Shefi Ben-Hutta
Editor at Coverager
Erie Insurance

Erie marks centennial with 7M+ policies in force

Erie Insurance reported its fourth quarter and full-year 2024 earnings on February 28, marking the company’s centennial anniversary.

  • Revenue: $924.1M, full-year revenue at $3.8B.
  • Net Income: $152M for Q4 2024 (+37% YoY), full-year net income at $600M (+35% YoY).
  • Dividend: Increased 7.1% for 2025, totaling $237M in payouts for 2024.
  • Direct Written Premiums Growth:
    • Grew 16% YoY in Q4 and 18% for the full year.
    • Driven by rate increases to offset higher loss costs from weather events and claims severity. The Exchange’s total average premium per policy grew over 13% in 2024 compared to 2023.
  • Policyholder Growth & Retention:
    • Policies in force: 7M (+4.8% YoY) (lower than 6.9% growth in 2023).
    • Retention Rate: 90.4%, demonstrating customer loyalty.
  • Combined Ratio Improvement:
    • Q4 2024: 105.7 (vs. 111.4 in Q4 2023).
    • Full-year 2024: 110.4 (vs. 119.1 in 2023).
    • Catastrophe losses decreased despite Hurricane Helene adding 1.6 points to the ratio.

  • Technology & Modernization:

    • Migrated legacy systems to cloud infrastructure for greater security and efficiency.
    • Implemented a new billing platform and enhanced commercial auto product (Business Auto 2.0).
    • Expanded workers’ comp coverage to Delaware and Vermont, with more states planned.

“2025 is an exciting year at Erie Insurance as we celebrate our centennial. H.O. Hirt and O.G. Crawford opened the doors of Erie Insurance Exchange on April 20, 1925, after selling $31,000 of stock in Erie Indemnity Company as the managing attorney-in-fact. Within the first year, H.O. and O.G. brought in just under $50,000 in premiums from nearly 1,400 policyholders and established a surplus of almost $37,000. It’s amazing to think that today, Erie Insurance Exchange has amassed close to $12 billion in premium, more than 7 million policies in force and just over $9 billion in policyholder surplus. And Erie Indemnity just experienced net income of $600 million in 2024. This growth and success are no doubt, testaments to the value proposition we offer delivered by our dedicated employees and our agents.

Today, we face challenges and changes that are quite different from those of our founders, but we are adapting and responding in a way that aligns with our founding principles, which guide us to put people in service above all else.” – Timothy Gerard NeCastro President & CEO.

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