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
	2006			2005		2006			2005
	(Unaudited)			(Unaudited)		(Unaudited)			(Unaudited)
Operating Revenue
Management fee revenue-net	$	231,388		$	228,349	$	688,723		$	686,475
Premiums earned		53,017			53,908		160,868			161,721
Service agreement revenue		7,410			5,294		21,508			15,440
Total operating revenue		291,815			287,551		871,099			863,636
Operating Expenses
Cost of management operations		189,536			184,056		562,629			539,228
Losses and loss adjustment expenses incurred		32,573			36,995		101,261			103,457
Policy acquisition and other underwriting expenses		12,325			12,637		38,905			36,836
Total operating expenses		234,434			233,688		702,795			679,521
Investment Income – Unaffiliated
Investment income, net of expenses		12,215			14,755		41,818			45,158
Net realized (losses) gains on investments		(872	)		1,765		(721	)		16,457
Equity in earnings of limited partnerships		10,848			8,032		29,049			30,788
Total investment income — unaffiliated		22,191			24,552		70,146			92,403
Income before income taxes and equity in earnings of Erie Family Life Insurance Company		79,572			78,415		238,450			276,518
Provision for income taxes		27,421			25,930		82,513			92,241
Equity in earnings of Erie Family Life Insurance Company, net of tax		634			520		2,569			2,667
Net income	$	52,785		$	53,005	$	158,506		$	186,944
Net income per share — basic
Class A common stock	$	0.91		$	0.84	$	2.67		$	2.97
Class B common stock		139.34			128.01		404.46			450.68
Net income per share — diluted	$	0.82		$	0.76	$	2.41		$	2.69
Weighted average shares outstanding
Basic:
Class A common stock		57,873,922			62,415,372		59,179,328			62,650,810
Class B common stock		2,573			2,843		2,691			2,846
Diluted shares		64,129,350			69,320,147		65,717,956			69,562,785
Dividends declared per share:
Class A common stock	$	0.36		$	0.325	$	1.08		$	0.975
Class B common stock	$	54.00		$	48.75	$	162.00		$	146.25

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
	2006			2005		2006			2005
	(Unaudited)			(Unaudited)		(Unaudited)			(Unaudited)
MANAGEMENT OPERATIONS
Management fee revenue	$	244,739		$	241,639	$	728,778		$	726,429
Service agreement revenue		7,410			5,294		21,508			15,440
Total revenue from management operations		252,149			246,933		750,286			741,869
Cost of management operations		200,498			194,768		595,351			570,612
Income from management operations		51,651			52,165		154,935			171,257
INSURANCE UNDERWRITING OPERATIONS
Premiums earned		53,017			53,908		160,868			161,721
Losses and loss adjustment expenses incurred		32,573			36,995		101,261			103,457
Policy acquisition and other underwriting expenses		14,714			15,215		46,238			45,407
Total losses and expenses		47,287			52,210		147,499			148,864
Underwriting gain		5,730			1,698		13,369			12,857
INVESTMENT OPERATIONS
Investment income, net of expenses		12,215			14,755		41,818			45,158
Net realized (losses) gains on investments		(872	)		1,765		(721	)		16,457
Equity in earnings of limited partnerships		10,848			8,032		29,049			30,788
Equity in earnings of Erie Family Life Insurance Company		682			560		2,763			2,868
Net revenue from investment operations		22,873			25,112		72,909			95,271
Income before income taxes		80,254			78,975		241,213			279,385
Provision for income taxes		27,469			25,970		82,707			92,441
Net income	$	52,785		$	53,005	$	158,506		$	186,944
Net income per share – Class A basic	$	0.91		$	0.84	$	2.67		$	2.97
Net income per share – Class B basic		139.34			128.01		404.46			450.68
Net income per share — diluted	$	0.82		$	0.76	$	2.41		$	2.69
WEIGHTED AVERAGE SHARES OUTSTANDING — DILUTED		64,129			69,320		65,718			69,563

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

ERIE INDEMNITY COMPANY

RECONCILIATION OF OPERATING INCOME TO NET INCOME

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 September 30, 2006 and 2005:

