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,
	2009			2008
	(Unaudited)
Operating revenue
Management fee revenue, net	$	217,105		$	216,971
Premiums earned		51,750			51,926
Service agreement revenue		8,578			7,391
Total operating revenue		277,433			276,288
Operating expenses
Cost of management operations		182,627			181,119
Losses and loss adjustment expenses incurred		43,004			33,760
Policy acquisition and other underwriting expenses		12,529			11,999
Total operating expenses		238,160			226,878
Investment loss – unaffiliated
Investment income, net of expenses		12,511			11,672
Net realized losses on investments		(8,442	)		(24,579	)
Equity in (losses) earnings of limited partnerships		(28,030	)		7,978
Total investment loss – unaffiliated		(23,961	)		(4,929	)
Income before income taxes and equity in losses of Erie Family Life Insurance		15,312			44,481
Provision for income taxes		2,623			14,251
Equity in losses of Erie Family Life Insurance, net of tax		(1,560	)		(253	)
Net income	$	11,129		$	29,977
Net income per share:
Class A common stock – basic	$	0.22		$	0.57
Class A common stock – diluted		0.19			0.51
Class B common stock – basic and diluted		34.78			84.57
Weighted average shares outstanding:
Class A common stock – basic		51,270,240			52,827,878
Class A common stock – diluted		57,409,460			58,965,265
Class B common stock – basic and diluted		2,551			2,551
Dividends declared per share:
Class A common stock	$	0.45		$	0.44
Class B common stock		67.50			66.00

ERIE INDEMNITY COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS — SEGMENT BASIS

(amounts in thousands, except per share data)

	Three			Three
	months			months
	ended			ended
	March 31,			March 31,
	2009			2008
	(Unaudited)
Management operations
Management fee revenue	$	229,769		$	229,599
Service agreement revenue		8,578			7,391
Total revenue from management operations		238,347			236,990
Cost of management operations		193,273			191,660
Income from management operations		45,074			45,330
Insurance underwriting operations
Premiums earned		51,750			51,926
Losses and loss adjustment expenses incurred		43,004			33,760
Policy acquisition and other underwriting expenses		14,547			14,086
Total losses and expenses		57,551			47,846
Underwriting (loss) income		(5,801	)		4,080
Investment operations
Investment income, net of expenses		12,511			11,672
Net realized losses on investments		(8,442	)		(24,579	)
Equity in (losses) earnings of limited partnerships		(28,030	)		7,978
Equity in losses of Erie Family Life Insurance		(1,678	)		(272	)
Net loss from investment operations		(25,639	)		(5,201	)
Income before income taxes		13,634			44,209
Provision for income taxes		2,505			14,232
Net income	$	11,129		$	29,977
Net income per share – Class A basic	$	0.22		$	0.57
Net income per share – Class A diluted		0.19			0.51
Net income per share – Class B basic and diluted		34.78			84.57
Weighted average shares outstanding - Class A diluted		57,409			58,965

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

ERIE INDEMNITY COMPANY

RECONCILIATION OF OPERATING INCOME TO NET INCOME

Definition of 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. We elected the fair value measurement option for our common stock portfolio effective January 1, 2008. As such, changes in value related to common stocks are reported in earnings. These unrealized gains or losses are included in the net realized losses/gains on investments on the Consolidated Statements of Operations that are used to calculate operating income. 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. Equity in earnings or losses of limited partnerships includes the respective investment’s realized capital gains and losses, as well as unrealized gains and losses.

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 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 March 31, 2009 and 2008:

	Three months ended			Three months ended
	March 31, 2009			March 31, 2008
	(Unaudited)			(Unaudited)
(in thousands, except per share data)
Operating income	$	16,616		$	45,953
Net realized losses on investments		(8,442	)		(24,579	)
Income tax benefit on realized losses		2,955			8,603
Realized losses, net of income taxes		(5,487	)		(15,976	)
Net income	$	11,129		$	29,977
	Three months ended			Three months ended
	March 31, 2009			March 31, 2008
	(Unaudited)			(Unaudited)
Per Class A share – diluted:
Operating income	$	0.29		$	0.78
Net realized losses on investments		(0.15	)		(0.42	)
Income tax benefit on realized losses		0.05			0.15
Realized losses, net of income taxes		(0.10	)		(0.27	)
Net income	$	0.19		$	0.51

ERIE INDEMNITY COMPANY

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(amounts in thousands, except per share data)

