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Published: 2024-02-26 16:20:21 ET
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EX-99.2 3 ex-99212312023.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,
2023202220232022
(Unaudited)
Operating revenue
Management fee revenue - policy issuance and renewal services$601,595 $503,633 $2,442,073 $2,087,846 
Management fee revenue - administrative services16,693 14,877 63,669 58,323 
Administrative services reimbursement revenue192,728 175,613 737,139 668,268 
Service agreement revenue6,651 6,512 26,059 25,687 
Total operating revenue817,667 700,635 3,268,940 2,840,124 
Operating expenses
Cost of operations - policy issuance and renewal services497,855 443,592 2,011,545 1,795,642 
Cost of operations - administrative services192,728 175,613 737,139 668,268 
Total operating expenses690,583 619,205 2,748,684 2,463,910 
Operating income
127,084 81,430 520,256 376,214 
Investment income
Net investment income14,212 3,979 44,572 28,585 
Net realized and unrealized investment gains (losses)3,408 (3,453)(5,838)(27,286)
Net impairment losses recognized in earnings(7,849)(238)(9,766)(667)
Total investment income
9,771 288 28,968 632 
Interest expense— — — 2,009 
Other income3,069 243 12,712 1,615 
Income before income taxes139,924 81,961 561,936 376,452 
Income tax expense28,996 16,471 115,875 77,883 
Net income
$110,928 $65,490 $446,061 $298,569 
Earnings Per Share
Net income per share
Class A common stock – basic$2.38 $1.41 $9.58 $6.41 
Class A common stock – diluted$2.12 $1.25 $8.53 $5.71 
Class B common stock – basic and diluted$357 $211 $1,437 $962 
Weighted average shares outstanding – Basic
Class A common stock46,189,041 46,189,028 46,188,981 46,188,916 
Class B common stock2,542 2,542 2,542 2,542 
Weighted average shares outstanding – Diluted
Class A common stock52,301,676 52,298,903 52,299,411 52,297,990 
Class B common stock2,542 2,542 2,542 2,542 
Dividends declared per share
Class A common stock$1.275 $1.190 $4.845 $4.520 
Class B common stock$191.25 $178.50 $726.75 $678.00 



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Erie Indemnity Company
Statements of Financial Position
(in thousands)
December 31, 2023December 31, 2022
Assets
Current assets:
Cash and cash equivalents (includes restricted cash of $12,542 and $11,932, respectively)$144,055 $142,090 
Available-for-sale securities82,017 24,267 
Receivables from Erie Insurance Exchange and affiliates, net625,338 524,937 
Prepaid expenses and other current assets69,321 79,201 
Accrued investment income9,458 8,301 
Total current assets930,189 778,796 
Available-for-sale securities, net879,224 870,394 
Equity securities84,253 72,560 
Fixed assets, net442,610 413,874 
Agent loans, net58,434 60,537 
Defined benefit pension plan34,320 0 
Other assets, net42,934 43,295 
Total assets$2,471,964 $2,239,456 
Liabilities and shareholders' equity
Current liabilities:
Commissions payable$353,709 $300,028 
Agent incentive compensation68,077 95,166 
Accounts payable and accrued liabilities175,622 165,915 
Dividends payable59,377 55,419 
Contract liability41,210 36,547 
Deferred executive compensation10,982 12,036 
Total current liabilities708,977 665,111 
Defined benefit pension plans26,260 51,224 
Contract liability19,910 17,895 
Deferred executive compensation20,936 13,724 
Deferred income taxes, net11,481 14,075 
Other long-term liabilities21,565 29,019 
Total liabilities809,129 791,048 
Shareholders' equity1,662,835 1,448,408 
Total liabilities and shareholders' equity$2,471,964 $2,239,456 


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