• Erie Indemnity average price to free cash flow ratio for 2023 was 45.59, a 6.57% increase from 2022.
• Erie Indemnity average price to free cash flow ratio for 2022 was 42.78, a 30.47% increase from 2021.
• Erie Indemnity average price to free cash flow ratio for 2021 was 32.79, a 5.67% increase from 2020.

Price to free cash flow ratio can be defined as