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0000922621 erie:AgentLoansMember us-gaap:PaymentGuaranteeMember 2026-06-30 0000922621 us-gaap:LoansReceivableMember us-gaap:PaymentGuaranteeMember 2026-06-30 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549   FORM  10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2026 OR   ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ___ Commission file number 0-24000 ERIE INDEMNITY COMPANY (Exact name of registrant as specified in its charter) Pennsylvania 25-0466020 (State or other jurisdiction of (IRS Employer incorporation or organization) Identification No.) 100 Erie Insurance Place, Erie, Pennsylvania 16530 (Address of principal executive offices) (Zip Code) 814 870-2000 (Registrant’s telephone number, including area code) Not applicable (Former name, former address and former fiscal year, if changed since last report)   Securities registered pursuant to Section 12(b) of the Act: Class A common stock, stated value $0.0292 per share ERIE NASDAQ Stock Market, LLC (Title of each class) (Trading Symbol) (Name of each exchange on which registered) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐   Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐   Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.  See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one): Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒   The number of shares outstanding of the registrant’s Class A Common Stock as of the latest practicable date was 46,189,068 at July 24, 2026.   The number of shares outstanding of the registrant’s Class B Common Stock as of the latest practicable date was 2,542 at July 24, 2026. Table of Contents PART I. FINANCIAL INFORMATION Item 1. Financial Statements (Unaudited) Consolidated Statements of Operations – Three and six months ended June 30 , 2026 and 2025 Consolidated Statements of Comprehensive Income – Three and six months ended June 30 , 2026 and 2025 Consolidated Statements of Financial Position – June 3 0 , 2026 and December 31, 2025 Consolidated Statements of Shareholders' Equity – Three and six months ended June 30 . 2026 and 2025 Consolidated Statements of Cash Flows – S ix months ended June 30 , 2026 and 2025 Notes to Consolidated Financial Statements – June 3 0 , 2026 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations Item 3. Quantitative and Qualitative Disclosures About Market Risk Item 4. Controls and Procedures PART II. OTHER INFORMATION Item 1. Legal Proceedings Item 1A. Risk Factors Item 2. Unregistered Sales of Equity Securities and Use of Proceeds Item 6. Exhibits SIGNATURES 2 Table of Contents PART I. FINANCIAL INFORMATION ITEM 1.    FINANCIAL STATEMENTS ERIE INDEMNITY COMPANY CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (dollars in thousands, except per share data) Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Operating revenue     Management fee revenue - policy issuance and renewal services $ 862,879   $ 823,853   $ 1,649,278   $ 1,578,902   Management fee revenue - administrative services 19,619   18,296   39,094   35,941   Administrative services reimbursement revenue 201,554   212,644   401,650   422,917   Service agreement revenue 5,744   5,304   11,685   11,736   Total operating revenue 1,089,796   1,060,097   2,101,707   2,049,496   Operating expenses Cost of operations - policy issuance and renewal services 684,119   648,280   1,329,147   1,276,030   Cost of operations - administrative services 201,554   212,644   401,650   422,917   Total operating expenses 885,673   860,924   1,730,797   1,698,947   Operating income 204,123   199,173   370,910   350,549   Investment income Net investment income 22,587   20,030   46,147   39,978   Net realized and unrealized investment gains (losses) 557   479   ( 208 ) 981   Net impairment losses recognized in earnings ( 591 ) ( 909 ) ( 1,267 ) ( 1,823 ) Total investment income 22,553   19,600   44,672   39,136   Other income 1,401   1,974   2,821   5,808   Income before income taxes 228,077   220,747   418,403   395,493   Income tax expense 47,783   46,062   87,635   82,391   Net income $ 180,294   $ 174,685   $ 330,768   $ 313,102   Net income per share     Class A common stock – basic $ 3.87   $ 3.75   $ 7.10   $ 6.72   Class A common stock – diluted $ 3.45   $ 3.34   $ 6.32   $ 5.99   Class B common stock – basic and diluted $ 581   $ 563   $ 1,065   $ 1,008   Weighted average shares outstanding – Basic     Class A common stock 46,189,033   46,189,063   46,188,942   46,188,984   Class B common stock 2,542   2,542   2,542   2,542   Weighted average shares outstanding – Diluted     Class A common stock 52,298,697   52,304,407   52,299,440   52,304,397   Class B common stock 2,542   2,542   2,542   2,542   Dividends declared per share     Class A common stock $ 1.4625   $ 1.365   $ 2.925   $ 2.73   Class B common stock $ 219.375   $ 204.75   $ 438.75   $ 409.50   See accompanying notes to Consolidated Financial Statements. See Note 12, "Accumulated Other Comprehensive Income (Loss)", for amounts reclassified out of accumulated other comprehensive income (loss) into the Consolidated Statements of Operations.  3 Table of Contents ERIE INDEMNITY COMPANY CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (in thousands) Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Net income $ 180,294   $ 174,685   $ 330,768   $ 313,102   Other comprehensive income (loss), net of tax     Change in unrealized holding gains (losses) on available-for-sale securities 1,092   6,261   ( 11,443 ) 12,039   Pension and other postretirement plans 308   ( 183 ) 617   ( 744 ) Total other comprehensive income (loss), net of tax 1,400   6,078   ( 10,826 ) 11,295   Comprehensive income $ 181,694   $ 180,763   $ 319,942   $ 324,397     See accompanying notes to Consolidated Financial Statements. See Note 12, "Accumulated Other Comprehensive Income (Loss)", for amounts reclassified out of accumulated other comprehensive income (loss) into the Consolidated Statements of Operations. 4 Table of Contents ERIE INDEMNITY COMPANY CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (dollars in thousands, except per share data) June 30, December 31, 2026 2025 Assets (Unaudited) Current assets: Cash and cash equivalents (includes restricted cash of $ 39,608 and $ 30,189 , respectively) $ 282,902   $ 345,874   Available-for-sale securities 61,715   33,902   Available-for-sale securities lent 1,973   3,436   Receivables from Erie Insurance Exchange and affiliates, net 753,245   735,589   Prepaid expenses and other current assets, net 92,533   66,061   Accrued investment income 14,194   14,311   Total current assets 1,206,562   1,199,173   Available-for-sale securities, net 1,327,084   1,286,566   Equity securities 150,516   70,624   Available-for-sale and equity securities lent 67,939   61,063   Fixed assets, net 593,365   571,476   Agent loans, net 100,680   93,953   Defined benefit pension plan 62,096   24,137   Other assets, net 48,774   48,489   Total assets $ 3,557,016   $ 3,355,481   Liabilities and shareholders' equity Current liabilities: Commissions payable $ 457,211   $ 425,320   Agent incentive compensation 116,570   132,560   Accounts payable and accrued liabilities 205,760   200,701   Dividends payable 68,109   68,109   Contract liability 48,457   47,561   Deferred executive compensation 9,154   9,400   Securities lending payable 63,157   61,936   Total current liabilities 968,418   945,587   Defined benefit pension plan 34,703   33,410   Contract liability 23,148   23,274   Deferred executive compensation 21,018   22,050   Deferred income taxes, net 19,085   24,788   Other long-term liabilities 23,538   22,998   Total liabilities 1,089,910   1,072,107   Shareholders’ equity Class A common stock, stated value $ 0.0292 per share; 74,996,930 shares authorized; 68,299,200 shares issued; 46,189,068 shares outstanding 1,992   1,992   Class B common stock, convertible at a rate of 2,400 Class A shares for one Class B share, stated value $ 70 per share; 3,070 shares authorized; 2,542 shares issued and outstanding 178   178   Additional paid-in-capital 16,500   16,492   Accumulated other comprehensive loss ( 62,847 ) ( 52,021 ) Retained earnings 3,657,373   3,462,823   Total contributed capital and retained earnings 3,613,196   3,429,464   Treasury stock, at cost; 22,110,132 shares held ( 1,170,957 ) ( 1,171,014 ) Deferred compensation 24,867   24,924   Total shareholders’ equity 2,467,106   2,283,374   Total liabilities and shareholders’ equity $ 3,557,016   $ 3,355,481   See accompanying notes to Consolidated Financial Statements.  5 Table of Contents ERIE INDEMNITY COMPANY CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED) Three and six months ended June 30, 2026 and 2025 (dollars in thousands, except per share data) Class A common stock Class B common stock Additional paid-in-capital Accumulated other comprehensive (loss) income Retained earnings Treasury stock Deferred compensation Total shareholders' equity Balance, December 31, 2025 $ 1,992   $ 178   $ 16,492   $ ( 52,021 ) $ 3,462,823   $ ( 1,171,014 ) $ 24,924   $ 2,283,374   Net income 150,474   150,474   Other comprehensive loss ( 12,226 ) ( 12,226 ) Dividends declared: Class A $ 1.4625 per share ( 67,551 ) ( 67,551 ) Class B $ 219.375 per share ( 558 ) ( 558 ) Net purchase of treasury stock (1) 8   0   8   Deferred compensation ( 670 ) 670   0   Rabbi trust distribution (2) 524   ( 524 ) 0   Balance, March 31, 2026 $ 1,992   $ 178   $ 16,500   $ ( 64,247 ) $ 3,545,188   $ ( 1,171,160 ) $ 25,070   $ 2,353,521   Net income 180,294   180,294   Other comprehensive income 1,400   1,400   Dividends declared: Class A $ 1.4625 per share ( 67,551 ) ( 67,551 ) Class B $ 219.375 per share ( 558 ) ( 558 ) Net purchase of treasury stock (1) 0   0   0   Deferred compensation ( 793 ) 793   0   Rabbi trust distribution (2) 996   ( 996 ) 0   Balance, June 30, 2026 $ 1,992   $ 178   $ 16,500   $ ( 62,847 ) $ 3,657,373   $ ( 1,170,957 ) $ 24,867   $ 2,467,106   Class A common stock Class B common stock Additional paid-in-capital Accumulated other comprehensive (loss) income Retained earnings Treasury stock Deferred compensation Total shareholders' equity Balance, December 31, 2024 $ 1,992   $ 178   $ 16,466   $ ( 47,591 ) $ 3,162,303   $ ( 1,169,074 ) $ 22,984   $ 1,987,258   Net income 138,417   138,417   Other comprehensive income 5,217   5,217   Dividends declared: Class A $ 1.365 per share ( 63,048 ) ( 63,048 ) Class B $ 204.75 per share ( 521 ) ( 521 ) Net purchase of treasury stock (1) 28   0   28   Deferred compensation ( 869 ) 869   0   Rabbi trust distribution (2) 407   ( 407 ) 0   Balance, March 31, 2025 $ 1,992   $ 178   $ 16,494   $ ( 42,374 ) $ 3,237,151   $ ( 1,169,536 ) $ 23,446   $ 2,067,351   Net income 174,685   174,685   Other comprehensive income 6,078   6,078   Dividends declared: Class A $ 1.365 per share ( 63,048 ) ( 63,048 ) Class B $ 204.75 per share ( 521 ) ( 521 ) Net purchase of treasury stock (1) 0   0   0   Deferred compensation ( 963 ) 963   0   Rabbi trust distribution (2) 167   ( 167 ) 0   Balance, June 30, 2025 $ 1,992   $ 178   $ 16,494   $ ( 36,296 ) $ 3,348,267   $ ( 1,170,332 ) $ 24,242   $ 2,184,545   (1) Net purchases of treasury stock in 2026 and 2025 include the repurchase of our Class A common stock in the open market that were subsequently distributed to satisfy stock-based compensation awards. (2) Distributions of our Class A shares were made from the rabbi trust to one outside director stock compensation plan participant and four incentive compensation deferral plan participants in 2026, and three incentive compensation deferral plan participants in 2025. See accompanying notes to Consolidated Financial Statements. 6 Table of Contents ERIE INDEMNITY COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands) Six months ended June 30, 2026 2025 Cash flows from operating activities Management fee received $ 1,656,098   $ 1,474,277   Administrative services reimbursements received 410,927   500,337   Service agreement revenue received 11,698   11,735   Net investment income received 46,038   37,795   Commissions paid to agents ( 825,406 ) ( 783,117 ) Incentive compensation paid to agents ( 137,949 ) ( 85,401 ) Salaries and wages paid ( 130,034 ) ( 139,121 ) Pension contribution and employee benefits paid ( 80,554 ) ( 78,227 ) General operating expenses paid ( 148,455 ) ( 154,610 ) Administrative services expenses paid ( 395,538 ) ( 414,543 ) Income taxes paid ( 100,011 ) ( 73,431 ) Net cash provided by operating activities 306,814   295,694   Cash flows from investing activities Purchase of investments: Available-for-sale securities ( 529,834 ) ( 208,686 ) Equity securities ( 95,633 ) ( 14,517 ) Proceeds from investments: Available-for-sale securities sales 387,027   63,703   Available-for-sale securities maturities/calls 85,548   67,415   Equity securities 10,908   16,769   Other investments 252   —   Purchase of fixed assets ( 78,933 ) ( 49,931 ) Loans to agents and others ( 18,700 ) ( 18,166 ) Collections on agent and other loans 4,708   6,841   Net cash used in investing activities ( 234,657 ) ( 136,572 ) Cash flows from financing activities Dividends paid to shareholders ( 136,218 ) ( 127,138 ) Net changes in cash collateral for securities lent 1,089   27,646   Net cash used in financing activities ( 135,129 ) ( 99,492 ) Net (decrease) increase in cash, cash equivalents and restricted cash ( 62,972 ) 59,630   Cash, cash equivalents and restricted cash, beginning of period 345,874   298,397   Cash, cash equivalents and restricted cash, end of period $ 282,902   $ 358,027   Supplemental disclosure of noncash transactions Liability incurred to purchase fixed assets $ 5,255   $ 844   Operating lease assets obtained in exchange for lease liabilities $ 2,999   $ 2,523   Receipt of donated equipment $ —   $ 1,967   See accompanying notes to Consolidated Financial Statements. 7 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)   Note 1.  Nature of Operations   Erie Indemnity Company ("Indemnity", "we", "us", "our") is a publicly held Pennsylvania business corporation that has since its incorporation in 1925 served as the attorney-in-fact for the subscribers (policyholders) at the Erie Insurance Exchange ("Exchange").  The Exchange, which also commenced business in 1925, is a Pennsylvania-domiciled reciprocal insurer that writes property and casualty insurance. Our primary function as attorney-in-fact is to perform policy issuance and renewal services on behalf of the subscribers at the Exchange. We also act as attorney-in-fact on behalf of the subscribers at the Exchange with respect to all claims handling and investment management services, as well as the service provider for all claims handling, life insurance, and investment management services for the Exchange's insurance subsidiaries, collectively referred to as "administrative services". Acting as attorney-in-fact in these two capacities is done in accordance with a subscriber's agreement (a limited power of attorney) executed individually by each subscriber (policyholder), which appoints Indemnity as each subscriber's attorney-in-fact to transact certain business on their behalf.  