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Published: 2022-10-27 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,
2022202120222021
(Unaudited)(Unaudited)
Operating revenue
Management fee revenue - policy issuance and renewal services$551,666 $504,891 $1,584,213 $1,462,880 
Management fee revenue - administrative services14,657 14,471 43,446 43,985 
Administrative services reimbursement revenue168,653 162,410 492,655 473,133 
Service agreement revenue6,260 6,067 19,175 18,048 
Total operating revenue741,236 687,839 2,139,489 1,998,046 
Operating expenses
Cost of operations - policy issuance and renewal services466,111 430,326 1,352,050 1,268,650 
Cost of operations - administrative services168,653 162,410 492,655 473,133 
Total operating expenses634,764 592,736 1,844,705 1,741,783 
Operating income106,472 95,103 294,784 256,263 
Investment income
Net investment income5,834 18,858 24,606 49,605 
Net realized and unrealized investment (losses) gains(6,230)1,610 (23,833)5,183 
Net impairment (losses) recoveries recognized in earnings(175)130 (429)216 
Total investment (loss) income(571)20,598 344 55,004 
Interest expense115 1,034 2,009 3,082 
Other income (expense)562 (541)1,372 (1,608)
Income before income taxes106,348 114,126 294,491 306,577 
Income tax expense22,035 23,903 61,412 63,759 
Net income$84,313 $90,223 $233,079 $242,818 
Net income per share
Class A common stock – basic$1.81 $1.94 $5.00 $5.21 
Class A common stock – diluted$1.61 $1.72 $4.46 $4.64 
Class B common stock – basic and diluted$272 $291 $751 $782 
Weighted average shares outstanding – Basic
Class A common stock46,189,025 46,189,035 46,188,878 46,188,729 
Class B common stock2,542 2,542 2,542 2,542 
Weighted average shares outstanding – Diluted
Class A common stock52,296,411 52,305,245 52,297,685 52,307,859 
Class B common stock2,542 2,542 2,542 2,542 
Dividends declared per share
Class A common stock$1.11 $1.035 $3.33 $3.105 
Class B common stock$166.50 $155.25 $499.50 $465.75 
1

Erie Indemnity Company
Statements of Financial Position
(in thousands)
September 30, 2022December 31, 2021
(Unaudited)
Assets
Current assets:
Cash and cash equivalents$97,664 $183,702 
Available-for-sale securities25,750 38,396 
Receivables from Erie Insurance Exchange and affiliates, net544,353 479,123 
Prepaid expenses and other current assets49,360 56,206 
Accrued investment income7,352 6,303 
Total current assets724,479 763,730 
Available-for-sale securities, net848,937 907,689 
Equity securities68,969 87,743 
Fixed assets, net408,750 374,802 
Agent loans, net60,673 58,683 
Deferred income taxes, net20,859 145 
Other assets45,085 49,265 
Total assets$2,177,752 $2,242,057 
Liabilities and shareholders' equity
Current liabilities:
Commissions payable$310,225 $270,746 
Agent bonuses77,609 120,437 
Accounts payable and accrued liabilities149,020 138,317 
Dividends payable51,693 51,693 
Contract liability36,786 34,935 
Deferred executive compensation8,859 12,637 
Current portion of long-term borrowings— 2,098 
Total current liabilities634,192 630,863 
Defined benefit pension plans131,222 130,383 
Long-term borrowings—91,734 
Contract liability18,024 17,686 
Deferred executive compensation11,441 14,571 
Other long-term liabilities26,294 14,342 
Total liabilities821,173 899,579 
Shareholders’ equity1,356,579 1,342,478 
Total liabilities and shareholders’ equity$2,177,752 $2,242,057 
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