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,
	2009			2008			2009			2008
	(Unaudited)						(Unaudited)
Operating revenue
Management fee revenue, net	$	238,752		$	234,120		$	701,270		$	692,737
Premiums earned		52,989			52,057			156,849			155,719
Service agreement revenue		8,730			8,340			25,911			23,480
Total operating revenue		300,471			294,517			884,030			871,936
Operating expenses
Cost of management operations		202,412			195,297			581,648			577,754
Losses and loss adjustment expenses incurred		33,746			37,185			111,834			104,768
Policy acquisition and other underwriting expenses		16,146			12,311			41,056			36,592
Total operating expenses		252,304			244,793			734,538			719,114
Investment income (loss) – unaffiliated
Investment income, net of expenses		9,466			10,218			31,526			33,357
Realized gains (losses) on investments		5,453			(3,925	)		5,086			(18,368	)
Net impairment losses recognized in earnings		(3,232	)		(37,431	)		(10,384	)		(61,834	)
Equity in (losses) earnings of limited partnerships		(8,752	)		1,057			(63,581	)		20,310
Total investment income (loss) – unaffiliated		2,935			(30,081	)		(37,353	)		(26,535	)
Income before income taxes and equity in earnings (losses) of Erie Family Life Insurance		51,102			19,643			112,139			126,287
Provision for income taxes		16,440			6,011			33,918			40,550
Equity in earnings (losses) of Erie Family Life Insurance, net of tax		5,024			(9,384	)		5,328			(10,197	)
Net income	$	39,686		$	4,248		$	83,549		$	75,540
Net income per share:
Class A common stock – basic	$	0.77		$	0.08		$	1.62		$	1.45
Class A common stock – diluted		0.69			0.07			1.46			1.30
Class B common stock – basic and diluted		112.06			15.92			239.96			216.59
Weighted average shares outstanding:
Class A common stock – basic		51,252,693			51,376,513			51,255,234			51,984,203
Class A common stock – diluted		57,383,900			57,533,591			57,393,641			58,141,281
Class B common stock – basic and diluted		2,546			2,551			2,549			2,551
Dividends declared per share:
Class A common stock	$	0.45		$	0.44		$	1.35		$	1.32
Class B common stock		67.50			66.00			202.50			198.00

ERIE INDEMNITY COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS — SEGMENT BASIS

(amounts in thousands, except per share data)

	Three			Three			Nine			Nine
	months ended			months ended			months ended			months ended
	September 30,			September 30,			September 30,			September 30,
	2009			2008			2009			2008
	(Unaudited)						(Unaudited)
Management operations
Management fee revenue	$	252,624		$	247,723		$	742,166		$	733,131
Service agreement revenue		8,730			8,340			25,911			23,480
Total revenue from management operations		261,354			256,063			768,077			756,611
Cost of management operations		214,175			206,652			615,541			611,426
Income from management operations		47,179			49,411			152,536			145,185
Insurance underwriting operations
Premiums earned		52,989			52,057			156,849			155,719
Losses and loss adjustment expenses incurred		33,746			37,185			111,834			104,768
Policy acquisition and other underwriting expenses		18,255			14,559			48,059			43,313
Total losses and expenses		52,001			51,744			159,893			148,081
Underwriting income (loss)		988			313			(3,044	)		7,638
Investment operations
Investment income, net of expenses		9,466			10,218			31,526			33,357
Realized gains (losses) on investments		5,453			(3,925	)		5,086			(18,368	)
Net impairment losses recognized in earnings		(3,232	)		(37,431	)		(10,384	)		(61,834	)
Equity in (losses) earnings of limited partnerships		(8,752	)		1,057			(63,581	)		20,310
Equity in earnings (losses) of Erie Family Life Insurance		5,402			(10,090	)		5,729			(10,965	)
Net revenue (loss) from investment operations		8,337			(40,171	)		(31,624	)		(37,500	)
Income before income taxes		56,504			9,553			117,868			115,323
Provision for income taxes		16,818			5,305			34,319			39,783
Net income	$	39,686		$	4,248		$	83,549		$	75,540
Net income per share – Class A basic	$	0.77		$	0.08		$	1.62		$	1.45
Net income per share – Class A diluted		0.69			0.07			1.46			1.30
Net income per share – Class B basic and diluted		112.06			15.92			239.96			216.59
Weighted average shares outstanding - Class A diluted		57,384			57,534			57,394			58,141

