Erie Indemnity : March 2024 Erie Insurance Company

STATEMENT AS OF MARCH 31, 2024 OF THE ERIE INSURANCE COMPANY

ASSETS

						Current Statement Date		4
					1	2		3	December 31
								Net Admitted Assets	Prior Year Net
					Assets	Nonadmitted Assets		(Cols. 1 - 2)	Admitted Assets
1.	Bonds			................724,056,587	...................................	................	724,056,587	................716,970,258
2.	Stocks:
	2.1 Preferred stocks		.......................237,905	...................................	.......................	237,905	.......................238,750
	2.2 Common stocks		................. 25,020,747	...................................	.................	25,020,747	................. 25,490,859
3.	Mortgage loans on real estate:
	3.1 First liens			...................................	...................................	...................................	...................................
	3.2 Other than first liens	...................................	...................................	...................................	...................................
4.	Real estate:
	4.1 Properties occupied by the company (less $
	encumbrances)		...................................	...................................	...................................	...................................
	4.2 Properties held for	the production of income (less
	$	encumbrances)	...................................	...................................	...................................	...................................
	4.3 Properties held for sale (less $
	.......................................................................................encumbrances)		...................................	...................................	...................................	...................................
5.	Cash ($	(186,289) ), cash equivalents
	($	7,848,380 ) and short-term
	investments ($	...................................	)	7,662,091	...................................	...................	7,662,091	................. 10,776,067
6.	Contract loans (including $	premium notes)	...................................	...................................	...................................
7.	Derivatives			...................................	...................................	...................................	...................................
8.	Other invested assets	1,483,954	649,189	.......................	834,765	...................... 842,292
9.	Receivables for securities	1,028,993	...................................	...................	1,028,993	...................1,165,439
10.	Securities lending reinvested collateral assets	9,927,310	...................................	...................	9,927,310	................. 10,001,471
11.	Aggregate write-ins for invested assets	...................................	...................................	...................................	...................................
12.	Subtotals, cash and invested assets (Lines 1 to 11)	769,417,588	649,189	................	768,768,399	................765,485,136
13.	Title plants less $	charged off (for Title insurers
	only)			...................................	...................................	...................................	...................................
14.	Investment income due and accrued	7,356,361	...................................	...................	7,356,361	................... 7,500,435

15. Premiums and considerations:

15.1	Uncollected premiums and agents' balances in the course of collection	92,648,588	1,011,012	91,637,576	81,850,659
15.2	Deferred premiums, agents' balances and installments booked but
	...................................deferred and not yet due (including $
	earned but unbilled premiums)	838,434,251	...................................	838,434,251	760,175,870
15.3	Accrued retrospective premiums ($	) and
	contracts subject to redetermination ($	)	................................... ................................... ................................... ...................................

16. Reinsurance:

	16.1	....................................................Amounts recoverable from reinsurers	........................ 92,678	...................................	........................ 92,678	...................... 144,893
	16.2	Funds held by or deposited with reinsured companies	...................2,006,458	...................................	...................2,006,458	...................1,995,991
	16.3	Other amounts receivable under reinsurance contracts	........................ 42,932	...................................	........................ 42,932	........................ 10,251
17.	Amounts receivable relating to uninsured plans	...................................	...................................	...................................	...................................
18.1	....Current federal and foreign income tax recoverable and interest thereon	................. 20,220,382	...................................	................. 20,220,382	................. 18,423,152
18.2	Net deferred tax asset	...................................................................................	................... 8,276,713	...................................	................... 8,276,713	................... 8,396,799
19.	Guaranty funds receivable or on deposit	...................................	...................................	...................................	...................................
20.	Electronic data processing equipment and software	...................................	...................................	...................................	...................................
21.	Furniture and equipment, including health care delivery assets
	...................................($	...................................	...................................	...................................	...................................
22.	.........Net adjustment in assets and liabilities due to foreign exchange rates	...................................	...................................	...................................	...................................
23.	Receivables from parent, subsidiaries and affiliates	...................................	...................................	...................................	...................................
24.	Health care ($	) and other amounts receivable	...................................	...................................	...................................	...................................
25.	Aggregate write-ins for other than invested assets	...................2,047,258	...................................	...................2,047,258	................... 2,393,450

