Erie Indemnity (ERIE) 8-K Erie Indemnity Reports Third Quarter 2023 Results

Exhibit 99.2

Erie Indemnity Company

Statements of Operations

(dollars in thousands, except per share data)

	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
	(Unaudited)				(Unaudited)
Operating revenue
Management fee revenue - policy issuance and renewal services	$	649,049	$	551,666	$	1,840,478	$	1,584,213
Management fee revenue - administrative services	16,151		14,657		46,976		43,446
Administrative services reimbursement revenue	187,118		168,653		544,411		492,655
Service agreement revenue	6,620		6,260		19,408		19,175
Total operating revenue	858,938		741,236		2,451,273		2,139,489
Operating expenses
Cost of operations - policy issuance and renewal services	523,349		466,111		1,513,690		1,352,050
Cost of operations - administrative services	187,118		168,653		544,411		492,655
Total operating expenses	710,467		634,764		2,058,101		1,844,705
Operating income	148,471		106,472		393,172		294,784
Investment income
Net investment income	14,642		5,834		30,360		24,606
Net realized and unrealized investment losses	(2,227)		(6,230)		(9,246)		(23,833)
Net impairment losses recognized in earnings	(113)		(175)		(1,917)		(429)
Total investment income (loss)	12,302		(571)		19,197		344
Interest expense	—		115		—		2,009
Other income	3,001		562		9,643		1,372
Income before income taxes	163,774		106,348		422,012		294,491
Income tax expense	32,734		22,035		86,879		61,412
Net income	$	131,040	$	84,313	$	335,133	$	233,079
Net income per share
Class A common stock – basic	$	2.81	$	1.81	$	7.20	$	5.00
Class A common stock – diluted	$	2.51	$	1.61	$	6.41	$	4.46
Class B common stock – basic and diluted	$	422	$	272	$	1,079	$	751
Weighted average shares outstanding – Basic
Class A common stock	46,189,037		46,189,025		46,188,962		46,188,878
Class B common stock	2,542		2,542		2,542		2,542
Weighted average shares outstanding – Diluted
Class A common stock	52,299,369		52,296,411		52,298,655		52,297,685
Class B common stock	2,542		2,542		2,542		2,542
Dividends declared per share
Class A common stock	$	1.19	$	1.11	$	3.57	$	3.33
Class B common stock	$	178.50	$	166.50	$	535.50	$	499.50

1

Erie Indemnity Company

Statements of Financial Position

(in thousands)

	September 30, 2023		December 31, 2022
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	102,873	$	142,090
Available-for-sale securities	69,822		24,267
Receivables from Erie Insurance Exchange and affiliates, net	620,683		524,937
Prepaid expenses and other current assets	71,480		79,201
Accrued investment income	8,968		8,301
Total current assets	873,826		778,796
Available-for-sale securities, net	845,415		870,394
Equity securities	79,516		72,560
Fixed assets, net	434,975		413,874
Agent loans, net	59,544		60,537
Defined benefit pension plan	65,163		0
Other assets	36,110		43,295
Total assets	$	2,394,549	$	2,239,456
Liabilities and shareholders' equity
Current liabilities:
Commissions payable	$	357,614	$	300,028
Agent bonuses	50,252		95,166
Accounts payable and accrued liabilities	165,797		165,915
Dividends payable	55,419		55,419
Contract liability	40,831		36,547
Deferred executive compensation	11,000		12,036
Total current liabilities	680,913		665,111
Defined benefit pension plans	27,744		51,224
Contract liability	19,653		17,895
Deferred executive compensation	18,547		13,724
Deferred income taxes, net	11,045		14,075
Other long-term liabilities	24,758		29,019
Total liabilities	782,660		791,048
Shareholders’ equity	1,611,889		1,448,408
Total liabilities and shareholders’ equity	$	2,394,549	$	2,239,456

2