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 September 30, 2009 and 2008:

	Three			Three			Nine			Nine
	months ended			months ended			months ended			months ended
	September 30,			September 30,			September 30,			September 30,
	2009			2008			2009			2008
(in thousands, except per share data)
	(Unaudited)						(Unaudited)
Operating income	$	38,242		$	31,129		$	86,993		$	127,671
Net realized gains (losses) and impairments on investments		2,221			(41,356	)		(5,298	)		(80,202	)
Income tax (expense) benefit		(777	)		14,475			1,854			28,071
Realized gains (losses) and impairments, net of income taxes		1,444			(26,881	)		(3,444	)		(52,131	)
Net income	$	39,686		$	4,248		$	83,549		$	75,540
	Three			Three			Nine			Nine
	months ended			months ended			months ended			months ended
	September 30,			September 30,			September 30,			September 30,
		2009			2008			2009			2008
Per Class A share – diluted:	(Unaudited)						(Unaudited)
Operating income	$	0.66		$	0.54		$	1.52		$	2.20
Net realized gains (losses) and impairments on investments		0.04			(0.72	)		(0.09	)		(1.38	)
Income tax (expense) benefit		(0.01	)		0.25			0.03			0.48
Realized gains (losses) and impairments, net of income taxes		0.03			(0.47	)		(0.06	)		(0.90	)
Net income	$	0.69		$	0.07		$	1.46		$	1.30

ERIE INDEMNITY COMPANY

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(amounts in thousands, except per share data)

	September 30,		December 31,
	2009		2008
	(Unaudited)
Assets
Investments
Available-for-sale securities, at fair value:
Fixed maturities	$	646,908	$	563,429
Equity securities		40,499		55,281
Trading securities, at fair value		41,072		33,338
Other invested assets		249,266		300,391
Total investments		977,745		952,439
Cash and cash equivalents		36,872		61,073
Equity in Erie Family Life Insurance		71,006		29,236
Premiums receivable from policyholders		251,784		244,760
Receivables from affiliates		1,194,373		1,130,610
Other assets		177,700		195,268
Total assets	$	2,709,480	$	2,613,386
Liabilities and shareholders’ equity
Liabilities
Unpaid losses and loss adjustment expenses	$	982,972	$	965,081
Unearned premiums		452,815		424,370
Other liabilities		395,578		432,060
Total liabilities		1,831,365		1,821,511
Total shareholders’ equity		878,115		791,875
Total liabilities and shareholders’ equity	$	2,709,480	$	2,613,386
Book value per share	$	15.31	$	13.79
Shares outstanding		57,363		57,405

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

	Three			Three			Nine			Nine
	months ended			months ended			months ended			months ended
	September 30,			September 30,			September 30,			September 30,
	2009			2008			2009			2008
(dollars in thousands)
Property and Casualty Group insurance underwriting operations (SAP basis)
Direct underwriting results
Direct written premium	$	1,008,901		$	989,291		$	2,974,265		$	2,937,724
Premiums earned		965,100			956,771			2,870,287			2,857,056
Loss and loss adjustment expenses incurred		622,297			695,208			2,027,762			1,900,836
Policy acquisition and other underwriting expenses		277,832			271,140			834,408			810,256
Total losses and expenses		900,129			966,348			2,862,170			2,711,092
Direct underwriting income (loss)		64,971			(9,577	)		8,117			145,964
Nonaffiliated reinsurance underwriting results
Assumed voluntary-less ceded retrocessions		3,212			831			3,176			486
Assumed involuntary		(42,680	)		15,497			(39,503	)		13,092
Less: Ceded		5,743			(3,313	)		27,181			14,984
Nonaffiliated reinsurance underwriting income		(45,211	)		19,641			(63,508	)		(1,406	)
Net underwriting income (loss) (SAP basis)	$	19,760		$	10,064			($55,391	)	$	144,558
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)	$	1,087		$	554			($3,047	)	$	7,951
SAP to GAAP adjustments		(99	)		(241	)		3			(313	)
Indemnity underwriting income (loss) before tax (GAAP basis)	$	988		$	313			($3,044	)	$	7,638
Property & Casualty Group (SAP basis)
Net basis:
Loss and LAE ratio		63.1	%		70.7	%		70.8	%		66.7	%
Underwriting ratio		26.5			27.0			27.5			27.2
Policyholder dividends ratio		0.0			0.0			0.0			0.1
Statutory combined ratio		89.6			97.7			98.3			94.0
Adjusted combined ratio, excluding profit component		85.8			93.6			94.0			89.8
Direct business:
Loss ratio points from prior accident year reserve development – (redundancy) deficiency		(4.3	)		(0.4	)		(0.2	)		(3.2	)
Loss ratio points from prior accident years from salvage and subrogation recoveries collected		(0.9	)		(1.0	)		(1.9	)		(2.0	)
Total loss ratio points from prior accident years		(5.2	)		(1.4	)		(2.1	)		(5.2	)
Loss ratio points from catastrophes		2.4			8.0			3.8			4.2
Erie Indemnity Company
GAAP combined ratio		98.1			99.4			101.9			95.1
GAAP loss ratio points from catastrophes		2.4			8.1			3.9			4.2