26. Total assets excluding Separate Accounts, Segregated Accounts and

	Protected Cell Accounts (Lines 12 to 25)	1,740,543,209	1,660,201	1,738,883,008	1,646,376,636
27.	From Separate Accounts, Segregated Accounts and Protected Cell
	Accounts	...................................	...................................	...................................	...................................
28.	Total (Lines 26 and 27)	1,740,543,209	1,660,201	1,738,883,008	1,646,376,636
	DETAILS OF WRITE-INS
1101.	......................................................................................................................	....................................	....................................	....................................	....................................
1102.	......................................................................................................................	....................................	....................................	....................................	....................................
1103.	......................................................................................................................	....................................	....................................	....................................	....................................
1198.	Summary of remaining write-ins for Line 11 from overflow page	...................................	...................................	...................................	...................................
1199.	Totals (Lines 1101 through 1103 plus 1198)(Line 11 above)
2501.	Premium Tax Credits & Other	...................2,012,312	...................................	...................2,012,312	...................1,852,927
2502.	Equities and Deposits in Pools and Associations
........................ 24,689	...................................	........................ 24,689	........................ 24,689
2503.	Other Accounts Receivable	........................ 10,257	...................................	........................ 10,257	...................... 515,834
2598.	Summary of remaining write-ins for Line 25 from overflow page	...................................	...................................	...................................	...................................
2599.	Totals (Lines 2501 through 2503 plus 2598)(Line 25 above)	2,047,258		2,047,258	2,393,450

2

STATEMENT AS OF MARCH 31, 2024 OF THE ERIE INSURANCE COMPANY

LIABILITIES, SURPLUS AND OTHER FUNDS

							1	2
							Current	December 31,
							Statement Date	Prior Year
1.	Losses (current accident year $	57,637,741 )			................314,035,318	................311,540,268
2.	.......................................................................................Reinsurance payable on paid losses and loss adjustment expenses			...................................	...................................
3.	Loss adjustment expenses					................. 46,044,103	................. 45,703,860
4.	Commissions payable, contingent commissions and other similar charges	.............................................................................		...................................	...................................
5.	...............................................................................................................Other expenses (excluding taxes, licenses and fees)			...................... 123,891	...................... 155,695
6.	...................................................................................Taxes, licenses and fees (excluding federal and foreign income taxes)			...................2,660,907	...................3,910,141
7.1	Current federal and foreign income taxes (including $	on realized capital gains (losses))	..............	...................................	...................................
7.2	Net deferred tax liability					...................................	...................................
8.	Borrowed money $	and interest thereon $	..............................................	...................................	...................................
9.	Unearned premiums (after deducting unearned premiums for ceded reinsurance of $	2,040,630,119	and
	including warranty reserves of $ ................................... and accrued accident and health experience rating refunds
	including $	...............................for medical loss ratio rebate per the Public Health Service Act)	................233,056,753	................220,537,626
10.	Advance premium					...................6,934,091	................... 4,257,130
11.	Dividends declared and unpaid:
	11.1 Stockholders					...................................	...................................
	11.2 Policyholders					...................... 324,255	.......................343,484
12.	........................................................................................Ceded reinsurance premiums payable (net of ceding commissions)			................793,945,171	................716,546,594
13.	..................................................................................................................Funds held by company under reinsurance treaties			...................1,550,216	...................1,540,248
14.	..............................................................................................Amounts withheld or retained by company for account of others			................... 3,071,100	...................1,460,752
15.	........................................................................................................................................Remittances and items not allocated				........................ 80,816	........................ 61,526
16.	Provision for reinsurance (including $	................................... certified)			........................ 15,000	........................ 15,000
17.	...................................................................................Net adjustments in assets and liabilities due to foreign exchange rates			...................................	...................................
18.	Drafts outstanding					...................................	...................................
19.	............................................................................................................................Payable to parent, subsidiaries and affiliates			................. 32,886,736	................. 32,269,272
20.	Derivatives					...................................	...................................
21.	Payable for securities					...................... 996,310	...................................
22.	....................................................................................................................................................Payable for securities lending					................... 9,927,310	................. 10,001,471
23.	......................................................................................................................Liability for amounts held under uninsured plans			...................................	...................................
24.	Capital notes $	and interest thereon $	.................................................	...................................	...................................
25.	Aggregate write-ins for liabilities
26.	Total liabilities excluding protected cell liabilities (Lines 1 through 25)			1,445,651,977	1,348,343,067
27.	Protected cell liabilities					...................................	...................................
28.	...............................................................................................................................................Total liabilities (Lines 26 and 27)				............ 1,445,651,977	............ 1,348,343,067
29.	............................................................................................................................Aggregate write-ins for special surplus funds			...................................	...................................
30.	Common capital stock					...................2,350,000	...................2,350,000
31.	Preferred capital stock					...................................	...................................
32.	...........................................................................................................Aggregate write-ins for other than special surplus funds			...................................	...................................
33.	Surplus notes					...................................	...................................
34.	.......................................................................................................................................Gross paid in and contributed surplus				................. 86,482,000	................. 86,482,000
35.	Unassigned funds (surplus)					................204,399,031	............... 209,201,569
36.	Less treasury stock, at cost:
	36.1	shares common (value included in Line 30	$	)	...................................	...................................
	36.2	shares preferred (value included in Line 31	$	)
37.	Surplus as regards policyholders (Lines 29 to 35, less 36)			293,231,031	298,033,569
38.	Totals (Page 2, Line 28, Col. 3)					1,738,883,008	1,646,376,636
	DETAILS OF WRITE-INS
2501		....................................
2502		....................................
2503		....................................
2598.	..............................................................................................Summary of remaining write-ins for Line 25 from overflow page			...................................	...................................
2599.	Totals (Lines 2501 through 2503 plus 2598)(Line 25 above)
2901		....................................
2902		....................................
2903		....................................
2998.	..............................................................................................Summary of remaining write-ins for Line 29 from overflow page			...................................	...................................
2999.	Totals (Lines 2901 through 2903 plus 2998)(Line 29 above)
3201		....................................
3202		....................................
3203		....................................
3298.	..............................................................................................Summary of remaining write-ins for Line 32 from overflow page			...................................	...................................
3299.	Totals (Lines 3201 through 3203 plus 3298)(Line 32 above)

