Erie Indemnity reports $182M net income

Cover page 3 changes

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For the quarterly period ended June September 30, 2026

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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, October 23, 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, October 23, 2026.

1 unchanged paragraph

Financial Statements (Unaudited) 5 changes

Consolidated Statements of Operations Three and six nine months ended June September 30, , 2026 and 2025

Consolidated Statements of Comprehensive Income Three and six nine months ended June September 30, , 2026 and 2025

Consolidated Statements of Financial Position June 3 0 , September 30, 2026 and December 31, 2025

Consolidated Statements of Shareholders' Equity Three and six nine months ended June September 30 , 2026 and 2025

Consolidated Statements of Cash Flows S ix Nine months ended June Sep tember 30, , 2026 and 2025

Financial statements 158 changes

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June 30, Six months ended

September 30, Nine months ended

1 unchanged paragraph

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

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

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

Management fee revenue - administrative services 19,720 18,831 58,814 54,772

Administrative services reimbursement revenue 197,562 215,694 599,212 638,611

Service agreement revenue 5,655 6,939 17,340 18,675

Total operating revenue 1,069,917 1,066,739 3,171,624 3,116,235

Cost of operations - policy issuance and renewal services 664,973 642,124 1,994,120 1,918,154

Cost of operations - administrative services 197,562 215,694 599,212 638,611

Total operating expenses 862,535 857,818 2,593,332 2,556,765

Operating income 207,382 208,921 578,292 559,470

Net investment income 25,399 21,033 71,546 61,011

Net realized and unrealized investment (losses) gains ( 5,450 ) 1,331 ( 5,658 ) 2,312

Net impairment losses recognized in earnings ( 72 ) ( 810 ) ( 1,339 ) ( 2,633 )

Total investment income 19,877 21,554 64,549 60,690

Other income 5,496 2,286 8,317 8,094

Income before income taxes 232,755 232,761 651,158 628,254

Income tax expense 50,766 49,908 138,401 132,299

Net income $ 181,989 $ 182,853 $ 512,757 $ 495,955

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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

Class A common stock basic $ 3.91 $ 3.93 $ 11.01 $ 10.65

Class A common stock diluted $ 3.48 $ 3.50 $ 9.80 $ 9.48

Class B common stock basic $ 586 $ 589 $ 1,652 $ 1,597

Class B common stock diluted $ 586 $ 589 $ 1,651 $ 1,597

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Class A common stock 46,189,033 46,189,063 46,188,942 46,188,984 46,189,049 46,189,068 46,188,978 46,189,012

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Class A common stock 52,298,697 52,304,407 52,299,440 52,304,397

Class A common stock 52,300,931 52,305,599 52,299,936 52,304,797

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Class A common stock $ 1.4625 $ 1.365 $ 2.925 4.3875 $ 2.73 4.095

Class B common stock $ 219.375 $ 204.75 $ 438.75 658.125 $ 409.50 614.25

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June 30, Six months ended

Net income $ 180,294 $ 174,685 $ 330,768 $ 313,102

Change in unrealized holding gains (losses) on available-for-sale securities 1,092 6,261 ( 11,443 ) 12,039

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

September 30, Nine months ended

Net income $ 181,989 $ 182,853 $ 512,757 $ 495,955

Other comprehensive income (loss) income, net of tax

Change in unrealized holding (losses) gains on available-for-sale securities ( 28,584 ) 6,105 ( 40,027 ) 18,144

Pension and other postretirement plans 308 ( 183 1,056 ) 617 925 ( 744 1,800 )

Total other comprehensive (loss) income, net of tax ( 28,276 ) 5,049 ( 39,102 ) 16,344

Comprehensive income $ 153,713 $ 187,902 $ 473,655 $ 512,299

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Equity securities 150,516 70,624

June September 30, December 31,

Cash and cash equivalents (includes restricted cash of $ 39,608 39,764 and $ 30,189 , respectively)

