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Published: 2021-04-29 00:00:00 ET
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EX-99.2 3 ex-99203312021.htm EX-99.2 Document

Exhibit 99.2
Erie Indemnity Company
Statements of Operations
(dollars in thousands, except per share data)
Three months ended March 31,
20212020
(Unaudited)
Operating revenue
Management fee revenue - policy issuance and renewal services, net$455,718 $443,750 
Management fee revenue - administrative services, net14,847 14,771 
Administrative services reimbursement revenue153,533 151,554 
Service agreement revenue6,079 6,662 
Total operating revenue630,177 616,737 
Operating expenses
Cost of operations - policy issuance and renewal services400,549 379,492 
Cost of operations - administrative services153,533 151,554 
Total operating expenses554,082 531,046 
Operating income76,095 85,691 
Investment income
Net investment income17,097 4,664 
Net realized investment gains (losses)804 (10,806)
Net impairment recoveries (losses) recognized in earnings87 (3,053)
Total investment income (loss)17,988 (9,195)
Interest expense, net1,009 3 
Other expense519 366 
Income before income taxes92,555 76,127 
Income tax expense18,989 16,801 
Net income$73,566 $59,326 
Net income per share
Class A common stock – basic$1.58 $1.27 
Class A common stock – diluted$1.41 $1.13 
Class B common stock – basic and diluted$237 $191 
Weighted average shares outstanding – Basic
Class A common stock46,188,860 46,188,789 
Class B common stock2,542 2,542 
Weighted average shares outstanding – Diluted
Class A common stock52,315,958 52,324,350 
Class B common stock2,542 2,542 
Dividends declared per share
Class A common stock$1.035 $0.965 
Class B common stock$155.25 $144.75 
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Erie Indemnity Company
Statements of Financial Position
(in thousands)
March 31, 2021December 31, 2020
(Unaudited)
Assets
Current assets:
Cash and cash equivalents$135,192 $161,240 
Available-for-sale securities16,847 17,697 
Equity securities146 19 
Receivables from Erie Insurance Exchange and affiliates, net481,481 494,637 
Prepaid expenses and other current assets62,401 52,561 
Accrued investment income5,860 6,146 
Total current assets701,927 732,300 
Available-for-sale securities, net901,475 910,539 
Equity securities92,785 94,071 
Fixed assets, net282,268 265,341 
Agent loans, net59,916 62,449 
Deferred income taxes, net16,454 12,341 
Other assets44,273 40,081 
Total assets$2,099,098 $2,117,122 
Liabilities and shareholders' equity
Current liabilities:
Commissions payable$272,670 $262,338 
Agent bonuses30,766 110,158 
Accounts payable and accrued liabilities168,127 150,706 
Dividends payable48,200 48,200 
Contract liability35,799 36,917 
Deferred executive compensation13,825 17,319 
Current portion of long-term borrowings2,053 2,031 
Total current liabilities571,440 627,669 
Defined benefit pension plans174,228 164,346 
Long-term borrowings93,311 93,833 
Contract liability18,276 18,878 
Deferred executive compensation16,648 14,904 
Other long-term liabilities17,062 9,444 
Total liabilities890,965 929,074 
Shareholders’ equity1,208,133 1,188,048 
Total liabilities and shareholders’ equity$2,099,098 $2,117,122 
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