	Three months			Three months			Nine months			Nine months
	ended			ended			ended			ended
	September 30			September 30			September 30			September 30
	2006			2005			2006			2005
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
(in thousands, except per share data)
Operating income	$	53,352		$	51,858		$	158,975		$	176,247
Net realized (losses) gains on investments		(872	)		1,765			(721	)		16,457
Income tax benefit (expense) on realized (losses) gains		305			(618	)		252			(5,760	)
Realized (losses) gains, net of income taxes		(567	)		1,147			(469	)		10,697
Net income	$	52,785		$	53,005		$	158,506		$	186,944
	Three months			Three months			Nine months			Nine months
	ended			ended			ended			ended
	September 30			September 30			September 30			September 30
		2006			2005			2006			2005
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Per Share Information – Diluted
Operating income	$	0.83		$	0.74		$	2.42		$	2.54
Net realized (losses) gains on investments		(0.01	)		0.03			(0.01	)		0.24
Income tax benefit (expense) on realized (losses) gains		0.00			(0.01	)		0.00			(0.09	)
Realized (losses) gains, net of income taxes		(0.01	)		0.02			(0.01	)		0.15
Net income	$	0.82		$	0.76		$	2.41		$	2.69

ERIE INDEMNITY COMPANY

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(Amounts in thousands, except per share data)

	September 30		December 31
	2006		2005
	(Unaudited)
ASSETS
Investments
Fixed maturities	$	793,165	$	972,210
Equity securities
Preferred stock		137,441		170,773
Common stock		109,138		95,561
Other invested assets		231,755		158,044
Total investments		1,271,499		1,396,588
Cash and cash equivalents		37,644		31,666
Equity in Erie Family Life Insurance Company		56,124		55,843
Premiums receivable from policyholders		265,104		267,632
Receivables from affiliates		1,198,160		1,176,419
Other assets		164,865		173,113
Total assets	$	2,993,396	$	3,101,261
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Unpaid losses and loss adjustment expenses	$	1,020,538	$	1,019,459
Unearned premiums		449,404		454,409
Other liabilities		365,447		348,791
Total liabilities		1,835,389		1,822,659
Total shareholders’ equity		1,158,007		1,278,602
Total liabilities and shareholders’ equity	$	2,993,396	$	3,101,261
Book value per share	$	18.10	$	18.81
Shares outstanding		63,969		67,962