Available-for-sale securities 61,715 60,913 33,902

Available-for-sale securities lent 1,973 0 3,436

Receivables from Erie Insurance Exchange and affiliates, net 753,245 781,239 735,589

Prepaid expenses and other current assets, net 92,533 93,190 66,061

Accrued investment income 14,194 14,853 14,311

Total current assets 1,206,562 1,312,883 1,199,173

Available-for-sale securities, net 1,327,084 1,308,211 1,286,566

Equity securities 152,674 70,624

Available-for-sale and equity securities lent 67,939 56,373 61,063

Fixed assets, net 593,365 594,183 571,476

Agent loans, net 100,680 99,708 93,953

Defined benefit pension plan 62,096 87,575 24,137

Other assets, net 48,774 50,889 48,489

Total assets $ 3,557,016 3,662,496 $ 3,355,481

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Commissions payable $ 457,211 $ 425,320

Commissions payable $ 452,559 $ 425,320

Agent incentive compensation 116,570 161,335 132,560

Accounts payable and accrued liabilities 205,760 207,405 200,701

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Contract liability 48,457 47,561

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and 78 more changes in the filing

Note 2: Significant Accounting Policies 2 changes

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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 nine months ended June September 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.

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Equity securities Equity securities primarily include non-redeemable preferred stocks and exchange-traded funds (ETFs) with underlying holdings of fixed maturity securities. These Equity securities with readily determinable fair values are reported at fair value, with changes in fair value recognized in net realized and unrealized investment gains (losses). Certain equity securities that do not have readily determinable fair values are accounted for using the measurement alternative at cost, less impairment, adjusted for observable price changes in orderly transactions for identical or similar investments of the same issuer. Any adjustments to carrying value of these investments are 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.

Note 3: Revenue 11 changes

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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 nine months ended June September 30, 2026, we recognized revenue of $ 13.7 10.0 million and $ 30.9 40.9 million, respectively, that was included in the contract liability balance as of December 31, 2025. During the three and six nine months ended June September 30, 2025, we recognized revenue of $ 12.3 9.0 million and $ 27.7 36.7 million, respectively, 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.

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Three months ended June 30, Six months ended June 30,

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

Three months ended September 30, Nine months ended September 30, (in thousands) 2026 2025 2026 2025

Management fee revenue - policy issuance and renewal services $ 846,980 $ 825,275 $ 2,496,258 $ 2,404,177

Management fee revenue - administrative services 19,720 18,831 58,814 54,772

Administrative services reimbursement revenue 197,562 215,694 599,212 638,611

Total revenue from administrative services $ 217,282 $ 234,525 $ 658,026 $ 693,383

Note 4: Segment Information 27 changes

3 unchanged paragraphs

Three months ended June 30, Six months ended June 30,

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

Three months ended September 30, Nine months ended September 30, (in thousands) 2026 2025 2026 2025

Management fee revenue $ 866,700 $ 844,106 $ 2,555,072 $ 2,458,949

Administrative services reimbursement revenue 197,562 215,694 599,212 638,611

Service agreement revenue 5,655 6,939 17,340 18,675

Total operating revenue 1,069,917 1,066,739 3,171,624 3,116,235

Commissions 485,486 461,513 1,458,439 1,361,815

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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

Cost of operations - policy issuance and renewal services 664,973 642,124 1,994,120 1,918,154

Cost of operations - administrative services 197,562 215,694 599,212 638,611

1 unchanged paragraph

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

Operating income 207,382 208,921 578,292 559,470

Total investment income 19,877 21,554 64,549 60,690

Other income 5,496 2,286 8,317 8,094

Income tax expense 50,766 49,908 138,401 132,299

Net income $ 181,989 $ 182,853 $ 512,757 $ 495,955

1 unchanged paragraph

(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 20.7 million and $ 16.1 18.4 million for the three months ended June September 30, 2026 and 2025, respectively, and $ 40.8 61.5 million and $ 31.9 50.3 million for the six nine months ended June September 30, 2026 and 2025, respectively. The Exchange and its insurance subsidiaries reimbursed us approximately 33 % and 29 30 % in the six nine months ended June September 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.