	March 31,		December 31,
	2009		2008
	(Unaudited)
Assets
Investments
Available-for-sale securities, at fair value:
Fixed maturities	$	573,107	$	563,429
Equity securities		45,158		55,281
Trading securities, at fair value		29,732		33,338
Other invested assets		275,182		300,391
Total investments		923,179		952,439
Cash and cash equivalents		77,588		61,073
Equity in Erie Family Life Insurance		29,887		29,236
Premiums receivable from policyholders		241,314		244,760
Receivables from affiliates		1,064,418		1,130,610
Other assets		206,048		195,268
Total assets	$	2,542,434	$	2,613,386
Liabilities and shareholders’ equity
Liabilities
Unpaid losses and loss adjustment expenses	$	979,794	$	965,081
Unearned premiums		420,508		424,370
Other liabilities		365,184		432,060
Total liabilities		1,765,486		1,821,511
Total shareholders’ equity		776,948		791,875
Total liabilities and shareholders’ equity	$	2,542,434	$	2,613,386
Book value per share	$	13.54	$	13.79
Shares outstanding		57,363		57,405

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

	Three			Three
	months ended			months ended
	March 31,			March 31,
	2009			2008
(dollars in thousands)
Property and Casualty Group insurance underwriting operations (SAP basis)
Direct underwriting results
Direct written premium	$	921,077		$	918,396
Premiums earned		938,694			937,819
Loss and loss adjustment expenses incurred		778,846			603,390
Policy acquisition and other underwriting expenses		261,799			254,862
Total losses and expenses		1,040,645			858,252
Direct underwriting (loss) income		(101,951	)		79,567
Nonaffiliated reinsurance underwriting results
Assumed voluntary-less ceded retrocessions		(836	)		210
Assumed involuntary		111			(791	)
Less: Ceded		14,171			9,043
Nonaffiliated reinsurance underwriting loss		(14,896	)		(9,624	)
Net underwriting (loss) income (SAP basis)		($116,847	)	$	69,943
Erie Indemnity insurance underwriting operations (SAP to GAAP basis)
Percent of pool assumed by the Indemnity Company		5.50	%		5.50	%
Indemnity preliminary underwriting (loss) income (SAP basis)		($6,427	)	$	3,847
SAP to GAAP adjustments		626			233
Indemnity underwriting (loss) income before tax (GAAP basis)		($5,801	)	$	4,080
Property & Casualty Group (SAP basis)
Net basis:
Loss and LAE ratio		84.6	%		65.6	%
Underwriting ratio		28.0			27.3
Policyholder dividends ratio		0.1			0.1
Statutory combined ratio		112.6			93.0
Adjusted combined ratio, excluding profit component		108.6			88.9
Direct business:
Loss ratio points from prior accident year reserve development – deficiency (redundancy)		4.0			(5.3	)
Loss ratio points from prior accident years from salvage and subrogation recoveries collected		(3.2	)		(3.3	)
Total loss ratio points from prior accident years		0.8			(8.6	)
Loss ratio points from catastrophes		7.8			1.6
Erie Indemnity Company
GAAP combined ratio		111.2			92.1
GAAP loss ratio points from catastrophes		7.7			1.6

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

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 our opinion, 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
	months ended			months ended
	March 31,			March 31,
	2009			2008
(dollars in thousands)
Statutory accounting basis	(Unaudited)
Premiums earned	$	884,251		$	887,492
Losses, loss adjustment expenses and
underwriting expenses		994,659			821,418
Net underwriting (loss) income		(110,408	)		66,074
Total investment (loss) income		(191,691	)		30,229
(Loss) income before income taxes		(302,099	)		96,303
Federal income tax (benefit) expense		(53,220	)		60,800
Net (loss) income		($248,879	)	$	35,503

	As of		As of
	March 31,		December 31,
	2009		2008
(dollars in thousands)
Statutory accounting basis	(Unaudited)
Cash and invested assets	$	7,360,169	$	7,595,727
Other assets		1,359,259		1,552,902
Total assets	$	8,719,428	$	9,148,629
Loss, loss adjustments expense and
unearned premium reserves	$	4,854,599	$	4,768,240
Other liabilities		246,521		334,399
Total liabilities		5,101,120		5,102,639
Policyholders’ surplus		3,618,308		4,045,990
Total liabilities and policyholders’ surplus	$	8,719,428	$	9,148,629

