Erie Indemnity : March 2024 Erie Family Life Insurance Company

STATEMENT AS OF MARCH 31, 2024 OF THE ERIE FAMILY LIFE INSURANCE COMPANY

ASSETS

					Current Statement Date		4
				1	2		3	December 31
							Net Admitted Assets	Prior Year Net
				Assets	Nonadmitted Assets		(Cols. 1 - 2)	Admitted Assets
1.	Bonds		............ 2,776,451,443	...................................	............	2,776,451,443	............ 2,747,416,838
2.	Stocks:
	2.1 Preferred stocks	................. 27,645,156	...................................	.................	27,645,156	................. 31,629,488
	2.2 Common stocks	........................ 20,300	...................................	........................	20,300	........................ 20,300
3.	Mortgage loans on real estate:
	3.1 First liens		...................................	...................................	...................................	...................................
	3.2 Other than first liens	...................................	...................................	...................................	...................................
4.	Real estate:
	4.1 Properties occupied by the company (less $
	encumbrances)	...................................	...................................	...................................	...................................
	4.2 Properties held for the production of income (less
	$	encumbrances)	...................................	...................................	...................................	...................................
	4.3 Properties held for sale (less $
	.......................................................................................encumbrances)	...................................	...................................	...................................	...................................
5.	Cash ($	24,547,036	), cash equivalents
	($	52,321,010 ) and short-term
	investments ($	)	76,868,046	...................................	.................	76,868,046	................. 78,180,695
6.	Contract loans (including $	premium notes)	28,998,926	...................................	.................	28,998,926	................. 28,697,751
7.	Derivatives		...................................	...................................	...................................	...................................
8.	Other invested assets	38,827,415	...................................	.................	38,827,415	................. 38,837,683
9.	Receivables for securities	1,685,563	...................................	...................	1,685,563	.......................795,179
10.	Securities lending reinvested collateral assets	167,417,529	...................................	................	167,417,529	................183,714,269
11.	Aggregate write-ins for invested assets	...................................	...................................	...................................	...................................
12.	Subtotals, cash and invested assets (Lines 1 to 11)	3,117,914,378	...................................	............	3,117,914,378	............ 3,109,292,203
13.	Title plants less $	charged off (for Title insurers
	only)		...................................	...................................	...................................	...................................
14.	Investment income due and accrued	30,445,840	...................................	.................	30,445,840	................. 32,118,100

15. Premiums and considerations:

15.1	Uncollected premiums and agents' balances in the course of collection	2,167,980	2,167,980	2,347,642
15.2	Deferred premiums, agents' balances and installments booked but
	...................................deferred and not yet due (including $
	earned but unbilled premiums)	91,662,544	91,662,544	100,111,665
15.3	Accrued retrospective premiums ($	) and
	contracts subject to redetermination ($	)	................................... ................................... ................................... ...................................

16. Reinsurance:

	16.1	Amounts recoverable from reinsurers	................... 2,176,802	...................................	................... 2,176,802	................... 1,474,406
	16.2	Funds held by or deposited with reinsured companies	...................................	...................................	...................................	...................................
	16.3	Other amounts receivable under reinsurance contracts	...................... 384,886	...................................	...................... 384,886	.......................112,673
17.	Amounts receivable relating to uninsured plans	...................................	...................................	...................................	...................................
18.1	....Current federal and foreign income tax recoverable and interest thereon	...................................	...................................	...................................	...................................
18.2	...................................................................................Net deferred tax asset	...................................	...................................	...................................	...................................
19.	Guaranty funds receivable or on deposit	................................... ................................... ................................... ...................................
20.	Electronic data processing equipment and software	16,714,187	16,714,187	...................................	...................................

