Exhibit 99.2

ERIE INDEMNITY COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars in thousands, except per share data)

	Three		Three		Nine		Nine
	months		months		months		months
	ended		ended		ended		ended
	September 30		September 30		September 30		September 30
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
		2005		2004		2005		2004
OPERATING REVENUE:
Management fee revenue-net	$	228,349	$	232,837	$	686,475	$	684,539
Premiums earned		53,908		52,862		161,721		154,576
Service agreement revenue		5,294		5,384		15,440		16,207
Total operating revenue		287,551		291,083		863,636		855,322
OPERATING EXPENSES:
Cost of management operations		184,056		177,659		539,228		521,599
Losses and loss adjustment expenses incurred		36,995		34,602		103,457		112,642
Policy acquisition and other underwriting expenses		12,637		12,153		36,836		35,906
Total operating expenses		233,688		224,414		679,521		670,147
Investment income — Unaffiliated
Investment income, net of expenses		14,755		14,795		45,158		45,086
Net realized gains on investments		1,765		859		16,457		6,743
Equity in earnings of limited
partnerships		8,032		3,845		30,788		5,727
Total investment income — unaffiliated		24,552		19,499		92,403		57,556
Income before income taxes and equity in earnings of Erie Family
Life Insurance Company		78,415		86,168		276,518		242,731
Provision for income taxes		25,930		29,141		92,241		81,865
Equity in earnings of Erie Family Life Insurance Company, net of tax		520		1,539		2,667		4,227
Net income	$	53,005	$	58,566	$	186,944	$	165,093
Net income per share — basic
Class A common stock	$	0.84	$	0.92	$	2.97	$	2.58
Class B common stock	$	128.01	$	139.84	$	450.68	$	393.52
Net income per share — diluted	$	0.76	$	0.83	$	2.69	$	2.34
Weighted average shares outstanding
Basic:
Class A common stock		62,415,372		63,279,022		62,650,810		63,676,870
Class B common stock		2,843		2,878		2,846		2,878
Diluted shares		69,320,147		70,259,227		69,562,785		70,657,075
Dividends declared per share
Class A non-voting common	$	0.325	$	0.215	$	0.975	$	0.645
Class B common	$	48.75	$	32.25	$	146.25	$	96.75

ERIE INDEMNITY COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS — SEGMENT BASIS

(Amounts in thousands, except per share data)

	Three		Three		Nine		Nine
	months		months		months		months
	ended		ended		ended		ended
	September 30		September 30		September 30		September 30
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
		2005		2004		2005		2004
MANAGEMENT OPERATIONS
Management fee revenue	$	241,639	$	246,388	$	726,429	$	724,379
Service agreement revenue		5,294		5,384		15,440		16,207
Total revenue from management operations		246,933		251,772		741,869		740,586
Cost of management operations		194,768		187,998		570,612		551,957
Income from management operations		52,165		63,774		171,257		188,629
INSURANCE UNDERWRITING OPERATIONS
Premiums earned		53,908		52,862		161,721		154,576
Losses and loss adjustment expenses incurred		36,995		34,602		103,457		112,642
Policy acquisition and other underwriting expenses		15,215		15,365		45,407		45,389
Total losses and expenses		52,210		49,967		148,864		158,031
Underwriting gain (loss)		1,698		2,895		12,857		(3,455	)
INVESTMENT OPERATIONS
Net investment income		14,755		14,795		45,158		45,086
Net realized gains on investments		1,765		859		16,457		6,743
Equity in earnings of limited		8,032		3,845		30,788		5,727
partnerships
Equity in earnings of Erie Family Life Insurance Company		560		1,654		2,868		4,545
Net revenue from investment operations		25,112		21,153		95,271		62,101
Income before income taxes		78,975		87,822		279,385		247,275
Provision for income taxes		25,970		29,256		92,441		82,182
Net income	$	53,005	$	58,566	$	186,944	$	165,093
Net income per share – Class A basic	$	0.84	$	0.92	$	2.97	$	2.58
Net income per share – Class B basic	$	128.01	$	139.84	$	450.68	$	393.52
Net income per share — diluted	$	0.76	$	0.83	$	2.69	$	2.34
WEIGHTED AVERAGE SHARES OUTSTANDING — DILUTED		69,320		70,259		69,563		70,657

