Jeffrey Wade
Erie Indemnity Company, the management arm of Erie Insurance, has been one of America's fastest-growing stocks. As of June 2025, Erie Indemnity has a market cap of $18.8 billion USD, making it the world's 1076th most valuable company. The company's publicly traded stock rose more than 37% in 2023, ending the year at $334.92. Erie Indemnity's net income was $600.3 million in 2024, compared to $446.1 million in 2023. The company's net investment income was $70.2 million in 2024, compared to $44.6 million in 2023.
| Characteristics | Values |
|---|---|
| Erie Indemnity Net Worth as of June 09, 2025 | $17.17 billion |
| Erie Indemnity Company's net income as of December 31, 2023 | $446.1 million |
| Erie Insurance Chairman Thomas B. Hagen's net worth | $3.4 billion |
| Thomas B. Hagen's ranking on the Forbes 400 list of wealthiest Americans | 340th |
| Erie Indemnity Company's operating income before taxes in the fourth quarter of 2023 | Increased by 56.1% ($45.7 million) |
| Erie Indemnity Company's management fee revenue from policy issuance and renewal services in the fourth quarter of 2023 | Increased by 19.5% ($98 million) |
| Erie Indemnity Company's revenue from administrative services in the fourth quarter of 2023 | Increased by 12.2% ($1.8 million) |
| Erie Indemnity Company's net realized and unrealized losses on investments in 2023 | $5.8 million |
| Erie Indemnity Company's net realized and unrealized losses on investments in 2022 | $27.3 million |
| Erie Indemnity Company's year of incorporation | 1925 |
| Erie Indemnity Company's location | Erie, Pennsylvania |
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What You'll Learn
Erie Indemnity Company's net worth in 2025
Erie Indemnity Company, a managing attorney-in-fact for the subscribers at the Erie Insurance Exchange in the United States, has exhibited positive financial trends in recent years. The company's net income rose to $446.1 million in 2023, up from $298.6 million in 2022. This growth was supported by a surge in management fee revenue from policy issuance and renewal services, as well as an increase in revenue from administrative services.
Erie Indemnity's positive financial trajectory continued into 2024, with net investment income reaching $15.9 million in the first quarter. The company's net worth as of June 9, 2025, is estimated to be $17.17 billion. The first quarter of 2025 also showed promising results, with net income reaching $138.4 million, up from $124.6 million in the first quarter of 2024.
Erie Indemnity's operating income before taxes increased by $12.6 million, or 9.1%, in the first quarter of 2025 compared to the same period in 2024. This growth was driven by increased management fee revenue from policy issuance and renewal services, as well as a slight increase in management fee revenue from administrative services. However, it's important to note that non-commission expenses also increased during this period, with a significant rise of $16.3 million.
The company's investment income before taxes also saw a notable increase, rising to $19.5 million in the first quarter of 2025, up from $15.1 million in the previous year. Erie Indemnity's net investment income followed a similar upward trend, increasing to $19.9 million in the first quarter of 2025. While net impairment losses were recognized in the earnings report, they decreased compared to the previous year, reaching $0.9 million in the first quarter of 2025.
In summary, Erie Indemnity Company has demonstrated consistent financial growth, with a projected net worth of $17.17 billion as of June 9, 2025. The company's financial outcomes reflect its strong performance in the insurance industry, with increases in net income, operating income, and investment income. However, it's important to consider that expenses have also risen, particularly in non-commission and personnel costs, which may impact future financial results.
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Erie Insurance Chairman Thomas B. Hagen's net worth
Erie Insurance Group is an American insurance company that was founded in 1925. The company is based in Erie, Pennsylvania. It is one of the nation's largest insurance companies.
Thomas Bailey Hagen, also known as Tom Hagen, is an American billionaire businessman. He is the Chairman and former CEO of Erie Insurance Group. Hagen was born circa 1935/1936 and has worked for Erie Insurance for over 50 years. He served as the company's CEO from 1990 to 1993 and is currently its Chairman. In 2023, his estimated net worth was $4.2 billion.
Hagen is the son-in-law of the company's founder, H. O. Hirt. He married Susan Hirt Hagen, the daughter of H. O. Hirt, who was also Erie's longest-serving director. Hagen attended Penn State Behrend from 1953 to 1955 and earned a bachelor's degree from Ohio State University in 1957. He began his career at Erie Insurance as a part-time file clerk in 1953 and retired 40 years later as Chairman and CEO of the company.
Hagen is a well-respected figure in the community and is known for his philanthropic efforts. In 2017, he donated $1.5 million to Mercyhurst University's history department, which was subsequently named after him. In 2021, Erie Insurance dedicated its newest office building, a seven-story, $147 million, 346,000-square-foot building, to Hagen. The building was named "The Thomas B. Hagen Building" in honour of his contributions to the company.