21. Furniture and equipment, including health care delivery assets

	($	)	...................................	...................................	...................................	...................................
22.	.........Net adjustment in assets and liabilities due to foreign exchange rates	...................................	...................................	...................................	...................................
23.	.....................................Receivables from parent, subsidiaries and affiliates	.......................353,461	...................................	.......................353,461	...................... 320,810
24.	Health care ($	) and other amounts receivable	...................................	...................................	...................................	...................................
25.	Aggregate write-ins for other than invested assets	................... 5,484,171	................... 4,854,837	.......................629,334	.......................897,075

26. Total assets excluding Separate Accounts, Segregated Accounts and

	Protected Cell Accounts (Lines 12 to 25)	3,267,304,249	21,569,024	3,245,735,225	3,246,674,574
27.	From Separate Accounts, Segregated Accounts and Protected Cell
	Accounts	...................................	...................................	...................................	...................................
28.	Total (Lines 26 and 27)	3,267,304,249	21,569,024	3,245,735,225	3,246,674,574
	DETAILS OF WRITE-INS
1101.	......................................................................................................................	....................................	....................................	....................................	....................................
1102.	......................................................................................................................	....................................	....................................	....................................	....................................
1103.	......................................................................................................................	....................................	....................................	....................................	....................................
1198.	Summary of remaining write-ins for Line 11 from overflow page	...................................	...................................	...................................	...................................
1199.	Totals (Lines 1101 through 1103 plus 1198)(Line 11 above)
2501.	Prepaid Advance Commissions	................... 4,854,837	................... 4,854,837	...................................	...................................
2502.	Tax Credits	.......................629,334	...................................	.......................629,334	.......................897,075
2503.	.......................................................................................................................	....................................	....................................	....................................	....................................
2598.	Summary of remaining write-ins for Line 25 from overflow page	...................................	...................................	...................................	...................................
2599.	Totals (Lines 2501 through 2503 plus 2598)(Line 25 above)	5,484,171	4,854,837	629,334	897,075

2

STATEMENT AS OF MARCH 31, 2024 OF THE ERIE FAMILY LIFE INSURANCE COMPANY

LIABILITIES, SURPLUS AND OTHER FUNDS

					1	2
					Current	December 31
					Statement Date	Prior Year
1.	Aggregate reserve for life contracts $	............ 2,556,502,303	less $	included in Line 6.3
	(including $	Modco Reserve)		2,556,502,303	2,539,175,302
2.	Aggregate reserve for accident and health contracts (including $	Modco Reserve)	2,890,639	2,717,094
3.	Liability for deposit-type contracts (including $	Modco Reserve)	48,769,888	49,222,301
4.	Contract claims:
	4.1 Life			15,569,458	11,432,967
	4.2 Accident and health			...................................	...................................
5.	Policyholders' dividends/refunds to members $	and coupons $	due
	and unpaid			...................................	...................................

6. Provision for policyholders' dividends, refunds to members and coupons payable in following calendar year - estimated amounts:

6.1 Policyholders' dividends and refunds to members apportioned for payment (including $ ...................................

		Modco)	...................................	...................................
	6.2	Policyholders' dividends and refunds to members not yet apportioned (including $	Modco)	...................................
	6.3	Coupons and similar benefits (including $	Modco)	...................................
7.	Amount provisionally held for deferred dividend policies not included in Line 6	...................................
8.	Premiums and annuity considerations for life and accident and health contracts received in advance less
	$	................................... discount; including $	689,248 accident and health premiums	...................2,599,426	................... 2,067,377

