Valuation Update With 7 Day Price Move • 14h
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €179, the stock trades at a trailing P/E ratio of 20.7x. Average forward P/E is 10x in the Insurance industry in Germany. Total returns to shareholders of 4.5% over the past three years. Upcoming Dividend • Jun 30
Upcoming dividend of US$1.46 per share Eligible shareholders must have bought the stock before 07 July 2026. Payment date: 21 July 2026. Payout ratio is a comfortable 52% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (4.4%). Recent Insider Transactions • Jun 07
Independent Director recently bought €1.3m worth of stock On the 2nd of June, Elizabeth Ann Vorsheck bought around 7k shares on-market at roughly €181 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €1.2m more in shares than they have sold in the last 12 months. Buy Or Sell Opportunity • May 27
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 17% to €187. The fair value is estimated to be €237, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 19%. Board Change • May 21
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. No experienced directors. 10 highly experienced directors. Independent Director William Edwards was the last director to join the board, commencing their role in 2026. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 07
Erie Indemnity Company to Report Q1, 2026 Results on Apr 23, 2026 Erie Indemnity Company announced that they will report Q1, 2026 results at 4:00 PM, US Eastern Standard Time on Apr 23, 2026 Announcement • Mar 25
Erie Indemnity Company, Annual General Meeting, Apr 21, 2026 Erie Indemnity Company, Annual General Meeting, Apr 21, 2026. Location: in the auditorium of the f.w. hirt, perry square building, located at 100 erie insurance place,erie, pennsylvania 16530., United States Announcement • Feb 03
Erie Indemnity Company to Report Q4, 2025 Results on Feb 23, 2026 Erie Indemnity Company announced that they will report Q4, 2025 results After-Market on Feb 23, 2026 Announcement • Dec 12
Erie Indemnity Company Declares Regular Quarterly Cash Dividend, Payable on Jan. 21, 2026 The Board of Erie Indemnity Company also agreed to increase the regular quarterly cash dividend from $1.365 to $1.4625 on each Class A share and from $204.75 to $219.375 on each Class B share. This represents a 7.1 percent increase in the payout per share over the current dividend rate. The next quarterly dividend is payable Jan. 21, 2026, to shareholders of record as of Jan. 6, 2026, with a dividend ex-date of Jan. 6, 2026. Announcement • Oct 23
Erie Indemnity Company to Report Q3, 2025 Results on Oct 30, 2025 Erie Indemnity Company announced that they will report Q3, 2025 results at 4:00 PM, US Eastern Standard Time on Oct 30, 2025 Announcement • Jul 29
Erie Indemnity Company to Report Q2, 2025 Results on Aug 07, 2025 Erie Indemnity Company announced that they will report Q2, 2025 results After-Market on Aug 07, 2025 Announcement • Apr 09
Erie Indemnity Company to Report Q1, 2025 Results on Apr 24, 2025 Erie Indemnity Company announced that they will report Q1, 2025 results After-Market on Apr 24, 2025 Announcement • Mar 24
Erie Indemnity Company, Annual General Meeting, Apr 22, 2025 Erie Indemnity Company, Annual General Meeting, Apr 22, 2025. Location: in the auditorium of the f.w. hirt, perry square building, located at 100 erie insurance place, erie, pennsylvania 16530, United States Announcement • Feb 04
Erie Indemnity Company to Report Q4, 2024 Results on Feb 27, 2025 Erie Indemnity Company announced that they will report Q4, 2024 results After-Market on Feb 27, 2025 Announcement • Dec 13
Erie Indemnity Declares Regular Dividends, Payable on Jan. 22, 2025 The Board of Erie Indemnity Company also agreed to increase the regular quarterly cash dividend from $1.275 to $1.365 on each Class A share and from $191.25 to $204.75 on each Class B share. This represents a 7.1% increase in the payout per share over the current dividend rate. The next quarterly dividend is payable Jan. 22, 2025, to shareholders of record as of Jan. 7, 2025, with a dividend ex-date of Jan. 7, 2025. Reported Earnings • Nov 01
