On this page of StockholderLetter.com we present the latest annual shareholder letter from ERIE INDEMNITY CO — ticker symbol ERIE. Reading current and past ERIE letters to shareholders can bring important insights into the investment thesis.
in own words our Erie Indemnity Company 2025 5 Annual Report
H.O. Hirt CO-FOUNDER hold fast to that which is good" Alongside Never lose human touch and Insist upon thinking, H.O. Hirt included this advice in a handwritten note to his successors when he stepped down from active leadership in 1976. A framed copy remains on display in the CEO s office today.
in our own words Erie Insurance co-founder H.O. Hirt was a proli c writer, lling pages with re ections on life, leadership, and the kind of company he wanted to build. A natural teacher, he passed along his principles through words witty, thoughtful and grounded in integrity and heart. Those writings were captured in H.O. Hirt In His Own Words, a book that has shaped generations of Employees and Agents and continues to guide us today. Each person who has been part of the ERIE Family adds a new thread to that legacy. Together, their experiences form the fabric of who we are, rooted in H.O. s values and woven through a century of service. In this Annual Report, we share some of those stories re ections of purpose, pride and service inspired by his words, reframed in ours. 2025 ANNUAL REPORT | 3
Tim NeCastro PRESIDENT AND CEO 4 | ERIE INDEMNITY COMPANY
our to shareholders There Ther e are e moments in ourr liv ive es that de ne us. Mo us Momentts that mark th the end of one chap ch a ter an nd th he st star artt of o another. A few stand ou ut fo f r me. The day I became a father and then, 25 ye ears later, a grandfather. The day I joined Erie Insurance and nd then, 25 years later, was appointed President and CEO. O Organizations s have ve de e ning moments, too. And over the cours se of a cen entu ury ry, Erie Insurance has experienced many n . H.O. Hirt and O.G. Cra rawf wfor ord op o ening our doors in 1925. Fifty years late er, H.O .O. . s s re reti t reme m nt, ushering in a new era of leadership and eigh ghtt CE CEOs O sin nce. We saw ou ur Employees deepen th heir commitment to the com mmunities we serve, with h Employee service hours nearrly doubling and matchiing gift dollars increasing g by almost 400 percentt. We reinffor o ced our partnership witth our Agents throug gh new and enhanced produ ucts and services, working g closely with Agent Task F Forces to help shape our prio orities. We cel elebrated industry recognitio on that underscores our va valu l e proposition, including rst-place rankings forr Er fo E ie Insurance from both J.D. P Power and Consumer Reports. Re And we took a meaningful step in n formalizing our longstanding commitment to ourr communities lo with wi t the creation of the Erie Insurrance Foundation th hrough a $100 million seed gift ffrom Erie Indemnity Company ensuring our ability to Co o give back remains stro rong for generations to come. Yo ou u ll l nd more highlights from o our 100th year, and stor orie ies s from the people who help ped shape it, in the page ges that follow. Expanding bey yond Pen yond enns nsyl ylva vani n a in 1953. Becoming a publicly trade ed co comp mpan any y in 199 993. Joining the Fortune 500 in n 200 003 an and d be b ing added to the S&P 500 in 202 24. responding with discipline There were mo oments omen ts of ch chal alle leng nge as well: economic downturns, rec ces essi s on ons s, eve ven n th the e Gr G eat Depression. Catastrophic wea eather event nts. s A glo loba b l pandemic. While e 2025 marked an importan nt milestone, it also broug ght challenges that tested our o resolve and beca ame de ning moments for h how we respond and move ve forward. And there were re e milestones th hat mar a ked our growth with premium rea ach hin i g $1 million on in 19 1 46, $108 million at ERIE s 50th anniversary in 19 1975 75,, an and d $13 billion as we celebrated ourr 100th ann nniversary y in 20 2025 2 . Each of these moments bo both cel eleb ebra rato t ry and challenging s sharpened our sens nse e of who we are and how we arrrived here. And the mom oments we experienced th his past year reminde ded d us u of something just as importa ant: How you res spo pond nd in de ning moments is wh hat matterrs mo most st.. reflecting on a century of purpose This milles This esto one e yearr wa was s ma mark rked ed by ce cele lebr b at br atio i n an nd re e e ct ctio ion n on n the e succe ess ssfu ful bu busi sine n ss we e ve ve e bui uilt lt, th the e valu va l es e th ha at con nttin n nue to gu guid ide us s, th he pe p op ple l who h mak ke itt alll pos ossi s bl si b e. e In March, ERIE experienced the s single largest weather even nt in i our history. A fast-movin ng hailstorm resulted in mo ore than $360 million of incu urred losses for Erie Insura rance Exchange, following th hree consecutive years of abo bove v -average weather losse es. At the e same time, claim severity in both auto and home eowners continued to rise ffaster than our rate increa ase s s, even as we worked to o maintain competitive pricin ng for our Customers. These e pro tability pressures con ntributed to AM Best s adjust stm ment of the nancial stren ngth rating for the properrty/casualty members of E Erie Insurance Group from A+ (Superior) to A (Excelle ent). While e that change was disappo ointing, it s important to kee ep perspective. An A (Exce ellent) rating remains amon ng the strongest in the indu ustry. 5 2025 ANNUAL REPORT |
 • shareholder letter icon 3/20/2026 Letter Continued (Full PDF)
 • stockholder letter icon 3/24/2023 ERIE Stockholder Letter
 • stockholder letter icon 3/22/2024 ERIE Stockholder Letter
 • stockholder letter icon 3/21/2025 ERIE Stockholder Letter
 • stockholder letter icon More "Insurance Brokers" Category Stockholder Letters
 • Benford's Law Stocks icon ERIE Benford's Law Stock Score = 100