3

STATEMENT AS OF MARCH 31, 2024 OF THE ERIE INSURANCE COMPANY

STATEMENT OF INCOME

						1	2		3
						Current	Prior Year	Prior Year Ended
						Year to Date	to Date	December 31
			UNDERWRITING INCOME
1.	Premiums earned:
	1.1 Direct (written $	............	1,053,775,145	)	940,404,618	711,338,928		............ 3,172,517,349
	1.2 Assumed (written $	.............................................................................157,943,086 )	................144,109,839	................119,568,789		................509,164,557
	1.3 Ceded (written $	............	1,069,120,732	)	................954,436,086	................719,476,078		............ 3,208,042,877
	1.4 Net (written $	................	142,597,499 )			................130,078,371	................111,431,639		................473,639,029
		.....................................................................................
			DEDUCTIONS:
2.	Losses incurred (current accident year $	93,878,832	):
	2.1 Direct				667,281,355	748,592,564		............ 2,811,315,249
	2.2 Assumed				102,410,765	105,545,098		................430,338,662
	2.3 Ceded				............... 680,056,990	................757,313,991		............ 2,850,318,401
	2.4 Net				................. 89,635,130	................. 96,823,671		................391,335,510
3.	....................................................................................................Loss adjustment expenses incurred		................. 12,220,321	...................9,824,801		................. 43,972,247
4.	.................................................................................................Other underwriting expenses incurred		................. 39,349,640	................. 32,120,687		................138,029,924
5.	Aggregate write-ins for underwriting deductions
92,414	27,828		...................... 178,059
6.	Total underwriting deductions (Lines 2 through 5)	141,297,505	138,796,987		................573,515,740
7.	.............................................................................................................Net income of protected cells
8.	Net underwriting gain (loss) (Line 1 minus Line 6 + Line 7)	(11,219,134)	(27,365,348)		................(99,876,711)
			INVESTMENT INCOME
9.	Net investment income earned		7,264,452	6,275,584		................. 26,340,120
10.	Net realized capital gains (losses) less capital gains tax of $	....................	(2,074,895)	(5,671,948)		(17,061,100)
11.	Net investment gain (loss) (Lines 9 + 10)		5,189,557	603,636		...................9,279,020
			OTHER INCOME
12.	Net gain or (loss) from agents' or premium balances charged off (amount recovered
	$	178,397	amount charged off $	917,285 )	.....................(738,888)	.....................(542,033)		................. (2,326,072)
13.	......................................................................Finance and service charges not included in premiums	...................................	...................................		...................................
14.	Aggregate write-ins for miscellaneous income	...................................................................................	36,786	6,996		23,134
15.	Total other income (Lines 12 through 14)		(702,102)	(535,037)		(2,302,938)