Third quarter 2024 earnings released: EPS: US$3.46 (vs US$2.51 in 3Q 2023) Third quarter 2024 results: EPS: US$3.46 (up from US$2.51 in 3Q 2023). Revenue: US$999.9m (up 16% from 3Q 2023). Net income: US$159.8m (up 22% from 3Q 2023). Profit margin: 16% (in line with 3Q 2023). Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 4.9% growth forecast for the Insurance industry in Europe. Announcement • Oct 03
Erie Indemnity Company to Report Q3, 2024 Results on Oct 31, 2024 Erie Indemnity Company announced that they will report Q3, 2024 results After-Market on Oct 31, 2024 Upcoming Dividend • Sep 30
Upcoming dividend of US$1.28 per share Eligible shareholders must have bought the stock before 07 October 2024. Payment date: 22 October 2024. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 0.9%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (3.8%). Declared Dividend • Aug 05
Second quarter dividend of US$1.28 announced Shareholders will receive a dividend of US$1.28. Ex-date: 7th October 2024 Payment date: 22nd October 2024 Dividend yield will be 1.2%, which is lower than the industry average of 3.8%. Sustainability & Growth Dividend is covered by both earnings (44% earnings payout ratio) and cash flows (83% cash payout ratio). The dividend has increased by an average of 8.0% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 16% over the next year, which should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Aug 02
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €404, the stock trades at a forward P/E ratio of 34x. Average forward P/E is 11x in the Insurance industry in Germany. Total returns to shareholders of 69% over the past year. Reported Earnings • Jul 28
Second quarter 2024 earnings released: EPS: US$3.14 (vs US$2.25 in 2Q 2023) Second quarter 2024 results: EPS: US$3.14 (up from US$2.25 in 2Q 2023). Revenue: US$990.4m (up 18% from 2Q 2023). Net income: US$163.9m (up 39% from 2Q 2023). Profit margin: 17% (up from 14% in 2Q 2023). The increase in margin was driven by higher revenue. Announcement • Jul 16
Erie Indemnity Company to Report Q2, 2024 Results on Jul 25, 2024 Erie Indemnity Company announced that they will report Q2, 2024 results After-Market on Jul 25, 2024 Upcoming Dividend • Jul 04
Upcoming dividend of US$1.28 per share Eligible shareholders must have bought the stock before 09 July 2024. Payment date: 23 July 2024. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of German dividend payers (4.6%). Lower than average of industry peers (4.3%). Declared Dividend • May 06
First quarter dividend of US$1.28 announced Shareholders will receive a dividend of US$1.28. Ex-date: 9th July 2024 Payment date: 23rd July 2024 Dividend yield will be 1.3%, which is lower than the industry average of 3.8%. Sustainability & Growth Dividend is covered by both earnings (47% earnings payout ratio) and cash flows (82% cash payout ratio). The dividend has increased by an average of 8.0% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 4.8% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 26
First quarter 2024 earnings released: EPS: US$2.70 (vs US$1.87 in 1Q 2023) First quarter 2024 results: EPS: US$2.70 (up from US$1.87 in 1Q 2023). Revenue: US$880.7m (up 17% from 1Q 2023). Net income: US$124.6m (up 44% from 1Q 2023). Profit margin: 14% (up from 12% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.6% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Insurance industry in Germany. Announcement • Apr 13
Erie Indemnity Company to Report Q1, 2024 Results on Apr 25, 2024 Erie Indemnity Company announced that they will report Q1, 2024 results After-Market on Apr 25, 2024 Upcoming Dividend • Apr 01
Upcoming dividend of US$1.28 per share Eligible shareholders must have bought the stock before 08 April 2024. Payment date: 23 April 2024. Payout ratio is a comfortable 50% and the cash payout ratio is 77%. Trailing yield: 1.3%. Lower than top quartile of German dividend payers (4.9%). Lower than average of industry peers (4.1%). Announcement • Mar 24