9. Contract liabilities not included elsewhere:

	9.1	Surrender values on canceled contracts					...................................	...................................
	9.2	Provision for experience rating refunds, including the liability of $	...................................	accident and health
		experience rating refunds of which $	is for medical loss ratio rebate per the Public Health
		Service Act						...................................	...................................
	9.3 Other amounts payable on reinsurance, including $		assumed and $	411,568
		ceded				411,568	411,568
	9.4 Interest Maintenance Reserve			4,162,241	4,221,762
10.	Commissions to agents due or accrued-life and annuity contracts $	...................	1,726,259 , accident and health
	$	........................ 28,095	and deposit-type contract funds $		..................................................		................... 1,754,354	................... 2,748,798
11.	..............................................................................Commissions and expense allowances payable on reinsurance assumed				...................................	...................................
12.	............................................................................................................................................General expenses due or accrued					................... 7,444,663	...................8,150,684
13.	Transfers to Separate Accounts due or accrued (net) (including $		accrued for expense
	allowances recognized in reserves, net of reinsured allowances)					...................................	...................................
14.	Taxes, licenses and fees due or accrued, excluding federal income taxes				................... 3,608,257	................... 4,877,214
15.1	Current federal and foreign income taxes, including $	29,072	on realized capital gains (losses)		................... 2,548,027	................... 1,706,272
15.2	Net deferred tax liability						...................................	...................................
16.	Unearned investment income					...................................	...................................
17.	.......................................................................................Amounts withheld or retained by reporting entity as agent or trustee					.......................321,757	...................... 469,923
18.	Amounts held for agents' account, including $	...........................................agents' credit balances		...................................	...................................
19.	........................................................................................................................................Remittances and items not allocated					...................... 391,925	...................... 860,559
20.	Net adjustment in assets and liabilities due to foreign exchange rates	....................................................................................				...................................	...................................
21.	.......................................................................................Liability for benefits for employees and agents if not included above					...................................	...................................
22.	Borrowed money $	and interest thereon $	...................................	...........................................		...................................	...................................
23.	.......................................................................................................................Dividends to stockholders declared and unpaid					...................................	...................................
24.	Miscellaneous liabilities:
	...................................................................................................................................................24.01 Asset valuation reserve					................. 29,534,486	................. 27,826,784
	...................................24.02 Reinsurance in unauthorized and certified ($	.......................................................) companies		...................................	...................................
	24.03 Funds held under reinsurance treaties with unauthorized and certified ($	................................... ) reinsurers		...................................	...................................
	24.04 Payable to parent, subsidiaries and affiliates					................... 8,662,957	................... 8,447,934
	...........................................................................................................................................................24.05 Drafts outstanding						...................................	...................................
	............................................................................................................24.06 Liability for amounts held under uninsured plans					...................................	...................................
	........................................................................................................................................24.07 Funds held under coinsurance					...................................	...................................
	24.08 Derivatives						...................................	...................................
	24.09 Payable for securities						.................................3	............................... 19
	.........................................................................................................................................24.10 Payable for securities lending					................167,417,526	................183,714,250
	24.11 Capital notes $	and interest thereon $	...................................	...........................................	...................................	...................................
25.	Aggregate write-ins for liabilities				217,342	198,457
26.	Total liabilities excluding Separate Accounts business (Lines 1 to 25)	.....................................................................................			2,852,806,820	2,848,249,265
27.	.........................................................................................................................................From Separate Accounts Statement					...................................	...................................
28.	Total liabilities (Lines 26 and 27)				2,852,806,820	2,848,249,265
29.	Common capital stock						3,780,400	3,780,400
30.	..............................................................................................................................................................Preferred capital stock						...................................	...................................
31.	..........................................................................................................Aggregate write-ins for other than special surplus funds					...................................	...................................
32.	............................................................................................................................................................................Surplus notes						...................................	...................................
33.	.......................................................................................................................................Gross paid in and contributed surplus					................305,630,600	................305,630,600
34.	Aggregate write-ins for special surplus funds					...................................	...................................
35.	Unassigned funds (surplus)						................. 83,517,405	................. 89,014,309
36.	Less treasury stock, at cost:
	36.1	...................................	shares common (value included in Line 29	$	)
			...................................	...................................
	36.2	...................................	shares preferred (value included in Line 30	$	)
			...................................	...................................
37.	Surplus (Total Lines 31+32+33+34+35-36) (including $		in Separate Accounts Statement)	389,148,005	394,644,909
38.	Totals of Lines 29, 30 and 37				392,928,405	398,425,309
39.	Totals of Lines 28 and 38 (Page 2, Line 28, Col. 3)					3,245,735,225	3,246,674,574
	DETAILS OF WRITE-INS
2501.	......................................................................................................................................................Interest on Unpaid Claims						.......................217,342	...................... 198,457
2502		....................................	....................................
2503		....................................	....................................
2598.	..............................................................................................Summary of remaining write-ins for Line 25 from overflow page					...................................	...................................
2599.	Totals (Lines 2501 through 2503 plus 2598)(Line 25 above)					217,342	198,457
3101	....................................	....................................

3102. ................................................................................................................................................................................................... .................................... ....................................

3103. ................................................................................................................................................................................................... .................................... ....................................

3198. Summary of remaining write-ins for Line 31 from overflow page .............................................................................................. ................................... ...................................

3199. Totals (Lines 3101 through 3103 plus 3198)(Line 31 above)

3401. ................................................................................................................................................................................................... .................................... ....................................

3402. ................................................................................................................................................................................................... .................................... ....................................

3403. ................................................................................................................................................................................................... .................................... ....................................

