Erie Indemnity (ERIE) 8-K Erie Indemnity Reports First Quarter 2024 Results

Exhibit 99.2

Erie Indemnity Company

Statements of Operations

(dollars in thousands, except per share data)

	Three months ended March 31,
	2024		2023
	(Unaudited)
Operating revenue
Management fee revenue - policy issuance and renewal services	$	665,686	$	558,090
Management fee revenue - administrative services	16,934		15,189
Administrative services reimbursement revenue	191,567		172,827
Service agreement revenue	6,514		6,359
Total operating revenue	880,701		752,465
Operating expenses
Cost of operations - policy issuance and renewal services	550,322		469,095
Cost of operations - administrative services	191,567		172,827
Total operating expenses	741,889		641,922
Operating income	138,812		110,543
Investment income
Net investment income	15,903		2,183
Net realized and unrealized investment gains (losses)	1,853		(5,282)
Net impairment losses recognized in earnings	(2,677)		(1,633)
Total investment income (loss)	15,079		(4,732)
Other income	3,411		3,337
Income before income taxes	157,302		109,148
Income tax expense	32,750		22,907
Net income	$	124,552	$	86,241
Net income per share
Class A common stock – basic	$	2.67	$	1.85
Class A common stock – diluted	$	2.38	$	1.65
Class B common stock – basic and diluted	$	401	$	278
Weighted average shares outstanding – Basic
Class A common stock	46,189,014		46,188,819
Class B common stock	2,542		2,542
Weighted average shares outstanding – Diluted
Class A common stock	52,301,803		52,296,621
Class B common stock	2,542		2,542
Dividends declared per share
Class A common stock	$	1.275	$	1.190
Class B common stock	$	191.25	$	178.50

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Erie Indemnity Company

Statements of Financial Position

(in thousands)

	March 31, 2024		December 31, 2023
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents (includes restricted cash of $13,331 and $12,542, respectively)	$	144,872	$	144,055
Available-for-sale securities	76,693		82,017
Receivables from Erie Insurance Exchange and affiliates, net	641,691		625,338
Prepaid expenses and other current assets	69,050		69,321
Accrued investment income	9,465		9,458
Total current assets	941,771		930,189
Available-for-sale securities, net	892,952		879,224
Equity securities	86,578		84,253
Fixed assets, net	461,914		442,610
Agent loans, net	57,470		58,434
Defined benefit pension plan	66,270		34,320
Other assets, net	48,839		42,934
Total assets	$	2,555,794	$	2,471,964
Liabilities and shareholders' equity
Current liabilities:
Commissions payable	$	384,613	$	353,709
Agent incentive compensation	26,968		68,077
Accounts payable and accrued liabilities	213,062		175,622
Dividends payable	59,377		59,377
Contract liability	40,555		41,210
Deferred executive compensation	2,941		10,982
Total current liabilities	727,516		708,977
Defined benefit pension plan	23,792		26,260
Contract liability	20,000		19,910
Deferred executive compensation	23,216		20,936
Deferred income taxes, net	6,593		11,481
Other long-term liabilities	28,497		21,565
Total liabilities	829,614		809,129
Shareholders’ equity	1,726,180		1,662,835
Total liabilities and shareholders’ equity	$	2,555,794	$	2,471,964

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