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,
	2006		2005			2006		2005
Operating revenue
Management fee revenue – net	$	202,348	$	202,083		$	891,071	$	888,558
Premiums earned		52,797		54,102			213,665		215,824
Service agreement revenue		7,738		5,128			29,246		20,568
Total operating revenue		262,883		261,313			1,133,982		1,124,950
Operating expenses
Cost of management operations		179,897		171,008			742,526		710,237
Losses and loss adjustment expenses incurred		38,369		36,927			139,630		140,386
Policy acquisition and other underwriting expenses		13,143		13,274			52,048		50,108
Total operating expenses		231,409		221,209			934,204		900,731
Investment income – unaffiliated
Investment income, net of expenses		14,102		16,397			55,920		61,555
Net realized gains (losses) on investments		2,056		(837	)		1,335		15,620
Equity in earnings of limited partnerships		12,717		7,274			41,766		38,062
Total investment income – unaffiliated		28,875		22,834			99,021		115,237
Income before income taxes and equity in earnings of Erie Family Life Insurance Company		60,349		62,938			298,799		339,456
Provision for income taxes		16,542		19,492			99,055		111,733
Equity in earnings of Erie Family Life Insurance Company, net of tax		1,712		714			4,281		3,381
Net income	$	45,519	$	44,160		$	204,025	$	231,104
Net income per share:
Class A common stock – basic	$	0.78	$	0.71		$	3.45	$	3.69
Class A common stock – diluted		0.71		0.64			3.13		3.34
Class B common stock – basic and diluted		119.65		107.45			524.87		558.34
Weighted average shares outstanding:
Class A common stock – basic		57,782,967		61,620,457			58,827,987		62,392,860
Class A common stock – diluted		64,000,388		68,506,846			65,256,608		69,293,649
Class B common stock – basic and diluted		2,573		2,837			2,661		2,843
Dividends declared per share:
Class A common stock	$	0.40	$	0.36		$	1.48	$	1.335
Class B common stock		60.00		54.00			222.00		200.25

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,
	2006		2005			2006		2005
Management Operations
Management fee revenue	$	214,067	$	213,845		$	942,845	$	940,274
Service agreement revenue		7,738		5,128			29,246		20,568
Total revenue from management operations		221,805		218,973			972,091		960,842
Cost of management operations		190,332		180,962			785,683		751,573
Income from management operations		31,473		38,011			186,408		209,269
Insurance Underwriting Operations
Premiums earned		52,797		54,102			213,665		215,824
Losses and loss adjustment expenses incurred		38,369		36,927			139,630		140,386
Policy acquisition and other underwriting expenses		14,427		15,081			60,665		60,488
Total losses and expenses		52,796		52,008			200,295		200,874
Underwriting gain		1		2,094			13,370		14,950
Investment Operations
Investment income, net of expenses		14,102		16,397			55,920		61,555
Net realized gains (losses) on investments		2,056		(837	)		1,335		15,620
Equity in earnings of limited partnerships		12,717		7,274			41,766		38,062
Equity in earnings of Erie Family Life Insurance Company		1,841		768			4,604		3,636
Net revenue from investment operations		30,716		23,602			103,625		118,873
Income before income taxes		62,190		63,707			303,403		343,092
Provision for income taxes		16,671		19,547			99,378		111,988
Net income	$	45,519	$	44,160		$	204,025	$	231,104
Net income per share – Class A basic	$	0.78	$	0.71		$	3.45	$	3.69
Net income per share – Class A diluted		0.71		0.64			3.13		3.34
Net income per share – Class B basic and diluted		119.65		107.45			524.87		558.34
Weighted average shares outstanding - Class A diluted		64,000		68,507			65,257		69,294

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

We believe that investors’ understanding of our performance is enhanced by the disclosure of the following non-GAAP financial measure. Our 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.

We use operating income to evaluate the results of operations. It reveals trends in our 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. We believe it is useful for investors to evaluate these components separately and in the aggregate when reviewing our performance. We are 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 our overall profitability.