In accordance with the subscriber's agreement for acting as attorney-in-fact in these two capacities, we retain a management fee calculated as a percentage of the direct and affiliated assumed premiums written by the Exchange. The policy issuance and renewal services we provide on behalf of the subscribers at the Exchange are related to the sales, underwriting, and issuance of policies. The sales related services we provide include agent compensation and certain sales and advertising support services. Agent compensation includes scheduled commissions to agents based upon premiums written as well as incentive compensation, which is earned by achieving targeted measures. The underwriting services we provide include underwriting and policy processing. The remaining services we provide include customer service and administrative support. We also provide information technology services that support all the functions listed above. See Note 4, "Segment Information", for the significant expense categories related to providing these services. Included in expenses for these services are allocations of costs for departments that support these policy issuance and renewal functions. Consistent with its legal structure as a reciprocal insurer, the Exchange does not have any employees or officers. Therefore, it enters into contractual relationships by and through the subscribers' attorney-in-fact. Indemnity serves as the attorney-in-fact on behalf of the subscribers at the Exchange with respect to its administrative services as enumerated in the subscriber's agreement. The Exchange's insurance subsidiaries also utilize Indemnity for these services in accordance with the service agreements between each of the subsidiaries and Indemnity. Claims handling services include costs incurred in the claims process, including the adjustment, investigation, defense, recording, and payment functions. Life insurance management services include costs incurred in the management and processing of life insurance business. Investment management services are related to investment trading activity, accounting, and all other functions attributable to the investment of funds. Included in these expenses are allocations of costs for departments that support these administrative functions. The subscriber's agreement and service agreements provide for reimbursement of amounts incurred for these services to Indemnity. Reimbursements are settled at cost. State insurance regulations require that intercompany service agreements and any material amendments be approved in advance by the state insurance department. Our results of operations are tied to the growth and financial condition of the Exchange. We continually monitor the financial strength of the Exchange. If any events occurred that impaired the Exchange’s ability to grow or sustain its financial condition, including but not limited to a significant downgrade in financial strength ratings, disruption in the independent agency relationships, significant catastrophe losses, or products not meeting customer demands, the Exchange could find it more difficult to retain its existing business and attract new business. A decline in the business of the Exchange almost certainly could have as a consequence a decline in the total premiums paid and a correspondingly adverse effect on the amount of the management fee revenue we receive. We also have an exposure to a concentration of credit risk related to the unsecured receivables due from the Exchange for net management fee and other reimbursements. See Note 13, "Concentrations of Credit Risk". 8 Table of Contents Note 2.  Significant Accounting Policies   Basis of presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X, and include the accounts of Indemnity and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the six months ended June 30, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026. For further information, refer to the consolidated financial statements and footnotes included in our Form 10-K for the year ended December 31, 2025 as filed with the Securities and Exchange Commission ("SEC") on February 23, 2026. Use of estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates. Recently issued accounting standards In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses" , which requires entities to disclose disaggregated information about certain income statement expense line items. The amendments in this ASU are required to be adopted for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments can be applied on either a prospective or retrospective basis. This will have no impact on our consolidated financial statements, and we are currently evaluating the impact of adoption on our disclosures. In September 2025, the FASB issued ASU 2025-06, "Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software" , which removes all references to prescriptive and sequential software development project stages and requires an entity to start capitalizing software costs when management has authorized and committed to funding the software project and it is probable that the project will be completed and the software will be used to perform the function intended. The amendments in this ASU are required to be adopted for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years. Early adoption is permitted. The amendments can be applied on a prospective, modified or retrospective basis. We are currently evaluating the impact of adoption on our consolidated financial statements and disclosures. In December 2025, the FASB issued ASU 2025-11 "Interim Reporting (Topic 270) - Narrow-Scope Improvements" , which clarifies current interim disclosure requirements and provides a comprehensive list of required interim disclosures. The guidance also incorporates a disclosure principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The amendments in this ASU are required to be adopted for interim reporting periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments can be applied on a prospective or retrospective basis. We do not expect the standard will have a material impact on our disclosures, and will have no other impact on our consolidated financial statements. Investments Equity securities – Equity securities primarily include non-redeemable preferred stocks and exchange-traded funds (ETFs) with underlying holdings of fixed maturity securities. These securities are reported at fair value, with changes in fair value recognized in net realized and unrealized investment gains (losses). Securities that we intend to sell as of the reporting date are classified as current assets. 9 Table of Contents Note 3.  Revenue   The majority of our revenue is derived from the subscriber’s agreement between us and the subscribers (policyholders) at the Exchange. In accordance with the subscriber’s agreement, we retain a management fee calculated as a percentage, not to exceed 25 %, of all direct and affiliated assumed written premiums of the Exchange. We allocate a portion of our management fee revenue, currently 25 % of the direct and affiliated assumed written premiums of the Exchange, between the two performance obligations we have under the subscriber’s agreement. The first performance obligation is to provide policy issuance and renewal services to the subscribers (policyholders) at the Exchange, and the second is to act as attorney-in-fact on behalf of the subscribers at the Exchange, as well as the service provider for the Exchange's insurance subsidiaries, with respect to all administrative services. The transaction price, including management fee revenue and administrative services reimbursement revenue, includes variable consideration and is allocated based on the estimated standalone selling prices developed using industry information and other available information for similar services. A constraining estimate of variable consideration exists related to the potential for management fees to be returned if a policy were to be cancelled mid-term. Management fees are returned to the Exchange when policyholders cancel their insurance coverage mid-term and premiums are refunded to them. The constraining estimate is determined using the expected value method, based on both historical and current information. The estimated transaction price, as reduced by the constraint, reflects consideration expected for performance of our services. We update the transaction price and the related allocation at least annually based upon the most recent information available or more frequently if there have been significant changes in any components considered in the transaction price. The first performance obligation is to provide policy issuance and renewal services that result in executed insurance policies between the Exchange or one of its insurance subsidiaries and the subscriber (policyholder). The subscriber (policyholder) receives economic benefits when substantially all the policy issuance or renewal services are complete and an insurance policy is issued or renewed by the Exchange or one of its insurance subsidiaries. It is at the time of policy issuance or renewal that the allocated portion of revenue is recognized. Consistent with its legal structure as a reciprocal insurer, the Exchange does not have any employees or officers. Therefore, it enters into contractual relationships by and through the subscribers' attorney-in-fact. Indemnity serves as the attorney-in-fact on behalf of the subscribers at the Exchange with respect to its administrative services as enumerated in the subscriber's agreement. The Exchange's insurance subsidiaries also utilize Indemnity for these services in accordance with the service agreements between each of the subsidiaries and Indemnity. Collectively, these services represent a second performance obligation under the subscriber’s agreement and the service agreements. The revenue allocated to this performance obligation is recognized over a four-year period representing the time over which these services are provided. The portion of revenue not yet earned is recorded as a contract liability in the Consolidated Statements of Financial Position. During the three and six months ended June 30, 2026, we recognized revenue of $ 13.7 million and $ 30.9 million that was included in the contract liability balance as of December 31, 2025. During the three and six months ended June 30, 2025, we recognized revenue of $ 12.3 million and $ 27.7 million that was included in the contract liability balance as of December 31, 2024. The administrative services expenses we incur and the related reimbursements we receive are recorded gross in the Consolidated Statements of Operations. Indemnity records a receivable from the Exchange for management fee revenue when the premium is written or assumed from affiliates by the Exchange. Indemnity collects the management fee from the Exchange when the Exchange collects the premiums from the subscribers (policyholders). As the Exchange issues policies almost exclusively with annual terms, cash collections generally occur within one year. The following table disaggregates revenue by our two performance obligations: Three months ended June 30, Six months ended June 30, (in thousands) 2026 2025 2026 2025 Management fee revenue - policy issuance and renewal services $ 862,879   $ 823,853   $ 1,649,278   $ 1,578,902   Management fee revenue - administrative services 19,619   18,296   39,094   35,941   Administrative services reimbursement revenue 201,554   212,644   401,650   422,917   Total revenue from administrative services $ 221,173   $ 230,940   $ 440,744   $ 458,858   10 Table of Contents Note 4. Segment Information We have one reportable segment: management operations. All segment revenue is derived in the United States, the majority of which is from the subscriber’s agreement between us and the subscribers (policyholders) at the Exchange, our sole customer, as further described in Note 3, "Revenue". Our chief operating decision maker ("CODM") is our Executive Council, which includes our Chief Executive Officer ("CEO"), Chief Financial Officer, executive vice presidents and certain senior vice presidents reporting directly to the CEO as applicable. The CODM evaluates performance and decides how to allocate resources for the management operations segment based on net income, as reported in our Consolidated Statements of Operations. Net income is used to monitor budget versus actual results. Total assets as reported in our Consolidated Statements of Financial Position, all of which are located in the United States, are reviewed by the CODM for purposes of decision making. The accounting policies of our management operations segment are the same as those described in Note 2, "Significant Accounting Policies, of Notes to Consolidated Financial Statements" included in our Annual Report on Form 10-K for the year ended December 31, 2025 as filed with the SEC on February 23, 2026. Beginning in the first quarter of 2026, the significant segment expense categories included in the financial information regularly provided to the CODM were revised to align with the current manner in which the CODM reviews expenses in evaluating performance and allocating resources. Prior-period segment expense disclosures have been recast to conform to the current period presentation. This change did not affect our determination that we have one reportable segment and did not affect the measure of net income. The following table presents our management operations segment revenue, significant segment expenses regularly provided to the CODM, and net income: Three months ended June 30, Six months ended June 30, (in thousands) 2026 2025 2026 2025 Management fee revenue $ 882,498   $ 842,149   $ 1,688,372   $ 1,614,843   Administrative services reimbursement revenue 201,554   212,644   401,650   422,917   Service agreement revenue 5,744   5,304   11,685   11,736   Total operating revenue 1,089,796   1,060,097   2,101,707   2,049,496   Commissions 508,097   463,442   972,953   900,302   Personnel costs (1) 88,809   85,789   180,872   175,778   Sales and advertising (1) 8,061   9,729   12,966   16,681   Acquisition and underwriting support costs (1) 23,968   27,838   48,092   53,841   Technology infrastructure costs (1) 25,086   24,311   50,889   50,382   Professional fees (1) 19,191   24,192   38,512   50,468   Administrative and other (1) 10,907   12,979   24,863   28,578   Cost of operations - policy issuance and renewal services 684,119   648,280   1,329,147   1,276,030   Cost of operations - administrative services 201,554   212,644   401,650   422,917   Total operating expenses (2) 885,673   860,924   1,730,797   1,698,947   Operating income 204,123   199,173   370,910   350,549   Total investment income 22,553   19,600   44,672   39,136   Other income 1,401   1,974   2,821   5,808   Income tax expense 47,783   46,062   87,635   82,391   Net income $ 180,294   $ 174,685   $ 330,768   $ 313,102   (1)    2025 amounts have been recast to conform to the current presentation. (2)    Management operations segment depreciation and amortization expense included primarily in "Total operating expenses" as reported on our Consolidated Statements of Operations totaled $ 20.8 million and $ 16.1 million for the three months ended June 30, 2026 and 2025, respectively, and $ 40.8 million and $ 31.9 million for the six months ended June 30, 2026 and 2025, respectively. The Exchange and its insurance subsidiaries reimbursed us approximately 33 % and 29 % in the six months ended June 30, 2026 and 2025, respectively, for depreciation and amortization expense on assets supporting administrative services. See our Consolidated Statements of Cash Flows for segment expenditures on fixed asset additions. 11 Table of Contents Note 5.  Earnings Per Share   Class A and Class B basic earnings per share and Class B diluted earnings per share are calculated under the two-class method. The two-class method allocates earnings to each class of stock based upon its dividend rights.  