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

	Three months			Three months
	ended			ended
	March 31,			March 31,			Percent
	2009			2008			Change
(dollars in thousands)
Private passenger auto	$	110,371		$	109,250			1.0	%
Homeowners		39,681			37,784			5.0
Commercial multi-peril		29,017			28,744			0.9
Commercial auto		19,751			20,718			-4.7
Workers compensation		18,908			21,214			-10.9
All other lines of business		12,541			11,889			5.5
		230,269			229,599			0.3
Change in allowance for management fee returned on cancelled policies		(500	)		0
Management fee revenue, net of allowance	$	229,769		$	229,599			0.1	%
Management fee rate		25.00	%		25.00	%

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
03/31/2007		1,635,714		0.0	%		1,384,856		2.1	%		305,591		5.4	%		3,326,161		1.3	%
06/30/2007		1,644,561		0.4			1,398,034		2.3			311,761		5.9			3,354,356		1.7
09/30/2007		1,649,801		0.8			1,408,114		2.5			316,786		6.2			3,374,701		2.0
12/31/2007		1,651,234		1.1			1,413,712		2.6			321,431		6.6			3,386,377		2.2
03/31/2008		1,655,869		1.2			1,420,250		2.6			325,926		6.7			3,402,045		2.3
06/30/2008		1,667,446		1.4			1,433,504		2.5			332,922		6.8			3,433,872		2.4
09/30/2008		1,677,151		1.7			1,446,779		2.7			340,566		7.5			3,464,496		2.7
12/31/2008		1,683,526		2.0			1,454,797		2.9			346,953		7.9			3,485,276		2.9
03/31/2009		1,694,583		2.3			1,466,227		3.2			353,470		8.5			3,514,280		3.3

			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
03/31/2007		119,907		1.1	%		219,300		2.3	%		53,498		(3.2	)%		92,857		2.8	%		485,562		1.5	%
06/30/2007		121,587		1.8			223,670		3.0			53,955		(1.7	)		94,612		3.3			493,824		2.2
09/30/2007		122,154		2.2			226,302		3.9			54,341		(0.1	)		96,167		3.8			498,964		3.0
12/31/2007		122,558		2.3			228,214		4.4			54,720		1.5			96,464		4.1			501,956		3.5
03/31/2008		122,882		2.5			229,577		4.7			54,927		2.7			96,511		3.9			503,897		3.8
06/30/2008		123,955		1.9			234,393		4.8			55,801		3.4			97,745		3.3			511,894		3.7
09/30/2008		124,418		1.9			236,994		4.7			56,381		3.8			98,786		2.7			516,579		3.5
12/31/2008		124,205		1.3			237,228		3.9			56,704		3.6			98,796		2.4			516,933		3.0
03/31/2009		123,747		0.7			236,804		3.1			56,661		3.2			98,622		2.2			515,834		2.4

			12-mth.
	Total All		growth
Date	Lines		rate
03/31/2007		3,811,723		1.3	%
06/30/2007		3,848,180		1.8
09/30/2007		3,873,665		2.1
12/31/2007		3,888,333		2.4
03/31/2008		3,905,942		2.5
06/30/2008		3,945,766		2.5
09/30/2008		3,981,075		2.8
12/31/2008		4,002,209		2.9
03/31/2009		4,030,114		3.2

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
03/31/2007		91.0	%		88.0	%		89.7	%		86.1	%		86.2	%		87.2	%		89.7	%
06/30/2007		91.1			88.1			89.9			86.0			86.3			87.6			89.9
09/30/2007		91.3			88.2			90.1			86.1			86.8			87.5			90.0
12/31/2007		91.5			88.2			90.3			86.0			86.8			87.8			90.2
03/31/2008		91.6			88.4			90.5			86.5			87.6			87.9			90.4
06/30/2008		91.6			87.9			90.7			86.2			87.5			88.1			90.4
09/30/2008		91.7			87.8			91.0			86.0			87.2			88.2			90.5
12/31/2008		91.8			87.6			91.1			85.6			86.6			88.5			90.6
03/31/2009		91.9			87.5			91.4			85.7			86.3			88.8			90.8

