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Published: 2022-07-28 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 June 30,Six months ended June 30,
2022202120222021
(Unaudited)(Unaudited)
Operating revenue
Management fee revenue - policy issuance and renewal services$544,555 $502,271 $1,032,547 $957,989 
Management fee revenue - administrative services14,476 14,667 28,789 29,514 
Administrative services reimbursement revenue160,675 157,190 324,002 310,723 
Service agreement revenue6,437 5,902 12,915 11,981 
Total operating revenue726,143 680,030 1,398,253 1,310,207 
Operating expenses
Cost of operations - policy issuance and renewal services461,468 437,775 885,939 838,324 
Cost of operations - administrative services160,675 157,190 324,002 310,723 
Total operating expenses622,143 594,965 1,209,941 1,149,047 
Operating income104,000 85,065 188,312 161,160 
Investment income
Net investment income8,268 13,650 18,772 30,747 
Net realized and unrealized investment (losses) gains(10,324)2,769 (17,603)3,573 
Net impairment (losses) recoveries recognized in earnings(38)(1)(254)86 
Total investment (loss) income(2,094)16,418 915 34,406 
Interest expense895 1,039 1,894 2,048 
Other income (expense)337 (548)810 (1,067)
Income before income taxes101,348 99,896 188,143 192,451 
Income tax expense21,201 20,867 39,377 39,856 
Net income$80,147 $79,029 $148,766 $152,595 
Net income per share
Class A common stock – basic$1.72 $1.70 $3.19 $3.28 
Class A common stock – diluted$1.53 $1.51 $2.84 $2.92 
Class B common stock – basic and diluted$258 $255 $479 $491 
Weighted average shares outstanding – Basic
Class A common stock46,188,845 46,188,289 46,188,803 46,188,573 
Class B common stock2,542 2,542 2,542 2,542 
Weighted average shares outstanding – Diluted
Class A common stock52,296,139 52,302,370 52,298,321 52,309,163 
Class B common stock2,542 2,542 2,542 2,542 
Dividends declared per share
Class A common stock$1.11 $1.035 $2.22 $2.070 
Class B common stock$166.50 $155.25 $333.00 $310.50 
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Erie Indemnity Company
Statements of Financial Position
(in thousands)
June 30, 2022December 31, 2021
(Unaudited)
Assets
Current assets:
Cash and cash equivalents$90,324 $183,702 
Available-for-sale securities57,150 38,396 
Receivables from Erie Insurance Exchange and affiliates, net538,283 479,123 
Prepaid expenses and other current assets50,508 56,206 
Accrued investment income6,839 6,303 
Total current assets743,104 763,730 
Available-for-sale securities, net832,577 907,689 
Equity securities71,448 87,743 
Fixed assets, net402,475 374,802 
Agent loans, net61,865 58,683 
Deferred income taxes, net20,491 145 
Other assets48,262 49,265 
Total assets$2,180,222 $2,242,057 
Liabilities and shareholders' equity
Current liabilities:
Commissions payable$305,984 $270,746 
Agent bonuses55,146 120,437 
Accounts payable and accrued liabilities141,861 138,317 
Dividends payable51,693 51,693 
Contract liability35,836 34,935 
Deferred executive compensation6,045 12,637 
Short-term borrowings40,000 — 
Current portion of long-term borrowings— 2,098 
Total current liabilities636,565 630,863 
Defined benefit pension plans148,078 130,383 
Long-term borrowings—91,734 
Contract liability17,740 17,686 
Deferred executive compensation11,199 14,571 
Other long-term liabilities27,234 14,342 
Total liabilities840,816 899,579 
Shareholders’ equity1,339,406 1,342,478 
Total liabilities and shareholders’ equity$2,180,222 $2,242,057 
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