Short answer
Erie Indemnity (ERIE) filed its fiscal 2024 10-K annual report with the SEC on Feb 27, 2025. It reported revenue of $3.8B (+16.1% year over year) and net income of $600M.
- Top risk flagged: Regulatory risk: State insurance commissioners must approve holding company transactions affecting member insurers per multiple state insurance holding company laws
FY2024 key financial metrics · XBRL
- Revenue
- $3.8B
- +16.1% YoY
- Net income
- $600M
- +34.6% YoY
- Operating margin
- 17.8%
- +1.9 pp YoY
- ROE
- 30.2%
- +3.4 pp YoY
- Operating cash flow
- $611M
- +60.3% YoY
Source: XBRL data from the Erie Indemnity (ERIE) FY2024 10-K on SEC EDGAR. USD.
Erie Indemnity FY2024 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: attorney-in-fact providing policy issuance, renewal, claims handling, and investment services for Erie Insurance Exchange
- No new products or services introduced; continued focus on property, casualty, and life insurance via wholly owned subsidiaries
- Management fee capped at 25% of premiums, annually reviewed and set by Board based on operating results and financial strength
- Maintained a single reportable segment: management operations with fees tied to direct and affiliated assumed premiums
- 100-year-old reciprocal insurer structure retaining policyholder agreement model for business operations and fee calculations
Management Discussion & Analysis
- Forward-looking risks: dependence on Erie Insurance Exchange, premium pricing, competition, regulatory changes, catastrophic losses, technology failures, and litigation
- No segment performance or margin data presented
- No cash flow, capital allocation, buybacks, dividends, or capex details given
- Management outlook emphasizes risks impacting future results, no quantitative guidance provided
Risk Factors
- Regulatory risk: State insurance commissioners must approve holding company transactions affecting member insurers per multiple state insurance holding company laws
- Operational risk: Reliance on Indemnity as attorney-in-fact for Exchange's reciprocal insurance subscribers, managing policy issuance and renewals
- Legal oversight risk: Board decisions balancing Exchange subscriber interests and shareholder benefits in related party transactions
- Supply chain risk: Dependence on Indemnity for shared facilities and administrative services under intercompany agreements
- Financial risk: Management fee paid to Indemnity as a percentage of direct and affiliated assumed premiums written by Exchange
Generated from the filing text; verify against the original. How to read a 10-K
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