Amounts presented on a segment basis are presented gross of intercompany/intersegment items

ERIE INDEMNITY COMPANY

RECONCILIATION OF OPERATING INCOME TO NET INCOME

(Amounts in thousands, except per share data)

Definition on Non-GAAP and Operating Measures

Management believes that investors’ understanding of the Company’s performance is enhanced by the disclosure of the following non-GAAP financial measure. The Company’s method of calculating this measure may differ from those used by other companies and therefore comparability may be limited.

Operating income is net income excluding realized capital gains and losses and related federal income taxes. Equity in earnings or losses of Erie Family Life Insurance Company and equity in earnings or losses of limited partnerships are not excluded from the calculation of operating income. Both of these categories include the respective investment’s realized capital gains and losses, as well as unrealized gains and losses, as these investments are accounted for under the equity method.

Net income is the GAAP measure that is most directly comparable to operating income.

The Company uses operating income to evaluate the results of operations. It reveals trends in the Company’s management services, insurance underwriting and investment operations that may be obscured by the net effects of realized capital gains and losses. Realized capital gains and losses may vary significantly between periods and are generally driven by business decisions and economic developments such as capital market condition, the timing of which is unrelated to management services and the insurance underwriting processes of the Company. The Company believes it is useful for investors to evaluate these components separately and in the aggregate when reviewing the Company’s performance. The Company is aware that the price to earnings multiple commonly used by investors as a forward-looking valuation technique uses operating income as the denominator. Operating income should not be considered as a substitute for net income and does not reflect the overall profitability of the Company’s business.

The following table reconciles operating income and net income for the periods ended Septmber 30, 2005 and 2004:

	Three months			Three months			Nine months			Nine months
	ended			ended			ended			ended
	September 30			September 30			September 30			September 30
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
		2005			2004			2005			2004
(in thousands)
Operating income	$	51,858		$	58,007		$	176,247		$	160,710
Net realized gains on investments		1,765			859			16,457			6,743
Income tax expense on realized gains		(618	)		(300	)		(5,760	)		(2,360	)
Realized gains, net of income tax expense		1,147			559			10,697			4,383
Net income	$	53,005		$	58,566		$	186,944		$	165,093
	Three months			Three months			Nine months			Nine months
	ended			ended			ended			ended
	September 30			September 30			September 30			September 30
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
		2005			2004			2005			2004
Per Share Information – Diluted
Operating income	$	0.74		$	0.82		$	2.54		$	2.28
Net realized gains on investments		0.03			0.01			0.24			0.10
Income tax expense on realized gains		(0.01	)		(0.00	)		(0.09	)		(0.04	)
Realized gains, net of income tax expense		0.02			0.01			0.15			0.06
Net income	$	0.76		$	0.83		$	2.69		$	2.34

ERIE INDEMNITY COMPANY

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(Amounts in thousands, except per share data)

	September 30		December 31
	2005		2004
	(Unaudited)
ASSETS
Investments
Fixed maturities	$	988,333	$	974,512
Equity securities
Preferred stock		169,489		143,851
Common stock		92,690		58,843
Other invested assets		136,151		135,508
Total investments		1,386,663		1,312,714
Cash and cash equivalents		42,735		50,061
Equity in Erie Family Life Insurance Company		56,773		58,728
Premiums receivable from policyholders		287,152		275,721
Receivables from affiliates		1,180,095		1,145,238
Other assets		161,988		137,282
Total assets	$	3,115,406	$	2,979,744
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Unpaid losses and loss adjustment expenses	$	985,836	$	943,034
Unearned premiums		480,404		472,553
Other liabilities		336,887		297,276
Total liabilities		1,803,127		1,712,863
Total shareholders’ equity		1,312,279		1,266,881
Total liabilities and shareholders’ equity	$	3,115,406	$	2,979,744
Book value per share	$	19.03	$	18.14
Shares outstanding		68,947		69,852

Selected financial data of Erie Insurance Exchange:

The selected financial data below is derived from the Erie Insurance Exchange’s financial statements prepared in accordance with Statutory Accounting Principles. In the opinion of management, all adjustments consisting only of normal recurring accruals, considered necessary for a fair presentation have been included. The financial data set forth below is only a summary.

