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,
	2016		2015			2016			2015
	(Unaudited)					(Unaudited)
Operating revenue
Management fee revenue, net	$	416,665	$	394,224		$	784,123		$	737,458
Service agreement revenue	7,219		7,436			14,489			15,033
Total operating revenue	423,884		401,660			798,612			752,491
Operating expenses
Commissions	235,794		223,731			444,508			417,448
Salaries and employee benefits	55,025		57,354			108,314			112,373
All other operating expenses	47,306		50,592			92,366			100,257
Total operating expenses	338,125		331,677			645,188			630,078
Net revenue from operations	85,759		69,983			153,424			122,413
Investment income
Net investment income	4,891		4,435			9,553			8,976
Net realized investment gains (losses)	399		598			(689		)	358
Net impairment losses recognized in earnings	0		(35		)	(345		)	(155		)
Equity in earnings of limited partnerships	2,114		10,707			1,444			13,065
Total investment income	7,404		15,705			9,963			22,244
Income before income taxes	93,163		85,688			163,387			144,657
Income tax expense	31,854		29,538			56,183			49,674
Net income	$	61,309	$	56,150		$	107,204		$	94,983
Earnings Per Share
Net income per share
Class A common stock – basic	$	1.32	$	1.21		$	2.30		$	2.04
Class A common stock – diluted	$	1.17	$	1.07		$	2.04		$	1.81
Class B common stock – basic	$	197	$	181		$	345		$	306
Class B common stock – diluted	$	197	$	180		$	345		$	305
Weighted average shares outstanding – Basic
Class A common stock	46,188,867		46,189,068			46,188,967			46,189,068
Class B common stock	2,542		2,542			2,542			2,542
Weighted average shares outstanding – Diluted
Class A common stock	52,392,862		52,562,514			52,458,394			52,598,633
Class B common stock	2,542		2,542			2,542			2,542
Dividends declared per share
Class A common stock	$	0.730	$	0.681		$	1.460		$	1.362
Class B common stock	$	109.500	$	102.150		$	219.000		$	204.300

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Erie Indemnity Company

Reconciliation of Operating Income to Net Income

Reconciliation of operating income to net income

We disclose operating income, a non-GAAP financial measure, to enhance our investors’ understanding of our performance.  Our method of calculating this measure may differ from those used by other companies, and therefore comparability may be limited.

We define operating income as net income excluding realized capital gains and losses, impairment losses, and related federal income taxes.

We use operating income to evaluate the results of our operations.  It reveals trends that may be obscured by the net effects of realized capital gains and losses including impairment losses.  Realized capital gains and losses, including impairment losses, may vary significantly between periods and are generally driven by business decisions and economic developments such as capital market conditions which are not related to our ongoing operations.  We are aware that the price to earnings multiple commonly used by investors as a forward-looking valuation technique uses operating income as the denominator.  Operating income should not be considered as a substitute for net income prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and does not reflect our overall profitability.

The following table reconciles operating income and net income:

	Three months ended June 30,						Six months ended June 30,
(in thousands, except per share data)	2016			2015			2016			2015
	(Unaudited)						(Unaudited)
Operating income	$	61,049		$	55,784		$	107,876		$	94,851
Net realized gains (losses) and impairments on investments	399			563			(1,034		)	203
Income tax (expense) benefit	(139		)	(197		)	362			(71		)
Realized gains (losses) and impairments, net of income taxes	260			366			(672		)	132
Net income	$	61,309		$	56,150		$	107,204		$	94,983
Per Class A common share-diluted:
Operating income	$	1.17		$	1.07		$	2.05		$	1.81
Net realized gains (losses) and impairments on investments	0.00			0.00			(0.02		)	0.00
Income tax (expense) benefit	0.00			0.00			0.01			0.00
Realized gains (losses) and impairments, net of income taxes	0.00			0.00			(0.01		)	0.00
Net income	$	1.17		$	1.07		$	2.04		$	1.81

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Erie Indemnity Company

Statements of Financial Position

(in thousands)

	June 30, 2016		December 31, 2015
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	124,111	$	182,889
Available-for-sale securities	46,087		62,067
Trading securities	496		—
Receivables from Erie Insurance Exchange and affiliates	387,273		348,055
Prepaid expenses and other current assets	33,885		24,697
Federal income taxes recoverable	0		11,947
Accrued investment income	5,816		5,491
Total current assets	597,668		635,146
Available-for-sale securities	607,548		537,874
Limited partnership investments	70,952		88,535
Fixed assets, net	58,986		59,087
Deferred income taxes, net	35,780		40,686
Note receivable from Erie Family Life Insurance Company	25,000		25,000
Other assets	18,892		20,968
Total assets	$	1,414,826	$	1,407,296
Liabilities and shareholders' equity
Current liabilities:
Commissions payable	$	217,203	$	195,542
Agent bonuses	58,235		106,752
Accounts payable and accrued liabilities	90,856		88,532
Dividends payable	33,996		33,996
Deferred executive compensation	13,252		20,877
Federal income taxes payable	1,960		0
Total current liabilities	415,502		445,699
Defined benefit pension plans	170,619		172,700
Employee benefit obligations	910		1,234
Deferred executive compensation	12,461		16,580
Other long-term liabilities	140		1,580
Total liabilities	599,632		637,793
Shareholders’ equity	815,194		769,503
Total liabilities and shareholders’ equity	$	1,414,826	$	1,407,296

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