Erie Indemnity Company, Annual General Meeting, Apr 23, 2024 Erie Indemnity Company, Annual General Meeting, Apr 23, 2024, at 09:30 US Eastern Standard Time. Location: Thomas B. Hagen Building, located at 100 Erie Insurance Place, Erie, Pennsylvania 16530 Erie Pennsylvania United States Agenda: To elect 11 persons to serve as directors until our 2025 annual meeting of shareholders and until their successors are elected and qualified; to approve the adoption of the First Amendment to our Equity Compensation Plan; to approve the adoption of our Amended and Restated Long Term Incentive Plan; and to consider other matters. Declared Dividend • Mar 04
Fourth quarter dividend of US$1.28 announced Shareholders will receive a dividend of US$1.28. Ex-date: 8th April 2024 Payment date: 23rd April 2024 Dividend yield will be 1.2%, which is lower than the industry average of 3.8%. Sustainability & Growth Dividend is covered by earnings (50% earnings payout ratio) but not adequately covered by cash flows (92% cash payout ratio). The dividend has increased by an average of 8.0% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 17% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €378, the stock trades at a forward P/E ratio of 40x. Average forward P/E is 11x in the Insurance industry in Germany. Recent Insider Transactions • Mar 03
Non-Independent Director recently sold €3.8m worth of stock On the 29th of February, John Borneman sold around 10k shares on-market at roughly €377 per share. This transaction amounted to 50% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €4.3m more than they bought in the last 12 months. Announcement • Feb 29
Erie Indemnity Company Announce Dividend of Class A, Payable on April 23, 2024 Erie Indemnity Company announced dividend of Class A Rate Per Share is $1.275. Ex-Dividend Date is April 8, 2024. Record Date is April 9, 2024. Payable Date is April 23, 2024. Reported Earnings • Feb 27
Full year 2023 earnings released: EPS: US$9.66 (vs US$5.71 in FY 2022) Full year 2023 results: EPS: US$9.66 (up from US$5.71 in FY 2022). Revenue: US$3.27b (up 15% from FY 2022). Net income: US$446.1m (up 49% from FY 2022). Profit margin: 14% (up from 11% in FY 2022). The increase in margin was driven by higher revenue. Announcement • Feb 09
Erie Indemnity Company to Report Q4, 2023 Results on Feb 26, 2024 Erie Indemnity Company announced that they will report Q4, 2023 results After-Market on Feb 26, 2024 Upcoming Dividend • Dec 29
Upcoming dividend of US$1.28 per share at 1.4% yield Eligible shareholders must have bought the stock before 05 January 2024. Payment date: 23 January 2024. Payout ratio is a comfortable 62% and the cash payout ratio is 80%. Trailing yield: 1.4%. Lower than top quartile of German dividend payers (5.1%). Lower than average of industry peers (3.9%). Announcement • Dec 08
Erie Indemnity Company Declares Regular Dividend, Payable on January 23, 2024 At its regular meeting held December 5, 2023, the Board of Directors of Erie Indemnity Company approved to increase the regular quarterly cash dividend from $1.19 to $1.275 on each Class A share and from $178.50 to $191.25 on each Class B share. This represents a 7.1% increase in the payout per share over the current dividend rate. The next quarterly dividend is payable January 23, 2024, to shareholders of record as of January 8, 2024, with a dividend ex-date of January 5, 2024. Announcement • Oct 28
Lorianne Feltz to Retire as Executive Vice President of Claims & Customer Service of Erie Indemnity Company on May 30, 2024 Erie Indemnity Company announced that on October 24, 2023, Lorianne Feltz informed the Company of her intention to retire as Executive Vice President of Claims & Customer Service on May 30, 2024. Feltz, 54, has served as Executive Vice President of Claims & Customer Service since 2016. She has worked at the Company for 34 years, holding numerous positions of increasing responsibility throughout her tenure. The Company will immediately begin a search for her replacement. Reported Earnings • Oct 27