Class B shares are convertible into Class A shares at a conversion ratio of 2,400 to 1. See Note 11, "Capital Stock". Class A diluted earnings per share is calculated under the if-converted method, which reflects the conversion of Class B shares to Class A shares. Diluted earnings per share calculations include the dilutive effect of assumed issuance of stock-based awards under compensation plans that have the option to be paid in stock using the treasury stock method. A reconciliation of the numerators and denominators used in the basic and diluted per-share computations is presented as follows for each class of common stock:  Three months ended June 30, 2026 2025 (dollars in thousands, except per share data) Allocated net income (numerator) Weighted shares (denominator) Per-share amount Allocated net income (numerator) Weighted shares (denominator) Per-share amount Class A – Basic EPS: Income available to Class A stockholders $ 178,818   46,189,033   $ 3.87   $ 173,254   46,189,063   $ 3.75   Dilutive effect of stock-based awards 0   8,864   —  0   14,544   —  Assumed conversion of Class B shares 1,476   6,100,800   —  1,431   6,100,800   —  Class A – Diluted EPS: Income available to Class A stockholders on Class A equivalent shares $ 180,294   52,298,697   $ 3.45   $ 174,685   52,304,407   $ 3.34   Class B – Basic EPS: Income available to Class B stockholders $ 1,476   2,542   $ 581   $ 1,431   2,542   $ 563   Class B – Diluted EPS: Income available to Class B stockholders $ 1,476   2,542   $ 581   $ 1,430   2,542   $ 563   Six months ended June 30, 2026 2025 (dollars in thousands, except per share data) Allocated net income (numerator) Weighted shares (denominator) Per-share amount Allocated net income (numerator) Weighted shares (denominator) Per-share amount Class A – Basic EPS: Income available to Class A stockholders $ 328,060   46,188,942   $ 7.10   $ 310,538   46,188,984   $ 6.72   Dilutive effect of stock-based awards 0   9,698   —  0   14,613   —  Assumed conversion of Class B shares 2,708   6,100,800   —  2,564   6,100,800   —  Class A – Diluted EPS: Income available to Class A stockholders on Class A equivalent shares $ 330,768   52,299,440   $ 6.32   $ 313,102   52,304,397   $ 5.99   Class B – Basic EPS: Income available to Class B stockholders $ 2,708   2,542   $ 1,065   $ 2,564   2,542   $ 1,008   Class B – Diluted EPS: Income available to Class B stockholders $ 2,708   2,542   $ 1,065   $ 2,563   2,542   $ 1,008   12 Table of Contents Note 6. Fair Value   Financial instruments carried at fair value Our available-for-sale and equity securities are recorded at fair value, which is the price that would be received to sell the asset in an orderly transaction between willing market participants as of the measurement date.   Valuation techniques used to derive the fair value of our available-for-sale and equity securities are based upon observable and unobservable inputs.  Observable inputs reflect market data obtained from independent sources.  Unobservable inputs reflect our own assumptions regarding fair market value for these securities.  Financial instruments are categorized based upon the following characteristics or inputs to the valuation techniques: • Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date. • Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. • Level 3 – Unobservable inputs for the asset or liability.   Estimates of fair values for our investment portfolio are obtained primarily from a nationally recognized pricing service.  Our Level 1 securities are valued using an exchange traded price provided by the pricing service. Pricing service valuations for Level 2 securities include multiple verifiable, observable inputs including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data.  Pricing service valuations for Level 3 securities are based upon proprietary models and are used when observable inputs are not available or in illiquid markets.   Although virtually all of our prices are obtained from third party sources, we also perform internal pricing reviews, including evaluating the methodology and inputs used to ensure that we determine the proper classification level of the financial instrument and reviewing securities with price changes that vary significantly from current market conditions or independent price sources.  Price variances are investigated and corroborated by market data and transaction volumes. We have reviewed the pricing methodologies of our pricing service as well as other observable inputs and believe that the prices adequately consider market activity in determining fair value.  In limited circumstances we adjust the price received from the pricing service when, in our judgment, a better reflection of fair value is available based upon corroborating information and our knowledge and monitoring of market conditions such as a disparity in price of comparable securities and/or non-binding broker quotes.  In other circumstances, certain securities are internally priced because prices are not provided by the pricing service.   When a price from the pricing service is not available, values are determined by obtaining broker/dealer quotes and/or market comparables. When available, we obtain multiple quotes for the same security. The ultimate value for these securities is determined based upon our best estimate of fair value using corroborating market information. As of June 30, 2026, nearly all of our available-for-sale and equity securities were priced using a third party pricing service. 13 Table of Contents The following tables present our fair value measurements on a recurring basis by asset class and level of input as of:  June 30, 2026 (in thousands) Total Level 1 Level 2 Level 3 Available-for-sale securities: Corporate debt securities $ 784,374   $ 1,441   $ 782,455   $ 478   Collateralized debt obligations 232,721   0   232,721   0   Commercial mortgage-backed securities 147,722   0   134,760   12,962   Residential mortgage-backed securities 208,685   0   207,590   1,095   Other debt securities 45,834   0   45,834   0   U.S. Treasury 13,886   0   13,886   0   Total available-for-sale securities (1) 1,433,222   1,441   1,417,246   14,535   Equity securities: Exchange-traded funds 82,746   82,746   0   0   Non-redeemable preferred stocks:    Financial services sector 71,526   2,068   63,854   5,604      Utilities sector 3,170   0   3,170   0      Energy sector 3,975   0   3,975   0      Consumer sector 5,578   0   2,412   3,166      Technology sector 7,546   0   0   7,546      Communications sector 1,464   0   1,464   0      Total non-redeemable preferred stocks (2) 93,259   2,068   74,875   16,316   Total equity securities 176,005   84,814   74,875   16,316   Total $ 1,609,227   $ 86,255   $ 1,492,121   $ 30,851   (1) This includes $ 44.4 million of securities lent under a securities lending agreement. (2) This includes $ 25.5 million of securities lent under a securities lending agreement. December 31, 2025 (in thousands) Total Level 1 Level 2 Level 3 Available-for-sale securities: Corporate debt securities $ 844,479   $ 998   $ 839,542   $ 3,939   Collateralized debt obligations 133,267   0   133,267   0   Commercial mortgage-backed securities 140,541   0   117,520   23,021   Residential mortgage-backed securities 187,226   0   186,432   794   Other debt securities 35,152   0   35,152   0   U.S. Treasury 24,163   0   24,163   0   Total available-for-sale securities (1) 1,364,828   998   1,336,076   27,754   Equity securities: Non-redeemable preferred stocks:    Financial services sector 74,614   2,593   66,350   5,671      Utilities sector 3,696   0   3,696   0      Energy sector 2,713   0   2,713   0      Consumer sector 5,563   0   2,393   3,170      Technology sector 3,224   0   0   3,224      Communications sector 953   0   953   0     Total non-redeemable preferred stocks (2) 90,763   2,593   76,105   12,065   Total equity securities 90,763   2,593   76,105   12,065   Total $ 1,455,591   $ 3,591   $ 1,412,181   $ 39,819   (1)     This includes $ 44.4 million of securities lent under a securities lending agreement. (2)    This includes $ 20.1 million of securities lent under a securities lending agreement. 14 Table of Contents We review the fair value hierarchy classifications each reporting period. Transfers between hierarchy levels may occur due to changes in available market observable inputs. Level 3 Assets – 2026 Quarterly Change: (in thousands)  Beginning balance at March 31, 2026 Included in earnings (1) Included in other comprehensive income (loss) Purchases Sales Transfers into Level 3 (2) Transfers out of Level 3 (2) Ending balance at June 30, 2026 Available-for-sale securities:                 Corporate debt securities $ 3,758   $ ( 112 ) $ 119   $ 14   $ ( 3,513 ) $ 212   $ 0   $ 478   Commercial mortgage-backed securities 22,701   ( 515 ) 134   0   ( 1,074 ) 3,013   ( 11,297 ) 12,962   Residential mortgage- backed securities 907   0   ( 4 ) 0   ( 23 ) 1,095   ( 880 ) 1,095   Total available-for-sale securities 27,366   ( 627 ) 249   14   ( 4,610 ) 4,320   ( 12,177 ) 14,535   Equity securities 12,299   740   —   3,300   ( 44 ) 21   0   16,316   Total Level 3 securities $ 39,665   $ 113   $ 249   $ 3,314   $ ( 4,654 ) $ 4,341   $ ( 12,177 ) $ 30,851   Level 3 Assets – 2026 Year-to-Date Change: (in thousands) Beginning balance at December 31, 2025 Included in earnings (1) Included in other comprehensive income (loss) Purchases Sales Transfers into Level 3 (2) Transfers out of Level 3 (2) Ending balance at June 30, 2026 Available-for-sale securities: Corporate debt securities $ 3,939   $ ( 99 ) $ ( 20 ) $ 816   $ ( 4,214 ) $ 1,023   $ ( 967 ) $ 478   Commercial mortgage-backed securities 23,021   ( 899 ) ( 6 ) 0   ( 1,276 ) 10,535   ( 18,413 ) 12,962   Residential mortgage-backed securities 794   1   ( 15 ) 0   ( 38 ) 1,233   ( 880 ) 1,095   Total available-for-sale securities 27,754   ( 997 ) ( 41 ) 816   ( 5,528 ) 12,791   ( 20,260 ) 14,535   Equity securities 12,065   818   —   3,450   ( 44 ) 27   0   16,316   Total Level 3 securities $ 39,819   $ ( 179 ) $ ( 41 ) $ 4,266   $ ( 5,572 ) $ 12,818   $ ( 20,260 ) $ 30,851   Level 3 Assets – 2025 Quarterly Change: (in thousands) Beginning balance at March 31, 2025 Included in earnings (1) Included in other comprehensive income (loss) Purchases Sales Transfers into Level 3 (2) Transfers out of Level 3 (2) Ending balance at June 30, 2025 Available-for-sale securities: Corporate debt securities $ 6,030   $ 12   $ 21   $ 968   $ ( 217 ) $ 2,377   $ ( 3,015 ) $ 6,176   Collateralized debt obligations 695   ( 4 ) 5   0   ( 696 ) 0   0   0   Commercial mortgage-backed securities 9,129   ( 240 ) 104   1,997   ( 1,098 ) 9,719   ( 3,177 ) 16,434   Residential mortgage- backed securities 923   0   0   0   ( 18 ) 0   ( 905 ) 0   Total available-for-sale securities 16,777   ( 232 ) 130   2,965   ( 2,029 ) 12,096   ( 7,097 ) 22,610   Equity securities 8,647   ( 9 ) —   2,500   0   0   ( 498 ) 10,640   Total Level 3 securities $ 25,424   $ ( 241 ) $ 130   $ 5,465   $ ( 2,029 ) $ 12,096   $ ( 7,595 ) $ 33,250   15 Table of Contents Level 3 Assets – 2025 Year-to-Date Change: (in thousands) Beginning balance at December 31, 2024 Included in earnings (1) Included in other comprehensive income (loss) Purchases Sales Transfers into Level 3 (2) Transfers out of Level 3 (2) Ending balance at June 30, 2025 Available-for-sale securities: Corporate debt securities $ 6,268   $ 30   $ ( 33 ) $ 3,085   $ ( 792 ) $ 3,476   $ ( 5,858 ) $ 6,176   Collateralized debt obligations 0   ( 4 ) 0   700   ( 696 ) 0   0   0   Commercial mortgage-backed securities 24,089   ( 622 ) 404   1,997   ( 2,387 ) 11,072   ( 18,119 ) 16,434   Residential mortgage-backed securities 0   0   0   0   ( 18 ) 923   ( 905 ) 0   Total available-for-sale securities 30,357   ( 596 ) 371   5,782   ( 3,893 ) 15,471   ( 24,882 ) 22,610   Equity securities 6,974   646   —   3,500   0   18   ( 498 ) 10,640   Total Level 3 securities $ 37,331   $ 50   $ 371   $ 9,282   $ ( 3,893 ) $ 15,489   $ ( 25,380 ) $ 33,250   (1) These amounts are reported as net investment income and net realized and unrealized investment gains (losses) for each of the periods presented above. (2) Transfers into and/or (out) of Level 3 are primarily attributable to the availability of market observable information and the re-evaluation of the observability of pricing inputs. Financial instruments not carried at fair value The following table presents the carrying values and fair values of financial instruments categorized as Level 3 in the fair value hierarchy that are recorded at carrying value as of: June 30, 2026 December 31, 2025 (in thousands) Carrying value Fair value Carrying value Fair value Agent loans, net (1) $ 119,672   $ 116,064   $ 109,331   $ 113,850   Other loans receivable, net (2) 18,993   15,923   15,491   12,509   Held-to-maturity securities, net (3) 4,833   4,848   4,833   4,863   (1)    The current portion of agent loans is included in the line item "Prepaid expenses and other current assets, net" in the Consolidated Statements of Financial Position. (2)    The current and long-term portions of other loans receivable are included in the line items "Prepaid expenses and other current assets, net" and "Other assets, net", respectively, in the Consolidated Statements of Financial Position. (3)    Held-to-maturity securities are included in the line item "Other assets, net" in the Consolidated Statements of Financial Position. 16 Table of Contents Note 7.  Investments   Fixed maturity securities See Note 6, "Fair Value" for additional fair value disclosures.  The following tables summarize the amortized cost and estimated fair value, net of credit loss allowance, of our fixed maturity securities as of: June 30, 2026 (in thousands) Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Available-for-sale securities: Corporate debt securities $ 784,968   $ 4,200   $ 4,794   $ 784,374   Collateralized debt obligations 233,053   155   487   232,721   Commercial mortgage-backed securities 147,887   1,550   1,715   147,722   Residential mortgage-backed securities 220,319   421   12,055   208,685   Other debt securities 46,032   187   385   45,834   U.S. Treasury 13,938   3   55   13,886   Total available-for-sale securities, net (1) 1,446,197   6,516   19,491   1,433,222   Held-to-maturity securities - states & political subdivisions 4,833   15   0   4,848   Total fixed maturity securities, net $ 1,451,030   $ 6,531   $ 19,491   $ 1,438,070   (1) This includes an estimated fair value of $ 44.4 million of securities lent under a securities lending agreement. December 31, 2025 (in thousands) Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Available-for-sale securities: Corporate debt securities $ 834,885   $ 12,779   $ 3,185   $ 844,479   Collateralized debt obligations 133,224   207   164   133,267   Commercial mortgage-backed securities 139,516   2,808   1,783   140,541   Residential mortgage-backed securities 196,624   982   10,380   187,226   Other debt securities 34,863   543   254   35,152   U.S. Treasury 24,116   106   59   24,163   Total available-for-sale securities, net (1) 1,363,228   17,425   15,825   1,364,828   Held-to-maturity securities - states & political subdivisions 4,833   30   0   4,863   Total fixed maturity securities, net $ 1,368,061   $ 17,455   $ 15,825   $ 1,369,691   (1) This includes an estimated fair value of $ 44.4 million of securities lent under a securities lending agreement. The amortized cost and estimated fair value of our fixed maturity securities at June 30, 2026 are shown below by remaining contractual term to maturity.  Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. June 30, 2026 Amortized Estimated (in thousands) cost fair value Available-for-sale securities: Due in one year or less $ 63,311   $ 63,363   Due after one year through five years 546,224   545,677   Due after five years through ten years 188,795   187,998   Due after ten years 647,867   636,184   Total available-for-sale securities, net (1) (2) 1,446,197   1,433,222   Held-to-maturity securities - due after ten years 4,833   4,848   Total fixed maturity securities, net $ 1,451,030   $ 1,438,070   (1) The contractual maturities of our available-for-sale securities are included in the table. However, given our intent to sell certain impaired securities, these securities are classified as current assets in our Consolidated Statement of Financial Position at June 30, 2026. (2) This includes an estimated fair value of $ 44.4 million of securities lent under a securities lending agreement. 