Erie Indemnity (ERIE) 8-K Erie Indemnity Reports First Quarter 2021 Results

Exhibit 99.2

Erie Indemnity Company

Statements of Operations

(dollars in thousands, except per share data)

	Three months ended March 31,
	2021		2020
	(Unaudited)
Operating revenue
Management fee revenue - policy issuance and renewal services, net	$	455,718	$	443,750
Management fee revenue - administrative services, net	14,847		14,771
Administrative services reimbursement revenue	153,533		151,554
Service agreement revenue	6,079		6,662
Total operating revenue	630,177		616,737
Operating expenses
Cost of operations - policy issuance and renewal services	400,549		379,492
Cost of operations - administrative services	153,533		151,554
Total operating expenses	554,082		531,046
Operating income	76,095		85,691
Investment income
Net investment income	17,097		4,664
Net realized investment gains (losses)	804		(10,806)
Net impairment recoveries (losses) recognized in earnings	87		(3,053)
Total investment income (loss)	17,988		(9,195)
Interest expense, net	1,009		3
Other expense	519		366
Income before income taxes	92,555		76,127
Income tax expense	18,989		16,801
Net income	$	73,566	$	59,326
Net income per share
Class A common stock – basic	$	1.58	$	1.27
Class A common stock – diluted	$	1.41	$	1.13
Class B common stock – basic and diluted	$	237	$	191
Weighted average shares outstanding – Basic
Class A common stock	46,188,860		46,188,789
Class B common stock	2,542		2,542
Weighted average shares outstanding – Diluted
Class A common stock	52,315,958		52,324,350
Class B common stock	2,542		2,542
Dividends declared per share
Class A common stock	$	1.035	$	0.965
Class B common stock	$	155.25	$	144.75

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Erie Indemnity Company

Statements of Financial Position

(in thousands)

	March 31, 2021		December 31, 2020
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	135,192	$	161,240
Available-for-sale securities	16,847		17,697
Equity securities	146		19
Receivables from Erie Insurance Exchange and affiliates, net	481,481		494,637
Prepaid expenses and other current assets	62,401		52,561
Accrued investment income	5,860		6,146
Total current assets	701,927		732,300
Available-for-sale securities, net	901,475		910,539
Equity securities	92,785		94,071
Fixed assets, net	282,268		265,341
Agent loans, net	59,916		62,449
Deferred income taxes, net	16,454		12,341
Other assets	44,273		40,081
Total assets	$	2,099,098	$	2,117,122
Liabilities and shareholders' equity
Current liabilities:
Commissions payable	$	272,670	$	262,338
Agent bonuses	30,766		110,158
Accounts payable and accrued liabilities	168,127		150,706
Dividends payable	48,200		48,200
Contract liability	35,799		36,917
Deferred executive compensation	13,825		17,319
Current portion of long-term borrowings	2,053		2,031
Total current liabilities	571,440		627,669
Defined benefit pension plans	174,228		164,346
Long-term borrowings	93,311		93,833
Contract liability	18,276		18,878
Deferred executive compensation	16,648		14,904
Other long-term liabilities	17,062		9,444
Total liabilities	890,965		929,074
Shareholders’ equity	1,208,133		1,188,048
Total liabilities and shareholders’ equity	$	2,099,098	$	2,117,122

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