Exhibit 99.2

ERIE INDEMNITY COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS

(dollars in thousands, except per share data)

	Three			Three			Six			Six
	months			months			months			months
	ended			ended			ended			ended
	June 30,			June 30,			June 30,			June 30,
	2009			2008			2009			2008
	(Unaudited)						(Unaudited)
Operating revenue
Management fee revenue, net	$	245,412		$	241,646		$	462,517		$	458,617
Premiums earned		52,110			51,736			103,860			103,662
Service agreement revenue		8,604			7,748			17,182			15,139
Total operating revenue		306,126			301,130			583,559			577,418
Operating expenses
Cost of management operations		196,609			201,338			379,236			382,456
Losses and loss adjustment expenses incurred		35,084			33,823			78,088			67,583
Policy acquisition and other underwriting expenses		12,381			12,281			24,910			24,281
Total operating expenses		244,074			247,442			482,234			474,320
Investment (loss) income – unaffiliated
Investment income, net of expenses		9,548			11,467			22,060			23,139
Realized gains (losses) on investments		3,467			(1,818	)		(367	)		(14,443	)
Total other-than-temporary impairment losses on securities		(2,544	)		(12,449	)		(7,152	)		(24,403	)
Portion of losses recognized in other comprehensive income		0			0			0			0
Net impairment losses recognized in earnings		(2,544	)		(12,449	)		(7,152	)		(24,403	)
Equity in (losses) earnings of limited partnerships		(26,798	)		11,275			(54,829	)		19,253
Total investment (loss) income – unaffiliated		(16,327	)		8,475			(40,288	)		3,546
Income before income taxes and equity in earnings (losses) of Erie Family Life Insurance		45,725			62,163			61,037			106,644
Provision for income taxes		14,855			20,288			17,478			34,539
Equity in earnings (losses) of Erie Family Life Insurance, net of tax		1,864			(560	)		304			(813	)
Net income	$	32,734		$	41,315		$	43,863		$	71,292
Net income per share:
Class A common stock – basic	$	0.63		$	0.80		$	0.85		$	1.36
Class A common stock – diluted		0.57			0.71			0.76			1.22
Class B common stock – basic and diluted		93.19			116.10			127.98			200.67
Weighted average shares outstanding:
Class A common stock – basic		51,240,693			51,754,896			51,255,385			52,291,387
Class A common stock – diluted		57,390,302			57,898,022			57,404,994			58,434,513
Class B common stock – basic and diluted		2,551			2,551			2,551			2,551
Dividends declared per share:
Class A common stock	$	0.45		$	0.44		$	0.90		$	0.88
Class B common stock		67.50			66.00			135.00			132.00

ERIE INDEMNITY COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS — SEGMENT BASIS

(amounts in thousands, except per share data)

	Three			Three			Six			Six
	months			months			months			months
	ended			ended			ended			ended
	June 30,			June 30,			June 30,			June 30,
	2009			2008			2009			2008
	(Unaudited)						(Unaudited)
Management operations
Management fee revenue	$	259,771		$	255,809		$	489,541		$	485,408
Service agreement revenue		8,604			7,748			17,182			15,139
Total revenue from management operations		268,375			263,557			506,723			500,547
Cost of management operations		208,093			213,114			401,367			404,774
Income from management operations		60,282			50,443			105,356			95,773
Insurance underwriting operations
Premiums earned		52,110			51,736			103,860			103,662
Losses and loss adjustment expenses incurred		35,084			33,823			78,088			67,583
Policy acquisition and other underwriting expenses		15,256			14,668			29,804			28,754
Total losses and expenses		50,340			48,491			107,892			96,337
Underwriting income (loss)		1,770			3,245			(4,032	)		7,325
Investment operations
Investment income, net of expenses		9,548			11,467			22,060			23,139
Realized gains (losses) on investments		3,467			(1,818	)		(367	)		(14,443	)
Net impairment losses recognized in earnings		(2,544	)		(12,449	)		(7,152	)		(24,403	)
Equity in (losses) earnings of limited partnerships		(26,798	)		11,275			(54,829	)		19,253
Equity in earnings (losses) of Erie Family Life Insurance		2,005			(602	)		327			(874	)
Net (loss) revenue from investment operations		(14,322	)		7,873			(39,961	)		2,672
Income before income taxes		47,730			61,561			61,363			105,770
Provision for income taxes		14,996			20,246			17,500			34,478
Net income	$	32,734		$	41,315		$	43,863		$	71,292
Net income per share – Class A basic	$	0.63		$	0.80		$	0.85		$	1.36
Net income per share – Class A diluted		0.57			0.71			0.76			1.22
Net income per share – Class B basic and diluted		93.19			116.10			127.98			200.67
Weighted average shares outstanding - Class A diluted		57,390			57,898			57,405			58,435

