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My favorite insurance accounting absurdity, $ERIE, recently filed its statutory financials for its wholly-controlled (but non-consolidated) insurance company, Erie Exchange. And they are ugly. Exchange lost $(365)M before cap gains in the 2Q, $(471)M in the 1H! https://t.co/8JebiC0ORn (2) This means that on a consolidated basis (which we believe is appropriate here), $ERIE is actually losing money so far in 2025, and has pre-tax profits (before gains) of only $172M in the LTM, or less than $3 in annual EPS. For a $350 stock. Of a sub-mediocre P&C insurer.