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Published: 2021-10-28 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 September 30,Nine months ended September 30,
2021202020212020
(Unaudited)(Unaudited)
Operating revenue
Management fee revenue - policy issuance and renewal services$504,891 $484,551 $1,462,880 $1,412,096 
Management fee revenue - administrative services14,471 14,910 43,985 44,494 
Administrative services reimbursement revenue162,410 147,710 473,133 451,229 
Service agreement revenue6,067 6,310 18,048 19,418 
Total operating revenue687,839 653,481 1,998,046 1,927,237 
Operating expenses
Cost of operations - policy issuance and renewal services430,326 409,546 1,268,650 1,202,903 
Cost of operations - administrative services162,410 147,710 473,133 451,229 
Total operating expenses592,736 557,256 1,741,783 1,654,132 
Operating income95,103 96,225 256,263 273,105 
Investment income
Net investment income18,858 10,645 49,605 20,353 
Net realized investment gains1,610 5,915 5,183 1,635 
Net impairment recoveries (losses) recognized in earnings130 (122)216 (3,192)
Total investment income20,598 16,438 55,004 18,796 
Interest expense, net1,034 3 3,082 8 
Other expense541 964 1,608 1,588 
Income before income taxes114,126 111,696 306,577 290,305 
Income tax expense23,903 22,480 63,759 59,786 
Net income$90,223 $89,216 $242,818 $230,519 
Net income per share
Class A common stock – basic$1.94 $1.92 $5.21 $4.95 
Class A common stock – diluted$1.72 $1.71 $4.64 $4.41 
Class B common stock – basic and diluted$291 $287 $782 $742 
Weighted average shares outstanding – Basic
Class A common stock46,189,035 46,189,030 46,188,729 46,188,544 
Class B common stock2,542 2,542 2,542 2,542 
Weighted average shares outstanding – Diluted
Class A common stock52,305,245 52,310,429 52,307,859 52,312,588 
Class B common stock2,542 2,542 2,542 2,542 
Dividends declared per share
Class A common stock$1.035 $0.965 $3.105 $2.895 
Class B common stock$155.25 $144.75 $465.75 $434.25 
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Erie Indemnity Company
Statements of Financial Position
(in thousands)
September 30, 2021December 31, 2020
(Unaudited)
Assets
Current assets:
Cash and cash equivalents$235,996 $161,240 
Available-for-sale securities30,627 17,697 
Equity securities10 19 
Receivables from Erie Insurance Exchange and affiliates, net503,413 494,637 
Prepaid expenses and other current assets55,003 52,561 
Accrued investment income6,104 6,146 
Total current assets831,153 732,300 
Available-for-sale securities, net906,877 910,539 
Equity securities86,270 94,071 
Fixed assets, net277,939 265,341 
Agent loans, net59,462 62,449 
Deferred income taxes, net17,153 12,341 
Other assets57,704 40,081 
Total assets$2,236,558 $2,117,122 
Liabilities and shareholders' equity
Current liabilities:
Commissions payable$280,540 $262,338 
Agent bonuses88,556 110,158 
Accounts payable and accrued liabilities148,282 150,706 
Dividends payable48,200 48,200 
Contract liability35,853 36,917 
Deferred executive compensation10,757 17,319 
Current portion of long-term borrowings2,075 2,031 
Total current liabilities614,263 627,669 
Defined benefit pension plans192,808 164,346 
Long-term borrowings92,273 93,833 
Contract liability18,098 18,878 
Deferred executive compensation14,477 14,904 
Other long-term liabilities17,783 9,444 
Total liabilities949,702 929,074 
Shareholders’ equity1,286,856 1,188,048 
Total liabilities and shareholders’ equity$2,236,558 $2,117,122 
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