17 Table of Contents The below securities have been evaluated for credit impairment using criteria described within Note 2, "Significant Accounting Policies, of Notes to Consolidated Financial Statements" included in our Annual Report on Form 10-K for the year ended December 31, 2025 as filed with the SEC on February 23, 2026. The gross unrealized losses are primarily attributable to changes in interest rates and are not deemed to be credit-related. We do not have the intent to sell these securities and it is more likely than not that we would not be required to sell these securities before the anticipated recovery of the amortized cost basis. The following tables present available-for-sale securities based on length of time in a gross unrealized loss position as of: June 30, 2026 Less than 12 months 12 months or longer Total (dollars in thousands) Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses No. of holdings Corporate debt securities $ 432,603   $ 4,186   $ 13,788   $ 608   $ 446,391   $ 4,794   273   Collateralized debt obligations 146,226   463   2,566   24   148,792   487   144   Commercial mortgage-backed securities 36,406   261   16,335   1,454   52,741   1,715   100   Residential mortgage-backed securities 99,078   1,393   73,795   10,662   172,873   12,055   185   Other debt securities 25,741   169   3,347   216   29,088   385   57   U.S. Treasury 10,404   55   0   0   10,404   55   3   Total available-for-sale securities $ 750,458   $ 6,527   $ 109,831   $ 12,964   $ 860,289   $ 19,491   762   Quality breakdown of available-for-sale securities: Investment grade $ 725,388   $ 5,879   $ 106,979   $ 12,807   $ 832,367   $ 18,686   734   Non-investment grade 25,070   648   2,852   157   27,922   805   28   Total available-for-sale securities $ 750,458   $ 6,527   $ 109,831   $ 12,964   $ 860,289   $ 19,491   762   December 31, 2025 Less than 12 months 12 months or longer Total (dollars in thousands) Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses No. of holdings Corporate debt securities $ 72,699   $ 1,555   $ 41,040   $ 1,630   $ 113,739   $ 3,185   418   Collateralized debt obligations 57,917   120   3,909   44   61,826   164   83   Commercial mortgage-backed securities 16,103   59   19,956   1,724   36,059   1,783   70   Residential mortgage-backed securities 17,675   27   92,019   10,353   109,694   10,380   146   Other debt securities 3,936   39   3,655   215   7,591   254   27   U.S. Treasury 13,296   59   0   0   13,296   59   3   Total available-for-sale securities $ 181,626   $ 1,859   $ 160,579   $ 13,966   $ 342,205   $ 15,825   747   Quality breakdown of available-for-sale securities: Investment grade $ 144,472   $ 433   $ 144,604   $ 12,773   $ 289,076   $ 13,206   371   Non-investment grade 37,154   1,426   15,975   1,193   53,129   2,619   376   Total available-for-sale securities $ 181,626   $ 1,859   $ 160,579   $ 13,966   $ 342,205   $ 15,825   747   18 Table of Contents Credit loss allowances The following tables present a roll-forward of the allowances for credit losses on investments: Three months ended June 30, 2026 (in thousands) Available-for-sale securities Held-to-maturity securities Other loans receivable Agent loans Balance, beginning of period $ 1,029   $ 2,167   $ 15,357   $ 1,879   Provision and recoveries ( 1 ) 0   289   0   Sales/collections and write-offs ( 562 ) 0   0   0   Balance, end of period $ 466   $ 2,167   $ 15,646   $ 1,879   Six months ended June 30, 2026 (in thousands) Available-for-sale securities Held-to-maturity securities Other loans receivable Agent loans Balance, beginning of period $ 902   $ 2,167   $ 15,101   $ 1,680      Provision and recoveries 274   0   545   199      Sales/collections and write-offs ( 710 ) 0   0   0   Balance, end of period $ 466   $ 2,167   $ 15,646   $ 1,879   Three months ended June 30, 2025 (in thousands) Available-for-sale securities Held-to-maturity securities Other loans receivable Agent loans Balance, beginning of period $ 826   $ 2,167   $ 12,592   $ 1,476   Provision and recoveries 304   0   446   0   Sales/collections and write-offs ( 249 ) 0   0   0   Balance, end of period $ 881   $ 2,167   $ 13,038   $ 1,476   Six months ended June 30, 2025 (in thousands) Available-for-sale securities Held-to-maturity securities Other loans receivable Agent loans Balance, beginning of period $ 513   $ 2,167   $ 12,198   $ 1,312      Provision and recoveries 669   0   840   164      Sales/collections and write-offs ( 301 ) 0   0   0   Balance, end of period $ 881   $ 2,167   $ 13,038   $ 1,476   Net investment income Investment income (loss), net of expenses, was generated from the following portfolios: Three months ended June 30, Six months ended June 30, (in thousands) 2026 2025 2026 2025 Available-for-sale securities $ 16,770   $ 14,530   $ 34,002   $ 27,813   Equity securities 1,706   1,149   3,013   2,313   Limited partnerships (1) ( 16 ) 83   716   1,155   Agent loans 2,030   1,557   3,934   3,001   Cash equivalents and other 3,010   3,509   5,773   6,896   Total investment income 23,500   20,828   47,438   41,178   Less: investment expenses 913   798   1,291   1,200   Net investment income $ 22,587   $ 20,030   $ 46,147   $ 39,978   (1) Limited partnership (losses) income includes both realized gains (losses) and unrealized valuation changes. Our limited partnership investments are included in the line item "Other assets, net" in the Consolidated Statements of Financial Position. We have made no new significant limited partnership commitments since 2006, and the balance of limited partnership investments is expected to decline over time as additional distributions are received. 19 Table of Contents Net realized and unrealized investment gains (losses) Realized and unrealized gains (losses) on investments were as follows: Three months ended June 30, Six months ended June 30, (in thousands) 2026 2025 2026 2025 Available-for-sale securities:     Gross realized gains $ 3,074   $ 331   $ 4,095   $ 680   Gross realized losses ( 4,037 ) ( 762 ) ( 4,909 ) ( 1,373 ) Net realized losses on available-for-sale securities ( 963 ) ( 431 ) ( 814 ) ( 693 ) Equity securities 1,520   910   606   1,669   Miscellaneous 0   0   0   5   Net realized and unrealized investment gains (losses) $ 557   $ 479   $ ( 208 ) $ 981   The portion of net unrealized gains (losses) recognized during the reporting period related to equity securities held at the reporting date is calculated as follows: Three months ended June 30, Six months ended June 30, (in thousands) 2026 2025 2026 2025 Equity securities: Net gains recognized during the period $ 1,520   $ 910   $ 606   $ 1,669   Less: net gains (losses) recognized on securities sold 32   15   ( 7 ) 149   Net unrealized gains recognized on securities held at reporting date $ 1,488   $ 895   $ 613   $ 1,520   Net impairment (losses) recoveries recognized in earnings Impairments on investments were as follows: Three months ended June 30, Six months ended June 30, (in thousands) 2026 2025 2026 2025 Available-for-sale securities: Intent to sell $ ( 349 ) $ ( 417 ) $ ( 339 ) $ ( 417 ) Credit recovered (impaired) 1   ( 304 ) ( 274 ) ( 669 ) Total available-for-sale securities ( 348 ) ( 721 ) ( 613 ) ( 1,086 ) Expected credit losses: Agent loans 0   0   ( 199 ) ( 164 ) Other loans receivable ( 243 ) ( 188 ) ( 455 ) ( 573 ) Net impairment losses recognized in earnings $ ( 591 ) $ ( 909 ) $ ( 1,267 ) $ ( 1,823 ) Securities lending transactions As of June 30, 2026, the estimated fair value of loaned securities was $ 69.9 million, consisting of $ 44.4 million of available- for-sale securities and $ 25.5 million of equity securities. As of December 31, 2025, the estimated fair value of loaned securities was $ 64.5 million consisting of $ 44.4 million of available-for-sale securities and $ 20.1 million of equity securities. Cash collateral received in connection with these securities lending transactions totaled $ 63.2 million and $ 61.9 million as of June 30, 2026 and December 31, 2025 respectively. The cash collateral was reinvested in cash equivalents and is included with "Cash and cash equivalents" in our Consolidated Statements of Financial Position. We also received $ 9.1 million and $ 4.5 million of non-cash collateral as of June 30, 2026 and December 31, 2025, respectively, which we are not permitted to sell or repledge. There were no securities lending transactions outstanding with contractual maturities extending beyond one year from the reporting date. If we have to return cash collateral on short notice, we may have difficulty selling investments in a timely manner, be forced to sell them for less than we otherwise would have been able to realize, or both. In addition, in the event of such forced sale, for securities in an unrealized loss position, realized losses would be incurred on securities sold and impairments would be incurred, if there is a need to sell securities prior to recovery, which may negatively impact our financial condition. 20 Table of Contents Note 8.  Bank Line of Credit   We have access to a $ 100 million bank revolving line of credit with a $ 25 million letter of credit sublimit that expires on November 1, 2029. As of June 30, 2026, a total of $ 99.2 million remains available under the facility due to $ 0.8 million outstanding letters of credit, which reduce the availability for letters of credit to $ 24.2 million. We had no borrowings outstanding on our line of credit as of June 30, 2026. Investments with a fair value of $ 110.5 million were pledged as collateral on the line of credit at June 30, 2026. These investments have no trading restrictions and are reported as available-for-sale securities and cash and cash equivalents on our Consolidated Statement of Financial Position as of June 30, 2026. The bank requires compliance with certain covenants, which include leverage ratios and debt restrictions.  We are in compliance with all covenants at June 30, 2026. Note 9.  Postretirement Benefits   Pension plans Our pension plans consist of a noncontributory defined benefit pension plan covering substantially all employees and an unfunded supplemental employee retirement plan ("SERP") for certain members of executive and senior management. The pension plan provides benefits to covered individuals satisfying certain age and service requirements. The defined benefit pension plan and SERP each provide benefits through a final average earnings formula. Although we are the sponsor of these postretirement plans and record the funded status of these plans, there are reimbursements between us and the Exchange and its insurance subsidiaries for their allocated share of pension cost. These reimbursements represent pension benefits for employees performing administrative services and an allocated share of plan cost for employees in departments that support the administrative functions. For the six months ended June 30, 2026, the Exchange and its insurance subsidiaries reimbursed us for approximately 61 % of the annual defined benefit pension cost and 33 % of the annual SERP cost. For our funded pension plan, amounts are settled in cash for the portion of pension cost allocated to the Exchange and its insurance subsidiaries. For our unfunded SERP, we pay the obligations when due and amounts are settled in cash between entities when there is a payout. Our defined benefit pension plan funding policy is generally to contribute an amount equal to the greater of the target normal cost for the plan year, or the amount necessary to fund the plan to 100 %. Accordingly, we made a $ 47  million contribution in January 2026. We plan to make an additional discretionary contribution of $ 30  million during the third quarter of 2026, which will further improve the plan's funded status. The funded pension plan is presented separately from the unfunded plan as a non-current asset on the Consolidated Statements of Financial Position. Pension plan cost includes the following components: Three months ended June 30, Six months ended June 30, (in thousands) 2026 2025 2026 2025 Service cost for benefits earned $ 9,591   $ 8,862   $ 19,181   $ 17,724   Interest cost on benefit obligation 15,513   14,676   31,027   29,351   Expected return on plan assets ( 19,889 ) ( 20,069 ) ( 39,778 ) ( 40,138 ) Prior service cost amortization 458   422   916   844   Net actuarial gain amortization ( 68 ) ( 655 ) ( 135 ) ( 1,309 ) Settlement gain (1) —   —   —   ( 477 ) Pension plan cost (2) $ 5,605   $ 3,236   $ 11,211   $ 5,995   (1) Settlement accounting was required due to lump sum payments made under the SERP to former officers in 2025. (2) Pension plan cost represents total plan cost before reimbursements between Indemnity and the Exchange and its insurance subsidiaries. The components of pension plan cost other than the service cost components are included in the line item " Other income " in the Consolidated Statements of Operations, net of reimbursements between Indemnity and the Exchange and its insurance subsidiaries. 21 Table of Contents Note 10.  Income Taxes   Income tax expense is provided on an interim basis based upon our estimate of the annual effective income tax rate, adjusted each quarter for discrete items. For the three months ended June 30, 2026 and 2025, our effective tax rate was 21.0 % and 20.9 %, respectively. For the six months ended June 30, 2026 and 2025, our effective tax rate was 20.9 % and 20.8 %, respectively. Note 11.  Capital Stock   Class A and B common stock Holders of Class B shares may, at their option, convert their shares into Class A shares at the rate of 2,400 Class A shares per Class B share.  There were no shares of Class B common stock converted into Class A common stock during the six months ended June 30, 2026 and the year ended December 31, 2025. There is no provision for conversion of Class A shares into Class B shares, and Class B shares surrendered for conversion cannot be reissued. Stock repurchases In 2011, our Board of Directors approved a continuation of the current stock repurchase program of $ 150 million, with no time limitation.  There were no shares repurchased under this program during the six months ended June 30, 2026 and the year ended December 31, 2025. We had approximately $ 17.8 million of repurchase authority remaining under this program at June 30, 2026. 22 Table of Contents Note 12.  Accumulated Other Comprehensive Income (Loss)   Changes in accumulated other comprehensive income ("AOCI") (loss) by component, including amounts reclassified to other comprehensive income ("OCI") (loss) and the related line item in the Consolidated Statements of Operations where net income is presented, are as follows: Three months ended Three months ended June 30, 2026 June 30, 2025 (in thousands) Before Tax Income Tax Net Before Tax Income Tax Net Investment securities: AOCI (loss), beginning of period $ ( 14,358 ) $ ( 3,015 ) $ ( 11,343 ) $ ( 15,128 ) $ ( 3,178 ) $ ( 11,950 ) OCI before reclassifications 71   15   56   6,774   1,423   5,351   Realized investment losses 963   202   761   431   91   340   Impairment losses 348   73   275   721   151   570   OCI 1,382   290   1,092   7,926   1,665   6,261   AOCI (loss), end of period $ ( 12,976 ) $ ( 2,725 ) $ ( 10,251 ) $ ( 7,202 ) $ ( 1,513 ) $ ( 5,689 ) Pension and other postretirement plans: AOCI (loss), beginning of period $ ( 66,968 ) $ ( 14,064 ) $ ( 52,904 ) $ ( 38,511 ) $ ( 8,087 ) $ ( 30,424 ) Amortization of prior service costs 458   96   362   422   88   334   Amortization of net actuarial gain ( 68 ) ( 14 ) ( 54 ) ( 655 ) ( 138 ) ( 517 ) OCI (loss) 390   82   308   ( 233 ) ( 50 ) ( 183 ) AOCI (loss), end of period $ ( 66,578 ) $ ( 13,982 ) $ ( 52,596 ) $ ( 38,744 ) $ ( 8,137 ) $ ( 30,607 ) Total AOCI (loss), beginning of period $ ( 81,326 ) $ ( 17,079 ) $ ( 64,247 ) $ ( 53,639 ) $ ( 11,265 ) $ ( 42,374 ) Investment securities 1,382   290   1,092   7,926   1,665   6,261   Pension and other postretirement plans 390   82   308   ( 233 ) ( 50 ) ( 183 ) OCI 1,772   372   1,400   7,693   1,615   6,078   AOCI (loss), end of period $ ( 79,554 ) $ ( 16,707 ) $ ( 62,847 ) $ ( 45,946 ) $ ( 9,650 ) $ ( 36,296 ) Six months ended Six months ended June 30, 2026 June 30, 2025 (in thousands) Before Tax Income Tax Net Before Tax Income Tax Net Investment securities: AOCI (loss), beginning of period $ 1,508   $ 316   $ 1,192   $ ( 22,442 ) $ ( 4,714 ) $ ( 17,728 ) OCI (loss) before reclassifications ( 15,911 ) ( 3,341 ) ( 12,570 ) 13,461   2,827   10,634   Realized investment losses 814   171   643   693   146   547   Impairment losses 613   129   484   1,086   228   858   OCI (loss) ( 14,484 ) ( 3,041 ) ( 11,443 ) 15,240   3,201   12,039   AOCI (loss), end of period $ ( 12,976 ) $ ( 2,725 ) $ ( 10,251 ) $ ( 7,202 ) $ ( 1,513 ) $ ( 5,689 ) Pension and other postretirement plans: AOCI (loss), beginning of period $ ( 67,359 ) $ ( 14,146 ) $ ( 53,213 ) $ ( 37,802 ) $ ( 7,939 ) $ ( 29,863 ) Amortization of prior service costs 916   192   724   844   177   667   Amortization of net actuarial gain ( 135 ) ( 28 ) ( 107 ) ( 1,309 ) ( 275 ) ( 1,034 ) Settlement gain —   —   —   ( 477 ) ( 100 ) ( 377 ) OCI (loss) 781   164   617   ( 942 ) ( 198 ) ( 744 ) AOCI (loss), end of period $ ( 66,578 ) $ ( 13,982 ) $ ( 52,596 ) $ ( 38,744 ) $ ( 8,137 ) $ ( 30,607 ) Total AOCI (loss), beginning of period $ ( 65,851 ) $ ( 13,830 ) $ ( 52,021 ) $ ( 60,244 ) $ ( 12,653 ) $ ( 47,591 ) Investment securities ( 14,484 ) ( 3,041 ) ( 11,443 ) 15,240   3,201   12,039   Pension and other postretirement plans 781   164   617   ( 942 ) ( 198 ) ( 744 ) OCI (loss) ( 13,703 ) ( 2,877 ) ( 10,826 ) 14,298   3,003   11,295   AOCI (loss), end of period $ ( 79,554 ) $ ( 16,707 ) $ ( 62,847 ) $ ( 45,946 ) $ ( 9,650 ) $ ( 36,296 ) 23 Table of Contents Note 13. Concentrations of Credit Risk   Financial instruments could potentially expose us to concentrations of credit risk, including our unsecured receivables from the Exchange. The majority of our revenue and receivables are from the Exchange and its affiliates. See also Note 1, "Nature of Operations". Net management fee amounts and other reimbursements due from the Exchange and its affiliates were $ 753.2 million and $ 735.6 million at June 30, 2026 and December 31, 2025, respectively, which includes a current expected credit loss allowance of $ 0.7 million in both periods. Note 14.  