Exhibit 99.2

ERIE INDEMNITY COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS

(dollars in millions, except per share data)

	Three			Three
	months			months
	ended			ended
	March 31,			March 31,
	2010			2009
Revenues	(Unaudited)			(As adjusted)*
Premiums earned	$	978		$	957
Net investment income		104			117
Net realized investment gains (losses)		125			(155	)
Net impairment losses recognized in earnings		(2	)		(71	)
Equity in earnings (losses) of limited partnerships		3			(161	)
Other income		8			8
Total revenues		1,216			695
Benefits and expenses
Insurance losses and loss expenses		761			803
Policy acquisition and underwriting expenses		227			232
Total benefits and expenses		988			1,035
Income (loss) from operations before income taxes
and noncontrolling interests		228			(340	)
Provision (benefit) for income taxes		66			(89	)
Net income (loss)		162			(251	)
Less: Net income (loss) attributable to noncontrolling
interests – Exchange		115			(262	)
Net income attributable to Indemnity	$	47		$	11
Earnings Per Share
Net income attributable to Indemnity per share
Class A common stock – basic	$	0.92		$	0.22
Class A common stock – diluted	$	0.82		$	0.19
Class B common stock – basic and diluted	$	132.83		$	34.78
Weighted average shares outstanding attributable to
Indemnity – Basic
Class A common stock		51,185,736			51,270,240
Class B common stock		2,546			2,551
Weighted average shares outstanding attributable to
Indemnity – Diluted
Class A common stock		57,310,247			57,409,460
Class B common stock		2,546			2,551
Dividends declared per share
Class A common stock	$	0.48		$	0.45
Class B common stock	$	72.00		$	67.50

• The first quarter 2009 has been adjusted to reflect the retrospective adoption of new accounting guidance in ASC 810, Consolidation.

ERIE INDEMNITY COMPANY

RESULTS OF THE GROUP’S OPERATIONS BY INTEREST

(amounts in millions, except per share data)

	Indemnity						shareholder						Noncontrolling interest								Eliminations of related
	interest										(Exchange)									party transactions						Erie Insurance Group
				Three months ended										Three months ended						Three months ended						Three months ended
				March 31,										March 31,						March 31,						March 31,
	Percent			2010				2009*			Percent			2010			2009*			2010			2009*			2010			2009*
				(Unaudited)										(Unaudited)						(Unaudited)						(Unaudited)
Management operations
Management fee revenue, net		100.0	%	$	237			$	230					$	0		$	0		$	(237	)	$	(230	)	$	0		$	0
Service agreement revenue		100.0	%		8				8						0			0			0			0			8			8
Total revenue from management operations					245				238						0			0			(237	)		(230	)		8			8
Cost of management operations		100.0	%		192				193						0			0			(192	)		(193	)		0			0
Income from management operations before taxes					53				45												(45	)		(37	)		8			8
Property and casualty operations
Premiums earned		5.5	%		53				52			94.5	%		909			889			0			0			962			941
Losses and loss expenses		5.5	%		40				43			94.5	%		698			739			(1	)		(1	)		737			781
Underwriting expenses		5.5	%		15				15			94.5	%		250			250			(46	)		(38	)		219			227
Income (loss) from property and casualty operations before taxes					(2	)			(6	)					(39	)		(100	)		47			39			6			(67	)
Life insurance operations
Total revenue		21.6	%		9				5			78.4	%		34			17			0			0			43			22
Total benefits and expenses		21.6	%		7				6			78.4	%		26			22			(1	)		(1	)		32			27
Income (loss) from life operations before taxes					2				(1	)					8			(5	)		1			1			11			(5	)
Investment operations
Investment income, net of expenses					9				13						75			83			(3	)		(3	)		81			93
Net realized gain (loss) on investments					5				(4	)					115			(149	)		0			0			120			(153	)
Impairment losses recognized in earnings					0				(5	)					(2	)		(53	)		0			0			(2	)		(58	)
Equity in earnings (losses) of limited partnerships					0				(28	)					4			(130	)		0			0			4			(158	)
Total investment income (loss) before taxes					14				(24	)					192			(249	)		(3	)		(3	)		203			(276	)
Income (loss) from operations before income taxes and noncontrolling interests					67				14						161			(354	)		0			0			228			(340	)
Provision for income taxes					20				3						46			(92	)		0			0			66			(89	)
Net income (loss)				$	47			$	11					$	115		$	(262	)	$	0		$	0		$	162		$	(251	)