Note 5: Earnings Per Share 15 changes

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Three months ended June September 30,

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Income available to Class A stockholders $ 178,818 46,189,033 $ 3.87 $ 173,254 46,189,063 $ 3.75

Income available to Class A stockholders $ 180,499 46,189,049 $ 3.91 $ 181,356 46,189,068 $ 3.93

Dilutive effect of stock-based awards 0 8,864 11,082 0 14,544 15,731

Assumed conversion of Class B shares 1,476 1,490 6,100,800 1,431 1,497 6,100,800

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Income available to Class B stockholders $ 1,476 1,490 2,542 $ 581 586 $ 1,431 1,497 2,542 $ 563 589

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Income available to Class A stockholders $ 328,060 46,188,942 $ 7.10 $ 310,538 46,188,984 $ 6.72

Income available to Class B stockholders $ 1,490 2,542 $ 586 $ 1,497 2,542 $ 589

Nine months ended September 30,

Income available to Class B stockholders $ 1,476 2,542 $ 581 $ 1,430 2,542 $ 563 (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

Income available to Class A stockholders $ 508,559 46,188,978 $ 11.01 $ 491,894 46,189,012 $ 10.65

Dilutive effect of stock-based awards 0 9,698 10,158 0 14,613 14,985

Assumed conversion of Class B shares 2,708 4,198 6,100,800 2,564 4,061 6,100,800

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Income available to Class B stockholders $ 2,708 4,198 2,542 $ 1,065 1,652 $ 2,564 4,061 2,542 $ 1,008 1,597

1 unchanged paragraph

Income available to Class B stockholders $ 2,708 4,198 2,542 $ 1,065 1,651 $ 2,563 4,060 2,542 $ 1,008 1,597

Note 6: Fair Value 105 changes

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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 September 30, 2026, nearly all of our available-for-sale and equity securities were priced using a third party pricing service.

The following tables present our fair value measurements on a recurring and nonrecurring basis by asset class and level of input as of:

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Recurring fair value measurements:

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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

Corporate debt securities $ 761,885 $ 1,275 $ 760,256 $ 354

Collateralized debt obligations 243,276 0 243,276 0

Commercial mortgage-backed securities 156,230 0 132,348 23,882

Residential mortgage-backed securities 208,027 0 205,468 2,559

Other debt securities 41,131 0 41,131 0

U.S. Treasury 840 0 840 0

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Exchange-traded funds 82,746 82,746 0 0

Exchange-traded funds 79,803 79,803 0 0

1 unchanged paragraph

Financial services sector 71,526 2,068 63,854 5,604

Utilities sector 3,170 0 3,170 0

Consumer sector 5,578 0 2,412 3,166

Technology sector 7,546 0 0 7,546

Financial services sector 62,370 510 61,843 17

Utilities sector 545 0 545 0

Energy sector 3,975 3,530 0 3,975 3,530 0

Consumer sector 2,887 0 2,881 6

Technology sector 26 0 0 26

Communications sector 1,464 1,440 0 1,464 1,440 0

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Total equity securities 176,005 84,814 74,875 16,316

Total $ 1,609,227 $ 86,255 $ 1,492,121 $ 30,851

Total equity securities 150,601 80,313 70,239 49

Total recurring fair value measurements $ 1,561,990 $ 81,588 $ 1,453,558 $ 26,844

Nonrecurring fair value measurements-equity securities (3)

(1) This includes $ 44.4 42.3 million of securities lent under a securities lending agreement.

(2) This includes $ 25.5 14.1 million of securities lent under a securities lending agreement.

(3) This excludes $ 11.7 million of equity securities without readily determinable fair values that were not remeasured at fair value during the reporting period.