CML* = Commercial

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

	Private		12-mth.					12-mth.			All other		12-mth.					12-mth.
	Passenger		percent					percent			Personal		percent			Total Personal		percent
Date	Auto		change			Homeowners		change			Lines		change			Lines		change
03/31/2007	$	1,100		(5.3	)%	$	524		(2.8	)%	$	349		0.0	%	$	791		(4.9	)%
06/30/2007		1,094		(4.0	)		520		(2.8	)		351		0.9			786		(3.9	)
09/30/2007		1,093		(2.6	)		519		(2.1	)		352		1.1			783		(2.9	)
12/31/2007		1,092		(1.6	)		518		(1.5	)		353		1.1			782		(1.9	)
03/31/2008		1,091		(0.8	)		518		(1.1	)		354		1.4			781		(1.3	)
06/30/2008		1,088		(0.5	)		514		(1.2	)		353		0.6			777		(1.1	)
09/30/2008		1,086		(0.6	)		511		(1.5	)		354		0.6			774		(1.1	)
12/31/2008		1,085		(0.6	)		511		(1.4	)		356		0.8			773		(1.2	)
03/31/2009		1,081		(0.9	)		512		(1.2	)		358		1.1			771		(1.3	)

			12-mth.					12-mth.					12-mth.			Total		12-mth.
			percent					percent			All Other		percent			CML*		percent
Date	CML* Auto		change			Workers Comp.		change			CML* Lines		change			Lines		change
03/31/2007	$	2,664		(4.1	)%	$	5,914		(5.7	)%	$	1,641		(4.0	)%	$	2,365		(5.4	)%
06/30/2007		2,627		(3.8	)		5,901		(3.9	)		1,616		(3.6	)		2,333		(4.5	)
09/30/2007		2,600		(3.9	)		5,780		(4.4	)		1,592		(4.6	)		2,295		(5.0	)
12/31/2007		2,577		(4.1	)		5,602		(6.4	)		1,581		(4.6	)		2,262		(5.5	)
03/31/2008		2,568		(3.6	)		5,453		(7.8	)		1,576		(4.0	)		2,240		(5.3	)
06/30/2008		2,530		(3.7	)		5,236		(11.3	)		1,546		(4.3	)		2,187		(6.3	)
09/30/2008		2,514		(3.3	)		5,067		(12.3	)		1,536		(3.5	)		2,157		(6.0	)
12/31/2008		2,505		(2.8	)		4,951		(11.6	)		1,533		(3.0	)		2,141		(5.3	)
03/31/2009		2,483		(3.3	)		4,792		(12.1	)		1,537		(2.5	)		2,122		(5.3	)

			12-mth.
	Total All		percent
Date	Lines		change
03/31/2007	$	991		(5.1	)%
06/30/2007		984		(4.1	)
09/30/2007		978		(3.3	)
12/31/2007		973		(2.8	)
03/31/2008		969		(2.2	)
06/30/2008		960		(2.4	)
09/30/2008		953		(2.6	)
12/31/2008		949		(2.5	)
03/31/2009		944		(2.6	)

CML* = Commercial

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

	Three Months ended												Three Months ended
	March 31, 2009												March 31, 2008
	Calendar* Year			Prior Year** Reserve Development Deficiency (Redundancy)			Catastrophe Losses			Current Accident Year Excluding Catastrophes			Calendar* Year			Prior Year** Reserve Development Deficiency (Redundancy)			Catastrophe Losses			Current Accident Year Excluding Catastrophes
Private passenger auto		102.1	%		5.3	%		3.5	%		93.3	%		85.0	%		-11.2	%		0.2	%		96.0	%
Homeowners		130.2	%		5.3	%		24.0	%		100.9	%		90.5	%		-1.3	%		5.9	%		85.9	%
Other personal lines		89.0	%		-6.5	%		7.6	%		87.9	%		59.6	%		-16.9	%		3.2	%		73.3	%
Total personal lines		109.2	%		4.8	%		9.4	%		95.0	%		85.3	%		-8.7	%		1.9	%		92.1	%
Commercial multi-peril		129.6	%		19.0	%		5.6	%		105.0	%		109.1	%		13.2	%		2.2	%		93.7	%
Commercial auto		64.5	%		-19.7	%		4.6	%		79.6	%		62.9	%		-23.9	%		0.2	%		86.6	%
Workers compensation		106.4	%		9.4	%		0.0	%		97.0	%		90.5	%		4.8	%		0.0	%		85.7	%
Other commercial lines		45.3	%		-28.9	%		0.5	%		73.7	%		117.2	%		45.2	%		0.4	%		71.6	%
Total commercial lines		99.4	%		2.2	%		3.6	%		93.6	%		91.7	%		2.8	%		0.9	%		88.0	%
Grand total – direct
business only		106.5	%		4.0	%		7.8	%		94.7	%		87.3	%		-5.3	%		1.6	%		91.0	%
*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.