Third quarter 2023 earnings released: EPS: US$2.51 (vs US$1.61 in 3Q 2022) Third quarter 2023 results: EPS: US$2.51 (up from US$1.61 in 3Q 2022). Revenue: US$858.9m (up 16% from 3Q 2022). Net income: US$131.0m (up 55% from 3Q 2022). Profit margin: 15% (up from 11% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.8% p.a. on average during the next 2 years, compared to a 6.2% growth forecast for the Insurance industry in Europe. Announcement • Oct 07
Erie Indemnity Company to Report Q3, 2023 Results on Oct 26, 2023 Erie Indemnity Company announced that they will report Q3, 2023 results After-Market on Oct 26, 2023 Upcoming Dividend • Sep 27
Upcoming dividend of US$1.19 per share at 1.6% yield Eligible shareholders must have bought the stock before 04 October 2023. Payment date: 20 October 2023. Payout ratio is a comfortable 69% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of German dividend payers (4.9%). Lower than average of industry peers (4.0%). Valuation Update With 7 Day Price Move • Aug 03
Investor sentiment improves as stock rises 31% After last week's 31% share price gain to €242, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 10x in the Insurance industry in Germany. Announcement • Aug 03
Erie Insurance Announces Management Changes Erie Insurance announced the promotion of Karen Skarupski to senior vice president, Human Resources. Skarupski succeeds Sean Dugan, who was promoted to executive vice president, Human Resources & Corporate Services in January 2023. During her 32 years with ERIE, Skarupski has held several leadership roles in law, human resources, compliance and privacy, and has served as VP, corporate privacy officer, since 2018. Skarupski began her ERIE career in 1991 when she left private law practice to join ERIE's Law Division working primarily on employment-related legal matters. For nearly 20 years, she provided counsel to company HR leaders on employee benefits, diversity and inclusion, compensation, leave and disability issues, compliance and training, and workplace safety and health. She also served as interim division officer for Human Resources in 2008. Skarupski holds a bachelor's degree in history from Allegheny College and a juris doctor degree from Case Western Reserve University. She is also a Certified Information Privacy Manager and a Certified Information Privacy Professional. Skarupski is a member of the Erie and Pennsylvania Bar Associations, the Property Casualty Insurers Association of America and serves as a trustee of the Erie County Bar Foundation. Announcement • Jul 28
Erie Indemnity Company Approves Quarterly Dividend on Class A Common Stock, Payable on October 20, 2023 At its meeting on July 25, 2023, Erie Indemnity Company's Board of Directors approved the following quarterly dividend of $1.19 per share on Class A common stock. The dividend is payable on October 20, 2023 with Ex-Dividend Date of October 4, 2023 and Record Date of October 5, 2023. Reported Earnings • Jul 28
Second quarter 2023 earnings released: EPS: US$2.55 (vs US$1.53 in 2Q 2022) Second quarter 2023 results: EPS: US$2.55 (up from US$1.53 in 2Q 2022). Revenue: US$839.9m (up 16% from 2Q 2022). Net income: US$117.9m (up 47% from 2Q 2022). Profit margin: 14% (up from 11% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.6% p.a. on average during the next 2 years, compared to a 3.9% growth forecast for the Insurance industry in Germany. Announcement • Jul 13
Erie Indemnity Company to Report Q2, 2023 Results on Jul 27, 2023 Erie Indemnity Company announced that they will report Q2, 2023 results at 4:00 PM, US Eastern Standard Time on Jul 27, 2023 Announcement • Jun 25
Erie Indemnity Company(NasdaqGS:ERIE) dropped from Russell 1000 Value-Defensive Index Erie Indemnity Company(NasdaqGS:ERIE) dropped from Russell 1000 Value-Defensive Index Board Change • May 04
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 6 highly experienced directors. Independent Director Sal Correnti was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. 
