Exhibit 99.2

ERIE INDEMNITY COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars in thousands, except per share data)

	Three		Three
	months		months
	ended		ended
	March 31		March 31
	2006		2005
	(Unaudited)		(Unaudited)
Operating Revenue:
Management fee revenue-net	$	220,102	$	217,736
Premiums earned		54,026		53,648
Service agreement revenue		7,592		4,787
Total operating revenue		281,720		276,171
Operating Expenses:
Cost of management operations		183,154		167,940
Losses and loss adjustment expenses incurred		30,053		32,677
Policy acquisition and other underwriting expenses		14,501		11,844
Total operating expenses		227,708		212,461
Investment Income – Unaffiliated:
Investment income, net of expenses		15,000		14,468
Net realized gains on investments		784		5,497
Equity in earnings of limited
partnerships		4,142		2,111
Total investment income — unaffiliated		19,926		22,076
Income before income taxes and equity in earnings of Erie Family
Life Insurance Company		73,938		85,786
Provision for income taxes		25,077		28,729
Equity in earnings of Erie Family Life Insurance Company, net of tax		605		714
Net income	$	49,466	$	57,771
Net income per share — basic
Class A common stock	$	0.81	$	0.91
Class B common stock	$	121.08	$	138.84
Net income per share — diluted	$	0.73	$	0.83
Weighted average shares outstanding
Basic:
Class A common stock		60,630,395		62,926,683
Class B common stock		2,833		2,851
Diluted shares		67,505,125		69,845,958
Dividends declared per share
Class A common stock	$	0.36	$	0.325
Class B common stock	$	54.00	$	48.75

ERIE INDEMNITY COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS — SEGMENT BASIS

(Dollars in thousands, except per share data)

	Three		Three
	months		months
	ended		ended
	March 31		March 31
	2006		2005
	(Unaudited)		(Unaudited)
MANAGEMENT OPERATIONS
Management fee revenue	$	232,935	$	230,409
Service agreement revenue		7,592		4,787
Total revenue from management operations		240,527		235,196
Cost of management operations		193,825		177,714
Income from management operations		46,702		57,482
INSURANCE UNDERWRITING OPERATIONS
Premiums earned		54,026		53,648
Losses and loss adjustment expenses incurred		30,053		32,677
Policy acquisition and other underwriting expenses		16,663		14,742
Total losses and expenses		46,716		47,419
Underwriting gain		7,310		6,229
INVESTMENT OPERATIONS
Investment income, net of expenses		15,000		14,468
Net realized gains on investments		784		5,497
Equity in earnings of limited		4,142		2,111
partnerships
Equity in earnings of Erie Family Life Insurance Company		651		767
Net revenue from investment operations		20,577		22,843
Income before income taxes		74,589		86,554
Provision for income taxes		25,123		28,783
Net income	$	49,466	$	57,771
Net income per share – Class A basic	$	0.81	$	0.91
Net income per share – Class B basic	$	121.08	$	138.84
Net income per share — diluted	$	0.73	$	0.83
WEIGHTED AVERAGE SHARES OUTSTANDING — DILUTED		67,505		69,846

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

ERIE INDEMNITY COMPANY

RECONCILIATION OF OPERATING INCOME TO NET INCOME

(Dollars 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 March 31, 2006 and 2005:

	Three months			Three months
	ended March 31			ended March 31
	2006			2005
	(Unaudited)			(Unaudited)
(in thousands)
Operating income	$	48,956		$	54,199
Net realized gains on investments		784			5,497
Income tax expense on realized gains		(274	)		(1,925	)
Realized gains, net of income tax expense		510			3,572
Net income	$	49,466		$	57,771
	Three months			Three months
	ended March 31			ended March 31
		2006			2005
	(Unaudited)			(Unaudited)
Per Share Information – Diluted
Operating income	$	0.72		$	0.78
Net realized gains on investments		0.01			0.08
Income tax expense on realized gains		0.00			(0.03	)
Realized gains, net of income tax expense		0.01			0.05
Net income	$	0.73		$	0.83

ERIE INDEMNITY COMPANY

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(Dollars in thousands, except per share data)

	March 31		December 31
	2006		2005
	(Unaudited)
ASSETS
Investments
Fixed maturities	$	925,689	$	972,210
Equity securities
Preferred stock		137,048		170,773
Common stock		106,554		95,561
Other invested assets		180,544		158,044
Total investments		1,349,835		1,396,588
Cash and cash equivalents		7,132		31,666
Equity in Erie Family Life Insurance Company		52,434		55,843
Premiums receivable from policyholders		258,083		267,632
Receivables from affiliates		1,179,860		1,176,419
Other assets		158,871		173,113
Total assets	$	3,006,215	$	3,101,261
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Unpaid losses and loss adjustment expenses	$	997,124	$	1,019,459
Unearned premiums		443,269		454,409
Other liabilities		306,953		348,791
Total liabilities		1,747,346		1,822,659
Total shareholders’ equity		1,258,869		1,278,602
Total liabilities and shareholders’ equity	$	3,006,215	$	3,101,261
Book value per share	$	18.74	$	18.81
Shares outstanding		67,189		67,962