16. Net income before dividends to policyholders, after capital gains tax and before all other federal

and foreign income taxes (Lines 8 + 11 + 15)	(6,731,679)	(27,296,749)	................(92,900,629)
17. Dividends to policyholders	54,446	98,356	274,136

18. Net income, after dividends to policyholders, after capital gains tax and before all other federal and

	foreign income taxes (Line 16 minus Line 17)	(6,786,125)	(27,395,105)	(93,174,765)
19.	Federal and foreign income taxes incurred	(1,797,230)	(6,306,776)	(18,715,442)
20.	Net income (Line 18 minus Line 19)(to Line 22)	(4,988,895)	(21,088,329)	(74,459,323)
	CAPITAL AND SURPLUS ACCOUNT
21.	Surplus as regards policyholders, December 31 prior year	298,033,569	376,975,258	376,975,258
22.	Net income (from Line 20)	(4,988,895)	(21,088,329)	(74,459,323)
23.	Net transfers (to) from Protected Cell accounts	...................................	...................................	...................................
24.	......................Change in net unrealized capital gains (losses) less capital gains tax of $	110,836	.......................(58,771)	..................(1,037,739)	................. (5,641,353)
25.	Change in net unrealized foreign exchange capital gain (loss)	..........................5,613	........................ 30,392	........................ 33,749
26.	Change in net deferred income tax	........................ (9,250)	........................ 55,332	...................1,656,813
27.	Change in nonadmitted assets	...................... 248,765	.......................(42,339)	.....................(516,575)
28.	Change in provision for reinsurance	...................................	...................................	...................... (15,000)
29.	Change in surplus notes	...................................	...................................	...................................
30.	Surplus (contributed to) withdrawn from protected cells	...................................	...................................	...................................
31.	Cumulative effect of changes in accounting principles
...................................	...................................	...................................
32.	Capital changes:
	32.1 Paid in	...................................	...................................	...................................
	32.2 Transferred from surplus (Stock Dividend)	...................................	...................................	...................................
	32.3 Transferred to surplus	...................................	...................................	...................................

33. Surplus adjustments:

	33.1 Paid in	...................................	...................................	...................................
	33.2 Transferred to capital (Stock Dividend)
	...................................	...................................	...................................
	33.3 Transferred from capital	...................................	...................................	...................................
34.	Net remittances from or (to) Home Office	...................................	...................................	...................................
35.	Dividends to stockholders	...................................	...................................	...................................
36.	Change in treasury stock	...................................	...................................	...................................
37.	Aggregate write-ins for gains and losses in surplus
38.	Change in surplus as regards policyholders (Lines 22 through 37)	(4,802,538)	(22,082,684)	(78,941,689)
39.	Surplus as regards policyholders, as of statement date (Lines 21 plus 38)	293,231,031	354,892,574	298,033,569
	DETAILS OF WRITE-INS
0501.	LAD Program Expense			...................... 178,059
92,414	........................ 27,828
0502		....................................	....................................
0503		....................................	....................................
0598.	Summary of remaining write-ins for Line 5 from overflow page	...................................	...................................	...................................
0599.	Totals (Lines 0501 through 0503 plus 0598)(Line 5 above)	92,414	27,828	178,059
1401.	Miscellaneous Income	36,786	7,223	........................ 24,714
1402.	State Fines and Penalties	...................................	............................(227)	........................ (1,580)
1403.	............................................................................................................................................................	...................................	...................................	...................................
1498.	Summary of remaining write-ins for Line 14 from overflow page
...................................	...................................	...................................
1499.	Totals (Lines 1401 through 1403 plus 1498)(Line 14 above)	36,786	6,996	23,134
3701		....................................	....................................
3702		....................................	....................................
3703		....................................	....................................
3798.	Summary of remaining write-ins for Line 37 from overflow page
...................................	...................................	...................................
3799.	Totals (Lines 3701 through 3703 plus 3798)(Line 37 above)

