EX-99.2 3 ex-99203312025.htm EX-99.2 Document

Exhibit 99.2
Erie Indemnity Company
Consolidated Statements of Operations
(dollars in thousands, except per share data)
Three months ended March 31,
20252024
(Unaudited)
Operating revenue
Management fee revenue - policy issuance and renewal services$755,049 $665,686 
Management fee revenue - administrative services17,645 16,934 
Administrative services reimbursement revenue210,273 191,567 
Service agreement revenue6,432 6,514 
Total operating revenue989,399 880,701 
Operating expenses
Cost of operations - policy issuance and renewal services627,750 550,322 
Cost of operations - administrative services210,273 191,567 
Total operating expenses838,023 741,889 
Operating income151,376 138,812 
Investment income
Net investment income19,948 15,903 
Net realized and unrealized investment gains502 1,853 
Net impairment losses recognized in earnings(914)(2,677)
Total investment income19,536 15,079 
Other income3,834 3,411 
Income before income taxes174,746 157,302 
Income tax expense36,329 32,750 
Net income$138,417 $124,552 
Net income per share
Class A common stock – basic$2.97 $2.67 
Class A common stock – diluted$2.65 $2.38 
Class B common stock – basic and diluted$446 $401 
Weighted average shares outstanding – Basic
Class A common stock46,188,903 46,189,014 
Class B common stock2,542 2,542 
Weighted average shares outstanding – Diluted
Class A common stock52,304,384 52,301,803 
Class B common stock2,542 2,542 
Dividends declared per share
Class A common stock$1.365 $1.275 
Class B common stock$204.75 $191.25 
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Erie Indemnity Company
Consolidated Statements of Financial Position
(in thousands)
March 31,
2025
December 31, 2024
(Unaudited)
Assets
Current assets:
Cash and cash equivalents (includes restricted cash of $25,164 and $23,559, respectively)
$260,379 $298,397 
Available-for-sale securities52,976 44,604 
Receivables from Erie Insurance Exchange and affiliates, net719,898 707,060 
Prepaid expenses and other current assets, net78,387 83,902 
Accrued investment income10,849 11,069 
Total current assets1,122,489 1,145,032 
Available-for-sale securities, net1,047,540 991,726 
Equity securities81,814 85,891 
Available-for-sale and equity securities lent12,289 7,285 
Fixed assets, net513,088 513,494 
Agent loans, net85,723 80,597 
Defined benefit pension plan57,480 21,311 
Other assets, net47,805 43,278 
Total assets$2,968,228 $2,888,614 
Liabilities and shareholders' equity
Current liabilities:
Commissions payable$429,380 $408,309 
Agent incentive compensation42,190 75,458 
Accounts payable and accrued liabilities210,708 190,028 
Dividends payable63,569 63,569 
Contract liability44,102 42,761 
Deferred executive compensation9,636 14,874 
Securities lending payable12,706 7,513 
Total current liabilities812,291 802,512 
Defined benefit pension plan26,197 28,070 
Contract liability21,703 21,170 
Deferred executive compensation22,944 19,721 
Deferred income taxes, net3,704 6,418 
Other long-term liabilities14,038 23,465 
Total liabilities900,877 901,356 
Shareholders’ equity2,067,351 1,987,258 
Total liabilities and shareholders’ equity$2,968,228 $2,888,614 
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