Erie Indemnity Company is a publicly held Pennsylvania business corporation that serves as the attorney-in-fact for the subscribers (policyholders) at the Erie Insurance Exchange, a reciprocal insurer. The company's primary function is to perform policy issuance and renewal services on behalf of the subscribers at the Exchange. It also provides claims handling and investment management services. The Exchange is represented by independent agencies as its sole distribution channel. The company does not directly compete against other reciprocal insurance companies.

• Employees: 6,481 (full-time) (as of December 31, 2023)
• Geographic Footprint: 12 states (based on field offices)
• Headquarters: Erie, Pennsylvania
• Founded: 1925
• Number of locations/facilities: 25 field offices (owned or leased)
• Revenue: $520.26 million (FY2023)
• Market Cap: $5.3 billion (as of June 30, 2023, Class A non-voting common stock)
• Key Subsidiaries/Brands: Erie Insurance Company, Erie Insurance Company of New York, Erie Insurance Property & Casualty Company, Flagship City Insurance Company, and Erie Family Life Insurance Company

• CEO: Timothy G. NeCastro
• CFO: Julie M. Pelkowski
• Other Key Executives: Brian W. Bolash (Executive Vice President, Secretary and General Counsel), Sean D. Dugan (Executive Vice President, Human Resources and Corporate Services), Lorianne Feltz (Executive Vice President, Claims & Customer Service), Douglas E. Smith (Executive Vice President, Sales & Products), Parthasarathy Srinivasa (Executive Vice President and Chief Information Officer)

Key leaders have extensive experience in insurance, law, and finance.

• Annual Revenue: $520.26 million (FY2023)
• Net Income: $446.06 million (FY2023)
• Market Cap: $5.3 billion (as of June 30, 2023)
• Total Assets: $2.47 billion (as of December 31, 2023)
• Number of Employees: 6,481 (full-time) (as of December 31, 2023)
• Key Financial Highlights: Management fee revenue increased 17.0% for policy issuance and renewal services and 9.2% for administrative services. Total investment income increased due to lower net realized and unrealized investment losses.

The company provides policy issuance and renewal services, claims handling, and investment management services.

• Policy Issuance and Renewal Services: Sales, underwriting, and policy processing.
• Claims Handling Services: Adjustment, investigation, defense, recording, and payment functions.
• Investment Management Services: Investment trading activity, accounting, and other functions related to investment of funds.
• Life Insurance Management Services: Management and processing of life insurance business.

The company operates through two main segments:

• Policy Issuance and Renewal Services: Generates revenue from management fees based on direct and affiliated assumed premiums written by the Exchange.
• Administrative Services: Generates revenue from management fees and reimbursements for administrative services provided to the Exchange and its subsidiaries.

The Exchange's strategic focus is to employ a disciplined underwriting philosophy and leverage its strong surplus position to generate higher risk adjusted investment returns. The goal is to produce acceptable returns, on a long-term basis, through careful risk selection, appropriate pricing and superior investment returns. The company is focused on simplifying and improving employee, agent, and customer experiences, increasing efficiencies, and addressing disruptive changes in the insurance industry through technology.

• Key strategic initiatives: Focus on technology development, talent management, and DEI initiatives.
• Growth drivers: Increasing market penetration, policy retention, and premium growth.
• Investment priorities: Maintaining a diversified investment portfolio.

The company operates in the property and casualty insurance industry.

• Market Position: The Exchange is rated A+ (Superior) by A.M. Best.
• Key Competitors: Large national and regional insurance companies, as well as companies that market directly to consumers.
• Industry Trends: Competition based on price, customer service, and product offerings; technological innovations; and changing consumer preferences.

• Market Risks: Competition from other insurance companies, changes in macroeconomic conditions, and financial market volatility.
• Operational Risks: Inability to control costs, attract and retain talent, manage technology initiatives, and maintain system availability.
• Financial Risks: Dependency on the financial condition of the Exchange, performance of the Exchange's investment portfolio, and ability to access capital.
• Regulatory Risks: Changes in insurance laws and regulations, as well as litigation and regulatory actions.
• Cybersecurity Risks: Cyber attacks, data breaches, and third-party risks.