EX-99.2 3 ex-99206302024.htm EX-99.2 Document

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,
2024202320242023
(Unaudited)(Unaudited)
Operating revenue
Management fee revenue - policy issuance and renewal services$760,886 $633,339 $1,426,572 $1,191,429 
Management fee revenue - administrative services17,051 15,636 33,985 30,825 
Administrative services reimbursement revenue206,028 184,466 397,595 357,293 
Service agreement revenue6,473 6,429 12,987 12,788 
Total operating revenue990,438 839,870 1,871,139 1,592,335 
Operating expenses
Cost of operations - policy issuance and renewal services594,202 521,246 1,144,524 990,341 
Cost of operations - administrative services206,028 184,466 397,595 357,293 
Total operating expenses800,230 705,712 1,542,119 1,347,634 
Operating income190,208 134,158 329,020 244,701 
Investment income
Net investment income16,010 13,535 31,913 15,718 
Net realized and unrealized investment (losses) gains(1,795)(1,737)58 (7,019)
Net impairment losses recognized in earnings(388)(171)(3,065)(1,804)
Total investment income13,827 11,627 28,906 6,895 
Other income3,292 3,305 6,703 6,642 
Income before income taxes207,327 149,090 364,629 258,238 
Income tax expense43,424 31,238 76,174 54,145 
Net income$163,903 $117,852 $288,455 $204,093 
Net income per share
Class A common stock – basic$3.52 $2.53 $6.19 $4.38 
Class A common stock – diluted$3.13 $2.25 $5.52 $3.90 
Class B common stock – basic and diluted$528 $380 $929 $657 
Weighted average shares outstanding – Basic
Class A common stock46,189,042 46,189,026 46,189,028 46,188,923 
Class B common stock2,542 2,542 2,542 2,542 
Weighted average shares outstanding – Diluted
Class A common stock52,305,299 52,299,974 52,303,551 52,298,298 
Class B common stock2,542 2,542 2,542 2,542 
Dividends declared per share
Class A common stock$1.275 $1.19 $2.55 $2.38 
Class B common stock$191.25 $178.50 $382.50 $357.00 
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Erie Indemnity Company
Statements of Financial Position
(in thousands)
June 30,
2024
December 31, 2023
(Unaudited)
Assets
Current assets:
Cash and cash equivalents (includes restricted cash of $14,027 and $12,542, respectively)
$170,634 $144,055 
Available-for-sale securities47,734 82,017 
Receivables from Erie Insurance Exchange and affiliates, net708,171 625,338 
Prepaid expenses and other current assets83,529 69,321 
Accrued investment income10,204 9,458 
Total current assets1,020,272 930,189 
Available-for-sale securities, net946,525 879,224 
Available-for-sale securities lent6,125 
Equity securities80,128 84,253 
Fixed assets, net469,145 442,610 
Agent loans, net56,813 58,434 
Defined benefit pension plan65,221 34,320 
Other assets, net47,731 42,934 
Total assets$2,691,960 $2,471,964 
Liabilities and shareholders' equity
Current liabilities:
Commissions payable$413,205 $353,709 
Agent incentive compensation44,870 68,077 
Accounts payable and accrued liabilities198,689 175,622 
Dividends payable59,377 59,377 
Contract liability41,570 41,210 
Deferred executive compensation8,216 10,982 
Securities lending payable6,345 
Total current liabilities772,272 708,977 
Defined benefit pension plan26,591 26,260 
Contract liability20,645 19,910 
Deferred executive compensation16,341 20,936 
Deferred income taxes, net5,192 11,481 
Other long-term liabilities22,106 21,565 
Total liabilities863,147 809,129 
Shareholders’ equity1,828,813 1,662,835 
Total liabilities and shareholders’ equity$2,691,960 $2,471,964 
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