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April 2022
March 2022
February 2022
February 2022
January 2022
December 2021
November 2021
October 2021
August 2021
July 2021
Cover - USD ($) $ in Billions | 12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 | Feb. 19, 2021 | Jun. 30, 2020 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Current Fiscal Year End Date | --12-31 | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 0-24000 | ||
Entry Registrant Name | ERIE INDEMNITY COMPANY | ||
Entity Central Index Key | 0000922621 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Incorporation, State or Country Code | PA | ||
Entity Tax Identification Number | 25-0466020 | ||
Entity Address, Address Line One | 100 Erie Insurance Place, | ||
Entity Address, City or Town | Erie, | ||
Entity Address, State or Province | PA | ||
Entity Address, Postal Zip Code | 16530 | ||
City Area Code | 814 | ||
Local Phone Number | 870-2000 | ||
Title of 12(b) Security | Class A common stock, | ||
Trading Symbol | ERIE | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Public Float | $ 4.8 | ||
Documents Incorporated by Reference | Portions of Part III of this Form 10-K (Items 10, 11, 12, 13, and 14) are incorporated by reference to the information statement on Schedule 14C to be filed with the Securities and Exchange Commission no later than 120 days after December 31, 2020. | ||
Class A common stock | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 46,189,068 | ||
Class B common stock | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 2,542 |
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Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Erie Indemnity Co.
Erie Indemnity Co's Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:
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We consider an accounting estimate to be critical if 1) it requires assumptions to be made that were uncertain at the time the estimate was made, and 2) different estimates that could have been used, or changes in the estimate that are likely to occur from period-to-period, could have a material impact on our Statements of Operations or Financial Position.
Net cash used in investing activities increased in 2020 as purchases of available-for-sale securities exceeded the proceeds generated from investment sales and maturities/calls of available-for-sale securities.
INDEX Page Number Cautionary Statement Regarding Forward-Looking Information Recent Accounting Standards Operating Overview Critical Accounting Estimates Results of Operations Financial Condition Investments Shareholders' Equity Home Office Expansion Liquidity and Capital Resources Transactions/Agreements with Related Parties 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.
Commercial lines - Total commercial lines premiums written increased 2.6% to $2.2 billion in 2020, compared to 2019, driven by a 1.6% increase in total commercial lines policies in force and a 0.9% increase in the total commercial lines year-over-year average premium per policy.
Total commercial lines premiums written increased 6.1% in 2019, compared to 2018, driven by a 2.4% increase in total commercial lines policies in force and a 3.6% increase in the total commercial lines year-over-year average premium per policy.
Following our 2018 contribution, we...Read more
If actual events differ significantly...Read more
Our results of operations are...Read more
Offsetting the increase in cash...Read more
Recognition of this gain will...Read more
The expected long-term rate of...Read more
Sources and Uses of Cash...Read more
LIQUIDITY AND CAPITAL RESOURCES While...Read more
At December 31, 2019, shareholders'...Read more
Personal lines - Total personal...Read more
Direct and affiliated assumed premiums...Read more
Our funding policy for our...Read more
Administrative and other expenses increased...Read more
The increase in cash used...Read more
If our normal operating and...Read more
A 25 basis point decrease...Read more
Level 1 reflects market data...Read more
General Conditions and Trends Affecting...Read more
The increase in management fee...Read more
Depending upon market conditions, which...Read more
Total personal lines policies in...Read more
Net impairment losses recognized in...Read more
In 2019, we generated more...Read more
Service agreement revenue Service agreement...Read more
These securities have no trading...Read more
The administrative services reimbursement revenue...Read more
At December 31, 2020, shareholders'...Read more
Changes in premium levels attributable...Read more
The present value of plan...Read more
If actuarial net gains or...Read more
The increase in cash used...Read more
Such pricing actions, and those...Read more
The COVID-19 pandemic may have...Read more
Year-over-year policies in force for...Read more
The renewal business year-over-year average...Read more
The actuarial gain was driven...Read more
These receivables include management fees...Read more
Management fee revenue for administrative...Read more
Premiums generated from renewal business...Read more
The following table presents the...Read more
We could experience future losses...Read more
In limited circumstances we adjust...Read more
"Risk Factors" for possible outcomes...Read more
Fixed asset purchases also increased...Read more
Unrecognized actuarial gains and losses...Read more
Agent compensation includes scheduled commissions...Read more
Total investment income increased $14.2...Read more
The accumulated benefit obligation for...Read more
Offsetting the decrease in cash...Read more
Underlying the trend in renewal...Read more
The direct and affiliated assumed...Read more
Forward-looking statements relate to future...Read more
Although virtually all of our...Read more
Management's role is to determine...Read more
Cost of operations for policy...Read more
Impairments resulting from a credit...Read more
Impairment resulting from a credit...Read more
Impairment resulting from credit loss...Read more
The market-related asset experience during...Read more
Administrative and other expenses increased...Read more
Under this methodology, asset gains...Read more
(4) Other commitments include various...Read more
Future trends-premium revenue - Through...Read more
The following table presents an...Read more
As of December 31, 2020,...Read more
Pricing service valuations for Level...Read more
Although we are the sponsor...Read more
Although we are the sponsor...Read more
Included in these expenses are...Read more
Included in these expenses are...Read more
Policy issuance and renewal services...Read more
Administrative services Administrative services We...Read more
We have reviewed the pricing...Read more
Over time, net investment income...Read more
"Risk Factors" contained in this...Read more
As of December 31, 2020,...Read more
We had no borrowings outstanding...Read more
Statutory direct written premiums of...Read more
This estimated allowance has been...Read more
The cash flows from the...Read more
Rental costs of shared facilities...Read more
We previously owned three field...Read more
There may also be other...Read more
In 2020, within our cost...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
Material Contracts, Statements, Certifications & more
Erie Indemnity Co provided additional information to their SEC Filing as exhibits
Ticker: ERIE
CIK: 922621
Form Type: 10-K Annual Report
Accession Number: 0000922621-21-000010
Submitted to the SEC: Thu Feb 25 2021 4:27:12 PM EST
Accepted by the SEC: Thu Feb 25 2021
Period: Thursday, December 31, 2020
Industry: Insurance Agents Brokers And Service