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Recurring fair value measurements:

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Financial services sector 74,614 2,593 66,350 5,671

Financial services sector (2)

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Consumer sector 5,563 0 2,393 3,170

Technology sector 3,224 0 0 3,224

Technology sector (2)

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Total $ 1,455,591 $ 3,591 $ 1,412,181 $ 39,819

Total non-redeemable preferred stocks (2) (3)

Total equity securities 90,763 78,879 2,593 76,105 12,065 181

Total recurring fair value measurements (2)

Nonrecurring fair value measurements-equity securities (2)

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(2) Prior-period amounts have been revised to separately present nonrecurring fair value measurements and to exclude $ 8.7 million of equity securities without readily determinable fair values that were not remeasured at fair value during the reporting period. These revisions are not material and the impact was limited to our financial statement footnote disclosures.

(2) (3) This includes $ 20.1 million of securities lent under a securities lending agreement.

Equity securities without readily determinable fair values

We hold investments in privately held companies with carrying amounts of $ 16.2 million at September 30, 2026 and $ 11.9 million at December 31, 2025 that do not have readily determinable fair values and are accounted for using the measurement alternative described within Note 2, "Significant Accounting Policies". Included in the tables above are investments that were remeasured at fair value on a nonrecurring basis using prices from recent financing transactions at various dates during the nine months ended September 30, 2026 and the year ended December 31, 2025. The nonrecurring fair value measurements include only those investments remeasured during the respective periods and reflect fair value as of the applicable remeasurement dates rather than as of September 30, 2026 and December 31, 2025, respectively. During the nine months ended September 30, 2026 and the year ended December 31, 2025, upward adjustments resulting from observable price changes totaled $ 0.9 million and $ 0.7 million, respectively. Cumulative upward adjustments were $ 2.0 million at September 30, 2026 and $ 1.1 million at December 31, 2025. No impairments or downward adjustments have been recognized.

We review the fair value hierarchy classifications of recurring fair value measurements each reporting period. Transfers between hierarchy levels may occur due to changes in available market observable inputs.

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(in thousands) Beginning balance at March 31, June 30, 2026 Included in earnings (1)

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Ending balance at June September 30, 2026

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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

Corporate debt securities $ 478 $ ( 31 ) $ 12 $ 2 $ ( 107 ) $ 0 $ 0 $ 354

Commercial mortgage-backed securities 12,962 36 ( 466 ) 2,763 ( 2 ) 12,248 ( 3,659 ) 23,882

Residential mortgage-backed securities 1,095 ( 1 ) ( 51 ) 0 ( 40 ) 2,015 ( 459 ) 2,559

Total available-for-sale securities 14,535 4 ( 505 ) 2,765 ( 149 ) 14,263 ( 4,118 ) 26,795

Equity securities (3)

Total Level 3 securities $ 14,670 $ 12 $ ( 505 ) $ 2,765 $ ( 243 ) $ 14,263 $ ( 4,118 ) $ 26,844

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Ending balance at June September 30, 2026

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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

Corporate debt securities $ 3,939 $ ( 99 130 ) $ ( 20 8 ) $ 816 818 $ ( 4,214 4,321 ) $ 1,023 $ ( 967 ) $ 478 354

Commercial mortgage-backed securities 23,021 ( 863 ) ( 472 ) 2,763 ( 1,278 ) 22,783 ( 22,072 ) 23,882

Residential mortgage-backed securities 794 ( 1 ) ( 65 ) 0 ( 78 ) 3,248 ( 1,339 ) 2,559

Total available-for-sale securities 27,754 ( 994 ) ( 545 ) 3,581 ( 5,677 ) 27,054 ( 24,378 ) 26,795

Equity securities (3)

Total Level 3 securities $ 27,935 $ ( 1,015 ) $ ( 545 ) $ 3,581 $ ( 5,815 ) $ 27,081 $ ( 24,378 ) $ 26,844

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(in thousands) Beginning balance at March 31, June 30, 2025 Included in earnings (1)

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Ending balance at June September 30, 2025

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Corporate debt securities $ 6,030 $ 12 $ 21 $ 968 $ ( 217 ) $ 2,377 $ ( 3,015 ) $ 6,176

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and 25 more changes in the filing