	Three months		Three months		Nine months		Nine months
	ended		ended		ended		ended
	September 30		September 30		September 30		September 30
	2005		2004		2005		2004
(In thousands) (Unaudited)
Statutory Accounting Basis
Premiums earned	$	945,738	$	937,357	$	2,836,427	$	2,741,960
Losses and loss adjustment expenses		597,252		573,469		1,731,561		1,830,851
Insurance underwriting and other expenses		263,615		271,124		793,490		790,224
Net underwriting gain		84,871		92,764		311,376		120,885
Net investment income		104,839		70,685		285,357		202,179
Net realized gains		70,268		45,371		441,573		76,550
Federal income tax expense		97,015		63,525		349,170		119,725
Net income	$	162,963	$	145,295	$	689,136	$	279,889

(In thousands)
	As of		As of
	September 30		Dec. 31
	2005		2004
Statutory Accounting Basis
	(Unaudited)
Cash and invested assets	$	7,787,175	$	7,199,447
Other assets		1,199,773		1,070,315
Total assets	$	8,986,948	$	8,269,762
Claims and unearned premium reserves	$	5,081,742	$	4,973,136
Other liabilities		644,758		492,568
Total liabilities		5,726,500		5,465,704
Policyholders’ surplus		3,260,448		2,804,058
Total liabilities and policyholders’ surplus	$	8,986,948	$	8,269,762

ERIE INDEMNITY COMPANY
RECONCILIATION OF PROPERTY AND CASUALTY GROUP TO INDEMNITY RESULTS

	Three months			Three months			Nine months			Nine months
	ended			ended			ended			ended
	September 30			September 30			September 30			September 30
	2005			2004			2005			2004
(Dollars in thousands)
(Unaudited)
Underwriting results of the Property and Casualty Group-(SAP Basis)
Direct underwriting results
Direct written premium	$	1,024,165		$	1,045,785		$	3,062,437		$	3,084,470
Premiums earned		1,005,571			998,231			3,009,496			2,900,590
Loss and loss adjustment expenses incurred		686,611			604,944			1,865,169			1,911,122
Policy acquisition and other underwriting expenses		280,968			289,371			845,087			841,688
Direct underwriting income		37,992			103,916			299,240			147,780
Nonaffiliated reinsurance underwriting results-net
Assumed voluntary-less ceded retrocessions		48,903			6,029			50,802			9,874
Assumed involuntary		(2,717	)		(5,992	)		(15,889	)		(14,860	)
Ceded reinsurance		(2,538	)		8,023			9,485			24,387
Nonaffiliated reinsurance underwriting gain (loss)		48,724			(7,986	)		25,428			(29,373	)
Net Underwriting Income (SAP Basis)	$	86,716		$	95,930		$	324,668		$	118,407
Erie Indemnity Insurance Underwriting Operations (SAP to GAAP Basis)
Percent of pool assumed by the Indemnity Company		5.50	%		5.50	%		5.50	%		5.50	%
Indemnity preliminary underwriting gain (SAP basis)	$	4,769		$	5,276		$	17,857		$	6,512
Excess-of-loss premiums ceded to the Exchange		(844	)		(842	)		(2,531	)		(2,524	)
Excess-of-loss changes to recoveries under the agreement		(2,166	)		(1,159	)		(2,341	)		(6,088	)
SAP to GAAP adjustments		(61	)		(380	)		(128	)		(1,355	)
Indemnity Underwriting Income (Loss) before tax- (GAAP Basis)	$	1,698		$	2,895		$	12,857		$	(3,455	)
Net Property & Casualty Group (SAP Basis)
Loss and LAE Ratio		63.4	%		61.4	%		61.2	%		67.1	%
Underwriting ratio		26.5			26.9			26.7			26.4
Policyholder dividends ratio		0.6			0.3			0.5			0.4
Statutory combined ratio		90.5			88.6			88.4			93.9
Adjusted combined ratio, excluding profit component		85.9			83.0			83.3			88.3
Loss ratio points from prior accident year reserve development-(redundancy) deficiency		(1.8	)		(2.3	)		(3.3	)		(2.5	)
Loss ratio points from salvage and subrogation recoveries            collected		(0.8	)		(0.9	)		(1.7	)		(1.8	)
Total loss ratio point impact from accident years		(2.6	)		(3.2	)		(5.0	)		(4.3	)
Loss ratio points from catastrophes		0.5			3.6			0.5			2.2
Erie Indemnity Company
GAAP combined ratio		96.9			94.5			92.1			102.2
GAAP loss ratio points from catastrophes		0.5			3.7			0.5			2.3

