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Published: 2022-04-28 00:00:00 ET
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Exhibit 99.2
Erie Indemnity Company
Statements of Operations
(dollars in thousands, except per share data)
Three months ended March 31,
20222021
(Unaudited)
Operating revenue
Management fee revenue - policy issuance and renewal services$487,992 $455,718 
Management fee revenue - administrative services14,313 14,847 
Administrative services reimbursement revenue163,327 153,533 
Service agreement revenue6,478 6,079 
Total operating revenue672,110 630,177 
Operating expenses
Cost of operations - policy issuance and renewal services424,471 400,549 
Cost of operations - administrative services163,327 153,533 
Total operating expenses587,798 554,082 
Operating income84,312 76,095 
Investment income
Net investment income10,504 17,097 
Net realized and unrealized investment (losses) gains(7,279)804 
Net impairment (losses) recoveries recognized in earnings(216)87 
Total investment income3,009 17,988 
Interest expense999 1,009 
Other income (expense)473 (519)
Income before income taxes86,795 92,555 
Income tax expense18,176 18,989 
Net income$68,619 $73,566 
Net income per share
Class A common stock – basic$1.47 $1.58 
Class A common stock – diluted$1.31 $1.41 
Class B common stock – basic and diluted$221 $237 
Weighted average shares outstanding – Basic
Class A common stock46,188,761 46,188,860 
Class B common stock2,542 2,542 
Weighted average shares outstanding – Diluted
Class A common stock52,300,501 52,315,958 
Class B common stock2,542 2,542 
Dividends declared per share
Class A common stock$1.110 $1.035 
Class B common stock$166.50 $155.25 
1

Erie Indemnity Company
Statements of Financial Position
(in thousands)
March 31, 2022December 31, 2021
(Unaudited)
Assets
Current assets:
Cash and cash equivalents$141,305 $183,702 
Available-for-sale securities46,155 38,396 
Receivables from Erie Insurance Exchange and affiliates, net478,754 479,123 
Prepaid expenses and other current assets78,877 56,206 
Accrued investment income6,255 6,303 
Total current assets751,346 763,730 
Available-for-sale securities, net877,165 907,689 
Equity securities78,069 87,743 
Fixed assets, net396,072 374,802 
Agent loans, net61,579 58,683 
Deferred income taxes, net9,818 145 
Other assets49,804 49,265 
Total assets$2,223,853 $2,242,057 
Liabilities and shareholders' equity
Current liabilities:
Commissions payable$287,989 $270,746 
Agent bonuses31,507 120,437 
Accounts payable and accrued liabilities186,386 138,317 
Dividends payable51,693 51,693 
Contract liability34,872 34,935 
Deferred executive compensation6,752 12,637 
Current portion of long-term borrowings2,132 2,098 
Total current liabilities601,331 630,863 
Defined benefit pension plans139,231 130,383 
Long-term borrowings91,177 91,734 
Contract liability17,493 17,686 
Deferred executive compensation13,821 14,571 
Other long-term liabilities26,600 14,342 
Total liabilities889,653 899,579 
Shareholders’ equity1,334,200 1,342,478 
Total liabilities and shareholders’ equity$2,223,853 $2,242,057 
2