EX-99.2 3 ex-99206302025.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 June 30,Six months ended June 30,
2025202420252024
(Unaudited)(Unaudited)
Operating revenue
Management fee revenue - policy issuance and renewal services$823,853 $760,886 $1,578,902 $1,426,572 
Management fee revenue - administrative services18,296 17,051 35,941 33,985 
Administrative services reimbursement revenue212,644 206,028 422,917 397,595 
Service agreement revenue5,304 6,473 11,736 12,987 
Total operating revenue1,060,097 990,438 2,049,496 1,871,139 
Operating expenses
Cost of operations - policy issuance and renewal services648,280 594,202 1,276,030 1,144,524 
Cost of operations - administrative services212,644 206,028 422,917 397,595 
Total operating expenses860,924 800,230 1,698,947 1,542,119 
Operating income199,173 190,208 350,549 329,020 
Investment income
Net investment income20,030 16,010 39,978 31,913 
Net realized and unrealized investment gains (losses)479 (1,795)981 58 
Net impairment losses recognized in earnings(909)(388)(1,823)(3,065)
Total investment income19,600 13,827 39,136 28,906 
Other income1,974 3,292 5,808 6,703 
Income before income taxes220,747 207,327 395,493 364,629 
Income tax expense46,062 43,424 82,391 76,174 
Net income$174,685 $163,903 $313,102 $288,455 
Net income per share
Class A common stock – basic$3.75 $3.52 $6.72 $6.19 
Class A common stock – diluted$3.34 $3.13 $5.99 $5.52 
Class B common stock – basic and diluted$563 $528 $1,008 $929 
Weighted average shares outstanding – Basic
Class A common stock46,189,063 46,189,042 46,188,984 46,189,028 
Class B common stock2,542 2,542 2,542 2,542 
Weighted average shares outstanding – Diluted
Class A common stock52,304,407 52,305,299 52,304,397 52,303,551 
Class B common stock2,542 2,542 2,542 2,542 
Dividends declared per share
Class A common stock$1.365 $1.275 $2.73 $2.55 
Class B common stock$204.75 $191.25 $409.50 $382.50 
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Erie Indemnity Company
Consolidated Statements of Financial Position
(in thousands)
June 30,
2025
December 31, 2024
(Unaudited)
Assets
Current assets:
Cash and cash equivalents (includes restricted cash of $25,923 and $23,559, respectively)
$358,027 $298,397 
Available-for-sale securities59,162 44,604 
Receivables from Erie Insurance Exchange and affiliates, net769,148 707,060 
Prepaid expenses and other current assets, net71,133 83,902 
Accrued investment income11,998 11,069 
Total current assets1,269,468 1,145,032 
Available-for-sale securities, net1,048,584 991,726 
Equity securities68,095 85,891 
Available-for-sale and equity securities lent35,535 7,285 
Fixed assets, net519,834 513,494 
Agent loans, net85,027 80,597 
Defined benefit pension plan54,650 21,311 
Other assets, net47,021 43,278 
Total assets$3,128,214 $2,888,614 
Liabilities and shareholders' equity
Current liabilities:
Commissions payable$446,424 $408,309 
Agent incentive compensation70,101 75,458 
Accounts payable and accrued liabilities193,032 190,028 
Dividends payable63,569 63,569 
Contract liability46,213 42,761 
Deferred executive compensation7,181 14,874 
Securities lending payable35,159 7,513 
Total current liabilities861,679 802,512 
Defined benefit pension plan26,820 28,070 
Contract liability22,594 21,170 
Deferred executive compensation18,471 19,721 
Deferred income taxes, net476 6,418 
Other long-term liabilities13,629 23,465 
Total liabilities943,669 901,356 
Shareholders’ equity2,184,545 1,987,258 
Total liabilities and shareholders’ equity$3,128,214 $2,888,614 
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