Erie Indemnity

Balance sheet quality is excellent.

As of December 31, 2025, Erie Indemnity had $345.9 million of cash and $1.49 billion of investments, no revolver borrowings on a $100 million facility due in 2029, and shareholders’ equity of $2.28 billion. 2025 operating cash flow was $686.7 million with $115.7 million of capex, easily covering $254.3 million of dividends.

There is no reliance on debt markets for operations, and capital needs are modest and discretionary (mainly IT and facilities).