Exhibit 99.2

ERIE INDEMNITY COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars in thousands, except per share data)

	Three			Three		Twelve		Twelve
	months			months		months		months
	ended			ended		ended		ended
	December 31			December 31		December 31		December 31
	2005			2004		2005		2004
Operating Revenue:
Management fee revenue-net	$	202,083		$	208,549	$	888,558	$	893,087
Premiums earned		54,102			53,626		215,824		208,202
Service agreement revenue		5,128			5,649		20,568		21,855
Total operating revenue		261,313			267,824		1,124,950		1,123,144
Operating Expenses:
Cost of management operations		171,008			162,891		710,237		684,491
Losses and loss adjustment expenses incurred		36,927			40,579		140,385		153,220
Policy acquisition and other underwriting expenses		13,274			11,300		50,109		47,205
Total operating expenses		221,209			214,770		900,731		884,916
Investment Income – Unaffiliated:
Investment income, net of expenses		16,397			15,940		61,555		60,988
Net realized (losses) gains on investments		(837	)		11,734		15,620		18,476
Equity in earnings of limited
partnerships		7,274			2,889		38,062		8,655
Total investment income — unaffiliated		22,834			30,563		115,237		88,119
Income before income taxes and equity in earnings of Erie Family
Life Insurance Company		62,938			83,617		339,456		326,347
Provision for income taxes		19,492			23,275		111,733		105,140
Equity in earnings of Erie Family Life Insurance Company, net of tax		714			978		3,381		5,206
Net income	$	44,160		$	61,320	$	231,104	$	226,413
Net income per share — basic
Class A common stock	$	0.71		$	0.96	$	3.69	$	3.54
Class B common stock	$	107.45		$	146.36	$	558.34	$	539.88
Net income per share — diluted	$	0.64		$	0.87	$	3.34	$	3.21
Weighted average shares outstanding
Basic:
Class A common stock		61,620,457			63,046,985		62,392,860		63,508,873
Class B common stock		2,837			2,876		2,843		2,877
Diluted shares		68,506,846			69,984,804		69,293,649		70,492,292
Dividends declared per share
Class A non-voting common	$	0.360		$	0.325	$	1.335	$	0.97
Class B common	$	54.00		$	48.75	$	200.25	$	145.50

ERIE INDEMNITY COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS — SEGMENT BASIS

(Amounts in thousands, except per share data)

	Three			Three			Twelve		Twelve
	months			months			months		months
	ended			ended			ended		ended
	December 31			December 31			December 31		December 31
	2005			2004			2005		2004
MANAGEMENT OPERATIONS
Management fee revenue	$	213,845		$	220,687		$	940,274	$	945,066
Service agreement revenue		5,128			5,649			20,568		21,855
Total revenue from management operations		218,973			226,336			960,842		966,921
Cost of management operations		180,962			172,372			751,573		724,329
Income from management operations		38,011			53,964			209,269		242,592
INSURANCE UNDERWRITING OPERATIONS
Premiums earned		54,102			53,626			215,824		208,202
Losses and loss adjustment expenses incurred		36,927			40,579			140,386		153,220
Policy acquisition and other underwriting expenses		15,081			13,956			60,488		59,346
Total losses and expenses		52,008			54,535			200,874		212,566
Underwriting gain (loss)		2,094			(909	)		14,950		(4,364	)
INVESTMENT OPERATIONS
Net investment income		16,397			15,940			61,555		60,988
Net realized (losses) gains on investments		(837	)		11,734			15,620		18,476
Equity in earnings of limited		7,274			2,889			38,062		8,655
partnerships
Equity in earnings of Erie Family Life Insurance Company		768			1,053			3,636		5,598
Net revenue from investment operations		23,602			31,616			118,873		93,717
Income before income taxes		63,707			84,671			343,092		331,945
Provision for income taxes		19,547			23,351			111,988		105,532
Net income	$	44,160		$	61,320		$	231,104	$	226,413
Net income per share – Class A basic	$	0.71		$	0.96		$	3.69	$	3.54
Net income per share – Class B basic	$	107.45		$	146.36		$	558.34	$	539.88
Net income per share — diluted	$	0.64		$	0.87		$	3.34	$	3.21
WEIGHTED AVERAGE SHARES OUTSTANDING — DILUTED		68,507			69,985			69,294		70,492

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 December 31, 2005 and 2004:

	Three months			Three months			Twelve months			Twelve months
	ended			ended			ended			ended
	December 31			December 31			December 31			December 31
	2005			2004			2005			2004
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
(in thousands)
Operating income	$	44,704		$	53,693		$	220,951		$	214,404
Net realized (losses) gains on investments		(837	)		11,734			15,620			18,476
Income tax benefit (expense) on realized (losses) gains		293			(4,107	)		(5,467	)		(6,467	)
Realized (losses) gains, net of income tax benefit (expense)		(544	)		7,627			10,153			12,009
Net income	$	44,160		$	61,320		$	231,104		$	226,413
	Three months			Three months			Twelve months			Twelve months
	ended			ended			ended			ended
	December 31			December 31			December 31			December 31
		2005			2004			2005			2004
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Per Share Information – Diluted
Operating income	$	0.65		$	0.76		$	3.19		$	3.04
Net realized (losses) gains on investments		(0.02	)		0.17			0.23			0.26
Income tax benefit (expense) on realized (losses) gains		0.01			(0.06	)		(0.08	)		(0.09	)
Realized (losses) gains, net of income tax benefit (expense)		(0.01	)		0.11			0.15			0.17
Net income	$	0.64		$	0.87		$	3.34		$	3.21

ERIE INDEMNITY COMPANY

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(Amounts in thousands, except per share data)

	December 31		December 31
	2005		2004
ASSETS
Investments
Fixed maturities	$	972,210	$	974,512
Equity securities
Preferred stock		170,773		143,851
Common stock		95,561		58,843
Other invested assets		158,044		135,508
Total investments		1,396,588		1,312,714
Cash and cash equivalents		31,666		50,061
Equity in Erie Family Life Insurance Company		55,843		58,728
Premiums receivable from policyholders		267,632		275,721
Receivables from affiliates		1,176,419		1,144,625
Other assets		173,113		140,955
Total assets	$	3,101,261	$	2,982,804
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Unpaid losses and loss adjustment expenses	$	1,019,459	$	943,034
Unearned premiums		454,409		472,553
Other liabilities		348,791		300,336
Total liabilities		1,822,659		1,715,923
Total shareholders’ equity		1,278,602		1,266,881
Total liabilities and shareholders’ equity	$	3,101,261	$	2,982,804
Book value per share	$	18.81	$	18.14
Shares outstanding		67,962		69,852

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

	Three months			Three months			Twelve months			Twelve months
	ended			ended			ended			ended
	December 31			December 31			December 31			December 31
	2005			2004			2005			2004
(Dollars in thousands)
Property and Casualty Group Insurance Underwriting Operations (SAP Basis)
Direct underwriting results
Direct written premium	$	894,504		$	912,859		$	3,956,942		$	3,997,330
Premiums earned		975,151			977,254			3,984,648			3,877,844
Loss and loss adjustment expenses incurred		696,336			712,609			2,561,504			2,623,731
Policy acquisition and other underwriting expenses		255,684			263,340			1,100,772			1,105,028
Total losses and expenses		952,020			975,949			3,662,276			3,728,759
Direct underwriting income		23,131			1,305			322,372			149,085
Nonaffiliated reinsurance underwriting results
Assumed voluntary-less ceded retrocessions		8,488			12,857			59,289			22,731
Assumed involuntary		3,381			(11,888	)		(12,508	)		(26,748	)
Ceded reinsurance		(12,130	)		(3,866	)		(2,646	)		20,521
Nonaffiliated reinsurance underwriting gain (loss)		23,999			4,835			49,427			(24,538	)
Net Underwriting Gain (SAP Basis)	$	47,130		$	6,140		$	371,799		$	124,547
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)	$	2,592		$	338		$	20,449		$	6,850
Excess-of-loss premiums ceded to the Exchange		(731	)		(1,104	)		(3,262	)		(3,628	)
Excess-of-loss changes to recoveries under the agreement		114			(1,652	)		(2,226	)		(7,740	)
SAP to GAAP adjustments		119			1,509			(11	)		154
Indemnity Underwriting Gain (Loss) before tax- (GAAP Basis)	$	2,094		$	(909	)	$	14,950		$	(4,364	)
Net Property & Casualty Group (SAP Basis)
Loss and LAE Ratio		69.2	%		72.4	%		63.2	%		68.4	%
Underwriting ratio		26.7			28.0			26.7			26.8
Policyholder dividends ratio		0.9			0.3			0.6			0.4
Statutory combined ratio		96.8			100.7			90.5			95.6
Adjusted combined ratio, excluding profit component		93.1			95.4			85.7			90.1
Loss ratio points from prior accident year reserve development-(redundancy) deficiency		2.0			1.6			(1.9	)		(1.5	)
Loss ratio points from salvage and subrogation recoveries collected		(0.8	)		(0.7	)		(1.5	)		(1.5	)
Total loss ratio point impact from accident years – deficiency (redundancy)		1.2			0.9			(3.4	)		(3.0	)
Loss ratio points from catastrophes		0.7			0.9			0.5			1.9
Erie Indemnity Company
GAAP combined ratio		96.1			101.7			93.1			102.1
GAAP loss ratio points from catastrophes		0.7			0.9			0.5			1.9

