EX-99.2 5 ex-99209302025.htm EX-99.2 Document

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,
2025202420252024
(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 services18,831 17,154 54,772 51,139 
Administrative services reimbursement revenue215,694 206,754 638,611 604,349 
Service agreement revenue6,939 6,816 18,675 19,803 
Total operating revenue1,066,739 999,886 3,116,235 2,871,025 
Operating expenses
Cost of operations - policy issuance and renewal services642,124 613,007 1,918,154 1,757,531 
Cost of operations - administrative services215,694 206,754 638,611 604,349 
Total operating expenses857,818 819,761 2,556,765 2,361,880 
Operating income208,921 180,125 559,470 509,145 
Investment income
Net investment income21,033 17,322 61,011 49,235 
Net realized and unrealized investment gains1,331 2,925 2,312 2,983 
Net impairment losses recognized in earnings(810)(698)(2,633)(3,763)
Total investment income21,554 19,549 60,690 48,455 
Other income2,286 1,168 8,094 7,871 
Income before income taxes232,761 200,842 628,254 565,471 
Income tax expense49,908 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 stock46,189,068 46,189,059 46,189,012 46,189,038 
Class B common stock2,542 2,542 2,542 2,542 
Weighted average shares outstanding – Diluted
Class A common stock52,305,599 52,306,514 52,304,797 52,301,001 
Class B common stock2,542 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 
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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 securities59,833 44,604 
Available-for-sale securities lent4,318 0 
Receivables from Erie Insurance Exchange and affiliates, net780,473 707,060 
Prepaid expenses and other current assets, net73,779 83,902 
Accrued investment income10,937 11,069 
Total current assets1,497,891 1,145,032 
Available-for-sale securities, net970,160 991,726 
Equity securities54,378 85,891 
Available-for-sale and equity securities lent51,836 7,285 
Fixed assets, net557,607 513,494 
Agent loans, net94,740 80,597 
Defined benefit pension plan51,819 21,311 
Other assets, net45,897 43,278 
Total assets$3,324,328 $2,888,614 
Liabilities and shareholders' equity
Current liabilities:
Commissions payable$425,310 $408,309 
Agent incentive compensation99,717 75,458 
Accounts payable and accrued liabilities199,995 190,028 
Dividends payable63,569 63,569 
Contract liability47,949 42,761 
Deferred executive compensation6,700 14,874 
Securities lending payable54,325 7,513 
Total current liabilities897,565 802,512 
Defined benefit pension plan31,065 28,070 
Contract liability23,361 21,170 
Deferred executive compensation20,798 19,721 
Deferred income taxes, net19,776 6,418 
Other long-term liabilities22,885 23,465 
Total liabilities1,015,450 901,356 
Shareholders’ equity2,308,878 1,987,258 
Total liabilities and shareholders’ equity$3,324,328 $2,888,614 
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