Commitments and Contingencies   We have an agreement with a bank for an agent loan participation program. The maximum amount of loans and guarantees that could be funded by us through this program is $ 150 million. We have committed to fund a minimum of 30 % of each loan executed under the program. As of June 30, 2026, our portion of the outstanding loans executed under this agreement is $ 68.7 million. Additionally, we have agreed to guarantee a portion of the funding provided by the other participants in the program in the event of default. As of June 30, 2026, our maximum potential amount of future payments on the guaranteed portion is $ 24.3 million. All loan payments under the participation program are current as of June 30, 2026. We also have contingent obligations for guarantees related to certain real estate development projects supporting revitalization efforts in our community. As of June 30, 2026, our maximum potential obligation related to guarantees is $ 6.2 million. We are involved in litigation arising in the ordinary course of conducting business.  In accordance with current accounting standards for loss contingencies and based upon information currently known to us, we establish reserves for litigation when it is probable that a loss associated with a claim or proceeding has been incurred and the amount of the loss or range of loss can be reasonably estimated.  When no amount within the range of loss is a better estimate than any other amount, we accrue the minimum amount of the estimable loss.  To the extent that such litigation against us may have an exposure to a loss in excess of the amount we have accrued, we believe that such excess would not be material to our consolidated financial condition, results of operations or cash flows.  Legal fees are expensed as incurred.  We believe that our accruals for legal proceedings are appropriate and, individually and in the aggregate, are not expected to be material to our consolidated financial condition, results of operations or cash flows. We review all litigation on an ongoing basis when making accrual and disclosure decisions.  For certain legal proceedings, we cannot reasonably estimate losses or a range of loss, if any, particularly for proceedings that are in their early stages of development or where the plaintiffs seek indeterminate damages.  Various factors, including, but not limited to, the outcome of potentially lengthy discovery and the resolution of important factual questions, may need to be determined before probability can be established or before a loss or range of loss can be reasonably estimated.  If the loss contingency in question is not both probable and reasonably estimable, we do not establish an accrual and the matter will continue to be monitored for any developments that would make the loss contingency both probable and reasonably estimable.  In the event that a legal proceeding results in a substantial judgment against, or settlement by, us, there can be no assurance that any resulting liability or financial commitment would not have a material adverse effect on our consolidated financial condition, results of operations or cash flows. Note 15.  Subsequent Events   No items were identified in this period subsequent to the financial statement date that required adjustment or additional disclosure. 24 Table of Contents ITEM 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS   The following discussion of financial condition and results of operations highlights significant factors influencing Erie Indemnity Company ("Indemnity", "we", "us", "our").  This discussion should be read in conjunction with the historical consolidated financial statements and the related notes thereto included in Part I, Item 1. "Financial Statements" of this Quarterly Report on Form 10-Q, and with Part II, Item 7. "Management’s Discussion and Analysis of Financial Condition and Results of Operations" for the year ended December 31, 2025, as contained in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 23, 2026.     INDEX   Page Number Cautionary Statement Regarding Forward-Looking Information 25 Recent Accounting Standards 26 Operating Overview 26 Results of Operations 29 Financial Condition 35 Liquidity and Capital Resources 36 Critical Accounting Estimates 38   CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION   "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements contained herein that are not historical fact are forward-looking statements and, as such, are subject to risks and uncertainties that could cause actual events and results to differ, perhaps materially, from those discussed herein.  Forward-looking statements relate to future trends, events or results and include, without limitation, statements and assumptions on which such statements are based that are related to our plans, strategies, objectives, expectations, intentions, and adequacy of resources.  Examples of forward-looking statements are discussions relating to premium and investment income, expenses, operating results, and compliance with contractual and regulatory requirements.  Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict.  Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements.  Among the risks and uncertainties, in addition to those set forth in our filings with the Securities and Exchange Commission, that could cause actual results and future events to differ from those set forth or contemplated in the forward-looking statements include the following: • dependence upon our relationship with the Erie Insurance Exchange ("Exchange") and the management fee under the agreement with the subscribers at the Exchange; • dependence upon our relationship with the Exchange and the growth of the Exchange, including: ◦ general business and economic conditions; ◦ factors impacting the timing of premium rates charged for policies; ◦ factors affecting insurance industry competition, including technological innovations; ◦ dependence upon the independent agency system; and ◦ ability to maintain our brand, including our reputation for customer service; • dependence upon our relationship with the Exchange and the financial condition of the Exchange, including: ◦ the Exchange's ability to maintain acceptable financial strength ratings; ◦ factors affecting the quality and liquidity of the Exchange's investment portfolio; ◦ changes in government regulation of the insurance industry; ◦ litigation and regulatory actions; ◦ emergence of significant unexpected events, including pandemics, economic or social inflation, and changes in tariff policies; ◦ emerging claims and coverage issues in the industry; and ◦ severe weather conditions or other catastrophic losses, including terrorism; • costs of providing policy issuance and renewal services to the subscribers at the Exchange under the subscriber's agreement; • ability to attract, develop, retain, and protect talented management and employees; • ability to ensure system availability and effectively manage technology initiatives; • difficulties with technology, data or network security breaches, including cyber attacks; 25 Table of Contents • ability to maintain uninterrupted business operations; • compliance with complex and evolving laws and regulations and outcome of pending and potential litigation; • factors affecting the quality and liquidity of our investment portfolio; and • ability to meet liquidity needs and access capital. A forward-looking statement speaks only as of the date on which it is made and reflects our analysis only as of that date.  We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changes in assumptions, or otherwise. RECENT ACCOUNTING STANDARDS   See Part I, Item 1. "Financial Statements - Note 2, Significant Accounting Policies, of Notes to Consolidated Financial Statements" contained within this report for a discussion of recently issued accounting standards, and the impact on our consolidated financial statements if known. OPERATING OVERVIEW   Overview We serve as the attorney-in-fact for the subscribers (policyholders) at the Exchange, a reciprocal insurer that writes property and casualty insurance. Our primary function as attorney-in-fact is to perform policy issuance and renewal services on behalf of the subscribers at the Exchange. We also act as attorney-in-fact on behalf of the subscribers at the Exchange, as well as the service provider for the Exchange's insurance subsidiaries, with respect to all administrative services. The Exchange is a reciprocal insurance exchange, which is an unincorporated association of individuals, partnerships, and corporations that agree to insure one another. Each applicant for insurance (a subscriber) to the Exchange signs a subscriber's agreement, which contains an appointment of Indemnity as their attorney-in-fact to transact the business of the Exchange on their behalf. In accordance with the subscriber’s agreement for acting as attorney-in-fact in these two capacities, we retain a management fee calculated as a percentage of the direct and affiliated assumed premiums written by the Exchange. Our earnings are primarily driven by the management fee revenue generated for the services we provide on behalf of the subscribers at the Exchange. The policy issuance and renewal services we provide are related to the sales, underwriting, and issuance of policies. The sales related services we provide include agent compensation and certain sales and advertising support services. Agent compensation includes scheduled commissions to agents based upon premiums written as well as incentive compensation, which is earned by achieving targeted measures. Agent compensation generally comprises approximately two-thirds of our policy issuance and renewal expenses. The underwriting services we provide include underwriting and policy processing. The remaining services we provide include customer service and administrative support. We also provide information technology services that support all the functions listed above. See Part I, Item 1. "Financial Statements - Note 4, Segment Information, of Notes to Consolidated Financial Statements" contained within this report for the significant expense categories related to providing these services. Included in expenses for these services are allocations of costs for departments that support these policy issuance and renewal functions. Consistent with its legal structure as a reciprocal insurer, the Exchange does not have any employees or officers. Therefore, it enters into contractual relationships by and through the subscribers' attorney-in-fact. Indemnity serves as the attorney-in-fact on behalf of the subscribers at the Exchange with respect to its administrative services as enumerated in the subscriber's agreement. The Exchange's insurance subsidiaries also utilize Indemnity for these services in accordance with the service agreements between each of the subsidiaries and Indemnity. Claims handling services include costs incurred in the claims process, including the adjustment, investigation, defense, recording, and payment functions. Life insurance management services include costs incurred in the management and processing of life insurance business. Investment management services are related to investment trading activity, accounting, and all other functions attributable to the investment of funds. In 2025, approximately 71% of the administrative services expenses were entirely attributable to the respective administrative functions (claims handling, life insurance management, and investment management), while the remaining 29% of these expenses were allocations of costs for departments that support these administrative functions. The expenses we incur and related reimbursements we receive for administrative services are presented gross in our Consolidated Statements of Operations. The subscriber's agreement and service agreements provide for reimbursement of amounts incurred for these services to Indemnity. Reimbursements are settled at cost on a monthly basis. State insurance regulations require that intercompany service agreements and any material amendments be approved in advance by the state insurance department. 26 Table of Contents Our results of operations are tied to the growth and financial condition of the Exchange as the Exchange is our sole customer, and our earnings are largely generated from management fees based on the direct and affiliated assumed premiums written by the Exchange. The Exchange generates revenue by insuring preferred and standard risks, with personal lines comprising 71% of the 2025 direct and affiliated assumed written premiums and commercial lines comprising the remaining 29%.  The principal personal lines products are private passenger automobile and homeowners.  The principal commercial lines products are commercial multi-peril, commercial automobile, and workers compensation. Information security incident In 2025, we experienced an information security incident that has been remediated and did not have a material impact on our consolidated financial condition, results of operations, or cash flows. As of June 30, 2026, we continue to pursue recovery of a portion of lost income due to business interruption and related expenses from our cybersecurity insurance policy. Financial Overview Three months ended June 30, Six months ended June 30, (dollars in thousands, except per share data) 2026 2025 % Change 2026 2025 % Change (Unaudited) (Unaudited) Operating income $ 204,123  $ 199,173  2.5  % $ 370,910  $ 350,549  5.8  % Total investment income 22,553  19,600  15.1  44,672  39,136  14.1  Other income 1,401  1,974  (29.0) 2,821  5,808  (51.4) Income before income taxes 228,077  220,747  3.3  418,403  395,493  5.8  Income tax expense 47,783  46,062  3.7  87,635  82,391  6.4  Net income $ 180,294  $ 174,685  3.2  % $ 330,768  $ 313,102  5.6  % Net income per share – diluted $ 3.45  $ 3.34  3.2  % $ 6.32  $ 5.99  5.7  % Operating income increased in both the second quarter and six months ended June 30, 2026, compared to the same periods in 2025. Management fee revenue for policy issuance and renewal services increased 4.7% to $862.9 million in the second quarter of 2026 and 4.5% to $1.6 billion for the six months ended June 30, 2026, compared to the same periods in 2025. Management fee revenue is based upon the management fee rate we charge and the direct and affiliated assumed premiums written by the Exchange. The management fee rate was 25% for both 2026 and 2025. The direct and affiliated assumed premiums written by the Exchange increased 3.3% to $3.5 billion in the second quarter of 2026 and 3.4% to $6.8 billion for the six months ended June 30, 2026, compared to the same periods in 2025. Cost of operations for policy issuance and renewal services increased 5.5% to $684.1 million in the second quarter of 2026 and 4.2% to $1.3 billion for the six months ended June 30, 2026, compared to the same periods in 2025, primarily due to increased agent incentive compensation due to improved profitability and higher scheduled commissions driven by direct and affiliated assumed written premium growth, partially offset by lower professional fees and decreased survey and underwriting report costs. Management fee revenue for administrative services increased 7.2% to $19.6 million in the second quarter of 2026 and 8.8% to $39.1 million for the six months ended June 30, 2026, compared to the same periods in 2025. The administrative services reimbursement revenue and corresponding cost of operations increased both total operating revenue and total operating expenses by $201.6 million in the second quarter of 2026 and $401.7 million for the six months ended June 30, 2026, but had no net impact on operating income. Total investment income increased $3.0 million in the second quarter of 2026 and $5.5 million for the six months ended June 30, 2026, compared to the same periods in 2025. The results from both periods were primarily due to an increase in net investment income. The increase for the six months ended June 30, 2026 was partially offset by net realized and unrealized investment losses compared to net gains in 2025. 