EX-99.2 3 ex-99209302024.htm EX-99.2 Document

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,
2024202320242023
(Unaudited)(Unaudited)
Operating revenue
Management fee revenue - policy issuance and renewal services$769,162 $649,049 $2,195,734 $1,840,478 
Management fee revenue - administrative services17,154 16,151 51,139 46,976 
Administrative services reimbursement revenue206,754 187,118 604,349 544,411 
Service agreement revenue6,816 6,620 19,803 19,408 
Total operating revenue999,886 858,938 2,871,025 2,451,273 
Operating expenses
Cost of operations - policy issuance and renewal services613,007 523,349 1,757,531 1,513,690 
Cost of operations - administrative services206,754 187,118 604,349 544,411 
Total operating expenses819,761 710,467 2,361,880 2,058,101 
Operating income180,125 148,471 509,145 393,172 
Investment income
Net investment income17,322 14,642 49,235 30,360 
Net realized and unrealized investment gains (losses)2,925 (2,227)2,983 (9,246)
Net impairment losses recognized in earnings(698)(113)(3,763)(1,917)
Total investment income19,549 12,302 48,455 19,197 
Other income1,168 3,001 7,871 9,643 
Income before income taxes200,842 163,774 565,471 422,012 
Income tax expense41,012 32,734 117,186 86,879 
Net income$159,830 $131,040 $448,285 $335,133 
Net income per share
Class A common stock – basic$3.43 $2.81 $9.63 $7.20 
Class A common stock – diluted$3.06 $2.51 $8.57 $6.41 
Class B common stock – basic and diluted$515 $422 $1,444 $1,079 
Weighted average shares outstanding – Basic
Class A common stock46,189,059 46,189,037 46,189,038 46,188,962 
Class B common stock2,542 2,542 2,542 2,542 
Weighted average shares outstanding – Diluted
Class A common stock52,306,514 52,299,369 52,301,001 52,298,655 
Class B common stock2,542 2,542 2,542 2,542 
Dividends declared per share
Class A common stock$1.275 $1.19 $3.825 $3.57 
Class B common stock$191.25 $178.50 $573.75 $535.50 
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Erie Indemnity Company
Statements of Financial Position
(in thousands)
September 30,
2024
December 31, 2023
(Unaudited)
Assets
Current assets:
Cash and cash equivalents (includes restricted cash of $23,547 and $12,542, respectively)
$221,213 $144,055 
Available-for-sale securities48,575 82,017 
Receivables from Erie Insurance Exchange and affiliates, net736,973 625,338 
Prepaid expenses and other current assets, net80,141 69,321 
Accrued investment income10,456 9,458 
Total current assets1,097,358 930,189 
Available-for-sale securities, net1,000,282 879,224 
Available-for-sale securities lent8,135 
Equity securities85,346 84,253 
Fixed assets, net480,707 442,610 
Agent loans, net79,829 58,434 
Defined benefit pension plan64,172 34,320 
Other assets, net48,318 42,934 
Total assets$2,864,147 $2,471,964 
Liabilities and shareholders' equity
Current liabilities:
Commissions payable$426,341 $353,709 
Agent incentive compensation60,073 68,077 
Accounts payable and accrued liabilities194,649 175,622 
Dividends payable59,377 59,377 
Contract liability42,754 41,210 
Deferred executive compensation15,836 10,982 
Securities lending payable7,905 
Total current liabilities806,935 708,977 
Defined benefit pension plan27,757 26,260 
Contract liability21,220 19,910 
Deferred executive compensation24,010 20,936 
Deferred income taxes, net12,777 11,481 
Other long-term liabilities23,493 21,565 
Total liabilities916,192 809,129 
Shareholders’ equity1,947,955 1,662,835 
Total liabilities and shareholders’ equity$2,864,147 $2,471,964 
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