Erie Indemnity (ERIE) 8-K Erie Indemnity Reports Full Year and Fourth Quarter 2023 Results

Exhibit 99.2

Erie Indemnity Company

Statements of Operations

(dollars in thousands, except per share data)

	Three months ended December 31,				Twelve months ended December 31,
	2023		2022		2023		2022
	(Unaudited)
Operating revenue
Management fee revenue - policy issuance and renewal services	$	601,595	$	503,633	$	2,442,073	$	2,087,846
Management fee revenue - administrative services	16,693		14,877		63,669		58,323
Administrative services reimbursement revenue	192,728		175,613		737,139		668,268
Service agreement revenue	6,651		6,512		26,059		25,687
Total operating revenue	817,667		700,635		3,268,940		2,840,124
Operating expenses
Cost of operations - policy issuance and renewal services	497,855		443,592		2,011,545		1,795,642
Cost of operations - administrative services	192,728		175,613		737,139		668,268
Total operating expenses	690,583		619,205		2,748,684		2,463,910
Operating income	127,084		81,430		520,256		376,214
Investment income
Net investment income	14,212		3,979		44,572		28,585
Net realized and unrealized investment gains (losses)	3,408		(3,453)		(5,838)		(27,286)
Net impairment losses recognized in earnings	(7,849)		(238)		(9,766)		(667)
Total investment income	9,771		288		28,968		632
Interest expense	—		—		—		2,009
Other income	3,069		243		12,712		1,615
Income before income taxes	139,924		81,961		561,936		376,452
Income tax expense	28,996		16,471		115,875		77,883
Net income	$	110,928	$	65,490	$	446,061	$	298,569
Earnings Per Share
Net income per share
Class A common stock – basic	$	2.38	$	1.41	$	9.58	$	6.41
Class A common stock – diluted	$	2.12	$	1.25	$	8.53	$	5.71
Class B common stock – basic and diluted	$	357	$	211	$	1,437	$	962
Weighted average shares outstanding – Basic
Class A common stock	46,189,041		46,189,028		46,188,981		46,188,916
Class B common stock	2,542		2,542		2,542		2,542
Weighted average shares outstanding – Diluted
Class A common stock	52,301,676		52,298,903		52,299,411		52,297,990
Class B common stock	2,542		2,542		2,542		2,542
Dividends declared per share
Class A common stock	$	1.275	$	1.190	$	4.845	$	4.520
Class B common stock	$	191.25	$	178.50	$	726.75	$	678.00

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Erie Indemnity Company

Statements of Financial Position

(in thousands)

	December 31, 2023		December 31, 2022
Assets
Current assets:
Cash and cash equivalents (includes restricted cash of $12,542 and $11,932, respectively)	$	144,055	$	142,090
Available-for-sale securities	82,017		24,267
Receivables from Erie Insurance Exchange and affiliates, net	625,338		524,937
Prepaid expenses and other current assets	69,321		79,201
Accrued investment income	9,458		8,301
Total current assets	930,189		778,796
Available-for-sale securities, net	879,224		870,394
Equity securities	84,253		72,560
Fixed assets, net	442,610		413,874
Agent loans, net	58,434		60,537
Defined benefit pension plan	34,320		0
Other assets, net	42,934		43,295
Total assets	$	2,471,964	$	2,239,456
Liabilities and shareholders' equity
Current liabilities:
Commissions payable	$	353,709	$	300,028
Agent incentive compensation	68,077		95,166
Accounts payable and accrued liabilities	175,622		165,915
Dividends payable	59,377		55,419
Contract liability	41,210		36,547
Deferred executive compensation	10,982		12,036
Total current liabilities	708,977		665,111
Defined benefit pension plans	26,260		51,224
Contract liability	19,910		17,895
Deferred executive compensation	20,936		13,724
Deferred income taxes, net	11,481		14,075
Other long-term liabilities	21,565		29,019
Total liabilities	809,129		791,048
Shareholders' equity	1,662,835		1,448,408
Total liabilities and shareholders' equity	$	2,471,964	$	2,239,456

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