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
	2006			2005			2006			2005
(Dollars in thousands)
Property and Casualty Group Insurance Underwriting Operations (SAP Basis)	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Direct underwriting results
Direct written premium	$	980,762		$	1,024,165		$	2,942,536		$	3,062,437
Premiums earned		974,345			1,005,571			2,946,370			3,009,496
Loss and loss adjustment expenses incurred		584,069			686,611			1,810,231			1,865,169
Policy acquisition and other underwriting expenses		272,980			280,968			858,322			845,087
Total losses and expenses		857,049			967,579			2,668,553			2,710,256
Direct underwriting income		117,296			37,992			277,817			299,240
Nonaffiliated reinsurance underwriting results
Assumed voluntary-less ceded retrocessions		4,547			48,903			9,691			50,802
Assumed involuntary		(4,470	)		(2,717	)		2,601			(15,889	)
Less: Ceded		7,949			(2,538	)		17,560			9,485
Nonaffiliated reinsurance underwriting (loss) gain		(7,872	)		48,724			(5,268	)		25,428
Net Underwriting Gain (SAP Basis)	$	109,424		$	86,716		$	272,549		$	324,668
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)	$	6,018		$	4,769		$	14,990		$	17,857
Excess-of-loss premiums ceded to the Exchange		0			(844	)		0			(2,531	)
Excess-of-loss changes to charges under the agreement		(307	)		(2,166	)		(845	)		(2,341	)
SAP to GAAP adjustments		19			(61	)		(776	)		(128	)
Indemnity Underwriting Gain before tax (GAAP Basis)	$	5,730		$	1,698		$	13,369		$	12,857
Net Property & Casualty Group (SAP Basis)
Loss and LAE Ratio		60.8	%		63.4	%		61.9	%		61.2	%
Underwriting ratio		27.3			26.5			28.6			26.7
Policyholder dividends ratio		0.0			0.6			0.1			0.5
Statutory combined ratio		88.1			90.5			90.6			88.4
Adjusted combined ratio, excluding profit component		83.7			85.9			86.1			83.3
Direct business
Loss ratio points from prior accident year reserve development – (redundancy) deficiency		(3.8	)		5.0			(3.8	)		(0.8	)
Loss ratio points from salvage and subrogation recoveries collected		(0.9	)		(0.8	)		(1.9	)		(1.7	)
Total loss ratio point impact from prior accident years		(4.7	)		4.2			(5.7	)		(2.5	)
Loss ratio points from catastrophes		1.6			0.5			3.6			0.5
Erie Indemnity Company
GAAP combined ratio		89.2			96.9			91.7			92.1
GAAP loss ratio points from catastrophes		1.6			0.5			3.7			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		Nine months		Nine months
	ended		ended		ended		ended
	September 30		September 30		September 30		September 30
	2006		2005		2006		2005
(In thousands)
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Statutory Accounting Basis
Premiums earned	$	916,761	$	945,738	$	2,785,195	$	2,836,427
Losses and loss adjustment expenses		556,857		597,252		1,723,676		1,731,561
Insurance underwriting and other expenses		256,188		263,615		803,175		793,490
Total underwriting operations expenses		813,045		860,867		2,526,851		2,525,051
Net underwriting gain		103,716		84,871		258,344		311,376
Total investment income		75,585		175,107		278,754		726,930
Net income before federal income tax		179,301		259,978		537,098		1,038,306
Federal income tax expense		49,825		97,015		170,450		349,170
Net income	$	129,476	$	162,963	$	366,648	$	689,136

(In thousands)
	As of		As of
	September 30		December 31
	2006		2005
Statutory Accounting Basis
	(Unaudited)
Cash and invested assets	$	8,479,302	$	7,917,615
Other assets		1,105,886		1,152,648
Total assets	$	9,585,188	$	9,070,263
Claims and unearned premium reserves	$	5,041,600	$	5,058,764
Other liabilities		640,953		629,749
Total liabilities		5,682,553		5,688,513
Policyholders’ surplus		3,902,635		3,381,750
Total liabilities and policyholders’ surplus	$	9,585,188	$	9,070,263

Management fee revenue by major lines of business (Segment basis):

	Three months			Three months						Nine months			Nine months
	ended			ended						ended			ended
	September 30			September 30			%			September 30			September 30			%
	2006			2005			Change			2006			2005			Change
(In thousands)
Private passenger auto	$	118,355		$	120,879			-2.1	%	$	346,791		$	354,022			-2.0	%
Commercial auto		18,828			18,707			0.6			61,936			61,026			1.5
Homeowners		50,278			49,107			2.4			137,491			133,825			2.7
Commercial multi-peril		25,587			24,730			3.5			84,585			81,662			3.6
Workers’ compensation		18,339			19,559			-6.2			63,275			65,567			-3.5
All other lines of business		11,352			10,257			10.7			34,200			31,227			9.5
		242,739			243,239			-0.2	%		728,278			727,329			0.1	%
Change in allowance for management fee returned on cancelled policies		2,000			(1,600	)					500			(900	)
Management fee revenue, after changes in allowance	$	244,739		$	241,639			1.3	%	$	728,778		$	726,429			0.3	%
Management fee rate		24.75	%		23.75	%		4.2	%		24.75	%		23.75	%		4.2	%

Growth rates of policies in force for Property and Casualty Group insurance operations by major lines of business:

	Private		12-mth.					12-mth.					12-mth.			Total		12-mth.
	passenger		growth					growth			All other		growth			Personal		growth
Date	auto		rate			Homeowners		rate			personal lines		rate			lines		rate
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	)
06/30/2006		1,637,472		(1.3	)		1,366,633		1.2			294,409		4.2			3,298,514		0.2
09/30/2006		1,636,947		(0.9	)		1,373,763		1.4			298,361		4.6			3,309,071		0.5