ERIE Shareholder/Stockholder Letter Transcript:

in
own
words
our
Erie Indemnity Company
2025
5 Annual Report

H.O.
Hirt
CO-FOUNDER
hold fast to that
which is

good"
Alongside    Never lose human touch    and    Insist upon thinking,    H.O. Hirt included
this advice in a handwritten note to his successors when he stepped down from
active leadership in 1976. A framed copy remains on display in the CEO   s office today.

in our
own
words
Erie Insurance co-founder H.O. Hirt was a
proli   c writer,    lling pages with re   ections on
life, leadership, and the kind of company he
wanted to build. A natural teacher, he passed
along his principles through words   witty,
thoughtful and grounded in integrity and heart.
Those writings were captured in H.O. Hirt In His
Own Words, a book that has shaped generations
of Employees and Agents   and continues to
guide us today. Each person who has been
part of the ERIE Family adds a new thread to
that legacy. Together, their experiences form
the fabric of who we are, rooted in H.O.   s values
and woven through a century of service.
In this Annual Report, we share some of those
stories   re   ections of purpose, pride and
service   inspired by his words, reframed in ours.
2025 ANNUAL REPORT |
3

Tim
NeCastro
PRESIDENT AND CEO
4
 | ERIE INDEMNITY COMPANY

our
to
shareholders
There
Ther
e are
e moments in ourr liv
ive
es that de   ne
us. Mo
us
Momentts that mark th
the end of one
chap
ch
a ter   an
nd th
he st
star
artt of
o another.
A few stand ou
ut fo
f r me. The day I became a father   
and then, 25 ye
ears later, a grandfather. The day I joined
Erie Insurance   
   and
nd then, 25 years later, was appointed
President and CEO.
O
Organizations
s have
ve de   
e   ning moments, too. And
over the cours
se of a cen
entu
ury
ry, Erie Insurance has
experienced many
n .
H.O. Hirt and O.G. Cra
rawf
wfor
ord op
o ening our doors in 1925.
Fifty years late
er, H.O
.O.   .   s
s re
reti
t reme
m nt, ushering in a new era
of leadership and eigh
ghtt CE
CEOs
O sin
nce.
We saw ou
ur Employees deepen th
heir commitment
to the com
mmunities we serve, with
h Employee service
hours nearrly doubling and matchiing gift dollars
increasing
g by almost 400 percentt.
We reinffor
o ced our partnership witth our Agents
throug
gh new and enhanced produ
ucts and services,
working
g closely with Agent Task F
Forces to help shape
our prio
orities.
We cel
elebrated industry recognitio
on that underscores
our va
valu
l e proposition, including    
   rst-place rankings
forr Er
fo
E ie Insurance from both J.D. P
Power and Consumer
Reports.
Re
And we took a meaningful step in
n formalizing our
longstanding commitment to ourr communities
lo
with
wi
t the creation of the Erie Insurrance Foundation
th
hrough a $100 million seed gift ffrom Erie Indemnity