The following table reconciles operating income and net income for the periods ended December 31, 2006 and 2005:

	Three			Three			Twelve			Twelve
	months ended			months ended			months ended			months ended
	December 31,			December 31,			December 31,			December 31,
	2006			2005			2006			2005
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
(in thousands, except per share data)
Operating income	$	44,183		$	44,704		$	203,157		$	220,951
Net realized gains (losses) on investments		2,056			(837	)		1,335			15,620
Income tax (expense) benefit on realized gains (losses)		(720	)		293			(467	)		(5,467	)
Realized gains (losses), net of income taxes		1,336			(544	)		868			10,153
Net income	$	45,519		$	44,160		$	204,025		$	231,104
	Three			Three			Twelve			Twelve
	months ended			months ended			months ended			months ended
	December 31,			December 31,			December 31,			December 31,
		2006			2005			2006			2005
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Per Class A Share – Diluted
Operating income	$	0.69		$	0.65		$	3.12		$	3.19
Net realized gains (losses) on investments		0.03			(0.02	)		0.02			0.23
Income tax (expense) benefit on realized gains (losses)		(0.01	)		0.01			(0.01	)		(0.08	)
Realized gains (losses), net of income taxes		0.02			(0.01	)		0.01			0.15
Net income	$	0.71		$	0.64		$	3.13		$	3.34

ERIE INDEMNITY COMPANY

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(amounts in thousands, except per share data)

	December 31,		December 31,
	2006		2005
ASSETS
Investments
Fixed maturities	$	836,738	$	972,210
Equity securities
Preferred stock		133,401		170,773
Common stock		117,246		95,561
Other invested assets		235,672		158,044
Total investments		1,323,057		1,396,588
Cash and cash equivalents		60,241		31,666
Equity in Erie Family Life Insurance Company		57,162		55,843
Premiums receivable from policyholders		247,187		267,632
Receivables from affiliates		1,220,058		1,175,152
Other assets		131,656		174,380
Total assets	$	3,039,361	$	3,101,261
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Unpaid losses and loss adjustment Expenses	$	1,073,570	$	1,019,459
Unearned premiums		424,282		454,409
Other liabilities		379,661		348,791
Total liabilities		1,877,513		1,822,659
Total shareholders’ equity*		1,161,848		1,278,602
Total liabilities and shareholders’ Equity	$	3,039,361	$	3,101,261
Book value per share	$	18.17	$	18.81
Shares outstanding		63,952		67,962
* Initially applying the recognition provisions of Statement of Financial Accounting Standards No. 158, “Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans” in 2006 reduced shareholders’ equity by $21.1 million, net of tax, and book value per share by $.33

