Exhibit 99.2

ERIE INDEMNITY COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(dollars in millions, except per share data)

	Three		Three			Nine			Nine
	months		months			months			months
	ended		ended			ended			ended
	September 30,		September 30,			September 30,			September 30,
Revenues	2010		2009*			2010			2009*
Premiums earned	$	1,005	$	977		$	2,972		$	2,898
Net investment income		110		102			322			324
Net realized investment gains		205		251			117			304
Net impairment losses recognized in earnings		0		(16	)		(6	)		(99	)
Equity in earnings (losses) of limited partnerships		28		(37	)		58			(324	)
Other income		9		9			26			27
Total revenues		1,357		1,286			3,489			3,130
Benefits and expenses
Insurance losses and loss expenses		710		631			2,208			2,094
Policy acquisition and underwriting expenses		242		299			699			762
Total benefits and expenses		952		930			2,907			2,856
Income from operations before income taxes
and noncontrolling interest		405		356			582			274
Provision for income taxes		130		104			176			2
Net income	$	275	$	252		$	406		$	272
Less: Net income attributable to noncontrolling
interest in consolidated entity – Exchange		221		212			256			188
Net income attributable to Indemnity	$	54	$	40		$	150		$	84
Earnings Per Share
Net income attributable to Indemnity per share
Class A common stock – basic	$	1.05	$	0.77		$	2.92		$	1.62
Class A common stock – diluted	$	0.94	$	0.69		$	2.62		$	1.46
Class B common stock – basic and diluted	$	150.87	$	112.06		$	421.91		$	239.96
Weighted average shares outstanding attributable to
Indemnity – Basic
Class A common stock		50,499,551		51,252,693			50,897,035			51,255,234
Class B common stock		2,546		2,546			2,546			2,549
Weighted average shares outstanding attributable to
Indemnity – Diluted
Class A common stock		56,624,310		57,383,900			57,021,794			57,393,641
Class B common stock		2,546		2,546			2,546			2,549
Dividends declared per share
Class A common stock	$	0.48	$	0.45		$	1.44		$	1.35
Class B common stock	$	72.00	$	67.50		$	216.00		$	202.50

• The 2009 results have 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 (Unaudited)

(in millions)

																	Eliminations of
	Indemnity			shareholder					Noncontrolling interest								related party
	interest								(Exchange)								transactions						Erie Insurance Group
				Three months ended								Three months ended					Three months ended						Three months ended
				September 30,								September 30,					September 30,						September 30,
	Percent			2010		2009			Percent			2010		2009			2010			2009			2010		2009
Management operations
Management fee revenue, net		100.0	%	$	266	$	253					$	0	$	0		$	(266	)	$	(253	)	$	0	$	0
Service agreement revenue		100.0	%		9		9						0		0			0			0			9		9
Total revenue from management operations					275		262						0		0			(266	)		(253	)		9		9
Cost of management operations		100.0	%		217		214						0		0			(217	)		(214	)		0		0
Income from management operations before taxes					58		48						0		0			(49	)		(39	)		9		9
Property and casualty insurance operations
Premiums earned		5.5	%		55		53			94.5	%		935		911			0			0			990		964
Losses and loss expenses		5.5	%		38		34			94.5	%		652		579			(1	)		(1	)		689		612
Underwriting expenses		5.5	%		16		18			94.5	%		272		317			(51	)		(41	)		237		294
Income from property and casualty insurance operations before taxes					1		1						11		15			52			42			64		58
Life insurance operations
Total revenue		21.6	%		10		7			78.4	%		33		26			(1	)		(1	)		42		32
Total benefits and expenses		21.6	%		7		5			78.4	%		20		20			(1	)		(1	)		26		24
Income from life insurance operations before taxes					3		2						13		6			0			0			16		8
Investment operations
Investment income, net of expenses					10		10						79		73			(3	)		(3	)		86		80
Net realized gains on investments					5		5						197		244			0			0			202		249
Impairment losses recognized in earnings					0		(3	)					0		(10	)		0			0			0		(13	)
Equity in earnings (losses) of limited partnerships					5		(9	)					23		(26	)		0			0			28		(35	)
Income from investment operations before taxes					20		3						299		281			(3	)		(3	)		316		281
Income from operations before income taxes and noncontrolling interest					82		54						323		302			0			0			405		356
Provision for income taxes					28		14						102		90			0			0			130		104
Net income				$	54	$	40					$	221	$	212		$	0		$	0		$	275	$	252

ERIE INDEMNITY COMPANY

RESULTS OF THE GROUP’S OPERATIONS BY INTEREST (Unaudited)

(in millions)