			12-mth.			CML*		12-mth.					12-mth.					12-mth.			Total		12-mth.
	CML*		growth			multi-		growth			Workers'		growth			All other		growth			CML*		growth
Date	auto		rate			peril		rate			comp.		rate			CML* lines		rate			lines		rate
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
06/30/2006		119,471		0.9			217,134		2.4			54,871		(4.4	)		91,568		2.9			483,044		1.3
09/30/2006		119,555		0.8			217,763		2.3			54,379		(4.4	)		92,687		2.9			484,384		1.2

			12-mth.
	Total All		growth
Date	lines		rate
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
06/30/2006		3,781,558		0.4
09/30/2006		3,793,455		0.6

CML* = Commercial

Policy retention trends for Property and Casualty Group insurance operations by major lines of business:

	Private									CML*
	passenger			CML*						multi-			Workers'			All other
Date	auto			auto			Homeowners			peril			comp.			lines			Total All lines
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
06/30/2006		90.3			87.7			88.9			85.9			85.9			86.5			89.0
09/30/2006		90.5			87.8			89.2			86.0			85.8			86.7			89.2

CML* = Commercial

Average premium per policy trends for Property and Casualty insurance operations by major lines of business:

	Private		12-mth.					12-mth.			All other		12-mth.					12-mth.
	passenger		growth					growth			personal		growth			Total Personal		growth
Date	auto		rate			Homeowners		rate			lines		rate			lines		rate
09/30/2004	$	1,175		6.6	%	$	531		18.8	%	$	336		12.0	%	$	841		9.2	%
12/31/2004		1,190		6.1			546		17.4			347		11.9			855		8.5
03/31/2005		1,193		4.3			552		13.8			347		8.4			858		6.3
06/30/2005		1,186		2.4			549		7.6			346		5.5			851		3.3
09/30/2005		1,179		0.3			546		2.8			347		3.3			846		0.6
12/31/2005		1,174		(1.3	)		543		(0.5	)		348		0.3			841		(1.6	)
03/31/2006		1,161		(2.7	)		539		(2.4	)		349		0.6			832		(3.0	)
06/30/2006		1,140		(3.9	)		535		(2.6	)		348		0.6			818		(3.9	)
09/30/2006		1,122		(4.8	)		530		(2.9	)		348		0.3			806		(4.7	)

			12-mth.					12-mth.					12-mth.			Total		12-mth.
			growth					growth			All other		growth			CML*		growth
Date	CML* auto		rate			Workers’ Comp.		rate			CML* lines		rate			lines		rate
09/30/2004	$	2,766		4.5	%	$	5,641		10.6	%	$	1,674		6.0	%	$	2,443		5.8	%
12/31/2004		2,790		4.2			5,820		12.8			1,706		7.6			2,487		6.9
03/31/2005		2,799		3.1			6,004		13.6			1,720		6.2			2,513		6.2
06/30/2005		2,780		1.2			6,102		12.2			1,708		3.8			2,503		4.2
09/30/2005		2,789		0.8			6,104		8.2			1,694		1.2			2,490		1.9
12/31/2005		2,781		(0.3	)		6,212		6.7			1,705		(0.1	)		2,501		0.6
03/31/2006		2,778		(0.8	)		6,270		4.4			1,710		(0.6	)		2,501		(0.5	)
06/30/2006		2,730		(1.8	)		6,143		0.7			1,676		(1.9	)		2,444		(2.4	)
09/30/2006		2,705		(3.0	)		6,047		(0.9	)		1,669		(1.5	)		2,416		(3.0	)

			12-mth.
	Total All		growth
Date	lines		rate
09/30/2004	$	1,042		8.1	%
12/31/2004		1,060		8.1
03/31/2005		1,066		6.4
06/30/2005		1,061		3.8
09/30/2005		1,055		1.2
12/31/2005		1,052		(0.8	)
03/31/2006		1,044		(2.1	)
06/30/2006		1,026		(3.3	)
09/30/2006		1,011		(4.2	)