3498. Summary of remaining write-ins for Line 34 from overflow page .............................................................................................. ................................... ...................................

3499. Totals (Lines 3401 through 3403 plus 3498)(Line 34 above)

3

STATEMENT AS OF MARCH 31, 2024 OF THE ERIE FAMILY LIFE INSURANCE COMPANY

SUMMARY OF OPERATIONS

		1	2	3
		Current Year	Prior Year	Prior Year Ended
		To Date	To Date	December 31
1.	Premiums and annuity considerations for life and accident and health contracts	................. 67,156,470	................. 70,390,821	................315,241,103
2.	Considerations for supplementary contracts with life contingencies
...................................	...................................	...................... 605,187
3.	Net investment income	................. 34,122,666	................. 32,322,207	................132,651,595
4.	Amortization of Interest Maintenance Reserve (IMR)	........................ 52,568	.......................146,723	.......................477,100
5.	Separate Accounts net gain from operations excluding unrealized gains or losses	...................................	...................................	...................................
6.	Commissions and expense allowances on reinsurance ceded	...................1,686,455	................... 1,705,864	................... 6,822,672
7.	Reserve adjustments on reinsurance ceded	...................................	...................................	...................................
8.	Miscellaneous Income:
	8.1 Income from fees associated with investment management, administration and contract
	guarantees from Separate Accounts	...................................	...................................	...................................
	8.2 Charges and fees for deposit-type contracts	...................................	...................................	...................................
	8.3 Aggregate write-ins for miscellaneous income	558,169	448,441	1,829,225
9.	Totals (Lines 1 to 8.3)	103,576,328	105,014,056	457,626,882
10.	Death benefits	20,578,298	................. 18,520,730	................. 67,534,265
11.	Matured endowments (excluding guaranteed annual pure endowments)	...................................	...................................	...................................
12.	Annuity benefits	................... 2,943,864	...................2,595,828	................. 10,362,242
13.	Disability benefits and benefits under accident and health contracts	................... 3,627,839	................... 2,936,080	................. 13,079,639
14.	Coupons, guaranteed annual pure endowments and similar benefits	...................................	...................................	...................................
15.	Surrender benefits and withdrawals for life contracts	................. 31,958,202	................. 29,953,177	................138,927,137
16.	Group conversions	...................................	...................................	...................................
17.	Interest and adjustments on contract or deposit-type contract funds	.......................653,749	...................... 644,956	................... 2,750,944
18.	Payments on supplementary contracts with life contingencies	..........................9,269	............................. 562	........................ 25,466
19.	Increase in aggregate reserves for life and accident and health contracts	17,500,546	25,774,681	110,805,142
20.	Totals (Lines 10 to 19)	..................77,271,767	................. 80,426,014	................343,484,835
21.	Commissions on premiums, annuity considerations, and deposit-type contract funds (direct
	business only)	................... 7,713,849	................... 7,192,803	................. 34,693,472
22.	Commissions and expense allowances on reinsurance assumed	...................................	...................................	...................................
23.	General insurance expenses and fraternal expenses	................. 14,081,628	................. 15,235,262	................. 60,333,183
24.	Insurance taxes, licenses and fees, excluding federal income taxes	................... 2,316,367	...................2,148,488	................... 8,386,287
25.	Increase in loading on deferred and uncollected premiums	................... 2,787,813	................... 3,505,425	................... 3,779,976
26.	Net transfers to or (from) Separate Accounts net of reinsurance	...................................	...................................	...................................
27.	Aggregate write-ins for deductions
79,616	90,466	36,349
28.	Totals (Lines 20 to 27)	104,251,040	108,598,458	450,714,102
29.	Net gain from operations before dividends to policyholders and federal income taxes (Line 9 minus
	Line 28)	.....................(674,712)	................. (3,584,402)	................... 6,912,780
30.	Dividends to policyholders and refunds to members
31.	Net gain from operations after dividends to policyholders, refunds to members and before federal
	income taxes (Line 29 minus Line 30)	.....................(674,712)	................. (3,584,402)	................... 6,912,780
32.	Federal and foreign income taxes incurred (excluding tax on capital gains)	833,999	611,255	6,531,125
33.	Net gain from operations after dividends to policyholders, refunds to members and federal income
	taxes and before realized capital gains or (losses) (Line 31 minus Line 32)	................. (1,508,711)	................. (4,195,657)	...................... 381,655