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

	Three			Three			Twelve			Twelve
	months ended			months ended			months ended			months ended
	December 31,			December 31,			December 31,			December 31,
	2006			2005			2006			2005
(dollars in thousands)
Property and Casualty Group Insurance Underwriting Operations (SAP Basis)
Direct underwriting results
Direct written premium	$	860,878		$	894,504		$	3,803,414		$	3,956,942
Premiums earned		937,324			975,151			3,883,694			3,984,648
Loss and loss adjustment expenses incurred		720,010			696,336			2,530,240			2,561,504
Policy acquisition and other underwriting expenses		252,601			255,684			1,110,923			1,100,772
Total losses and expenses		972,611			952,020			3,641,163			3,662,276
Direct underwriting (loss) income		(35,287	)		23,131			242,531			322,372
Nonaffiliated reinsurance underwriting results
Assumed voluntary-less ceded retrocessions		6,701			8,488			16,392			59,289
Assumed involuntary		(696	)		3,381			1,905			(12,508	)
Less: Ceded		(24,158	)		(12,130	)		(6,598	)		(2,646	)
Nonaffiliated reinsurance underwriting gain		30,163			23,999			24,895			49,427
Net Underwriting (Loss) Gain (SAP Basis)	$	(5,124	)	$	47,130		$	267,426		$	371,799
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 (loss) gain (SAP Basis)	$	(282	)	$	2,592		$	14,708		$	20,449
Excess-of-loss premiums ceded to the Exchange		0			(731	)		0			(3,262	)
Excess-of-loss changes to recoveries under the agreement		(181	)		114			(1,027	)		(2,226	)
SAP to GAAP adjustments		464			119			(311	)		(11	)
Indemnity Underwriting Gain before tax (GAAP Basis)	$	1		$	2,094		$	13,370		$	14,950
Property & Casualty Group (SAP Basis)
Net basis
Loss and LAE ratio		74.0	%		69.2	%		64.8	%		63.2	%
Underwriting ratio		26.9			26.7			28.2			26.7
Policyholder dividends ratio		1.6			0.9			0.5			0.6
Statutory combined ratio		102.5			96.8			93.5			90.5
Adjusted combined ratio, excluding profit component		99.8			93.1			89.4			85.7
Direct business
Loss ratio points from prior accident year reserve development – deficiency (redundancy)		4.2			7.3			(1.9	)		1.2
Loss ratio points from salvage and subrogation recoveries collected		(0.8	)		(0.8	)		(1.6	)		(1.5	)
Total loss ratio points from prior accident years		3.4			6.5			(3.5	)		(0.3	)
Loss ratio points from catastrophes		5.0			0.7			4.0			0.5
Erie Indemnity Company
GAAP combined ratio		100.0			96.1			93.7			93.1
GAAP loss ratio points from catastrophes		4.9			0.7			4.0			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			Three		Twelve		Twelve
	months ended			months ended		months ended		months ended
	December 31,			December 31,		December 31,		December 31,
	2006			2005		2006		2005
(in thousands)
Statutory Accounting Basis
Premiums earned	$	890,510		$	925,833	$	3,675,705	$	3,762,260
Losses, LAE and underwriting expenses		895,146			880,748		3,421,997		3,405,799
Net underwriting (loss) gain		(4,636	)		45,085		253,708		356,461
Total investment income		202,017			82,534		480,771		809,464
Federal income tax expense		59,259			30,393		229,709		379,563
Net income	$	138,122		$	97,226	$	504,770	$	786,362

(in thousands)
	As of		As of
	December 31,		December 31,
	2006		2005
Statutory Accounting Basis
Cash and invested assets	$	8,494,655	$	7,917,615
Other assets		1,021,489		1,152,648
Total assets	$	9,516,144	$	9,070,263
Claims and unearned premium reserves	$	4,993,365	$	5,058,764
Other liabilities		435,683		629,749
Total liabilities		5,429,048		5,688,513
Policyholders’ surplus		4,087,096		3,381,750
Total liabilities and policyholders’ surplus	$	9,516,144	$	9,070,263

Management fee revenue by major lines of business – Segment basis:

	Three months		Three months					Twelve months		Twelve months
	ended		ended					ended		ended
	December 31,		December 31,		%			December 31,		December 31,		%
	2006		2005		Change			2006		2005		Change
(in thousands)
Private passenger auto		$101,723	$	102,926		-1.2	%	$	448,514	$	456,948		-1.8	%
Commercial auto		17,757		17,390		2.1			79,693		78,416		1.6
Homeowners		41,986		40,945		2.5			179,477		174,770		2.7
Commercial multi-peril		24,454		24,065		1.6			109,040		105,727		3.1
Workers’ compensation		16,603		17,377		-4.5			79,877		82,945		-3.7
All other lines of business		10,544		9,742		8.2			44,744		40,968		9.2
		213,067		212,445		0.3	%		941,345		939,774		0.2	%
Change in allowance for management fee returned on cancelled policies		1,000		1,400					1,500		500
Management fee revenue, net of allowance		$214,067	$	213,845		0.1	%	$	942,845	$	940,274		0.3	%