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			Nine			Nine
	months ended		months ended			months ended			months ended
	September 30,		September 30,			September 30,			September 30,
	2009		2008			2009			2008
(dollars in thousands)
Statutory accounting basis	(Unaudited)					(Unaudited)
Premiums earned	$	921,050	$	902,260		$	2,718,765		$	2,694,802
Losses, loss adjustment expenses and
underwriting expenses		902,388		892,731			2,771,110			2,558,171
Net underwriting income (loss)		18,662		9,529			(52,345	)		136,631
Total investment income (loss)		27,588		(269,878	)		(163,820	)		(294,141	)
Income (loss) before income taxes		46,250		(260,349	)		(216,165	)		(157,510	)
Federal income tax expense (benefit)		13,468		15,800			(34,096	)		129,164
Net income (loss)	$	32,782		($276,149	)		($182,069	)		($286,674	)

	As of		As of
	September 30,		December 31,
	2009		2008
(dollars in thousands)
Statutory accounting basis	(Unaudited)
Cash and invested assets	$	8,262,437	$	7,595,727
Other assets		1,345,768		1,552,902
Total assets	$	9,608,205	$	9,148,629
Loss, loss adjustment expense and
unearned premium reserves	$	4,909,177	$	4,768,240
Other liabilities		407,944		334,399
Total liabilities		5,317,121		5,102,639
Policyholders’ surplus		4,291,084		4,045,990
Total liabilities and policyholders’ surplus	$	9,608,205	$	9,148,629

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,			%
	2009			2008			Change			2009			2008			Change
(dollars in thousands)
Private passenger auto	$	125,048		$	122,011			2.5	%	$	358,386		$	352,065			1.8	%
Homeowners		55,957			52,266			7.1			150,942			141,806			6.4
Commercial multi-peril		26,151			25,877			1.1			85,173			84,570			0.7
Commercial auto		17,891			18,351			(2.5	)		58,645			60,707			(3.4	)
Workers compensation		13,700			15,831			(13.5	)		49,747			56,535			(12.0	)
All other lines of business		13,477			12,987			3.8			40,673			38,748			5.0
		252,224			247,323			2.0			743,566			734,431			1.2
Change in allowance for management fee returned on cancelled policies		400			400						(1,400	)		(1,300	)
Management fee revenue, net of allowance	$	252,624		$	247,723			2.0	%	$	742,166		$	733,131			1.2	%
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
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
09/30/2009		1,721,388		2.6			1,498,285		3.6			369,253		8.4			3,588,926		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
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
09/30/2009		125,149		0.6			243,771		2.9			58,238		3.3			101,157		2.4			528,315		2.3