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

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			Twelve months			Twelve months
	ended			ended			ended			ended
	December 31			December 31			December 31			December 31
	2005			2004			2005			2004
(In thousands)
Statutory Accounting Basis
Premiums earned	$	925,833		$	930,526		$	3,762,260		$	3,672,486
Losses and loss adjustment expenses		640,099			671,462			2,371,660			2,502,313
Insurance underwriting and other expenses		240,649			251,620			1,034,139			1,041,843
		880,748			923,082			3,405,799			3,544,156
Net underwriting gain		45,085			7,444			356,461			128,330
Net investment income		85,620			80,209			370,977			282,388
Net realized (losses) gains		(3,086	)		86,355			438,487			162,905
Federal income tax expense		(30,393	)		(61,099	)		(379,563	)		(180,824	)
Net income	$	97,226		$	112,909		$	786,362		$	392,799

(In thousands)
	As of		As of
	December 31		December 31
	2005		2004
Statutory Accounting Basis
Cash and invested assets	$	7,917,615	$	7,199,447
Other assets		1,152,648		1,070,315
Total assets	$	9,070,263	$	8,269,762
Claims and unearned premium reserves	$	5,058,764	$	4,973,136
Other liabilities		629,749		492,568
Total liabilities		5,688,513		5,465,704
Policyholders’ surplus		3,381,750		2,804,058
Total liabilities and policyholders’ surplus	$	9,070,263	$	8,269,762

Management fee revenue by line of business-Segment basis:

	Three months		Three months				Twelve months		Twelve months
	ended		ended				ended		ended
	December 31		December 31		%		December 31		December 31			%
	2005		2004		Change		2005		2004			Change
(in thousands)
Private passenger auto	$	102,926	$	109,137		-5.7	$	456,948	$	471,809			-3.1
Commercial auto		17,390		17,692		-1.7		78,416		77,648			1.0
Homeowners		40,945		42,241		-3.1		174,770		174,856			0.0
Commercial multi-peril		24,065		23,535		2.3		105,727		103,837			1.8
Workers’ compensation		17,377		17,071		1.8		82,945		81,390			1.9
All other lines of business		9,742		9,411		3.5		40,968		39,626			3.4
		212,445		219,087		-3.0		939,774		949,166			-1.0
Change in allowance for management fee returned on cancelled policies		1,400		1,600		-12.5		500		(4,100	)		N/A
Management fee revenue, after changes in allowance	$	213,845	$	220,687		-3.1	$	940,274	$	945,066			-0.5

Growth rate 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
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	)
12/31/2005		1,640,563		(1.8	)		1,353,912		0.5		286,604		2.7		3,281,079		(0.5	)

Growth rate 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
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
12/31/2005		118,728		1.2		213,347		1.8		56,218		(4.6	)		90,227		2.7		478,520		1.0

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

			12-mth.
	Total all		growth
Date	lines		rate
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	)
12/31/2005		3,759,599		(0.3	)

*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
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
12/31/2005		90.0			87.9			88.2			85.4			86.2			86.0			88.6

*CML = Commercial

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

	Three months			Three months ended			Twelve months			Twelve months
	ended			December 31			ended			ended
	December 31			2004			December 31			December 31
		2005			—			2005			2004
Private passenger auto		107.5	%		103.9	%		95.9	%		94.8	%
Home protector		73.0	%		61.3	%		70.0	%		73.1	%
Other personal lines		108.4	%		80.4	%		80.8	%		79.3	%
Total personal		98.4	%		92.1	%		88.5	%		88.9	%
Commercial multi-peril		81.6	%		81.5	%		75.9	%		78.7	%
Commercial auto		94.0	%		94.5	%		85.7	%		91.0	%
Workers’ compensation		89.3	%		146.2	%		94.7	%		114.2	%
Other commercial lines		62.8	%		59.3	%		57.7	%		71.4	%
Total commercial		86.3	%		102.8	%		83.1	%		92.3	%
Grand total-direct business only•		94.7	%		95.2	%		86.8	%		89.9	%

• The adjusted statutory combined ratio removes the profit component of the management fee earned by the Company.