Note 7: Investments 120 changes

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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

Collateralized debt obligations 243,583 198 505 243,276

Commercial mortgage-backed securities 160,749 497 5,016 156,230

Residential mortgage-backed securities 231,135 56 23,164 208,027

Other debt securities 42,120 18 1,007 41,131

U.S. Treasury 893 0 53 840

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Held-to-maturity securities - states & political subdivisions 4,833 15 0 4,848 572 4,261

Total fixed maturity securities, net $ 1,451,030 1,465,380 $ 6,531 1,525 $ 19,491 51,255 $ 1,438,070 1,415,650 (1) This includes an estimated fair value of $ 44.4 42.3 million of securities lent under a securities lending agreement.

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The amortized cost and estimated fair value of our fixed maturity securities at June September 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.

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Due after ten years 647,867 636,184

Due in one year or less $ 63,311 60,759 $ 63,363 60,711

Due after one year through five years 546,224 545,677 542,487 530,077

Due after five years through ten years 188,795 187,998 169,800 164,796

Due after ten years 687,501 655,805

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Held-to-maturity securities - due after ten years 4,833 4,848 4,261

Total fixed maturity securities, net $ 1,451,030 1,465,380 $ 1,438,070 1,415,650 (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 September 30, 2026.

(2) This includes an estimated fair value of $ 44.4 42.3 million of securities lent under a securities lending agreement.

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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

Corporate debt securities $ 669,122 $ 20,084 $ 9,475 $ 854 $ 678,597 $ 20,938 448

Collateralized debt obligations 138,382 490 2,335 15 140,717 505 150

Commercial mortgage-backed securities 112,861 3,266 15,735 1,750 128,596 5,016 185

Residential mortgage-backed securities 139,306 8,410 66,009 14,754 205,315 23,164 213

Other debt securities 31,507 760 3,383 247 34,890 1,007 69

U.S. Treasury 840 53 0 0 840 53 1

Total available-for-sale securities $ 1,092,018 $ 33,063 $ 96,937 $ 17,620 $ 1,188,955 $ 50,683 1,066

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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

Investment grade $ 1,034,967 $ 31,206 $ 93,765 $ 17,284 $ 1,128,732 $ 48,490 1,009

Non-investment grade 57,051 1,857 3,172 336 60,223 2,193 57

Total available-for-sale securities $ 1,092,018 $ 33,063 $ 96,937 $ 17,620 $ 1,188,955 $ 50,683 1,066

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Three months ended June September 30, 2026

1 unchanged paragraph

Balance, beginning of period $ 1,029 $ 2,167 $ 15,357 $ 1,879

Provision and recoveries ( 1 ) 0 289 0

Six months ended June 30, 2026

Balance, end beginning of period $ 466 $ 2,167 $ 15,646 $ 1,879

Provision and recoveries 0 0 220 ( 109 )

Sales/collections and write-offs ( 562 ) 0 0 0 0

Balance, end of period $ 466 $ 2,167 $ 15,866 $ 1,770

Nine months ended September 30, 2026

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Provision and recoveries 274 0 545 199 765 90

1 unchanged paragraph

Balance, end of period $ 466 $ 2,167 $ 15,646 15,866 $ 1,879 1,770

Three months ended June September 30, 2025

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Balance, beginning of period $ 826 $ 2,167 $ 12,592 $ 1,476

Provision and recoveries 304 0 446 0

Six months ended June 30, 2025

Balance, end beginning of period $ 881 $ 2,167 $ 13,038 $ 1,476

Provision and recoveries 417 0 218 111

Sales/collections and write-offs ( 249 64 ) 0 0 ( 25 ) 0

Balance, end of period $ 1,234 $ 2,167 $ 13,231 $ 1,587

Nine months ended September 30, 2025

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Provision and recoveries 669 0 840 164

Provision and recoveries 1,086 0 1,058 275

Sales/collections and write-offs ( 301 365 ) 0 0 ( 25 ) 0

Balance, end of period $ 881 1,234 $ 2,167 $ 13,038 13,231 $ 1,476 1,587

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Three months ended June 30, Six months ended June 30,