27 Table of Contents General Conditions and Trends Affecting Our Business Economic conditions Unfavorable changes in economic conditions, including declining consumer confidence, inflation, high unemployment, and the threat of recession, among others, may lead the Exchange’s customers to modify coverage, not renew policies, or even cancel policies, which could adversely affect the premium revenue of the Exchange, and consequently our management fee revenue.  Elevated inflation, supply chain disruptions, or changes in tariff policies could impact the Exchange's operations and our management fees. In particular, unanticipated increased inflation costs including medical cost inflation, building material cost inflation, auto repair and replacement cost inflation, and social inflation may impact adequacy of estimated loss reserves and future premium rates of the Exchange. If any of these items impacted the financial condition or operations of the Exchange, it could have an impact on our financial results. For a discussion of the potential impacts to our operations or those of the Exchange, see Financial Condition and Liquidity and Capital Resources contained within this report, as well as Part I. Item 1A. "Risk Factors" included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 as filed with the Securities and Exchange Commission on February 23, 2026. Financial market volatility Our portfolio of available-for-sale and equity security investments is subject to market volatility, especially in periods of instability in the worldwide financial markets. Net investment income is impacted by the general level of interest rates, which impact reinvested cash flow from the portfolio and business operations. Depending upon market conditions, considerable fluctuation could occur in the fair value of our investment portfolio and reported total investment income, which could have an adverse impact on our consolidated financial condition, results of operations and cash flows. Various ongoing geopolitical events, the uncertain tariff, inflationary, and interest rate environment, and a potential economic slowdown could have a significant impact on the global financial markets with the potential for future losses and/or impairments on our investment portfolio. 28 Table of Contents RESULTS OF OPERATIONS   Management fee revenue We have two performance obligations in the subscriber’s agreement, providing policy issuance and renewal services and acting as attorney-in-fact for the subscribers at the Exchange, as well as the service provider for the Exchange's insurance subsidiaries with respect to all administrative services. We retain management fees for acting as the attorney-in-fact for the subscribers at the Exchange in these two capacities and allocate our revenues between our performance obligations. The management fee is calculated by multiplying all direct and affiliated assumed premiums written by the Exchange by the management fee rate, which is set by our Board of Directors at least annually.  The management fee rate was set at 25% for both 2026 and 2025.  Changes in the management fee rate can affect our revenue and net income significantly. The transaction price, including management fee revenue and administrative services reimbursement revenue, includes variable consideration and is allocated based on the estimated standalone selling prices developed using industry information and other available information for similar services. We update the transaction price and the related allocation at least annually based upon the most recent information available or more frequently if there have been significant changes in any components considered in the transaction price. Our current transaction price allocation review resulted in a minor change in the allocation between the two performance obligations in 2026 compared to 2025, which did not have a material impact on our consolidated financial statements. The following table presents the allocation and disaggregation of revenue for our two performance obligations: Three months ended June 30, Six months ended June 30, (dollars in thousands) 2026 2025 % Change 2026 2025 % Change (Unaudited) (Unaudited) Policy issuance and renewal services Direct and affiliated assumed premiums written by the Exchange $ 3,536,140  $ 3,424,202  3.3  % $ 6,768,566  $ 6,544,876  3.4  % Management fee rate 24.41  % 24.37  % 24.41  % 24.37  % Management fee revenue 863,172  834,478  3.4  1,652,207  1,594,986  3.6  Change in estimate for management fee returned on cancelled policies (1) (293) (10,625) 97.2  (2,929) (16,084) 81.8  Management fee revenue - policy issuance and renewal services $ 862,879  $ 823,853  4.7  % $ 1,649,278  $ 1,578,902  4.5  % Administrative services Direct and affiliated assumed premiums written by the Exchange $ 3,536,140  $ 3,424,202  3.3  % $ 6,768,566  $ 6,544,876  3.4  % Management fee rate 0.59  % 0.63  % 0.59  % 0.63  % Management fee revenue 20,864  21,573  (3.3) 39,935  41,233  (3.1) Change in contract liability (2) (1,123) (3,216) 65.1  (588) (5,184) 88.7  Change in estimate for management fee returned on cancelled policies (1) (122) (61) NM (253) (108) NM Management fee revenue - administrative services 19,619  18,296  7.2  39,094  35,941  8.8  Administrative services reimbursement revenue 201,554  212,644  (5.2) 401,650  422,917  (5.0) Total revenue from administrative services $ 221,173  $ 230,940  (4.2) % $ 440,744  $ 458,858  (3.9) % NM = not meaningful (1) A constraining estimate of variable consideration exists related to the potential for management fees to be returned if a policy were to be cancelled mid-term. See Part I, Item 1. "Financial Statements - Note 3, Revenue, of Notes to Consolidated Financial Statements" contained within this report.  (2) Management fee revenue - administrative services is recognized over time as the services are provided. See Part I, Item 1. "Financial Statements - Note 3, Revenue, of Notes to Consolidated Financial Statements" contained within this report. 29 Table of Contents Direct and affiliated assumed premiums written by the Exchange Direct and affiliated assumed premiums include premiums written directly by the Exchange and premiums assumed from its wholly owned property and casualty subsidiaries. Direct and affiliated assumed premiums written by the Exchange increased 3.3% to $3.5 billion in the second quarter of 2026 compared to the second quarter of 2025, primarily driven by increased commercial lines and homeowners premiums written, partially offset by decreased personal auto premiums written.  The year-over-year average premium per policy for all lines of business increased 6.8% at June 30, 2026 compared to 11.9% at June 30, 2025. Year-over-year policies in force for all lines of business decreased 2.0% in the second quarter of 2026 compared to an increase 1.7% in the second quarter of 2025.  Premiums generated from new business increased 9.8% to $395 million in the second quarter of 2026 compared to the same period in 2025, primarily driven by increased premiums written in the personal auto and homeowners lines. Contributing to this change was a 13.9% increase in new business policies written and a 3.9% increase in year-over-year average premium per policy on new business at June 30, 2026. The increase in new business was impacted by the 2025 information security incident, which disrupted operations including new business production from June 7, 2025 through June 30, 2025, affecting the year-over-year comparison. Premiums generated from renewal business increased 2.5% to $3.1 billion in the second quarter of 2026 compared to the second quarter of 2025 resulting from an increase of 7.2% in year-over-year average premium per policy at June 30, 2026, partially offset by a decrease in year-over-year policies in force of 0.9% in the second quarter of 2026. Personal lines – Total personal lines premiums written increased 1.2% to $2.5 billion in the second quarter of 2026, compared to the second quarter of 2025, driven by a 6.0% increase in total personal lines year-over-year average premium per policy, partially offset by a 2.5% decrease in total personal lines policies in force. Commercial lines – Total commercial lines premiums written increased 8.3% to $1.0 billion in the second quarter of 2026, compared to the second quarter of 2025, driven by a 5.9% increase in total commercial lines year-over-year average premium per policy and a 2.1% increase in total commercial lines policies in force. Future trends-premium revenue – The Exchange plans to continue its efforts to grow premiums and improve its competitive position in the marketplace. Expanding the size of its agency force through a careful agency selection and monitoring process and increased market penetration in our existing operating territories is expected to contribute to future growth . Premium levels impacted by changes in policies in force and rate actions affect the profitability of the Exchange and have a direct bearing on our management fee revenue. Future rate actions could be impacted by potential changes in regulation, inflationary trends, geopolitical factors, and tariff policies, among others. As the Exchange writes policies almost exclusively with annual terms, premium rate actions take 12 months to be fully recognized in written premiums, or longer for policies with a rate locking feature. See also Part I. Item 1A. "Risk Factors" included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 as filed with the Securities and Exchange Commission on February 23, 2026. 30 Table of Contents Policy issuance and renewal services Three months ended June 30, Six months ended June 30, (dollars in thousands) 2026 2025 % Change 2026 2025 % Change (Unaudited) (Unaudited) Management fee revenue - policy issuance and renewal services $ 862,879 $ 823,853 4.7  % $ 1,649,278 $ 1,578,902 4.5  % Service agreement revenue 5,744 5,304 8.3  11,685 11,736 (0.4) 868,623 829,157 4.8  1,660,963 1,590,638 4.4  Cost of operations - policy issuance and renewal services 684,119 648,280 5.5  1,329,147 1,276,030 4.2  Operating income - policy issuance and renewal services $ 184,504 $ 180,877 2.0  % $ 331,816 $ 314,608 5.5  % Policy issuance and renewal services The management fee revenue allocated for providing policy issuance and renewal services was 24.41% of the direct and affiliated assumed premiums written by the Exchange for the three and six month periods ended June 30, 2026 and 24.37% for the same periods in 2025.  This portion of the management fee is recognized as revenue when the policy is issued or renewed because it is at that time that the services we provide are substantially complete and the executed insurance policy is transferred to the customer.  The increase in management fee revenue for policy issuance and renewal services was driven by the increase in the direct and affiliated assumed premiums written by the Exchange discussed previously. Service agreement revenue Service agreement revenue primarily consists of service charges we collect from subscribers (policyholders) for providing multiple payment plans on policies written by the Exchange and its property and casualty subsidiaries and also includes late payment and policy reinstatement fees.  The service charges are fixed dollar amounts per billed installment.  Service agreement revenue also includes fees received from the Exchange for the use of shared office space. Cost of policy issuance and renewal services Three months ended June 30, Six months ended June 30, (dollars in thousands) 2026 2025 % Change 2026 2025 % Change (Unaudited) (Unaudited) Commissions: Total commissions $ 508,097  $ 463,442  9.6  % $ 972,953  $ 900,302  8.1  % Non-commission expense: Personnel costs (1) $ 88,809  $ 85,789  3.5  % $ 180,872  $ 175,778  2.9  % Sales and advertising (1) 8,061  9,729  (17.1) 12,966  16,681  (22.3) Acquisition and underwriting support costs (1) 23,968  27,838  (13.9) 48,092  53,841  (10.7) Technology infrastructure costs (1) 25,086  24,311  3.2  50,889  50,382  1.0  Professional fees (1) 19,191  24,192  (20.7) 38,512  50,468  (23.7) Administrative and other (1) 10,907  12,979  (16.0) 24,863  28,578  (13.0) Total non-commission expense 176,022  184,838  (4.8) 356,194  375,728  (5.2) Total cost of operations - policy issuance and renewal services $ 684,119  $ 648,280  5.5  % $ 1,329,147  $ 1,276,030  4.2  % (1) 2025 amounts have been recast to conform to the current presentation. See Part I, Item 1. "Financial Statements - Note 4, Segment Information, of Notes to Consolidated Financial Statements" contained within this report for additional information on the revised expense categories. Commissions – Commissions increased $44.7 million in the second quarter of 2026 and $72.7 million for the six months ended June 30, 2026, compared to the same periods in 2025, primarily driven by an increase in agent incentive compensation. The estimated agent incentive payouts at June 30, 2026 are based on actual underwriting results for the two prior years and current year-to-date actual results and forecasted results for the remainder of 2026. The profitability component of agent incentive compensation increased due to improved actual and forecasted loss ratios for the three-year period ended 2026 compared to the three-year period ended 2025. Commission expense is also impacted by the growth in direct and affiliated assumed written premium. 