making it harder for the Exchange to keep and win business.
Does Erie Indemnity pay a dividend?
Yes. The dividend yield was 2.37% as of October 28, 2026. Total dividends paid rose each year from $193 million in fiscal 2021 to $254 million in fiscal 2025, about $1.1 billion across those five years. In fiscal 2025, dividends used about 45.5% of earnings and 44.5% of free cash flow. The company recorded no share buybacks over that span, so dividends were its way of returning cash to shareholders.
How has Erie Indemnity stock performed?
Strong over 10 years, weak over shorter periods. As of October 28, 2026, the share price had gained about 11.8% a year over 10 years, or 204% in total. But it was down 21.3% over one year and 12% so far in 2026, after a 29.4% drop in 2025. Its deepest decline on record, 60.9%, happened within the three years to that date.
What is the biggest risk for Erie Indemnity?
Its dependence on one customer. The Erie Insurance Exchange is Indemnity's sole customer, and Indemnity's fees are a percentage of the Exchange's premiums. Those premiums could shrink because of catastrophe losses, weaker financial strength ratings, strained ties with independent agents or tougher competition in auto and home insurance. If they do, Indemnity's revenue falls too. Indemnity's own board also resets the fee rate at least yearly and could lower it.