34. Net realized capital gains (losses) (excluding gains (losses) transferred to the IMR) less capital

	gains tax of $	9,604 (excluding taxes of $	(1,848)
	transferred to the IMR)		(7,815)		(151,864)
35.	Net income (Line 33 plus Line 34)	(1,516,526)	(4,195,657)	229,791
		CAPITAL AND SURPLUS ACCOUNT
36.	Capital and surplus, December 31, prior year	398,425,309	408,878,716	408,878,716
37.	Net income (Line 35)		(1,516,526)	(4,195,657)	229,791
38.	Change in net unrealized capital gains (losses) less capital gains tax of $	212,167	798,153	549,737	1,341,003
39.	Change in net unrealized foreign exchange capital gain (loss)	...................................	...................................	...................................
40.	Change in net deferred income tax	212,167	146,132	356,470
41.	............................................................................................................Change in nonadmitted assets	................. (3,282,996)	................. (1,159,655)	................. (7,569,471)
42.	.......................................Change in liability for reinsurance in unauthorized and certified companies	...................................	...................................	...................................
43.	..........................Change in reserve on account of change in valuation basis, (increase) or decrease	...................................	...................................	...................................
44.	Change in asset valuation reserve	(1,707,702)	(1,816,321)	(4,811,200)
45.	Change in treasury stock		...................................	...................................	...................................
46.	.........................................Surplus (contributed to) withdrawn from Separate Accounts during period	...................................	...................................	...................................
47.	................................................................Other changes in surplus in Separate Accounts Statement	...................................	...................................	...................................
48.	Change in surplus notes		...................................	...................................	...................................
49.	Cumulative effect of changes in accounting principles	...................................	...................................	...................................
50.	Capital changes:
	50.1 Paid in		...................................	...................................	...................................
	..................................................................................50.2 Transferred from surplus (Stock Dividend)	...................................	...................................	...................................
	50.3 Transferred to surplus		...................................	...................................	...................................
51.	Surplus adjustment:
	51.1 Paid in		...................................	...................................	...................................
	........................................................................................51.2 Transferred to capital (Stock Dividend)	...................................	...................................	...................................
	...............................................................................................................51.3 Transferred from capital		...................................	...................................	...................................
	...............................................................................51.4 Change in surplus as a result of reinsurance	...................................	...................................	...................................
52.	Dividends to stockholders		...................................	...................................	...................................
53.	.............................................................................Aggregate write-ins for gains and losses in surplus
54.	Net change in capital and surplus for the year (Lines 37 through 53)	(5,496,904)	(6,475,764)	(10,453,407)
55.	Capital and surplus, as of statement date (Lines 36 + 54)		392,928,405	402,402,952	398,425,309
	DETAILS OF WRITE-INS
..........................................................................................................................08.301. Miscellaneous Income		...................... 558,169	...................... 448,441	...................1,829,225
08.302.	..............................................................................................................................................................		....................................	....................................	....................................
08.303.	..............................................................................................................................................................		....................................	....................................	....................................
........................................................08.398. Summary of remaining write-ins for Line 8.3 from overflow page	...................................	...................................	...................................
08.399. Totals (Lines 08.301 through 08.303 plus 08.398) (Line 8.3 above)		558,169	448,441	1,829,225
2701.	Interest on Death Claims		79,616	90,466	338,593
2702.	Premium Tax Credit Offset			...................................	.....................(302,279)
2703.	Tax Penalties		...................................	...................................	............................... 35
2798.	.........................................................Summary of remaining write-ins for Line 27 from overflow page	...................................	...................................	...................................
2799.	Totals (Lines 2701 through 2703 plus 2798)(Line 27 above)
	79,616	90,466	36,349
5301	...................................	...................................	...................................

5302. .............................................................................................................................................................. .................................... .................................... ....................................

5303. .............................................................................................................................................................. .................................... .................................... ....................................

5398. Summary of remaining write-ins for Line 53 from overflow page ............................................................................................ ................................... ...................................

