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Erie Indemnity vs Baldwin Insurance Group: ERIE and BWIN compared
Erie Indemnity is the larger company: $1.1B of revenue in its latest quarter (Q3 2026) against $493M for Baldwin Insurance Group (Q2 2026). Baldwin Insurance Group is growing faster (+30% against +0.3% a year earlier). Erie Indemnity is more profitable, with an operating margin of 19.4% against -1.7%.
Where the money goes: ERIE and BWIN
Erie Indemnity (ERIE) · Q3 2026
Erie Indemnity, Q3 2026: revenue $1.1B (+0.3% year over year), operating margin 19.4%, net earnings $182M, operating cash flow $213M. The chart follows the revenue to costs, profit and cash.
Baldwin Insurance Group (BWIN) · Q2 2026
Baldwin Insurance Group, Q2 2026: revenue $493M (+30% year over year), operating margin -1.7%, net loss $56.0M, operating cash flow $45.6M. The chart follows the revenue to costs, profit and cash.
| Erie Indemnity (ERIE) | Baldwin Insurance Group (BWIN) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q2 2026 |
| Revenue | $1.1B | $493M |
| Revenue growth, Y/Y | +0.3% | +30% |
| Operating margin | 19.4% | -1.7% |
| Net earnings | $182M | −$56.0M |
| Net margin | 17.0% | -11.4% |
| Operating cash flow | $213M | $45.6M |
| Free cash flow | $185M | $30.4M |
| Market value | $14.3B | $3.0B |
| P/E | 24.8× | — |
| Analysts’ mean target | — | $32.42 |
Where the revenue comes from
Erie Indemnity
- Management fee revenue - policy issuance and renewal services: $847M (79%)
- Administrative services reimbursement revenue: $198M (18%)
- Management fee revenue - administrative services: $19.7M (2%)
- Service agreement revenue: $5.7M (1%)
Baldwin Insurance Group
- Commissions revenue: $373M (76%)
- Consulting and service fee revenue: $44.9M (9%)
- Profit-sharing revenue: $29.5M (6%)
- Policy fee and installment fee revenue: $21.2M (4%)
Questions
Which is bigger, Erie Indemnity or Baldwin Insurance Group?
Erie Indemnity is the larger company: $1.1B of revenue in its latest quarter (Q3 2026) against $493M for Baldwin Insurance Group (Q2 2026).
Is Erie Indemnity or Baldwin Insurance Group growing faster?
Baldwin Insurance Group is growing faster (+30% against +0.3% a year earlier).
Which is more profitable, Erie Indemnity or Baldwin Insurance Group?
Erie Indemnity is more profitable, with an operating margin of 19.4% against -1.7%.
More: Erie Indemnity earnings · how Erie Indemnity makes money · Baldwin Insurance Group earnings · how Baldwin Insurance Group makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 29, 2026; 10-Q filed Jul 30, 2026). Fiscal quarters can end on different dates. Not investment advice.