EX-99.2 3 ex-99203312023.htm EX-99.2 Document

Exhibit 99.2
Erie Indemnity Company
Statements of Operations
(dollars in thousands, except per share data)
Three months ended March 31,
20232022
(Unaudited)
Operating revenue
Management fee revenue - policy issuance and renewal services$558,090 $487,992 
Management fee revenue - administrative services15,189 14,313 
Administrative services reimbursement revenue172,827 163,327 
Service agreement revenue6,359 6,478 
Total operating revenue752,465 672,110 
Operating expenses
Cost of operations - policy issuance and renewal services469,095 424,471 
Cost of operations - administrative services172,827 163,327 
Total operating expenses641,922 587,798 
Operating income110,543 84,312 
Investment income
Net investment income2,183 10,504 
Net realized and unrealized investment losses(5,282)(7,279)
Net impairment losses recognized in earnings(1,633)(216)
Total investment (loss) income(4,732)3,009 
Interest expense— 999 
Other income3,337 473 
Income before income taxes109,148 86,795 
Income tax expense22,907 18,176 
Net income$86,241 $68,619 
Net income per share
Class A common stock – basic$1.85 $1.47 
Class A common stock – diluted$1.65 $1.31 
Class B common stock – basic and diluted$278 $221 
Weighted average shares outstanding – Basic
Class A common stock46,188,819 46,188,761 
Class B common stock2,542 2,542 
Weighted average shares outstanding – Diluted
Class A common stock52,296,621 52,300,501 
Class B common stock2,542 2,542 
Dividends declared per share
Class A common stock$1.19 $1.11 
Class B common stock$178.50 $166.50 
1


Erie Indemnity Company
Statements of Financial Position
(in thousands)
March 31, 2023December 31, 2022
(Unaudited)
Assets
Current assets:
Cash and cash equivalents$122,376 $142,090 
Available-for-sale securities57,470 24,267 
Receivables from Erie Insurance Exchange and affiliates, net533,306 524,937 
Prepaid expenses and other current assets62,738 79,201 
Accrued investment income8,191 8,301 
Total current assets784,081 778,796 
Available-for-sale securities, net858,196 870,394 
Equity securities72,963 72,560 
Fixed assets, net417,339 413,874 
Agent loans, net59,315 60,537 
Other assets32,075 43,295 
Total assets$2,223,969 $2,239,456 
Liabilities and shareholders' equity
Current liabilities:
Commissions payable$322,910 $300,028 
Agent bonuses20,565 95,166 
Accounts payable and accrued liabilities168,142 165,915 
Dividends payable55,419 55,419 
Contract liability37,187 36,547 
Deferred executive compensation7,345 12,036 
Total current liabilities611,568 665,111 
Defined benefit pension plans53,522 51,224 
Contract liability18,142 17,895 
Deferred executive compensation12,634 13,724 
Deferred income taxes, net16,081 14,075 
Other long-term liabilities25,055 29,019 
Total liabilities737,002 791,048 
Shareholders’ equity1,486,967 1,448,408 
Total liabilities and shareholders’ equity$2,223,969 $2,239,456 
2