• Erie Indemnity average price to free cash flow ratio for 2023 was 45.7, a 6.55% increase from 2022.
• Erie Indemnity average price to free cash flow ratio for 2022 was 42.89, a 30.48% increase from 2021.
• Erie Indemnity average price to free cash flow ratio for 2021 was 32.87, a 5.68% increase from 2020.

Price to free cash flow ratio can be defined as