			12-mth.
	Total All		growth
Date	Lines		rate
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
09/30/2009		4,117,241		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			Homeowners			Auto			Peril			Comp.			Lines			Total All Lines
09/30/2007		91.3	%		90.1	%		88.2	%		86.1	%		86.8	%		87.5	%		90.0	%
12/31/2007		91.5			90.3			88.2			86.0			86.8			87.8			90.2
03/31/2008		91.6			90.5			88.4			86.5			87.6			87.9			90.4
06/30/2008		91.6			90.7			87.9			86.2			87.5			88.1			90.4
09/30/2008		91.7			91.0			87.8			86.0			87.2			88.2			90.5
12/31/2008		91.8			91.1			87.6			85.6			86.6			88.5			90.6
03/31/2009		91.9			91.4			87.5			85.7			86.3			88.8			90.8
06/30/2009		91.9			91.6			87.3			85.2			85.7			89.1			90.8
09/30/2009		91.9			91.4			87.0			84.9			85.8			88.8			90.7

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
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	)
09/30/2009		1,076		(0.9	)		520		1.8			359		1.4			770		(0.5	)

			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
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	)
09/30/2009		2,420		(3.7	)		4,354		(14.1	)		1,496		(2.6	)		2,030		(5.9	)

			12-mth.
	Total All		percent
Date	Lines		change
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	)
09/30/2009		932		(2.2	)

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, 2009												September 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		91.6	%		0.0	%		0.3	%		91.3	%		82.9	%		(3.5	)%		1.2	%		85.2	%
Homeowners		87.0	%		0.2	%		9.0	%		77.8	%		116.6	%		0.8	%		30.7	%		85.1	%
Other Personal Lines		67.7	%		(11.8	)%		3.1	%		76.4	%		68.2	%		(11.4	)%		11.3	%		68.3	%
Total Personal		89.3	%		(0.5	)%		2.9	%		86.9	%		91.6	%		(2.6	)%		9.8	%		84.4	%
Commercial Multi-Peril		101.1	%		6.2	%		3.3	%		91.6	%		119.2	%		4.2	%		9.2	%		105.8	%
Commercial Auto		79.2	%		(15.7	)%		(0.1	)%		95.0	%		81.0	%		0.0	%		0.4	%		80.6	%
Workers’ Compensation		67.9	%		(49.4	)%		0.0	%		117.3	%		115.8	%		6.6	%		0.0	%		109.2	%
Other Commercial Lines		79.8	%		(13.8	)%		1.1	%		92.5	%		144.3	%		22.7	%		0.2	%		121.4	%
Total Commercial		85.6	%		(14.4	)%		1.4	%		98.6	%		109.4	%		4.9	%		3.7	%		100.8	%
Grand Total – Direct
Business Only		87.9	%		(4.3	)%		2.4	%		89.8	%		96.6	%		(0.4	)%		8.0	%		89.0	%
				Nine Months ended												Nine Months ended
				September 30, 2009												September 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		94.1	%		2.0	%		0.6	%		91.5	%		83.8	%		(5.7	)%		0.8	%		88.7	%
Homeowners		104.7	%		2.1	%		13.7	%		88.9	%		98.3	%		(3.3	)%		15.6	%		86.0	%
Other Personal Lines		77.3	%		(7.7	)%		4.5	%		80.5	%		75.5	%		(6.4	)%		5.9	%		76.0	%
Total Personal		96.3	%		1.6	%		4.5	%		90.2	%		87.5	%		(5.1	)%		5.1	%		87.5	%
Commercial Multi-Peril		108.8	%		9.9	%		5.2	%		93.7	%		100.8	%		0.0	%		4.7	%		96.1	%
Commercial Auto		76.3	%		(10.8	)%		1.2	%		85.9	%		79.3	%		(6.6	)%		0.6	%		85.3	%
Workers’ Compensation		81.8	%		(18.8	)%		0.0	%		100.6	%		107.0	%		5.9	%		0.0	%		101.1	%
Other Commercial Lines		62.2	%		(16.2	)%		0.7	%		77.7	%		108.5	%		23.0	%		0.3	%		85.2	%
Total Commercial		89.7	%		(4.8	)%		2.5	%		92.0	%		97.0	%		1.3	%		2.0	%		93.7	%
Grand Total – Direct
Business Only		94.4	%		(0.2	)%		3.8	%		90.8	%		90.3	%		(3.2	)%		4.2	%		89.3	%
*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.