EX-99.2 3 ex-99203312024.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,
20242023
(Unaudited)
Operating revenue
Management fee revenue - policy issuance and renewal services$665,686 $558,090 
Management fee revenue - administrative services16,934 15,189 
Administrative services reimbursement revenue191,567 172,827 
Service agreement revenue6,514 6,359 
Total operating revenue880,701 752,465 
Operating expenses
Cost of operations - policy issuance and renewal services550,322 469,095 
Cost of operations - administrative services191,567 172,827 
Total operating expenses741,889 641,922 
Operating income138,812 110,543 
Investment income
Net investment income15,903 2,183 
Net realized and unrealized investment gains (losses)1,853 (5,282)
Net impairment losses recognized in earnings(2,677)(1,633)
Total investment income (loss)15,079 (4,732)
Other income3,411 3,337 
Income before income taxes157,302 109,148 
Income tax expense32,750 22,907 
Net income$124,552 $86,241 
Net income per share
Class A common stock – basic$2.67 $1.85 
Class A common stock – diluted$2.38 $1.65 
Class B common stock – basic and diluted$401 $278 
Weighted average shares outstanding – Basic
Class A common stock46,189,014 46,188,819 
Class B common stock2,542 2,542 
Weighted average shares outstanding – Diluted
Class A common stock52,301,803 52,296,621 
Class B common stock2,542 2,542 
Dividends declared per share
Class A common stock$1.275 $1.190 
Class B common stock$191.25 $178.50 
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Erie Indemnity Company
Statements of Financial Position
(in thousands)
March 31, 2024December 31, 2023
(Unaudited)
Assets
Current assets:
Cash and cash equivalents (includes restricted cash of $13,331 and $12,542, respectively)
$144,872 $144,055 
Available-for-sale securities76,693 82,017 
Receivables from Erie Insurance Exchange and affiliates, net641,691 625,338 
Prepaid expenses and other current assets69,050 69,321 
Accrued investment income9,465 9,458 
Total current assets941,771 930,189 
Available-for-sale securities, net892,952 879,224 
Equity securities86,578 84,253 
Fixed assets, net461,914 442,610 
Agent loans, net57,470 58,434 
Defined benefit pension plan66,270 34,320 
Other assets, net48,839 42,934 
Total assets$2,555,794 $2,471,964 
Liabilities and shareholders' equity
Current liabilities:
Commissions payable$384,613 $353,709 
Agent incentive compensation26,968 68,077 
Accounts payable and accrued liabilities213,062 175,622 
Dividends payable59,377 59,377 
Contract liability40,555 41,210 
Deferred executive compensation2,941 10,982 
Total current liabilities727,516 708,977 
Defined benefit pension plan23,792 26,260 
Contract liability20,000 19,910 
Deferred executive compensation23,216 20,936 
Deferred income taxes, net6,593 11,481 
Other long-term liabilities28,497 21,565 
Total liabilities829,614 809,129 
Shareholders’ equity1,726,180 1,662,835 
Total liabilities and shareholders’ equity$2,555,794 $2,471,964 
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