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

	Three months			Three months ended
	ended March 31			March 31
	2006			2005
(Dollars in thousands)
	(Unaudited)
PROPERTY AND CASUALTY GROUP INSURANCE UNDERWRITING OPERATIONS (SAP BASIS)
Direct underwriting results
Direct written premium	$	942,768		$	971,825
Premiums earned		983,829			991,283
Loss and loss adjustment expenses incurred		522,490			574,052
Policy acquisition and other underwriting expenses		301,474			270,613
Total losses and expenses		823,964			844,665
Direct underwriting income		159,865			146,618
Nonaffiliated reinsurance underwriting results
Assumed voluntary-less ceded retrocessions		689			(3,619	)
Assumed involuntary		(10,295	)		(7,789	)
Ceded		7,199			3,848
Nonaffiliated reinsurance underwriting loss		(16,805	)		(15,256	)
Net Underwriting Gain (SAP BASIS)	$	143,060		$	131,362
ERIE INDEMNITY INSURANCE UNDERWRITING OPERATIONS (SAP TO GAAP BASIS)
Percent of pool assumed by the Indemnity Company		5.50	%		5.50	%
Indemnity preliminary underwriting gain (SAP basis)	$	7,868		$	7,225
Excess-of-loss premiums ceded to the Exchange		0			(844	)
Excess-of-loss changes to recoveries under the agreement		(145	)		(340	)
SAP to GAAP adjustments		(413	)		188
Indemnity Underwriting Gain before tax (GAAP Basis)	$	7,310		$	6,229
Net Property & Casualty Group (SAP Basis)
Loss and LAE Ratio		54.9	%		59.5	%
Underwriting ratio		31.7			26.5
Policyholder dividends ratio		(0.1	)		0.8
Statutory combined ratio		86.5			86.8
Adjusted combined ratio, excluding profit component		82.3			81.4
Loss ratio points from prior accident year reserve development-redundancy		(7.9	)		(4.9	)
Loss ratio points from salvage and subrogation recoveries collected		(3.1	)		(3.0	)
Total loss ratio point impact from accident years – redundancy		(11.0	)		(7.9	)
Loss ratio points from catastrophes		0.6			0.5
Erie Indemnity Company
GAAP combined ratio		86.5			88.4
GAAP loss ratio points from catastrophes		0.6			0.5

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
	ended March 31			ended March 31
	2006			2005
(In thousands)
	(Unaudited)
STATUTORY ACCOUNTING BASIS
Premiums earned	$	928,408		$	932,794
Losses and loss adjustment expenses		509,865			553,994
Insurance underwriting and other expenses		283,282			253,627
Total underwriting operations expenses		793,147			807,621
Net underwriting gain		135,261			125,173
Net investment income		80,064			79,635
Net realized gains		25,532			76,599
Federal income tax expense		(68,610	)		(88,198	)
Net income	$	172,247		$	193,209

	As of		As of
	March 31		December 31
	2006		2005
(In thousands)	(Unaudited)
STATUTORY ACCOUNTING BASIS
Cash and invested assets	$	8,268,390	$	7,917,615
Other assets		1,062,272		1,152,648
Total assets	$	9,330,662	$	9,070,263
Claims and unearned premium reserves	$	4,978,037	$	5,058,764
Other liabilities		742,082		629,749
Total liabilities		5,720,119		5,688,513
Policyholders’ surplus		3,610,543		3,381,750
Total liabilities and policyholders’ surplus	$	9,330,662	$	9,070,263

Management fee revenue by line of business-Segment basis:

	Three months			Three months
	ended			ended
	March 31			March 31			%
	2006			2005			Change
(in thousands)
Private passenger auto	$	111,055		$	112,858			-1.6	%
Commercial auto		21,198			20,510			3.4
Homeowners		36,656			36,097			1.5
Commercial multi-peril		29,436			27,624			6.6
Workers’ compensation		24,316			23,994			1.3
All other lines of business		10,674			9,726			9.7
		233,335			230,809			1.1	%
Change in allowance for management fee returned on cancelled policies		(400	)		(400	)
Management fee revenue, after changes in allowance	$	232,935		$	230,409			1.1	%
Management fee rate		24.75	%		23.75	%		4.2	%

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
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	)
03/31/2006		1,636,048		(1.6	)		1,356,885		1.0			289,964		3.6			3,282,897		(0.1	)

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
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
03/31/2006		118,587		1.0			214,461		2.3			55,254		(4.7	)		90,301		2.8			478,603		1.2

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

			12-mth.
	Total all		growth
Date	lines		rate
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	)
03/31/2006		3,761,500		0.1

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
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
03/31/2006		90.1			88.0			88.6			85.9			86.0			86.2			88.8

CML* = Commercial

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

	Three months			Three months ended
	ended			March 31
	March 31			2005
		2006			—
Private passenger auto		86.7	%		88.7	%
Homeowners		72.3	%		67.4	%
Other personal lines		72.9	%		73.7	%
Total personal		82.8	%		82.5	%
Commercial multi-peril		85.0	%		59.6	%
Commercial auto		81.6	%		80.2	%
Workers’ compensation		66.1	%		82.7	%
Other commercial lines		63.5	%		69.1	%
Total commercial		76.2	%		72.5	%
Grand total-direct business only•		80.4	%		79.6	%

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