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
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
12/31/2006		1,633,882		(0.4	)		1,377,965		1.8			301,497		5.2			3,313,344		1.0

			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
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
12/31/2006		119,801		0.9			218,542		2.4			53,923		(4.1	)		92,687		2.7			484,953		1.3

			12-mth.
	Total All		growth
Date	lines		rate
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
12/31/2006		3,798,297		1.0

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
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
12/31/2006		90.8			87.7			89.4			86.0			85.7			87.1			89.5

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
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	)
12/31/2006		1,110		(5.5	)		526		(3.1	)		349		0.3			797		(5.2	)

			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
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	)
12/31/2006		2,687		(3.4	)		5,985		(3.7	)		1,657		(2.8	)		2,393		(4.3	)

			12-mth.
	Total All		growth
Date	lines		rate
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	)
12/31/2006		1,001		(4.8	)

CML* = Commercial

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

	Three Months Ended												Three Months Ended
	December 31, 2006												December 31, 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		101.8	%		0.2	%		0.4	%		101.2	%		107.5	%		8.8	%		0.0	%		98.7	%
Homeowners		82.4	%		0.7	%		3.0	%		78.7	%		73.0	%		-1.7	%		0.5	%		74.2	%
Other Personal Lines		118.8	%		36.3	%		0.2	%		82.3	%		108.4	%		39.8	%		0.0	%		68.6	%
Total Personal		97.2	%		1.7	%		3.6	%		91.9	%		98.4	%		7.2	%		0.5	%		90.7	%
Commercial Multi-Peril		104.6	%		13.5	%		1.3	%		89.8	%		81.6	%		6.5	%		0.0	%		75.1	%
Commercial Auto		88.9	%		-6.6	%		0.0	%		95.5	%		94.0	%		0.4	%		0.0	%		93.6	%
Workers’ Compensation		137.3	%		20.8	%		0.0	%		116.5	%		89.3	%		18.1	%		0.0	%		71.2	%
Other Commercial Lines		143.7	%		9.9	%		0.0	%		133.8	%		62.8	%		-4.1	%		0.0	%		66.9	%
Total Commercial		112.0	%		9.8	%		1.3	%		100.9	%		86.3	%		7.6	%		0.0	%		78.7	%
Grand Total – Direct Business Only		101.7	%		4.2	%		5.0	%		92.5	%		94.7	%		7.3	%		0.7	%		86.7	%
				Twelve Months Ended												Twelve Months Ended
				December 31, 2006												December 31, 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		92.2	%		-2.2	%		0.4	%		94.0	%		95.9	%		4.3	%		0.0	%		91.6	%
Homeowners		85.7	%		-3.4	%		2.6	%		86.5	%		70.0	%		-1.0	%		0.4	%		70.6	%
Other Personal Lines		97.5	%		18.0	%		0.2	%		79.3	%		80.8	%		12.9	%		0.0	%		67.9	%
Total Personal		90.6	%		-1.7	%		3.2	%		89.1	%		88.6	%		3.2	%		0.5	%		84.9	%
Commercial Multi-Peril		89.2	%		0.0	%		0.7	%		88.5	%		75.9	%		-4.4	%		0.0	%		80.3	%
Commercial Auto		81.7	%		-5.0	%		0.1	%		86.6	%		85.7	%		-0.1	%		0.0	%		85.8	%
Workers’ Compensation		93.8	%		-2.0	%		0.0	%		95.8	%		94.7	%		-3.6	%		0.0	%		98.3	%
Other Commercial Lines		89.5	%		-3.9	%		0.0	%		93.4	%		57.7	%		-10.1	%		0.0	%		67.8	%
Total Commercial		88.5	%		-2.2	%		0.8	%		89.9	%		83.1	%		-3.3	%		0.1	%		86.3	%
Grand Total – Direct Business Only		90.0	%		-1.9	%		4.0	%		87.9	%		86.8	%		1.2	%		0.5	%		85.1	%
*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.