While the exact net worth of Erie Insurance is not publicly available, Erie Indemnity, a company that operates as a managing attorney-in-fact for the subscribers at the Erie Insurance Exchange, had a net worth of $17.17 billion as of June 9, 2025.
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Erie Insurance's financial outcomes for 2023
Erie Indemnity Company (Erie Insurance) has reported positive financial outcomes for the year ending December 31, 2023, with a notable increase in net income to $446.1 million, or $8.53 per diluted share, up from $298.6 million in 2022. This positive trend extended into the fourth quarter of 2023, with net income reaching $110.9 million, compared to $65.5 million in the same quarter of 2022.
Erie Insurance's operating income before taxes witnessed a significant surge in 2023, increasing by $144.0 million compared to the previous year. This impressive growth was supported by a notable rise in management fee revenue from policy issuance and renewal services, amounting to an additional $354.2 million. Additionally, revenue from administrative services also increased by $5.3 million.
The third quarter of 2023 also demonstrated strong financial performance. Net income for this period was $131.0 million, compared to $84.3 million in the third quarter of 2022. Operating income before taxes increased by $42.0 million, and management fee revenue from policy issuance and renewal services rose by $97.4 million. Commissions increased by $44.6 million in the third quarter, driven by growth in direct and affiliated assumed written premiums.
Erie Insurance's financial results for the full year 2023 indicate a positive trajectory. The company's net income saw a substantial increase, and operating income before taxes surged. These outcomes reflect the company's effective management and growth strategies. The fourth quarter of 2023 also demonstrated continued financial improvement, positioning Erie Insurance for a strong start to the new year.
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Erie Indemnity's net income in 2022
Erie Indemnity Company, based in Erie, Pennsylvania, and founded in 1925, is a managing attorney-in-fact for the subscribers at the Erie Insurance Exchange in the United States. It provides issuance and renewal services, sales-related services, underwriting services, and other services such as customer support and IT services.
Erie Indemnity's net income for the full year ending December 31, 2022, was $298.6 million, or $5.71 per diluted share. This was a slight increase from 2021, when the net income was $297.9 million, or $5.69 per diluted share. In the fourth quarter of 2022, Erie Indemnity's net income was $65.5 million, or $1.25 per diluted share, compared to $55.0 million, or $1.05 per diluted share, in the fourth quarter of 2021.
The company's operating income before taxes increased by $58.1 million, or 18.3 percent, in 2022 compared to 2021. However, Erie Indemnity also reported net realized and unrealized losses on investments of $3.5 million in the fourth quarter of 2022, which was a significant increase from the $0.2 million in losses reported in the same quarter of 2021.
While the company's net income for 2022 was positive, it is important to note that the financial impacts of the post-pandemic conditions and the economic environment at the time remained uncertain. The company's annual revenue for 2022 is not explicitly mentioned, but it can be inferred from the provided information that it was higher than the 2021 revenue, as the net income increased year-over-year.
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Erie Indemnity's operational costs in 2023
Erie Indemnity Company, the managing attorney-in-fact for the subscribers at the Erie Insurance Exchange in the United States, saw a notable improvement in its financial performance in 2023. The company's net income for the year was $446.1 million, or $8.53 per diluted share, marking a significant increase from the previous year's figure of $298.6 million, or $5.71 per diluted share.
In the fourth quarter of 2023, Erie Indemnity's operating income before taxes increased by 56.1%, or $45.7 million, year-over-year. The company also noted an increase in personnel costs, which was mitigated by a decrease in pension costs due to a higher discount rate compared to the previous year. Investment income before taxes witnessed a substantial surge, climbing to $29 million in 2023 from a mere $0.6 million in 2022.
Erie Indemnity's operational costs associated with policy issuance and renewal services saw an increase in commissions, rising to $169 million. This increase was attributed to expanded direct and affiliated assumed written premium, despite a reduction in agent incentive compensation. The administrative services reimbursement revenue and corresponding cost of operations also impacted the company's financials, increasing total operating expenses to $668.3 million in 2022 and $737.1 million in 2023. However, it is important to note that this had no net impact on the company's operating income.
While Erie Indemnity's financial report for the full year of 2023 did not explicitly mention the total operational costs, the provided financial details offer insights into the company's operational expenses and overall performance during that year.
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Frequently asked questions
Erie Insurance's net worth as of June 2025 is $17.17 billion.
Erie Insurance's net income in 2024 was $600.3 million, compared to $446.1 million in 2023.
Erie Indemnity is the management arm of Erie Insurance. It operates as a managing attorney-in-fact for the subscribers at the Erie Insurance Exchange in the United States.