Available-for-sale securities $ 16,770 $ 14,530 $ 34,002 $ 27,813

Equity securities 1,706 1,149 3,013 2,313

Investment income, (loss), net of expenses, was generated from the following portfolios:

Three months ended September 30, Nine months ended September 30, (in thousands) 2026 2025 2026 2025

Available-for-sale securities $ 18,308 $ 14,068 $ 52,310 $ 41,881

Equity securities 2,694 1,220 5,707 3,533

1 unchanged paragraph

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

Agent loans 1,969 1,633 5,903 4,634

Cash equivalents and other 3,120 4,606 8,893 11,502

Total investment income 26,178 21,641 73,616 62,819

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and 40 more changes in the filing

Note 8: Bank Line of Credit 1 change

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 September 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 September 30, 2026. Investments with a fair value of $ 110.5 108.6 million were pledged as collateral on the line of credit at June September 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 September 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 September 30, 2026.

Note 9: Postretirement Benefits 11 changes

1 unchanged paragraph

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 nine months ended June September 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 made an additional discretionary contribution of $ 30 million during the third quarter of in August 2026, which will further improve improved 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.

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Three months ended June 30, Six months ended June 30,

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

Three months ended September 30, Nine months ended September 30, (in thousands) 2026 2025 2026 2025

Service cost for benefits earned $ 9,590 $ 8,866 $ 28,771 $ 26,590

Interest cost on benefit obligation 15,515 14,688 46,542 44,039

Expected return on plan assets ( 19,889 ) ( 20,069 ) ( 39,778 59,667 ) ( 40,138 60,207 )

Prior service cost amortization 458 422 916 844 1,374 1,266

Net actuarial gain amortization ( 68 ) ( 655 633 ) ( 135 203 ) ( 1,309 1,942 )

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Note 10: Income Taxes 1 change

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 September 30, 2026 and 2025, our effective tax rate was 21.0 21.8 % and 20.9 21.4 %, respectively. For the six nine months ended June September 30, 2026 and 2025, our effective tax rate was 20.9 21.3 % and 20.8 21.1 %, respectively.

Note 11: Capital Stock 2 changes

1 unchanged paragraph

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 nine months ended June September 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.

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 nine months ended June September 30, 2026 and the year ended December 31, 2025. We had approximately $ 17.8 million of repurchase authority remaining under this program at June September 30, 2026.

Note 12: Accumulated Other Comprehensive Income (Loss) 52 changes

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June September 30, 2026 June September 30, 2025

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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 beginning of period $ ( 12,976 ) $ ( 2,725 ) $ ( 10,251 ) $ ( 7,202 ) $ ( 1,513 ) $ ( 5,689 )

OCI (loss) before reclassifications ( 36,903 ) ( 7,749 ) ( 29,154 ) 7,803 1,638 6,165

Realized investment losses (gains) 712 149 563 ( 571 ) ( 120 ) ( 451 )

Impairment losses 8 1 7 495 104 391

OCI (loss) ( 36,183 ) ( 7,599 ) ( 28,584 ) 7,727 1,622 6,105

AOCI (loss), end of period $ ( 49,159 ) $ ( 10,324 ) $ ( 38,835 ) $ 525 $ 109 $ 416

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AOCI (loss), beginning of period $ ( 66,968 ) $ ( 14,064 ) $ ( 52,904 ) $ ( 38,511 ) $ ( 8,087 ) $ ( 30,424 )

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

OCI 1,772 372 1,400 7,693 1,615 6,078

Six months ended Six months ended

AOCI (loss), end beginning of period $ ( 66,578 ) $ ( 13,982 ) $ ( 52,596 ) $ ( 38,744 ) $ ( 8,137 ) $ ( 30,607 )

OCI (loss) before reclassifications ( 1,063 ) ( 223 ) ( 840 )