																			Eliminations of
	Indemnity			shareholder						Noncontrolling interest									related party
	interest									(Exchange)									transactions						Erie Insurance Group
																			Nine months
				Nine months ended									Nine months ended						ended						Nine months ended
				September 30,									September 30,						September 30,						September 30,
	Percent			2010			2009			Percent			2010			2009			2010			2009			2010			2009
Management operations
Management fee revenue, net		100.0	%	$	773		$	742					$	0		$	0		$	(773	)	$	(742	)	$	0		$	0
Service agreement revenue		100.0	%		26			26						0			0			0			0			26			26
Total revenue from management operations					799			768						0			0			(773	)		(742	)		26			26
Cost of management operations		100.0	%		626			615						0			0			(626	)		(615	)		0			0
Income from management operations before taxes					173			153						0			0			(147	)		(127	)		26			26
Property and casualty insurance operations
Premiums earned		5.5	%		161			157			94.5	%		2,765			2,695			0			0			2,926			2,852
Losses and loss expenses		5.5	%		118			112			94.5	%		2,027			1,921			(4	)		(4	)		2,141			2,029
Underwriting expenses		5.5	%		46			48			94.5	%		783			826			(151	)		(131	)		678			743
(Loss) income from property and casualty insurance operations before taxes					(3	)		(3	)					(45	)		(52	)		155			135			107			80
Life insurance operations
Total revenue		21.6	%		28			20			78.4	%		99			74			(2	)		(2	)		125			92
Total benefits and expenses		21.6	%		20			18			78.4	%		70			68			(2	)		(2	)		88			84
Income from life insurance operations before taxes					8			2						29			6			0			0			37			8
Investment operations
Investment income, net of expenses					28			32						232			231			(8	)		(8	)		252			255
Net realized gains on investments					7			5						99			298			0			0			106			303
Impairment losses recognized in earnings					(1	)		(10	)					(3	)		(71	)		0			0			(4	)		(81	)
Equity in earnings (losses) of limited partnerships					11			(64	)					47			(253	)		0			0			58			(317	)
Income (loss) from investment operations before taxes					45			(37	)					375			205			(8	)		(8	)		412			160
Income from operations before income taxes and noncontrolling interest					223			115						359			159			0			0			582			274
Provision for income taxes					73			31						103			(29	)		0			0			176			2
Net income				$	150		$	84					$	256		$	188		$	0		$	0		$	406		$	272

ERIE INDEMNITY COMPANY

RECONCILIATION OF OPERATING INCOME TO NET INCOME

Definition of non-GAAP 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, impairment losses and related federal income taxes. Our common stock portfolio is measured at fair value. As such, changes in fair 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 included in 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:

	Indemnity Shareholder interest
	Three			Three			Nine			Nine
	months ended			months ended			months ended			months ended
	September 30,			September 30,			September 30,			September 30,
	2010			2009			2010			2009
(in millions, except per share data)
	(Unaudited)						(Unaudited)
Operating income attributable to Indemnity	$	51		$	38		$	146		$	87
Net realized gains and impairments on investments		5			2			6			(5	)
Income tax (expense) benefit		(2	)		0			(2	)		2
Realized gains and impairments, net of income taxes		3			2			4			(3	)
Net income attributable to Indemnity	$	54		$	40		$	150		$	84
Per Indemnity Class A common share – diluted:
Operating income attributable to Indemnity	$	0.89		$	0.66		$	2.55		$	1.52
Net realized gains and impairments on investments		0.08			0.04			0.11			(0.09	)
Income tax (expense) benefit		(0.03	)		(0.01	)		(0.04	)		0.03
Realized gains and impairments, net of income taxes		0.05			0.03			0.07			(0.06	)
Net income attributable to Indemnity	$	0.94		$	0.69		$	2.62		$	1.46

ERIE INDEMNITY COMPANY

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(dollars in millions, except per share data)

	September 30,		December 31,
	2010
	(Unaudited)			2009
Assets
Investments-Indemnity
Available-for-sale securities, at fair value:
Fixed maturities	$	695	$	664
Equity securities		46		38
Trading securities, at fair value		26		42
Limited partnerships		234		235
Other invested assets		1		1
Investments-Exchange
Available-for-sale securities, at fair value:
Fixed maturities		7,019		6,517
Equity securities		538		472
Trading securities, at fair value		1,985		1,835
Limited partnerships		1,148		1,116
Other invested assets		19		20
Total investments		11,711		10,940
Cash and cash equivalents (Exchange portion of $239 and $158, respectively)		312		234
Premiums receivable from policyholders (Exchange portion of $780 and $715, respectively)		993		906
Reinsurance recoverable (Exchange portion of $201 and $212, respectively)		204		215
Deferred income taxes (Exchange portion of $0 and $75, respectively)		11		116
Deferred acquisition costs (Exchange portion of $416 and $416, respectively)		473		467
Other assets (Exchange portion of $337 and $306, respectively)		454		409
Total assets	$	14,158	$	13,287
Liabilities and shareholders’ equity
Liabilities
Indemnity liabilities
Losses and loss expense reserves	$	743	$	752
Unearned premiums		355		325
Other liabilities		370		387
Exchange liabilities
Losses and loss expense reserves		2,870		2,846
Life policy and deposit contract reserves		1,600		1,540
Unearned premiums		1,803		1,656
Deferred income taxes		103		0
Other liabilities		88		56
Total liabilities		7,932		7,562
Indemnity’s shareholders’ equity		958		902
Noncontrolling interest in consolidated entity – Exchange		5,268		4,823
Total equity		6,226		5,725
Total liabilities, shareholders’ equity and noncontrolling interest	$	14,158	$	13,287