EX-99.2 3 ex-99212312024.htm EX-99.2 Document

Exhibit 99.2

Erie Indemnity Company
Consolidated Statements of Operations
(dollars in thousands, except per share data)
Three months ended December 31,Twelve months ended December 31,
2024202320242023
(Unaudited)
Operating revenue
Management fee revenue - policy issuance and renewal services$698,340 $601,595 $2,894,074 $2,442,073 
Management fee revenue - administrative services17,216 16,693 68,355 63,669 
Administrative services reimbursement revenue201,987 192,728 806,336 737,139 
Service agreement revenue6,547 6,651 26,350 26,059 
Total operating revenue924,090 817,667 3,795,115 3,268,940 
Operating expenses
Cost of operations - policy issuance and renewal services554,793 497,855 2,312,324 2,011,545 
Cost of operations - administrative services201,987 192,728 806,336 737,139 
Total operating expenses756,780 690,583 3,118,660 2,748,684 
Operating income
167,310 127,084 676,455 520,256 
Investment income
Net investment income20,920 14,212 70,155 44,572 
Net realized and unrealized investment gains (losses)246 3,408 3,229 (5,838)
Net impairment losses recognized in earnings(361)(7,849)(4,124)(9,766)
Total investment income
20,805 9,771 69,260 28,968 
Other income3,693 3,069 11,564 12,712 
Income before income taxes191,808 139,924 757,279 561,936 
Income tax expense39,779 28,996 156,965 115,875 
Net income
$152,029 $110,928 $600,314 $446,061 
Net income per share
Class A common stock – basic$3.26 $2.38 $12.89 $9.58 
Class A common stock – diluted$2.91 $2.12 $11.48 $8.53 
Class B common stock – basic
$490 $357 $1,934 $1,437 
Class B common stock – diluted$490 $357 $1,933 $1,437 
Weighted average shares outstanding – Basic
Class A common stock46,189,060 46,189,041 46,189,044 46,188,981 
Class B common stock2,542 2,542 2,542 2,542 
Weighted average shares outstanding – Diluted
Class A common stock52,310,894 52,301,676 52,306,266 52,299,411 
Class B common stock2,542 2,542 2,542 2,542 
Dividends declared per share
Class A common stock$1.365 $1.275 $5.190 $4.845 
Class B common stock$204.75 $191.25 $778.50 $726.75 



1


Erie Indemnity Company
Consolidated Statements of Financial Position
(in thousands)
December 31, 2024December 31, 2023
Assets
Current assets:
Cash and cash equivalents (includes restricted cash of $23,559 and $12,542, respectively)
$298,397 $144,055 
Available-for-sale securities44,604 82,017 
Receivables from Erie Insurance Exchange and affiliates, net707,060 625,338 
Prepaid expenses and other current assets, net83,902 69,321 
Accrued investment income11,069 9,458 
Total current assets1,145,032 930,189 
Available-for-sale securities, net991,726 879,224 
Available-for-sale securities lent7,285 — 
Equity securities85,891 84,253 
Fixed assets, net513,494 442,610 
Agent loans, net80,597 58,434 
Defined benefit pension plan21,311 34,320 
Other assets, net43,278 42,934 
Total assets$2,888,614 $2,471,964 
Liabilities and shareholders' equity
Current liabilities:
Commissions payable$408,309 $353,709 
Agent incentive compensation75,458 68,077 
Accounts payable and accrued liabilities190,028 175,622 
Dividends payable63,569 59,377 
Contract liability42,761 41,210 
Deferred executive compensation14,874 10,982 
Securities lending payable7,513 — 
Total current liabilities802,512 708,977 
Defined benefit pension plan28,070 26,260 
Contract liability21,170 19,910 
Deferred executive compensation19,721 20,936 
Deferred income taxes, net6,418 11,481 
Other long-term liabilities23,465 21,565 
Total liabilities901,356 809,129 
Shareholders' equity1,987,258 1,662,835 
Total liabilities and shareholders' equity$2,888,614 $2,471,964 


2