31 Table of Contents Non-commission expense – Non-commission expense decreased $8.8 million in the second quarter of 2026 compared to the second quarter of 2025. Personnel costs increased $3.0 million, primarily due to increased incentive compensation driven by stronger performance metrics and a smaller decrease in company stock price. This increase was partially offset by bonuses awarded to all employees in 2025 in recognition of our 100th anniversary. Sales and advertising decreased $1.7 million primarily due to a decrease in agent-related and advertising costs. Acquisition and underwriting support costs decreased $3.9 million primarily due to lower underwriting report and postage costs. Professional fees decreased $5.0 million primarily due to reduced use of third-party services related to technology initiatives. Administrative and other costs decreased $2.1 million primarily due to lower credit card processing fees and charitable contributions related to the transition of charitable giving through the Erie Insurance Foundation. Non-commission expense decreased $19.5 million for the six months ended June 30, 2026 compared to the same period in 2025. Personnel costs increased $5.1 million, primarily due to increased incentive compensation driven by stronger performance metrics, and higher base compensation. The increase is partially offset by bonuses awarded to all employees in 2025 in recognition of our 100th anniversary. Sales and advertising decreased $3.7 million primarily due to a decrease in agent-related and advertising costs. Acquisition and underwriting support costs decreased $5.7 million primarily due to lower underwriting report costs. Professional fees decreased $12.0 million primarily due to reduced use of third-party services related to technology initiatives. Administrative and other costs decreased $3.7 million primarily due to lower charitable contributions related to the transition of charitable giving through the Erie Insurance Foundation and a decrease in credit card processing fees. Administrative services Three months ended June 30, Six months ended June 30, (dollars in thousands) 2026 2025 % Change 2026 2025 % Change (Unaudited) (Unaudited) Management fee revenue - administrative services $ 19,619 $ 18,296 7.2  % $ 39,094 $ 35,941 8.8  % Administrative services reimbursement revenue 201,554 212,644 (5.2) 401,650 422,917 (5.0) Total revenue allocated to administrative services 221,173 230,940 (4.2) 440,744 458,858 (3.9) Administrative services expenses Claims handling services 175,239 186,461 (6.0) 350,263 372,460 (6.0) Investment management services 9,721 9,305 4.5  17,139 17,038 0.6  Life management services 16,594 16,878 (1.7) 34,248 33,419 2.5  Operating income - administrative services $ 19,619 $ 18,296 7.2  % $ 39,094 $ 35,941 8.8  % Administrative services The management fee revenue allocated to administrative services was 0.59% of the direct and affiliated assumed premiums written by the Exchange for the three and six month periods ended June 30, 2026 and 0.63% for the same periods in 2025. This portion of the management fee is recognized as revenue over a four-year period representing the time over which the services are provided. We also report reimbursed costs as revenues, which are recognized monthly as services are provided. The administrative services expenses we incur and the related reimbursements we receive are recorded gross in the Consolidated Statements of Operations. Cost of administrative services Consistent with its legal structure as a reciprocal insurer, the Exchange does not have any employees or officers. Therefore, it enters into contractual relationships by and through the subscribers' attorney-in-fact. Indemnity serves as the attorney-in-fact on behalf of the subscribers at the Exchange with respect to its administrative services as enumerated in the subscriber's agreement. The Exchange's insurance subsidiaries also utilize Indemnity for these services in accordance with the service agreements between each of the subsidiaries and Indemnity. The subscriber's agreement and service agreements provide for reimbursement of amounts incurred for these services to Indemnity. Reimbursements due from the Exchange and its insurance subsidiaries are recorded as a receivable and settled at cost. 32 Table of Contents Total investment income A summary of the results of our investment operations is as follows: Three months ended June 30, Six months ended June 30, 2026 2025 % Change 2026 2025 % Change (dollars in thousands) (Unaudited) (Unaudited) Net investment income $ 22,587  $ 20,030  12.8  % $ 46,147  $ 39,978  15.4  % Net realized and unrealized investment gains (losses) 557  479  16.3  (208) 981  NM Net impairment losses recognized in earnings (591) (909) 35.0  (1,267) (1,823) 30.5  Total investment income $ 22,553  $ 19,600  15.1  % $ 44,672  $ 39,136  14.1  % NM = not meaningful Net investment income Net investment income includes interest and dividends on our fixed maturity and equity security portfolios and the results of our limited partnership investments, net of investment expenses. Net investment income increased $2.6 million in the second quarter of 2026 and $6.2 million for the six months ended June 30, 2026 compared to the same periods in 2025. The increase in both periods was primarily due to an increase in bond income driven by higher average holdings. Net realized and unrealized investment gains (losses) A breakdown of our net realized and unrealized investment gains (losses) is as follows: Three months ended June 30, Six months ended June 30, (in thousands) 2026 2025 2026 2025 Securities sold: (Unaudited) (Unaudited) Available-for-sale securities $ (963) $ (431) $ (814) $ (693) Equity securities 32  15  (7) 149  Change in fair value on remaining equity securities 1,488  895  613  1,520  Miscellaneous 0  0  0  5  Net realized and unrealized investment gains (losses) $ 557  $ 479  $ (208) $ 981  Net impairment losses recognized in earnings Net impairment losses recognized in earnings were lower during both the three and six months ended June 30, 2026 compared to the same periods in 2025. The improvement was primarily driven by lower available-for-sale security impairments, reflecting reduced credit-related impairments. This was partially offset by higher current expected credit losses on other loans receivable during the quarter and higher current expected credit losses on agent loans for the six-month period. 33 Table of Contents Financial Condition of Erie Insurance Exchange Serving in the capacity of attorney-in-fact for the subscribers at the Exchange, we are dependent on the growth and financial condition of the Exchange, who is our sole customer. The strength of the Exchange and its wholly owned subsidiaries is rated annually by AM Best through assessing its financial stability and ability to pay claims. The ratings are generally based upon factors relevant to policyholders and are not directed toward return to investors. The Exchange and each of its property and casualty insurance subsidiaries are rated A "Excellent". See Part II, Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 as filed with the Securities and Exchange Commission on February 23, 2026 for a discussion of the Exchange's financial strength rating. The financial statements of the Exchange are prepared in accordance with statutory accounting principles prescribed by the Commonwealth of Pennsylvania. Financial statements prepared under statutory accounting principles focus on the solvency of the insurer and generally provide a more conservative approach than under U.S. generally accepted accounting principles. Statutory direct written premiums of the Exchange and its wholly owned property and casualty insurance subsidiaries grew 3.4% to $6.8 billion in the first six months of 2026 compared to the same period in 2025. These premiums, along with investment income, are the major sources of cash that support the operations of the Exchange. Policyholders’ surplus determined under statutory accounting principles was $10.7 billion and $10.1 billion at June 30, 2026 and December 31, 2025, respectively. The Exchange and its wholly owned property and casualty insurance subsidiaries' year-over-year policy retention ratio was 87.5% at June 30, 2026 and 88.4% at December 31, 2025. We have prepared our consolidated financial statements considering the financial strength of the Exchange based on its AM Best rating and strong level of surplus. See Part I, Item 1A. "Risk Factors" included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 as filed with the Securities and Exchange Commission on February 23, 2026 for possible outcomes that could impact that determination. 34 Table of Contents FINANCIAL CONDITION   Investments Our investment portfolio is managed with the objective of maximizing after-tax returns on a risk-adjusted basis. The following table presents the carrying value of our investments as of:    (dollars in thousands) June 30, 2026 % to total December 31, 2025 % to total (Unaudited)     Available-for-sale securities (1) $ 1,433,222  81  % $ 1,364,828  85  % Equity securities (2) 176,005  10  90,763  6  Agent loans (3) 119,672  7  109,331  7  Other investments (4) 40,601  2  37,342  2  Total investments $ 1,769,500  100  % $ 1,602,264  100  % (1) This includes $44.4 million of securities lent under a securities lending agreement as of June 30, 2026 and December 31, 2025. (2) This includes $25.5 million and $20.1 million of securities lent under a securities lending agreement as of June 30, 2026 and December 31, 2025, respectively. (3) The current portion of agent loans is included in the line item "Prepaid expenses and other current assets, net" in the Consolidated Statements of Financial Position. (4) The current and long-term portions of other investments are included in the line items "Prepaid expenses and other current assets, net" and "Other assets, net", respectively in the Consolidated Statements of Financial Position. Available-for-sale securities Under our investment strategy, we maintain an available-for-sale security portfolio that is of high quality and well diversified within each market sector.  This investment strategy also achieves a balanced maturity schedule. Our available-for-sale security portfolio is managed with the goal of achieving reasonable returns while limiting exposure to risk.  Available-for-sale securities are carried at fair value with unrealized gains and losses, net of deferred taxes, included in shareholders’ equity.  Net unrealized losses on available-for-sale securities, net of deferred taxes, totaled $10.3 million at June 30, 2026, compared to unrealized gains of $1.3 million at December 31, 2025. The following table presents a breakdown of the fair value of our available-for-sale portfolio by industry sector and rating as of: (in thousands) June 30, 2026 (1) AAA AA A BBB Non- investment grade Fair value  (Unaudited) Basic materials $ 0  $ 0  $ 2,518  $ 4,856  $ 1,894  $ 9,268  Communications 0  2,953  13,496  9,769  12,628  38,846  Consumer 0  9,788  59,484  78,100  15,428  162,800  Diversified 0  0  0  1,032  0  1,032  Energy 0  897  8,553  47,603  12,038  69,091  Financial 0  0  132,984  186,249  7,851  327,084  Industrial 0  1,001  18,392  36,023  3,678  59,094  Structured securities (2) 218,762  307,947  55,526  38,745  1,369  622,349  Technology 1,996  6,977  2,286  15,273  314  26,846  U.S. Treasury 0  13,886  0  0  0  13,886  Utilities 0  0  15,801  64,895  22,230  102,926  Total $ 220,758  $ 343,449  $ 309,040  $ 482,545  $ 77,430  $ 1,433,222  (1) Ratings are supplied by S&P, Moody’s, and Fitch.  The table is based upon the lowest rating for each security. (2) Structured securities include residential and commercial mortgage-backed securities, collateralized debt obligations and asset-backed securities. 35 Table of Contents Equity securities Equity securities primarily include non-redeemable preferred stocks and exchange-traded funds. These securities are carried at fair value in the Consolidated Statements of Financial Position with all changes in unrealized gains and losses reflected in the Consolidated Statements of Operations. The following table presents an analysis of the fair value of our equity securities as of: (in thousands) June 30, 2026 December 31, 2025 (Unaudited) Exchange-traded funds $ 82,746  $ —  Non-redeemable preferred stocks:    Financial services 71,526  74,614     Utilities 3,170  3,696     Energy 3,975  2,713     Consumer 5,578  5,563     Technology 7,546  3,224     Communications 1,464  953  Total non-redeemable preferred stocks 93,259  90,763  Total $ 176,005  $ 90,763  LIQUIDITY AND CAPITAL RESOURCES We continue to monitor the sufficiency of our liquidity and capital resources given the potential impact of current economic conditions, including the uncertain tariff, inflationary, and interest rate environment. While we did not see a significant impact on our sources or uses of cash in the second quarter of 2026, future market disruptions could occur which may affect our liquidity position. If our normal operating and investing cash activities were to become insufficient to meet future funding requirements, we believe we have sufficient access to liquidity through our cash position, diverse liquid marketable securities, and our $100 million bank revolving line of credit that does not expire until November 2029. See broader discussions of potential risks to our operations in "Operating Overview" contained within this report and Part I. Item 1A. "Risk Factors" included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 as filed with the Securities and Exchange Commission on February 23, 2026. Sources and Uses of Cash Liquidity is a measure of a company’s ability to generate sufficient cash flows to meet the short- and long-term cash requirements of its business operations and growth needs.  Our liquidity requirements have been met primarily by funds generated from management fee revenue and income from investments.  Cash provided from these sources is used primarily to fund the costs of our management operations including commissions, salaries and wages, pension plans, share repurchases, dividends to shareholders, the purchase and development of information technology, and other capital expenditures.  See Part I, Item 1. "Financial Statements - Note 9, Postretirement Benefits, of Notes to Consolidated Financial Statements" contained within this report for the funding policy and contributions for our defined benefit pension plan. We expect that our operating cash needs will be met by funds generated from operations. Cash in excess of our operating needs is primarily invested in investment grade fixed maturities. As part of our liquidity review, we regularly evaluate our capital needs based on current and projected results and consider the potential impacts to our liquidity, borrowing capacity, financial covenants, and capital availability. We maintain relationships and cash balances at diversified and well-capitalized financial institutions and have established processes to monitor them. We believe that our current cash, cash equivalents and marketable securities, and cash generated from operations will be sufficient to meet our current and future cash requirements. Volatility in the financial markets presents challenges to us as we do occasionally access our investment portfolio as a source of cash.  Some of our fixed income investments, despite being publicly traded, may be illiquid.  Additionally, if we require significant amounts of cash on short notice in excess of anticipated cash requirements, or if we are required to return cash collateral in connection with our securities lending program, we may have difficulty selling investments in a timely manner, or be forced to sell at deep discounts. We believe we have sufficient liquidity to meet our needs from sources other than the liquidation of securities. 36 Table of Contents Cash flow activities The following table provides condensed cash flow information as follows for the six months ended June 30: (in thousands) 2026 2025 (Unaudited) Net cash provided by operating activities $ 306,814  $ 295,694  Net cash used in investing activities (234,657) (136,572) Net cash used in financing activities (135,129) (99,492) Net (decrease) increase in cash, cash equivalents and restricted cash $ (62,972) $ 59,630    Net cash provided by operating activities was $306.8 million in the first six months of 2026, compared to $295.7 million for the same period in 2025. Increased cash provided by operating activities was primarily due to an increase in management fees received of $181.8 million driven by growth in direct and affiliated assumed premiums written by the Exchange, and a decrease in administrative services expenses paid of $19.0 million. This was partially offset by a decrease in administrative services reimbursements received of $89.4 million and increases in incentive compensation paid to agents of $52.5 million from improved underwriting profitability and cash paid for agent commissions of $42.3 million driven by premium growth. Additionally, we plan to make an additional discretionary contribution of $30 million during the third quarter of 2026, which will further improve the plan's funded status. Net cash used in investing activities was $234.7 million in the first six months of 2026, compared to $136.6 million for the same period in 2025. The increase in cash used in investing activities was primarily driven by an increase in purchases of investments of $402.3 million and an increase in fixed asset purchases of $29.0 million mostly related to software and home office renovations.  