SAP Basis represents statutory accounting principles as codified by the National Association of Insurance Commissioners (NAIC)

	Three months			Three months						Nine months			Nine months
	ended			ended						ended			ended
	September 30			September 30			%			September 30			September 30			%
	2005			2004			Change			2005			2004			Change
(in thousands)
Private passenger auto	$	120,879		$	126,724			-4.6		$	354,022		$	362,672			-2.4
Commercial auto		18,707			18,587			0.6			61,026			59,956			1.8
Homeowners		49,107			49,962			-1.7			133,825			132,615			0.9
Commercial multi-peril		24,730			25,192			-1.8			81,662			80,302			1.7
Workers’ compensation		19,559			20,491			-4.5			65,567			64,319			1.9
All other lines of business		10,257			10,032			2.2			31,227			30,215			3.3
		243,239			250,988			-3.1			727,329			730,079			-0.4
Change in allowance for management fee returned on cancelled policies		(1,600	)		(4,600	)		N/A			(900	)		(5,700	)		N/A
Management fee revenue, after changes in allowance	$	241,639		$	246,388			-1.9	%	$	726,429		$	724,379			0.3	%

Growth rates of policies in force for Property and Casualty Group insurance operations:

	Private		12-mth.					12-mth.		All other		12-mth.		Total		12-mth.
	passenger		growth					growth		personal lines		growth		Personal		growth
Date	auto		rate			Homeowners		rate		of business		rate		lines		rate
09/30/2003		1,666,285		7.2			1,316,775		10.6		269,640		12.2		3,252,700		9.0
12/31/2003		1,672,621		5.1			1,327,842		7.9		272,547		9.2		3,273,010		6.6
03/31/2004		1,678,496		3.4			1,335,763		5.8		275,970		7.2		3,290,229		4.7
06/30/2004		1,686,524		2.2			1,347,409		4.2		278,547		5.3		3,312,480		3.3
09/30/2004		1,682,561		1.0			1,350,899		2.6		278,707		3.4		3,312,167		1.9
12/31/2004		1,670,804		(0.1	)		1,347,671		1.5		278,974		2.4		3,297,449		0.8
03/31/2005		1,661,955		(1.0	)		1,343,803		0.6		279,927		1.4		3,285,685		(0.1	)
06/30/2005		1,658,278		(1.7	)		1,350,491		0.2		282,670		1.5		3,291,439		(0.6	)
09/30/2005		1,651,629		(1.8	)		1,354,487		0.3		285,134		2.3		3,291,250		(0.6	)

Growth rates of policies in force for Property and Casualty Group insurance operations:

			12-mth.		CML*		12-mth.				12-mth.			All other		12-mth.		Total		12-mth.
	CML*		growth		multi-		growth		Workers'		growth			CML* lines		growth		CML*		growth
Date	auto		rate		peril		rate		comp.		rate			of business		rate		lines		rate
09/30/2003		114,339		8.5		205,127		10.5		62,396		8.8			85,789		9.8		467,651		9.7
12/31/2003		115,171		6.6		206,533		8.3		62,282		5.7			86,409		8.3		470,395		7.5
03/31/2004		115,760		5.3		206,937		6.2		61,378		2.1			86,344		6.1		470,419		5.4
06/30/2004		117,060		3.7		209,795		4.1		60,735		(1.9	)		87,172		4.0		474,762		3.1
09/30/2004		117,090		2.4		210,012		2.4		59,863		(4.1	)		87,921		2.5		474,886		1.5
12/31/2004		117,287		1.8		209,623		1.5		58,931		(5.4	)		87,815		1.6		473,656		0.7
03/31/2005		117,382		1.4		209,619		1.3		57,949		(5.6	)		87,877		1.8		472,827		0.5
06/30/2005		118,445		1.2		212,100		1.1		57,398		(5.5	)		88,981		2.1		476,924		0.5
09/30/2005		118,555		1.3		212,939		1.4		56,877		(5.0	)		90,074		2.4		478,445		0.7

Growth rates of policies in force for Property and Casualty Group insurance operations:

			12-mth.
	Total all		growth
Date	lines		rate
09/30/2003		3,720,351		9.0
12/31/2003		3,743,405		6.7
03/31/2004		3,760,648		4.7
06/30/2004		3,787,242		3.2
09/30/2004		3,787,053		1.8
12/31/2004		3,771,105		0.7
03/31/2005		3,758,512		(0.1	)
06/30/2005		3,768,363		(0.5	)
09/30/2005		3,769,695		(0.5	)

*CML = Commercial

Policy retention trends for Property and Casualty Group insurance operations:

	Private						CML*				All other
	passenger		CML*				multi-		Workers'		lines of
Date	auto		auto		Homeowners		peril		comp.		business		Total
09/30/2003		91.9		90.4		90.1		88.0		88.9		88.4		90.6
12/31/2003		91.6		89.8		89.5		87.5		88.1		88.2		90.2
03/31/2004		91.2		89.7		89.0		87.6		88.1		87.5		89.8
06/30/2004		90.7		89.0		88.4		86.7		86.7		86.8		89.2
09/30/2004		90.3		88.5		87.9		86.0		86.2		86.0		88.7
12/31/2004		90.0		88.3		87.6		85.3		85.8		85.8		88.4
03/31/2005		89.9		88.2		87.6		85.5		85.9		85.5		88.3
06/30/2005		89.8		87.8		87.8		85.0		85.8		85.5		88.3
09/30/2005		89.9		88.0		88.0		85.1		86.0		85.6		88.4

*CML = Commercial

ERIE INDEMNITY COMPANY

PROPERTY & CASUALTY GROUP ADJUSTED COMBINED RATIO BY
MAJOR LINES OF BUSINESS (SAP BASIS) – DIRECT BUSINESS

	Three months			Three months ended			Nine months			Nine months
	ended			September 30			ended			ended
	September 30			2004			September 30			September 30
		2005			—			2005			2004
Private passenger auto		97.6	%		85.3	%		92.1	%		91.7	%
Home protector		71.5	%		74.4	%		69.1	%		77.5	%
Other personal lines		89.3	%		88.4	%		71.4	%		79.1	%
Total personal		90.5	%		82.7	%		85.3	%		87.8	%
Commercial multi-peril		88.9	%		59.8	%		74.0	%		78.0	%
Commercial auto		88.6	%		96.0	%		83.1	%		89.8	%
Workers’ compensation		108.9	%		101.2	%		96.7	%		103.7	%
Other commercial lines		54.1	%		90.7	%		56.0	%		75.9	%
Total commercial		92.6	%		84.1	%		82.1	%		88.9	%
Grand total-direct business only		91.0	%		82.9	%		84.4	%		88.1	%