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 impairment 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 is 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 including impairment losses. Realized capital gains and losses including impairment losses, may vary significantly between periods and are generally driven by business decisions and economic developments such as capital market conditions, the timing of which is unrelated to our 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 June 30, 2009 and 2008:

	Three			Three			Six			Six
	months ended			months ended			months ended			months ended
	June 30,			June 30,			June 30,			June 30,
	2009			2008			2009			2008
(in thousands, except per share data)
	(Unaudited)						(Unaudited)
Operating income	$	32,134		$	50,589		$	48,750		$	96,542
Net realized gains (losses) and impairments on investments		923			(14,267	)		(7,519	)		(38,846	)
Income tax (expense) benefit		(323	)		4,993			2,632			13,596
Realized gains (losses) and impairments, net of income taxes		600			(9,274	)		(4,887	)		(25,250	)
Net income	$	32,734		$	41,315		$	43,863		$	71,292
	Three			Three			Six			Six
	months ended			months ended			months ended			months ended
	June 30,			June 30,			June 30,			June 30,
		2009			2008			2009			2008
Per Class A share – diluted:	(Unaudited)						(Unaudited)
Operating income	$	0.56		$	0.87		$	0.85		$	1.65
Net realized gains (losses) and impairments on investments		0.02			(0.25	)		(0.13	)		(0.66	)
Income tax (expense) benefit		(0.01	)		0.09			0.04			0.23
Realized gains (losses) and impairments, net of income taxes		0.01			(0.16	)		(0.09	)		(0.43	)
Net income	$	0.57		$	0.71		$	0.76		$	1.22

ERIE INDEMNITY COMPANY

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(amounts in thousands, except per share data)

	June 30,		December 31,
	2009		2008
	(Unaudited)
Assets
Investments
Available-for-sale securities, at fair value:
Fixed maturities	$	601,971	$	563,429
Equity securities		46,491		55,281
Trading securities, at fair value		36,125		33,338
Other invested assets		255,876		300,391
Total investments		940,463		952,439
Cash and cash equivalents		26,417		61,073
Equity in Erie Family Life Insurance		57,476		29,236
Premiums receivable from policyholders		257,049		244,760
Receivables from affiliates		1,144,086		1,130,610
Other assets		210,237		195,268
Total assets	$	2,635,728	$	2,613,386
Liabilities and shareholders’ equity
Liabilities
Unpaid losses and loss adjustment expenses	$	979,869	$	965,081
Unearned premiums		442,579		424,370
Other liabilities		384,164		432,060
Total liabilities		1,806,612		1,821,511
Total shareholders’ equity		829,116		791,875
Total liabilities and shareholders’ equity	$	2,635,728	$	2,613,386
Book value per share	$	14.45	$	13.79
Shares outstanding		57,363		57,405