5399. Totals (Lines 5301 through 5303 plus 5398)(Line 53 above)

4

STATEMENT AS OF MARCH 31, 2024 OF THE ERIE FAMILY LIFE INSURANCE COMPANY

CASH FLOW

Cash from Operations

1

Current Year

To Date

2

Prior Year

To Date

3

Prior Year Ended

December 31

1.	Premiums collected net of reinsurance	................. 73,529,489	................. 74,178,469	................306,730,509
2.	Net investment income	................. 36,122,792	................. 33,924,276	................132,626,180
3.	Miscellaneous income	2,244,624	2,154,305	8,651,897
4.	Total (Lines 1 to 3)	111,896,905	110,257,050	448,008,586
5.	Benefit and loss related payments	................. 55,699,203	................. 50,834,284	................227,951,730
6.	Net transfers to Separate Accounts, Segregated Accounts and Protected Cell Accounts	...................................	...................................	...................................
7.	...............................................Commissions, expenses paid and aggregate write-ins for deductions	................. 26,723,425	................. 29,415,571	................101,927,338
8.	Dividends paid to policyholders	...................................	...................................	...................................
9.	Federal and foreign income taxes paid (recovered) net of $	tax on capital
	gains (losses)			5,584,317
10.	Total (Lines 5 through 9)	82,422,628	80,249,855	335,463,385
11.	Net cash from operations (Line 4 minus Line 10)	29,474,277	30,007,195	112,545,201

Cash from Investments

12. Proceeds from investments sold, matured or repaid:

	12.1	Bonds	................. 36,357,711	................. 17,482,667	................137,936,039
	12.2	Stocks	...................5,000,000	...................................	...................................
	12.3	Mortgage loans	...................................	...................................	...................................
	12.4	Real estate	...................................	...................................	...................................
	12.5	Other invested assets	...................................	...................................	...................................
	12.6	Net gains or (losses) on cash, cash equivalents and short-term investments	...................................	...................................	...................................
	12.7	Miscellaneous proceeds	16,298,529	37,991,276	2,607,660
	12.8 Total investment proceeds (Lines 12.1 to 12.7)	................. 57,656,240	................. 55,473,943	................140,543,699
13.	Cost of investments acquired (long-term only):
	13.1	Bonds	................. 65,923,500	................. 58,608,437	................206,438,856
	13.2	Stocks	...................................	...................................	..........................8,500
	13.3	Mortgage loans	...................................	...................................	...................................
	13.4	Real estate	...................................	...................................	...................................
	13.5	Other invested assets	...................................	...................................	...................................
	13.6	Miscellaneous applications	890,400		376,799
	13.7	Total investments acquired (Lines 13.1 to 13.6)	66,813,900	58,608,437	206,824,155
14.	Net increase (or decrease) in contract loans and premium notes	301,175	157,561	1,912,623
15.	Net cash from investments (Line 12.8 minus Line 13.7 and Line 14)	(9,458,835)	(3,292,055)	(68,193,079)
		Cash from Financing and Miscellaneous Sources
16.	Cash provided (applied):
	16.1	Surplus notes, capital notes	...................................	...................................	...................................
	16.2	Capital and paid in surplus, less treasury stock	...................................	...................................	...................................
	16.3	Borrowed funds	...................................	...................................	...................................
	16.4	Net deposits on deposit-type contracts and other insurance liabilities	................. (1,090,336)	................. (1,842,447)	................. (7,051,781)
	..........................................................................................................16.5 Dividends to stockholders	...................................	...................................	...................................
	....................................................................................................16.6 Other cash provided (applied)	(20,237,755)	(26,579,601)	(10,643,268)
17.	Net cash from financing and miscellaneous sources (Line 16.1 through Line 16.4 minus Line 16.5
	plus Line 16.6)	(21,328,091)	(28,422,048)	(17,695,049)
	RECONCILIATION OF CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS
18.	.Net change in cash, cash equivalents and short-term investments (Line 11, plus Lines 15 and 17)	................. (1,312,649)	................. (1,706,908)	................. 26,657,073
19.	Cash, cash equivalents and short-term investments:
	19.1	Beginning of year	................. 78,180,695	................. 51,523,622	................. 51,523,622
	19.2 End of period (Line 18 plus Line 19.1)	76,868,046	49,816,714	78,180,695

Note: Supplemental disclosures of cash flow information for non-cash transactions:

20.0001. Utilization of purchased premium tax credits	...................... 320,841	...................................	...................................

5