4

STATEMENT AS OF MARCH 31, 2024 OF THE ERIE INSURANCE COMPANY

CASH FLOW

Cash from Operations

1

Current Year

To Date

2

Prior Year

To Date

3

Prior Year Ended

December 31

1.	Premiums collected net of reinsurance	................134,534,066	................113,616,008	................489,027,942
2.	Net investment income	................... 7,727,971	................... 7,034,607	................. 28,026,880
3.	Miscellaneous income	(514,914)	(422,084)	(1,942,781)
4.	Total (Lines 1 to 3)	141,747,123	120,228,531	515,112,041
5.	Benefit and loss related payments	................. 87,087,865	................. 86,101,680	................354,217,466
6.	Net transfers to Separate Accounts, Segregated Accounts and Protected Cell Accounts	...................................	...................................	...................................
7.	...............................................Commissions, expenses paid and aggregate write-ins for deductions	................. 50,739,552	................. 43,324,079	................178,693,646
8.	Dividends paid to policyholders	........................ 73,675	.......................110,533	...................... 356,625
9.	Federal and foreign income taxes paid (recovered) net of $	tax on capital
	gains (losses)			(12,957,565)
10.	Total (Lines 5 through 9)	137,901,093	129,536,293	520,310,172
11.	Net cash from operations (Line 4 minus Line 10)	3,846,030	(9,307,762)	(5,198,131)

Cash from Investments

12. Proceeds from investments sold, matured or repaid:

	12.1	Bonds	................. 59,437,551	................. 47,013,628	................213,843,376
	12.2	Stocks	...................... 252,498	...................... 200,400	...................... 962,244
	12.3	Mortgage loans	...................................	...................................	...................................
	12.4	Real estate	...................................	...................................	...................................
	12.5	Other invested assets	...................................	...................................	...................................
	12.6	Net gains or (losses) on cash, cash equivalents and short-term investments	...................................	...................................	...................................
	12.7	Miscellaneous proceeds	1,207,634	1,386,962	3,424,278
	12.8 Total investment proceeds (Lines 12.1 to 12.7)	................. 60,897,683	................. 48,600,990	............... 218,229,898
13.	Cost of investments acquired (long-term only):
	13.1	Bonds	................. 68,402,456	................. 51,580,631	................205,015,397
	13.2	Stocks	...................... 250,000	...................... 428,750	................... 1,178,750
	13.3	Mortgage loans	...................................	...................................	...................................
	13.4	Real estate	...................................	...................................	...................................
	13.5	Other invested assets	...................... 227,500	...................... 160,000	...................... 202,500
	13.6	Miscellaneous applications
	13.7	Total investments acquired (Lines 13.1 to 13.6)	68,879,956	52,169,381	206,396,647
14.	......................................................Net increase (or decrease) in contract loans and premium notes
15.	Net cash from investments (Line 12.8 minus Line 13.7 and Line 14)	(7,982,273)	(3,568,391)	11,833,251
		Cash from Financing and Miscellaneous Sources
16.	Cash provided (applied):
	16.1	Surplus notes, capital notes	...................................	...................................	...................................
	16.2	Capital and paid in surplus, less treasury stock	...................................	...................................	...................................
	16.3	Borrowed funds	...................................	...................................	...................................
	16.4	Net deposits on deposit-type contracts and other insurance liabilities	...................................	...................................	...................................
	..........................................................................................................16.5 Dividends to stockholders	...................................	...................................	...................................
	....................................................................................................16.6 Other cash provided (applied)	1,022,267	2,375,549	(1,498,002)
17.	Net cash from financing and miscellaneous sources (Line 16.1 through Line 16.4 minus Line 16.5
	plus Line 16.6)	1,022,267	2,375,549	(1,498,002)
	RECONCILIATION OF CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS
18.	.Net change in cash, cash equivalents and short-term investments (Line 11, plus Lines 15 and 17)	................. (3,113,976)	................(10,500,604)	................... 5,137,118
19.	Cash, cash equivalents and short-term investments:
	19.1	Beginning of year	................. 10,776,067	...................5,638,949	...................5,638,949
	19.2 End of period (Line 18 plus Line 19.1)	7,662,091	(4,861,656)	10,776,067

Note: Supplemental disclosures of cash flow information for non-cash transactions:

20.0001. Utilization of purchased premium tax credits	...................... 514,264	...................................	...................................

5