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

	Three			Three			Six			Six
	months ended			months ended			months ended			months ended
	June 30,			June 30,			June 30,			June 30,
	2009			2008			2009			2008
(dollars in thousands)
Property and Casualty Group insurance underwriting operations (SAP basis)
Direct underwriting results
Direct written premium	$	1,044,285		$	1,030,036		$	1,965,364		$	1,948,432
Premiums earned		966,493			962,466			1,905,187			1,900,286
Loss and loss adjustment expenses incurred		626,620			602,238			1,405,465			1,205,628
Policy acquisition and other underwriting expenses		294,777			284,255			556,577			539,118
Total losses and expenses		921,397			886,493			1,962,042			1,744,746
Direct underwriting income (loss)		45,096			75,973			(56,855	)		155,540
Nonaffiliated reinsurance underwriting results
Assumed voluntary-less ceded retrocessions		800			(555	)		(36	)		(345	)
Assumed involuntary		3,066			(1,614	)		3,177			(2,405	)
Less: Ceded		7,266			9,253			21,437			18,296
Nonaffiliated reinsurance underwriting income		(3,400	)		(11,422	)		(18,296	)		(21,046	)
Net underwriting income (loss) (SAP basis)	$	41,696		$	64,551			($75,151	)	$	134,494
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 income (loss) (SAP basis)	$	2,293		$	3,550			($4,133	)	$	7,397
SAP to GAAP adjustments		(523	)		(305	)		101			(72	)
Indemnity underwriting income (loss) before tax (GAAP basis)	$	1,770		$	3,245			($4,032	)	$	7,325
Property & Casualty Group (SAP basis)
Net basis:
Loss and LAE ratio		65.2	%		63.8	%		74.7	%		64.7	%
Underwriting ratio		28.0			27.4			28.0			27.3
Policyholder dividends ratio		0.0			0.0			0.0			0.1
Statutory combined ratio		93.2			91.2			102.7			92.1
Adjusted combined ratio, excluding profit component		88.2			87.0			98.2			88.0
Direct business:
Loss ratio points from prior accident year reserve development – (redundancy) deficiency		(0.3	)		(3.9	)		1.9			(4.6	)
Loss ratio points from prior accident years from salvage and subrogation recoveries collected		(1.6	)		(1.6	)		(2.4	)		(2.4	)
Total loss ratio points from prior accident years		(1.9	)		(5.5	)		(0.5	)		(7.0	)
Loss ratio points from catastrophes		1.5			2.9			4.6			2.3
Erie Indemnity Company
GAAP combined ratio		96.6			93.7			103.9			92.9
GAAP loss ratio points from catastrophes		1.6			3.0			4.6			2.3

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			Six			Six
	months ended		months ended			months ended			months ended
	June 30,		June 30,			June 30,			June 30,
	2009		2008			2009			2008
(dollars in thousands)
Statutory accounting basis	(Unaudited)					(Unaudited)
Premiums earned	$	913,464	$	905,050		$	1,797,715		$	1,792,542
Losses, loss adjustment expenses and
underwriting expenses		874,063		844,022			1,868,722			1,665,440
Net underwriting income (loss)		39,401		61,028			(71,007	)		127,102
Total investment income (loss)		283		(54,492	)		(191,408	)		(24,263	)
Income (loss) before income taxes		39,684		6,536			(262,415	)		102,839
Federal income tax expense (benefit)		5,656		52,564			(47,564	)		113,364
Net income (loss)	$	34,028	$	(46,028	)	$	(214,851	)	$	(10,525	)

	As of		As of
	June 30,		December 31,
	2009		2008
(dollars in thousands)
Statutory accounting basis	(Unaudited)
Cash and invested assets	$	7,785,784	$	7,595,727
Other assets		1,388,664		1,552,902
Total assets	$	9,174,448	$	9,148,629
Loss, loss adjustment expense and
unearned premium reserves	$	4,917,441	$	4,768,240
Other liabilities		341,763		334,399
Total liabilities		5,259,204		5,102,639
Policyholders’ surplus		3,915,244		4,045,990
Total liabilities and policyholders’ surplus	$	9,174,448	$	9,148,629

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

	Three months			Three months						Six months			Six months
	ended			ended						ended			ended
	June 30,			June 30,			%			June 30,			June 30,			%
	2009			2008			Change			2009			2008			Change
(dollars in thousands)
Private passenger auto	$	122,966		$	120,804			1.8	%	$	233,337		$	230,054			1.4	%
Homeowners		55,304			51,756			6.9			94,986			89,540			6.1
Commercial multi-peril		30,005			29,950			0.2			59,022			58,694			0.6
Commercial auto		21,003			21,638			(2.9	)		40,753			42,355			(3.8	)
Workers compensation		17,138			19,490			(12.1	)		36,047			40,704			(11.4	)
All other lines of business		14,655			13,871			5.7			27,196			25,761			5.6
		261,071			257,509			1.4			491,341			487,108			0.9
Change in allowance for management fee returned on cancelled policies	(1,300)			(1,700)						(1,800)			(1,700)
Management fee revenue, net of allowance	$259,771			$255,809			1.5%			$489,541			$485,408			0.9%
Management fee rate		25.00	%		25.00	%					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
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
06/30/2009		1,709,580		2.5			1,483,763		3.5			362,582		8.9			3,555,925		3.6