Amortization of prior service costs 458 96 362 97 361 422 88 334 89 333

Amortization of net actuarial gain ( 68 ) ( 14 15 ) ( 54 53 ) ( 655 633 ) ( 138 133 ) ( 517 500 )

Settlement gain ( 62 ) ( 13 ) ( 49 )

OCI (loss) 390 82 308 ( 233 1,336 ) ( 50 280 ) ( 183 1,056 )

AOCI (loss), end of period $ ( 66,188 ) $ ( 13,900 ) $ ( 52,288 ) $ ( 40,080 ) $ ( 8,417 ) $ ( 31,663 )

AOCI (loss), end beginning of period $ ( 79,554 ) $ ( 16,707 ) $ ( 62,847 ) $ ( 45,946 ) $ ( 9,650 ) $ ( 36,296 )

Investment securities ( 36,183 ) ( 7,599 ) ( 28,584 ) 7,727 1,622 6,105

Pension and other postretirement plans 390 82 308 ( 233 1,336 ) ( 50 280 ) ( 183 1,056 )

OCI (loss) ( 35,793 ) ( 7,517 ) ( 28,276 ) 6,391 1,342 5,049

AOCI (loss), end of period $ ( 115,347 ) $ ( 24,224 ) $ ( 91,123 ) $ ( 39,555 ) $ ( 8,308 ) $ ( 31,247 )

Nine months ended Nine months ended

June September 30, 2026 June September 30, 2025

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Realized investment losses 814 171 643 693 146 547

Impairment losses 613 129 484 1,086 228 858

AOCI (loss), end of period $ ( 12,976 ) $ ( 2,725 ) $ ( 10,251 ) $ ( 7,202 ) $ ( 1,513 ) $ ( 5,689 )

Realized investment losses 1,526 320 1,206 122 26 96

Impairment losses 621 130 491 1,581 332 1,249

AOCI (loss), end of period $ ( 49,159 ) $ ( 10,324 ) $ ( 38,835 ) $ 525 $ 109 $ 416

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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 )

OCI (loss) before reclassifications ( 1,063 ) ( 223 ) ( 840 )

Amortization of prior service costs 1,374 289 1,085 1,266 266 1,000

Amortization of net actuarial gain ( 203 ) ( 43 ) ( 160 ) ( 1,942 ) ( 408 ) ( 1,534 )

Settlement gain ( 539 ) ( 113 ) ( 426 )

OCI (loss) 1,171 246 925 ( 2,278 ) ( 478 ) ( 1,800 )

2 unchanged paragraphs

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 )

AOCI (loss), end of period $ ( 79,554 ) $ ( 16,707 ) $ ( 62,847 ) $ ( 45,946 ) $ ( 9,650 ) $ ( 36,296 )

Investment securities ( 50,667 ) ( 10,640 ) ( 40,027 ) 22,967 4,823 18,144

Pension and other postretirement plans 1,171 246 925 ( 2,278 ) ( 478 ) ( 1,800 )

AOCI (loss), end of period $ ( 115,347 ) $ ( 24,224 ) $ ( 91,123 ) $ ( 39,555 ) $ ( 8,308 ) $ ( 31,247 )

Note 13: Concentrations of Credit Risk 1 change

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 $ 753.2 781.2 million and $ 735.6 million at June September 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 3 changes

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 September 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 September 30, 2026, our maximum potential amount of future payments on the guaranteed portion is $ 24.3 24.5 million. All loan payments under the participation program are current as of June September 30, 2026.

We also have contingent obligations for guarantees and lending commitments related to certain real estate development projects supporting revitalization efforts in our community. As of June September 30, 2026, our maximum potential obligation related to guarantees is $ 6.2 6.0 million and our remaining lending commitments are $ 15.4 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. We believe our accruals for legal proceedings are appropriate and that, to the extent that such litigation against us may have an exposure to a loss result in losses in excess of the amount we have amounts accrued, we believe that any such excess, individually or in the aggregate, 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.