Company   ensuring our ability to
Co
o give back remains
stro
rong for generations to come.
Yo
ou   
u   ll
l    nd more highlights from o
our 100th year, and
stor
orie
ies
s from the people who help
ped shape it, in the
page
ges that follow.
Expanding bey
yond Pen
yond
enns
nsyl
ylva
vani
n a in 1953. Becoming
a publicly trade
ed co
comp
mpan
any
y in 199
993. Joining the
Fortune 500 in
n 200
003   
   an
and
d be
b ing added to the
S&P 500 in 202
24.
responding
with discipline
There were mo
oments
omen
ts of ch
chal
alle
leng
nge as well: economic
downturns, rec
ces
essi
s on
ons
s, eve
ven
n th
the
e Gr
G eat Depression.
Catastrophic wea
eather event
nts.
s A glo
loba
b l pandemic.
While
e 2025 marked an importan
nt milestone, it also
broug
ght challenges that tested our
o resolve   and
beca
ame de   ning moments for h
how we respond and
move
ve forward.
And there were
re
e milestones th
hat mar
a ked our growth   
with premium rea
ach
hin
i g $1 million
on in 19
1 46, $108 million
at ERIE   s 50th anniversary in 19
1975
75,, an
and
d $13 billion as we
celebrated ourr 100th ann
nniversary
y in 20
2025
2 .
Each of these moments   bo
both cel
eleb
ebra
rato
t ry and
challenging   s
sharpened our sens
nse
e of who we are
and how we arrrived here. And the mom
oments we
experienced th
his past year reminde
ded
d us
u of something
just as importa
ant: How you res
spo
pond
nd in de   ning
moments is wh
hat matterrs mo
most
st..
reflecting
on a
century of purpose
This milles
This
esto
one
e yearr wa
was
s ma
mark
rked
ed by ce
cele
lebr
b at
br
atio
i n an
nd
re
e   e
    ct
ctio
ion   
n   on
n the
e succe
ess
ssfu
ful bu
busi
sine
n ss we   
e   ve
ve
e bui
uilt
lt, th
the
e
valu
va
l es
e th
ha
at con
nttin
n
nue to gu
guid
ide us
s, th
he pe
p op
ple
l who
h mak
ke
itt alll pos
ossi
s bl
si
b e.
e
In March, ERIE experienced the s
single largest weather
even
nt in
i our history. A fast-movin
ng hailstorm resulted
in mo
ore than $360 million of incu
urred losses for Erie
Insura
rance Exchange, following th
hree consecutive years
of abo
bove
v -average weather losse
es.
At the
e same time, claim severity in both auto and
home
eowners continued to rise ffaster than our rate
increa
ase
s s, even as we worked to
o maintain competitive
pricin
ng for our Customers.
These
e pro   tability pressures con
ntributed to AM Best   s
adjust
stm
ment of the    nancial stren
ngth rating for the
properrty/casualty members of E
Erie Insurance Group
from A+ (Superior) to A (Excelle
ent).
While
e that change was disappo
ointing, it   s important
to kee
ep perspective. An A (Exce
ellent) rating remains
amon
ng the strongest in the indu
ustry.
5
2025 ANNUAL REPORT |


shareholder letter icon 3/20/2026 Letter Continued (Full PDF)
 

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