This increase was partially offset by an increase in proceeds from investments of $335.8 million. Net cash used in financing activities was $135.1 million in the first six months of 2026, compared to $99.5 million for the same period in 2025. Increased cash used in financing activities was primarily due to reduced cash collateral received during the first six months of 2026 compared to same period in 2025 resulting from lower securities lending activity under our securities lending program. Capital Outlook We regularly prepare forecasts evaluating the current and future cash requirements for both normal and extreme risk events. Should an extreme risk event result in a cash requirement exceeding normal cash flows, we have the ability to meet our future funding requirements through various alternatives available to us. Outside of our normal operating and investing cash activities, future funding requirements could be met through: 1) unrestricted and unpledged cash and cash equivalents, which totaled approximately $242.5 million at June 30, 2026, 2) $100 million available bank revolving line of credit, and 3) liquidation of unrestricted and unpledged assets held in our investment portfolio, including equity securities and investment grade bonds, which totaled approximately $1.3 billion at June 30, 2026.  Additionally, we have the ability to curtail or modify discretionary cash outlays such as those related to shareholder dividends and share repurchase activities. See Part I, Item 1. "Financial Statements - Note 8, Bank Line of Credit, of Notes to Consolidated Financial Statements" contained within this report for additional information related to our bank revolving line of credit. Off-Balance Sheet Arrangements We have entered into certain contingent obligations for guarantees. See Part I, Item 1. "Financial Statements - Note 14, Commitments and Contingencies, of Notes to Consolidated Financial Statements" contained within this report for additional information. We do not believe that these obligations will have a material current or future effect on our consolidated financial condition, results of operations or cash flows. 37 Table of Contents CRITICAL ACCOUNTING ESTIMATES   We make estimates and assumptions that have a significant effect on the amounts and disclosures reported in the consolidated financial statements.  The most significant estimates relate to investment valuation and the retirement benefit plan for employees.  While management believes its estimates are appropriate, the ultimate amounts may differ from estimates provided.  Our most critical accounting estimates are described in Item 7. "Management’s Discussion and Analysis of Financial Condition and Results of Operations" for the year ended December 31, 2025 of our Annual Report on Form 10-K as filed with the Securities and Exchange Commission on February 23, 2026.  See Part I, Item 1. "Financial Statements - Note 6, Fair Value, of Notes to Consolidated Financial Statements" contained within this report for additional information on our valuation of investments. ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK   Our exposure to market risk is primarily related to fluctuations in interest rates and prices. Quantitative and qualitative disclosures about market risk resulting from changes in interest rates, prices and other risk exposures for the year ended December 31, 2025 are included in Item 7A. "Quantitative and Qualitative Disclosures About Market Risk" of our Annual Report on Form 10-K as filed with the Securities and Exchange Commission on February 23, 2026. The uncertain tariff, inflationary and interest rate environment, ongoing geopolitical risks, and a potential economic slowdown may create future volatility; however, there have been no material impacts on our portfolio during the six months ended June 30, 2026. We continue to closely monitor the economic environment and financial markets and will take appropriate measures, when necessary, to minimize potential risk exposure to our cash and investment balances. For a recent discussion of conditions surrounding our investment portfolio, see the "Operating Overview", "Results of Operations" and "Financial Condition" discussions contained in Part I, Item 2. "Management’s Discussion and Analysis of Financial Condition and Results of Operations" contained within this report. ITEM 4.    CONTROLS AND PROCEDURES   We carried out an evaluation, with the participation of management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (pursuant to Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended) as of the end of the period covered by this report.  Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures are effective.   Our management evaluated, with the participation of the Chief Executive Officer and Chief Financial Officer, any change in our internal control over financial reporting and determined there has been no change in our internal control over financial reporting during the six months ended June 30, 2026 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. 38 Table of Contents PART II. OTHER INFORMATION ITEM 1.    LEGAL PROCEEDINGS Erie Indemnity Company ("Indemnity") was named as a defendant in a complaint filed on August 24, 2021, by alleged subscribers of the Erie Insurance Exchange (the "Exchange") in the Court of Common Pleas Civil Division of Allegheny County, Pennsylvania captioned TROY STEPHENSON, CHRISTINA STEPHENSON, SUSAN RUBEL and STEVEN BARNETT, individually and on behalf of all others similarly situated (Plaintiffs) v. Erie Indemnity Company (Defendant). The complaint seeks relief for alleged breaches of fiduciary duty by Indemnity in connection with the setting of the management fee it receives, in accordance with the terms of the Subscribers Agreement executed between Indemnity and all policyholders of the Exchange, as compensation for acting as the attorney-in-fact in the management of the Exchange. The relief sought is for the period beginning two years prior to the date of the filing of the complaint and continuing through 2021. The complaint seeks (i) a finding that Indemnity has breached its fiduciary duties; (ii) an award of damages in an amount to be determined at trial; and (iii) such other relief, including disgorgement of profits or other injunctive relief, that the Court deems just and proper. Service of the complaint was effectuated on September 20, 2021. A Notice of Removal to the United States District Court for the Western District of Pennsylvania was filed on October 20, 2021. On November 2, 2021, Plaintiffs filed a Notice of Voluntary Dismissal. As a result, the action was dismissed without prejudice. On December 6, 2021, another Complaint was filed in the Court of Common Pleas of Allegheny County, Pennsylvania captioned ERIE INSURANCE EXCHANGE, an unincorporated association, by TROY STEPHENSON, CHRISTINA STEPHENSON and STEVEN BARNETT, trustees ad litem, and alternatively, ERIE INSURANCE EXCHANGE, by TROY STEPHENSON, CHRISTINA STEPHENSON and STEVEN BARNETT, (Plaintiff), v. ERIE INDEMNITY COMPANY, (Defendant). This most recent complaint has the same allegation of breach of fiduciary duty by Indemnity in connection with the setting of the management fee it receives, in accordance with the terms of the Subscribers Agreement executed between Indemnity and all policyholders of the Exchange, as compensation for acting as the attorney-in-fact in the management of the Exchange. This most recent complaint seeks the same relief, specifically, (i) a finding that Indemnity has breached its fiduciary duties; (ii) an award of damages in an amount to be determined at trial; and (iii) such other relief, including disgorgement of profits or other injunctive relief, that the Court deems just and proper. A Notice of Removal to the United States District Court for the Western District of Pennsylvania was filed on January 27, 2022. By Memorandum Opinion and Order dated September 28, 2022, the Court granted the Motion for Remand and directed the case be remanded to the Court of Common Pleas of Allegheny County, Pennsylvania. On September 30, 2022, Indemnity filed a Motion to Stay the Remand Order pending an appeal to the United States Court of Appeals for the Third Circuit. On October 3, 2022, the Court granted the Stay. On October 11, 2022, Indemnity filed a Petition for Permission to Appeal the Remand Order with the Third Circuit. By Order dated November 7, 2022, a three judge panel of the Court denied the Petition to Appeal. On November 21, 2022, Indemnity filed a Petition for Rehearing requesting that the Third Circuit permit the appeal. By Order dated January 9, 2023, the Court granted the petition for rehearing and vacated the prior Order of October 7, 2022, denying permission to appeal. On April 20, 2023, argument was held before a three-judge panel of the Third Circuit. By Opinion dated May 22, 2023, the Court affirmed the decision of the District Court finding that there was no basis for federal court jurisdiction and that the matter had been properly remanded to state court. On June 5, 2023, Indemnity filed a Petition for Panel Rehearing or Rehearing En Banc. By Order dated June 22, 2023, the Court denied the Petition. The United States District Court thereafter extended its stay of the issuance of the remand order through the conclusion of any proceedings in the United States Supreme Court challenging the decision of the United States Court of Appeals for the Third Circuit that no federal jurisdiction exists in this case. On October 20, 2023, Indemnity filed a Petition for Writ of Certiorari with the Supreme Court of the United States. The Petition sought a determination from the Court that the lower courts improperly denied federal jurisdiction. By order dated February 26, 2024, the United States Supreme Court denied Indemnity's Petition for Writ of Certiorari. By order dated February 28, 2024, the action was remanded to the Court of Common Pleas of Allegheny County. 39 Table of Contents Separately, Indemnity filed a Complaint in Federal Court to invoke certain provisions of the “All Writs Act” and the “Anti-Injunction Act.” By filing this complaint, Indemnity seeks to protect the federal court's prior binding, final judgments in favor of Indemnity and thereby foreclose further litigation of the claims and issues pertaining to the compensation practices that were the subject of the prior judgments. After the denial of certiorari, the district court, by Opinion and Order dated February 28, 2024, granted Indemnity's motion for a preliminary injunction under the All Writs Act after determining that the gravamen of the plaintiff's state court action “is the same” as two actions previously dismissed in federal court, that Indemnity would be irreparably harmed if it is forced to relitigate those same issues in state court, plaintiffs had a full and fair opportunity to litigate the same issues in prior litigation, and that an injunction would serve the public interest. The Court’s order preliminarily enjoined the named plaintiffs from pursuing the Erie Ins. Exch. v. Erie Indem. Co. action and enjoined the state court from conducting further proceedings in that action. The court ordered Indemnity to file a motion to convert the preliminary injunction into a permanent injunction. In the meantime, plaintiffs filed a Notice of Appeal with the United States Court of Appeals for the Third Circuit. As a result of the filing of the appeal, the trial court stayed the order issuing an injunction. On October 14, 2025, the Third Circuit issued an Opinion and concluded that “the District Court abused its discretion in granting Indemnity’s motion for preliminary injunction.” The Court determined that the Complaint in Stephenson only sought to challenge the management fee established in December 2019 and 2020. The Court went on to conclude that the issues were not litigated in either Ritz or Beltz and, therefore, the Stephenson plaintiffs were not precluded from challenging the management fee for those years. On October 28, 2025, Indemnity filed a Petition for Reargument before the Court en banc. On November 12, 2025, the Third Circuit denied the Petition for Reargument. On January 12, 2026, Indemnity filed a Petition for Writ of Certiorari with the United States Supreme Court. On March 23, 2026, the United States Supreme Court denied the Petition for Writ of Certiorari. On April 27, 2026, Indemnity voluntarily dismissed the action. On June 11, 2026, an Amended Complaint was filed in the Court of Common Pleas of Allegheny County. The Amended Complaint added two additional plaintiffs, Rosemarie Perrotta and Rachel Stewart. In addition, the Amended Complaint seeks to challenge the amount of the management fee for additional years, specifically for calendar years 2020 to the present. Indemnity intends to vigorously defend against all allegations and requests for relief sought by plaintiffs. For additional information on contingencies, see Part I, Item 1. "Financial Statements - Note 14, Commitment and Contingencies, of Notes to Consolidated Financial Statements" contained within this report. ITEM 1A.    RISK FACTORS   There have been no material changes to the risk factors previously disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 as filed with the Securities and Exchange Commission on February 23, 2026. ITEM 2.    UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS Issuer Purchases of Equity Securities In 2011, our Board of Directors approved a continuation of the current stock repurchase program, authorizing repurchases for a total of $150 million with no time limitation.  This repurchase authority included, and was not in addition to, any unspent amounts remaining under the prior authorization. The following table provides information regarding our Class A nonvoting common stock share repurchases during the quarter ending June 30, 2026: (dollars in thousands, except per share data) Period Total number of shares purchased Average price paid per share Total number of shares purchased as part of publicly announced program Dollar value of shares that may yet be purchased under the program April 1-30, 2026 (1) 1,290  $ 233.19  —  $ 17,754  May 1-31, 2026 —  —  —  17,754  June 1-30, 2026 (2) 1,908  228.65  —  17,754  Total 3,198  230.48  —  (1) Represents shares purchased on the open market to fund the rabbi trust for both the outside director deferred stock compensation plan (1,076 shares at an average price of $233.19 per share) and the incentive compensation deferral plan (214 shares at an average price of $233.19 per share). (2) Represents shares purchased on the open market to fund the rabbi trust for the incentive compensation deferral plan. 40 Table of Contents ITEM 6.    EXHIBITS      Exhibit     Number   Description of Exhibit 31.1+   Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.       31.2+   Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.       32++   Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.       101.INS+   Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.       101.SCH+   Inline XBRL Taxonomy Extension Schema Document.       101.CAL+   Inline XBRL Taxonomy Extension Calculation Linkbase Document.       101.DEF+   Inline XBRL Taxonomy Extension Definition Linkbase Document. 101.LAB+   Inline XBRL Taxonomy Extension Label Linkbase Document.       101.PRE+   Inline XBRL Taxonomy Extension Presentation Linkbase Document. 104+   Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). +     Filed herewith. ++    Furnished herewith. 41 Table of Contents SIGNATURES   Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.       Erie Indemnity Company       (Registrant)                   Date: July 30, 2026 By: /s/ Timothy G. NeCastro       Timothy G. NeCastro, President & CEO             By: /s/ Julie M. Pelkowski       Julie M. Pelkowski, Executive Vice President & CFO   42