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MD&A 142 changes

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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 auto and homeowners. The principal commercial lines products are commercial multi-peril, commercial automobile, auto, and workers compensation.

1 unchanged paragraph

Three months ended June 30, Six months ended June 30,

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 %

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 September 30, 2026 we have recognized $4.0 million of recoveries under our cybersecurity insurance policy, which is included in the line item "Other Income" in the Consolidated Statements of Operations, and continue to pursue recovery of a portion of additional lost income due to business interruption and related expenses from our cybersecurity insurance under the policy.

Three months ended September 30, Nine months ended September 30, (dollars in thousands, except per share data) 2026 2025 % Change 2026 2025 % Change (Unaudited) (Unaudited)

Operating income $ 207,382 $ 208,921 (0.7) % $ 578,292 $ 559,470 3.4 %

Total investment income 19,877 21,554 (7.8) 64,549 60,690 6.4

Other income 5,496 2,286 NM 8,317 8,094 2.8

Income before income taxes 232,755 232,761 NM 651,158 628,254 3.6

Income tax expense 50,766 49,908 1.7 138,401 132,299 4.6

Net income $ 181,989 $ 182,853 (0.5) % $ 512,757 $ 495,955 3.4 %

Net income per share diluted $ 3.48 $ 3.50 (0.5) % $ 9.80 $ 9.48 3.4 %

Operating income increased decreased slightly in both the second third quarter and six increased for the nine months ended June September 30, 2026, compared to the same periods in 2025. Management fee revenue for policy issuance and renewal services increased 4.7% 2.6% to $862.9 $847.0 million in the second third quarter of 2026 and 4.5% 3.8% to $1.6 $2.5 billion for the six nine months ended June September 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% 1.8% to $3.5 billion in the second third quarter of 2026 and 3.4% 2.9% to $6.8 $10.2 billion for the six nine months ended June September 30, 2026, compared to the same periods in 2025.

Cost of operations for policy issuance and renewal services increased 5.5% 3.6% to $684.1 $665.0 million in the second third quarter of 2026 and 4.2% 4.0% to $1.3 $2.0 billion for the six nine months ended June September 30, 2026, compared to the same periods in 2025, primarily due to increased agent incentive compensation due to improved underwriting profitability, and higher scheduled commissions driven by direct and affiliated assumed written premium growth, and increased technology costs, partially offset by lower professional fees and decreased survey and underwriting report and postage costs. The year-to-date increase was also partially offset by lower professional fees.

Management fee revenue for administrative services increased 7.2% 4.7% to $19.6 $19.7 million in the second third quarter of 2026 and 8.8% 7.4% to $39.1 $58.8 million for the six nine months ended June September 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 $197.6 million in the second third quarter of 2026 and $401.7 $599.2 million for the six nine months ended June September 30, 2026, but had no net impact on operating income.

Total investment income increased $3.0 decreased $1.7 million in the second third quarter of 2026 and $5.5 increased $3.9 million for the six nine months ended June September 30, 2026, compared to the same periods in 2025. The results from both periods were decrease in the third quarter of 2026 was primarily due to net realized and unrealized investment losses compared to net gains in 2025, partially offset by an increase in net investment income. The increase for the six nine months ended June September 30, 2026 was primarily due to an increase in net investment income, partially offset by net realized and unrealized investment losses compared to net gains in 2025.

1 unchanged paragraph

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.

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Three months ended June 30, Six months ended June 30,

Three months ended September 30, Nine months ended September 30, (dollars in thousands) 2026 2025 % Change 2026 2025 % Change (Unaudited) (Unaudited)

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Management fee revenue 863,172 834,478 3.4 1,652,207 1,594,986 3.6

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and 116 more changes in the filing

Market risk 1 change

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and 1 more change in the filing

Controls and procedures 1 change

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and 1 more change in the filing

Legal proceedings 1 change

13 unchanged paragraphs

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and 1 more change in the filing

Unregistered sales of stock 7 changes

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and 7 more changes in the filing

Exhibits 3 changes

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and 3 more changes in the filing