			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
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
06/30/2009		124,917		0.8			240,970		2.8			57,549		3.1			99,973		2.3			523,409		2.2

			12-mth.
	Total All		growth
Date	Lines		rate
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
06/30/2009		4,079,334		3.4

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
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
06/30/2009		91.9			87.3			91.6			85.2			85.7			89.1			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
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	)
06/30/2009		1,076		(1.1	)		516		0.4			359		1.7			769		(1.0	)

			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
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	)
06/30/2009		2,439		(3.6	)		4,555		(13.0	)		1,511		(2.3	)		2,067		(5.5	)

			12-mth.
	Total All		percent
Date	Lines		change
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	)
06/30/2009		936		(2.5	)

CML* = Commercial

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

	Three Months ended												Three Months ended
	June 30, 2009												June 30, 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		89.0	%		0.7	%		-1.9	%		90.2	%		83.6	%		-2.5	%		0.9	%		85.2	%
Homeowners		97.9	%		1.0	%		8.4	%		88.5	%		88.2	%		-9.5	%		10.3	%		87.4	%
Other Personal Lines		75.6	%		-4.6	%		3.0	%		77.2	%		98.7	%		9.1	%		2.9	%		86.7	%
Total Personal		90.8	%		0.5	%		1.2	%		89.1	%		85.5	%		-4.0	%		3.6	%		85.9	%
Commercial Multi-Peril		96.1	%		4.4	%		6.6	%		85.1	%		74.1	%		-17.4	%		2.6	%		88.9	%
Commercial Auto		85.7	%		2.9	%		-1.1	%		83.9	%		94.4	%		4.3	%		1.3	%		88.8	%
Workers’ Compensation		70.3	%		-18.8	%		0.0	%		89.1	%		115.6	%		6.3	%		0.0	%		109.3	%
Other Commercial Lines		61.9	%		-5.9	%		0.7	%		67.1	%		63.9	%		1.3	%		0.4	%		62.2	%
Total Commercial		84.5	%		-2.3	%		2.4	%		84.4	%		90.1	%		-3.7	%		1.4	%		92.4	%
Grand Total – Direct Business Only	89.1%			-0.3%			1.5%			87.9%			86.9%			-3.9%			2.9%			87.9%
				Six Months ended												Six Months ended
				June 30, 2009												June 30, 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		95.5	%		3.0	%		0.8	%		91.7	%		84.3	%		-6.8	%		0.6	%		90.5	%
Homeowners		113.8	%		3.2	%		16.2	%		94.4	%		89.2	%		-5.4	%		8.1	%		86.5	%
Other Personal Lines		82.2	%		-5.5	%		5.3	%		82.4	%		79.3	%		-3.8	%		3.1	%		80.0	%
Total Personal		99.9	%		2.6	%		5.3	%		92.0	%		85.4	%		-6.3	%		2.8	%		88.9	%
Commercial Multi-Peril		112.9	%		11.7	%		6.1	%		95.1	%		91.6	%		-2.1	%		2.4	%		91.3	%
Commercial Auto		75.0	%		-8.5	%		1.8	%		81.7	%		78.6	%		-9.8	%		0.7	%		87.7	%
Workers’ Compensation		88.8	%		-4.3	%		0.0	%		93.1	%		103.0	%		5.6	%		0.0	%		97.4	%
Other Commercial Lines		53.5	%		-17.4	%		0.6	%		70.3	%		90.4	%		23.2	%		0.4	%		66.8	%
Total Commercial		92.0	%		0.0	%		3.0	%		89.0	%		90.9	%		-0.5	%		1.2	%		90.2	%
Grand Total – Direct Business Only	97.7%			1.9%			4.6%			91.2%			87.1%			-4.6%			2.3%			89.4%
*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.