CML* = Commercial

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

		Three Months Ended												Three Months Ended
		September 30, 2006												September 30, 2005
					Prior Year**						Current						Prior Year**						Current
					Reserve						Accident						Reserve						Accident
					Development						Year						Development						Year
	Calendar*				Deficiency			Catastrophe			Excluding			Calendar*			Deficiency			Catastrophe			Excluding
		Year			(Redundancy)			Losses			Catastrophes			Year			(Redundancy)			Losses			Catastrophes
Private Passenger Auto			83.8	%		-2.0	%		0.3	%		85.5	%		97.6	%		10.7	%		0.1	%		86.8	%
Homeowners			85.8	%		-2.4	%		0.5	%		87.7	%		71.5	%		1.1	%		0.4	%		70.0	%
Other Personal Lines			101.7	%		14.5	%		0.3	%		86.9	%		89.3	%		13.4	%		0.0	%		75.9	%
Total Personal			85.1	%		-1.5	%		1.1	%		85.5	%		90.5	%		8.3	%		0.5	%		81.7	%
Commercial Multi-Peril			77.6	%		-3.4	%		0.4	%		80.6	%		88.9	%		1.8	%		0.0	%		87.1	%
Commercial Auto			81.4	%		-6.6	%		0.1	%		87.9	%		88.6	%		2.4	%		0.0	%		86.2	%
Workers’ Compensation			84.3	%		-16.3	%		0.0	%		100.6	%		108.9	%		-10.3	%		0.0	%		119.2	%
Other Commercial Lines			63.6	%		-25.2	%		0.0	%		88.8	%		54.1	%		-10.8	%		0.0	%		64.9	%
Total Commercial			79.7	%		-9.3	%		0.5	%		88.5	%		92.7	%		-2.4	%		0.1	%		95.0	%
Grand Total – Direct Business Only			83.3	%		-3.8	%		1.6	%		85.5	%		91.0	%		5.0	%		0.5	%		85.5	%
					Nine Months Ended												Nine Months Ended
					September 30, 2006												September 30, 2005
					Prior Year**						Current						Prior Year**						Current
					Reserve						Accident						Reserve						Accident
					Development						Year						Development						Year
	Calendar*				Deficiency			Catastrophe			Excluding			Calendar*			Deficiency			Catastrophe			Excluding
		Year			(Redundancy)			Losses			Catastrophes			Year			(Redundancy)			Losses			Catastrophes
Private Passenger Auto			89.1	%		-2.9	%		0.4	%		91.6	%		92.1	%		2.9	%		0.0	%		89.2	%
Homeowners			86.7	%		-4.3	%		2.5	%		88.5	%		69.1	%		-0.8	%		0.4	%		69.5	%
Other Personal Lines			90.2	%		8.0	%		0.2	%		82.0	%		71.4	%		3.8	%		0.0	%		67.6	%
Total Personal			88.5	%		-2.9	%		3.1	%		88.3	%		85.4	%		2.0	%		0.5	%		82.9	%
Commercial Multi-Peril			84.0	%		-4.2	%		0.5	%		87.7	%		74.0	%		-8.0	%		0.1	%		81.9	%
Commercial Auto			79.5	%		-4.4	%		0.1	%		83.8	%		83.1	%		-0.2	%		0.0	%		83.3	%
Workers’ Compensation			79.9	%		-9.5	%		0.0	%		89.4	%		96.7	%		-10.8	%		0.0	%		107.5	%
Other Commercial Lines			71.1	%		-9.3	%		0.0	%		80.4	%		56.0	%		-12.1	%		0.0	%		68.1	%
Total Commercial			80.8	%		-6.1	%		0.6	%		86.3	%		82.1	%		-6.9	%		0.1	%		88.9	%
Grand Total – Direct Business Only			86.2	%		-3.8	%		3.6	%		86.4	%		84.4	%		-0.8	%		0.5	%		84.7	%
*The calendar year combined ratio represents the adjusted statutory combined ratio, which removes the profit component of the management fee earned by the Company.
**The prior accident year reserve development does not include the effects of salvage and subrogation recoveries.