EX-99.2 5 ex-99209302025.htm EX-99.2
Exhibit 99.2
Erie Indemnity Company
Consolidated Statements of Operations
(dollars in thousands, except per share data)

|  | Three months ended September 30, |  | Nine months ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
|  | (Unaudited) |  | (Unaudited)
Operating revenue |  |  |  |  |  |  |  |
Management fee revenue - policy issuance and renewal services |  | $ | 825,275 |  |  | $ | 769,162 |  |  | $ | 2,404,177 |  |  | $ | 2,195,734 |
Management fee revenue - administrative services |  | 18,831 |  |  | 17,154 |  |  | 54,772 |  |  | 51,139 |
Administrative services reimbursement revenue |  | 215,694 |  |  | 206,754 |  |  | 638,611 |  |  | 604,349 |
Service agreement revenue |  | 6,939 |  |  | 6,816 |  |  | 18,675 |  |  | 19,803 |
Total operating revenue |  | 1,066,739 |  |  | 999,886 |  |  | 3,116,235 |  |  | 2,871,025 |
Operating expenses |  |  |  |  |  |  |  |
Cost of operations - policy issuance and renewal services |  | 642,124 |  |  | 613,007 |  |  | 1,918,154 |  |  | 1,757,531 |
Cost of operations - administrative services |  | 215,694 |  |  | 206,754 |  |  | 638,611 |  |  | 604,349 |
Total operating expenses |  | 857,818 |  |  | 819,761 |  |  | 2,556,765 |  |  | 2,361,880 |
Operating income |  | 208,921 |  |  | 180,125 |  |  | 559,470 |  |  | 509,145 |
Investment income |  |  |  |  |  |  |  |
Net investment income |  | 21,033 |  |  | 17,322 |  |  | 61,011 |  |  | 49,235 |
Net realized and unrealized investment gains |  | 1,331 |  |  | 2,925 |  |  | 2,312 |  |  | 2,983 |
Net impairment losses recognized in earnings |  | (810) |  |  | (698) |  |  | (2,633) |  |  | (3,763) |
Total investment income |  | 21,554 |  |  | 19,549 |  |  | 60,690 |  |  | 48,455 |
Other income |  | 2,286 |  |  | 1,168 |  |  | 8,094 |  |  | 7,871 |
Income before income taxes |  | 232,761 |  |  | 200,842 |  |  | 628,254 |  |  | 565,471 |
Income tax expense |  | 49,908 |  |  | 41,012 |  |  | 132,299 |  |  | 117,186 |
Net income |  | $ | 182,853 |  |  | $ | 159,830 |  |  | $ | 495,955 |  |  | $ | 448,285 |
Net income per share |  |  |  |  |  |  |  |
Class A common stock – basic |  | $ | 3.93 |  |  | $ | 3.43 |  |  | $ | 10.65 |  |  | $ | 9.63 |
Class A common stock – diluted |  | $ | 3.50 |  |  | $ | 3.06 |  |  | $ | 9.48 |  |  | $ | 8.57 |
Class B common stock – basic and diluted |  | $ | 589 |  |  | $ | 515 |  |  | $ | 1,597 |  |  | $ | 1,444 |
Weighted average shares outstanding – Basic |  |  |  |  |  |  |  |
Class A common stock |  | 46,189,068 |  |  | 46,189,059 |  |  | 46,189,012 |  |  | 46,189,038 |
Class B common stock |  | 2,542 |  |  | 2,542 |  |  | 2,542 |  |  | 2,542 |
Weighted average shares outstanding – Diluted |  |  |  |  |  |  |  |
Class A common stock |  | 52,305,599 |  |  | 52,306,514 |  |  | 52,304,797 |  |  | 52,301,001 |
Class B common stock |  | 2,542 |  |  | 2,542 |  |  | 2,542 |  |  | 2,542 |
Dividends declared per share |  |  |  |  |  |  |  |
Class A common stock |  | $ | 1.365 |  |  | $ | 1.275 |  |  | $ | 4.095 |  |  | $ | 3.825 |
Class B common stock |  | $ | 204.75 |  |  | $ | 191.25 |  |  | $ | 614.25 |  |  | $ | 573.75 |

1

Erie Indemnity Company
Consolidated Statements of Financial Position
(in thousands)

|  | September 30, 2025 |  | December 31, 2024
|  | (Unaudited) |  |
Assets |  |  |  |
Current assets: |  |  |  |
Cash and cash equivalents (includes restricted cash of $28,000 and $23,559, respectively) |  | $ | 568,551 |  |  | $ | 298,397 |
Available-for-sale securities |  | 59,833 |  |  | 44,604 |
Available-for-sale securities lent |  | 4,318 |  |  | 0 |
Receivables from Erie Insurance Exchange and affiliates, net |  | 780,473 |  |  | 707,060 |
Prepaid expenses and other current assets, net |  | 73,779 |  |  | 83,902 |
Accrued investment income |  | 10,937 |  |  | 11,069 |
Total current assets |  | 1,497,891 |  |  | 1,145,032 |
Available-for-sale securities, net |  | 970,160 |  |  | 991,726 |
Equity securities |  | 54,378 |  |  | 85,891 |
Available-for-sale and equity securities lent |  | 51,836 |  |  | 7,285 |
Fixed assets, net |  | 557,607 |  |  | 513,494 |
Agent loans, net |  | 94,740 |  |  | 80,597 |
Defined benefit pension plan |  | 51,819 |  |  | 21,311 |
Other assets, net |  | 45,897 |  |  | 43,278 |
Total assets |  | $ | 3,324,328 |  |  | $ | 2,888,614 |
Liabilities and shareholders' equity |  |  |  |
Current liabilities: |  |  |  |
Commissions payable |  | $ | 425,310 |  |  | $ | 408,309 |
Agent incentive compensation |  | 99,717 |  |  | 75,458 |
Accounts payable and accrued liabilities |  | 199,995 |  |  | 190,028 |
Dividends payable |  | 63,569 |  |  | 63,569 |
Contract liability |  | 47,949 |  |  | 42,761 |
Deferred executive compensation |  | 6,700 |  |  | 14,874 |
Securities lending payable |  | 54,325 |  |  | 7,513 |
Total current liabilities |  | 897,565 |  |  | 802,512 |
Defined benefit pension plan |  | 31,065 |  |  | 28,070 |
Contract liability |  | 23,361 |  |  | 21,170 |
Deferred executive compensation |  | 20,798 |  |  | 19,721 |
Deferred income taxes, net |  | 19,776 |  |  | 6,418 |
Other long-term liabilities |  | 22,885 |  |  | 23,465 |
Total liabilities |  | 1,015,450 |  |  | 901,356 |
Shareholders’ equity |  | 2,308,878 |  |  | 1,987,258 |
Total liabilities and shareholders’ equity |  | $ | 3,324,328 |  |  | $ | 2,888,614 |

2