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,
	2016			2015			2016			2015
	(Unaudited)						(Unaudited)
Operating revenue
Management fee revenue, net	$	411,139		$	389,168		$	1,195,262		$	1,126,626
Service agreement revenue	7,267			7,469			21,756			22,502
Total operating revenue	418,406			396,637			1,217,018			1,149,128
Operating expenses
Commissions	232,455			223,741			676,963			641,189
Salaries and employee benefits	53,265			58,342			161,579			170,715
All other operating expenses	50,431			46,265			142,797			146,522
Total operating expenses	336,151			328,348			981,339			958,426
Net revenue from operations	82,255			68,289			235,679			190,702
Investment income
Net investment income	5,331			4,346			14,884			13,322
Net realized investment gains (losses)	718			(483		)	29			(125		)
Net impairment losses recognized in earnings	0			(480		)	(345		)	(635		)
Equity in (losses) earnings of limited partnerships	(1,723		)	3,837			(279		)	16,902
Total investment income	4,326			7,220			14,289			29,464
Income before income taxes	86,581			75,509			249,968			220,166
Income tax expense	29,205			25,947			85,388			75,621
Net income	$	57,376		$	49,562		$	164,580		$	144,545
Earnings Per Share
Net income per share
Class A common stock – basic	$	1.23		$	1.06		$	3.53		$	3.10
Class A common stock – diluted	$	1.09		$	0.94		$	3.14		$	2.75
Class B common stock – basic	$	185		$	160		$	530		$	466
Class B common stock – diluted	$	185		$	159		$	529		$	465
Weighted average shares outstanding – Basic
Class A common stock	46,188,980			46,189,068			46,188,971			46,189,068
Class B common stock	2,542			2,542			2,542			2,542
Weighted average shares outstanding – Diluted
Class A common stock	52,411,303			52,602,083			52,442,697			52,599,783
Class B common stock	2,542			2,542			2,542			2,542
Dividends declared per share
Class A common stock	$	0.730		$	0.681		$	2.190		$	2.043
Class B common stock	$	109.500		$	102.150		$	328.500		$	306.450

1

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 September 30,						Nine months ended September 30,
(in thousands, except per share data)	2016			2015			2016			2015
	(Unaudited)						(Unaudited)
Operating income	$	56,910		$	50,188		$	164,786		$	145,039
Net realized gains (losses) and impairments on investments	718			(963		)	(316		)	(760		)
Income tax (expense) benefit	(252		)	337			110			266
Realized gains (losses) and impairments, net of income taxes	466			(626		)	(206		)	(494		)
Net income	$	57,376		$	49,562		$	164,580		$	144,545
Per Class A common share-diluted:
Operating income	$	1.08		$	0.95		$	3.14		$	2.76
Net realized gains (losses) and impairments on investments	0.01			(0.01		)	0.00			(0.01		)
Income tax (expense) benefit	0.00			0.00			0.00			0.00
Realized gains (losses) and impairments, net of income taxes	0.01			(0.01		)	0.00			(0.01		)
Net income	$	1.09		$	0.94		$	3.14		$	2.75

2

Erie Indemnity Company

Statements of Financial Position

(in thousands)

	September 30, 2016		December 31, 2015
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	139,813	$	182,889
Available-for-sale securities	52,108		62,067
Receivables from Erie Insurance Exchange and affiliates	399,975		348,055
Prepaid expenses and other current assets	29,593		24,697
Federal income taxes recoverable	0		11,947
Accrued investment income	6,261		5,491
Total current assets	627,750		635,146
Available-for-sale securities	652,267		537,874
Limited partnership investments	65,949		88,535
Fixed assets, net	58,311		59,087
Deferred income taxes, net	36,161		40,686
Note receivable from Erie Family Life Insurance Company	25,000		25,000
Other assets	19,577		20,968
Total assets	$	1,485,015	$	1,407,296
Liabilities and shareholders' equity
Current liabilities:
Commissions payable	$	218,267	$	195,542
Agent bonuses	84,805		106,752
Accounts payable and accrued liabilities	94,504		88,532
Dividends payable	33,996		33,996
Deferred executive compensation	16,873		20,877
Federal income taxes payable	4,813		0
Total current liabilities	453,258		445,699
Defined benefit pension plans	178,257		172,700
Employee benefit obligations	751		1,234
Deferred executive compensation	12,057		16,580
Other long-term liabilities	1,763		1,580
Total liabilities	646,086		637,793
Shareholders’ equity	838,929		769,503
Total liabilities and shareholders’ equity	$	1,485,015	$	1,407,296

3