Try our mobile app

Published: 2023-03-01 16:18:37 ET
<<<  go to ERIE company page
EX-99.2 3 ex-99212312022.htm EX-99.2 Document

Exhibit 99.2

Erie Indemnity Company
Statements of Operations
(dollars in thousands, except per share data)
Three months ended December 31,Twelve months ended December 31,
2022202120222021
(Unaudited)
Operating revenue
Management fee revenue - policy issuance and renewal services$503,633 $450,286 $2,087,846 $1,913,166 
Management fee revenue - administrative services14,877 14,301 58,323 58,286 
Administrative services reimbursement revenue175,613 165,350 668,268 638,483 
Service agreement revenue6,512 5,994 25,687 24,042 
Total operating revenue700,635 635,931 2,840,124 2,633,977 
Operating expenses
Cost of operations - policy issuance and renewal services443,592 408,747 1,795,642 1,677,397 
Cost of operations - administrative services175,613 165,350 668,268 638,483 
Total operating expenses619,205 574,097 2,463,910 2,315,880 
Operating income
81,430 61,834 376,214 318,097 
Investment income
Net investment income3,979 12,572 28,585 62,177 
Net realized and unrealized investment (losses) gains(3,453)(237)(27,286)4,946 
Net impairment (losses) recoveries recognized in earnings(238)(7)(667)209 
Total investment income
288 12,328 632 67,332 
Interest expense— 1,050 2,009 4,132 
Other income (expense)243 (3,285)1,615 (4,893)
Income before income taxes81,961 69,827 376,452 376,404 
Income tax expense16,471 14,785 77,883 78,544 
Net income
$65,490 $55,042 $298,569 $297,860 
Earnings Per Share
Net income per share
Class A common stock – basic$1.41 $1.18 $6.41 $6.40 
Class A common stock – diluted$1.25 $1.05 $5.71 $5.69 
Class B common stock – basic and diluted$211 $177 $962 $959 
Weighted average shares outstanding – Basic
Class A common stock46,189,028 46,189,068 46,188,916 46,188,806 
Class B common stock2,542 2,542 2,542 2,542 
Weighted average shares outstanding – Diluted
Class A common stock52,298,903 52,305,628 52,297,990 52,307,302 
Class B common stock2,542 2,542 2,542 2,542 
Dividends declared per share
Class A common stock$1.190 $1.110 $4.520 $4.215 
Class B common stock$178.50 $166.50 $678.00 $632.25 


1

Erie Indemnity Company
Statements of Financial Position
(in thousands)
December 31, 2022December 31, 2021
Assets
Current assets:
Cash and cash equivalents$142,090 $183,702 
Available-for-sale securities24,267 38,396 
Receivables from Erie Insurance Exchange and affiliates, net524,937 479,123 
Prepaid expenses and other current assets79,201 56,206 
Accrued investment income8,301 6,303 
Total current assets778,796 763,730 
Available-for-sale securities, net870,394 907,689 
Equity securities72,560 87,743 
Fixed assets, net413,874 374,802 
Agent loans, net60,537 58,683 
Deferred income taxes, net0 145 
Other assets43,295 49,265 
Total assets$2,239,456 $2,242,057 
Liabilities and shareholders' equity
Current liabilities:
Commissions payable$300,028 $270,746 
Agent bonuses95,166 120,437 
Accounts payable and accrued liabilities165,915 138,317 
Dividends payable55,419 51,693 
Contract liability36,547 34,935 
Deferred executive compensation12,036 12,637 
Current portion of long-term borrowings— 2,098 
Total current liabilities665,111 630,863 
Defined benefit pension plans51,224 130,383 
Long-term borrowings— 91,734 
Contract liability17,895 17,686 
Deferred executive compensation13,724 14,571 
Deferred income taxes, net14,075 0 
Other long-term liabilities29,019 14,342 
Total liabilities791,048 899,579 
Shareholders' equity1,448,408 1,342,478 
Total liabilities and shareholders' equity$2,239,456 $2,242,057 


2