*The first quarter 2009 has been adjusted to reflect the retrospective adoption of new accounting guidance in ASC 810, Consolidation.

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 related to the Indemnity shareholder interest 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. Our common stock portfolio is measured at fair value. As such, changes in value related to common stocks are reported in earnings. These unrealized gains or losses are included in the net realized gains and losses on investments in our Consolidated Statements of Operations that is used to calculate operating income. Equity in earnings or losses of EFL 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 generally accepted accounting principle (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 Indemnity shareholder interest for the three months ended March 31:

(in millions, except per share data)	Indemnity
	Shareholder interest
	2010			2009
	(Unaudited)
Operating income attributable to Indemnity	$	44		$	17
Net realized gains (losses) and impairments on investments		5			(9	)
Income tax (expense) benefit		(2	)		3
Realized gains (losses) and impairments, net of income taxes		3			(6	)
Net income	$	47		$	11
Per Indemnity Class A common share – diluted:
Operating income	$	0.77		$	0.29
Net realized gains (losses) and impairments on investments		0.09			(0.15	)
Income tax (expense) benefit		(0.04	)		0.05
Realized gains (losses) and impairments, net of income taxes		0.05			(0.10	)
Net income	$	0.82		$	0.19

ERIE INDEMNITY COMPANY

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(dollars in millions, except per share data)

	March 31,		December 31,
	2010		2009
	(Unaudited)		(As Adjusted)*
Assets
Investments-Indemnity
Available-for-sale securities, at fair value:
Fixed maturities	$	674	$	664
Equity securities		48		38
Trading securities, at fair value		45		42
Limited partnerships		235		235
Other invested assets		1		1
Investments-Exchange
Available-for-sale securities, at fair value:
Fixed maturities		6,569		6,517
Equity securities		536		472
Trading securities, at fair value		1,933		1,835
Limited partnerships		1,119		1,116
Other invested assets		20		20
Total investments		11,180		10,940
Cash and cash equivalents (Exchange portion of $172 and $158, respectively)		202		234
Premiums receivable from policyholders (Exchange portion of $728 and $715, respectively)		920		906
Reinsurance recoverable (Exchange portion of $214 and $212, respectively)		217		215
Deferred income taxes (Exchange portion of $22 and $75, respectively)		55		116
Deferred acquisition costs (Exchange portion of $405 and $416, respectively)		456		467
Other assets (Exchange portion of $319 and $306, respectively)		420		409
Total assets	$	13,450	$	13,287
Liabilities and shareholders’ equity
Liabilities
Indemnity liabilities
Losses and loss expense reserves	$	744	$	752
Unearned premiums		325		325
Other liabilities		334		387
Exchange liabilities
Losses and loss expense reserves		2,867		2,846
Life policy and deposit contract reserves		1,559		1,540
Unearned premiums		1,660		1,656
Other liabilities		50		56
Total liabilities		7,539		7,562
Indemnity’s shareholders’ equity		928		902
Noncontrolling interest for the benefit of subscribers (policyholders) – Exchange		4,983		4,823
Total equity		5,911		5,725
Total liabilities, shareholders’ equity and noncontrolling interest	$	13,450	$	13,287

* The December 31, 2009 amounts have been adjusted to reflect the retrospective adoption of new accounting guidance in ASC 810, Consolidation.