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Published: 2023-10-26 16:20:27 ET
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EX-99.2 4 ex-99209302023.htm EX-99.2 Document

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,
2023202220232022
(Unaudited)(Unaudited)
Operating revenue
Management fee revenue - policy issuance and renewal services$649,049 $551,666 $1,840,478 $1,584,213 
Management fee revenue - administrative services16,151 14,657 46,976 43,446 
Administrative services reimbursement revenue187,118 168,653 544,411 492,655 
Service agreement revenue6,620 6,260 19,408 19,175 
Total operating revenue858,938 741,236 2,451,273 2,139,489 
Operating expenses
Cost of operations - policy issuance and renewal services523,349 466,111 1,513,690 1,352,050 
Cost of operations - administrative services187,118 168,653 544,411 492,655 
Total operating expenses710,467 634,764 2,058,101 1,844,705 
Operating income148,471 106,472 393,172 294,784 
Investment income
Net investment income14,642 5,834 30,360 24,606 
Net realized and unrealized investment losses(2,227)(6,230)(9,246)(23,833)
Net impairment losses recognized in earnings(113)(175)(1,917)(429)
Total investment income (loss)12,302 (571)19,197 344 
Interest expense— 115 — 2,009 
Other income3,001 562 9,643 1,372 
Income before income taxes163,774 106,348 422,012 294,491 
Income tax expense32,734 22,035 86,879 61,412 
Net income$131,040 $84,313 $335,133 $233,079 
Net income per share
Class A common stock – basic$2.81 $1.81 $7.20 $5.00 
Class A common stock – diluted$2.51 $1.61 $6.41 $4.46 
Class B common stock – basic and diluted$422 $272 $1,079 $751 
Weighted average shares outstanding – Basic
Class A common stock46,189,037 46,189,025 46,188,962 46,188,878 
Class B common stock2,542 2,542 2,542 2,542 
Weighted average shares outstanding – Diluted
Class A common stock52,299,369 52,296,411 52,298,655 52,297,685 
Class B common stock2,542 2,542 2,542 2,542 
Dividends declared per share
Class A common stock$1.19 $1.11 $3.57 $3.33 
Class B common stock$178.50 $166.50 $535.50 $499.50 
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Erie Indemnity Company
Statements of Financial Position
(in thousands)
September 30, 2023December 31, 2022
(Unaudited)
Assets
Current assets:
Cash and cash equivalents$102,873 $142,090 
Available-for-sale securities69,822 24,267 
Receivables from Erie Insurance Exchange and affiliates, net620,683 524,937 
Prepaid expenses and other current assets71,480 79,201 
Accrued investment income8,968 8,301 
Total current assets873,826 778,796 
Available-for-sale securities, net845,415 870,394 
Equity securities79,516 72,560 
Fixed assets, net434,975 413,874 
Agent loans, net59,544 60,537 
Defined benefit pension plan65,163 0 
Other assets36,110 43,295 
Total assets$2,394,549 $2,239,456 
Liabilities and shareholders' equity
Current liabilities:
Commissions payable$357,614 $300,028 
Agent bonuses50,252 95,166 
Accounts payable and accrued liabilities165,797 165,915 
Dividends payable55,419 55,419 
Contract liability40,831 36,547 
Deferred executive compensation11,000 12,036 
Total current liabilities680,913 665,111 
Defined benefit pension plans27,744 51,224 
Contract liability19,653 17,895 
Deferred executive compensation18,547 13,724 
Deferred income taxes, net11,045 14,075 
Other long-term liabilities24,758 29,019 
Total liabilities782,660 791,048 
Shareholders’ equity1,611,889 1,448,408 
Total liabilities and shareholders’ equity$2,394,549 $2,239,456 
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