Erie Indemnity (ERIE) 8-K Erie Indemnity Reports Third Quarter 2024 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,
	2024		2023		2024		2023
	(Unaudited)				(Unaudited)
Operating revenue
Management fee revenue - policy issuance and renewal services	$	769,162	$	649,049	$	2,195,734	$	1,840,478
Management fee revenue - administrative services	17,154		16,151		51,139		46,976
Administrative services reimbursement revenue	206,754		187,118		604,349		544,411
Service agreement revenue	6,816		6,620		19,803		19,408
Total operating revenue	999,886		858,938		2,871,025		2,451,273
Operating expenses
Cost of operations - policy issuance and renewal services	613,007		523,349		1,757,531		1,513,690
Cost of operations - administrative services	206,754		187,118		604,349		544,411
Total operating expenses	819,761		710,467		2,361,880		2,058,101
Operating income	180,125		148,471		509,145		393,172
Investment income
Net investment income	17,322		14,642		49,235		30,360
Net realized and unrealized investment gains (losses)	2,925		(2,227)		2,983		(9,246)
Net impairment losses recognized in earnings	(698)		(113)		(3,763)		(1,917)
Total investment income	19,549		12,302		48,455		19,197
Other income	1,168		3,001		7,871		9,643
Income before income taxes	200,842		163,774		565,471		422,012
Income tax expense	41,012		32,734		117,186		86,879
Net income	$	159,830	$	131,040	$	448,285	$	335,133
Net income per share
Class A common stock – basic	$	3.43	$	2.81	$	9.63	$	7.20
Class A common stock – diluted	$	3.06	$	2.51	$	8.57	$	6.41
Class B common stock – basic and diluted	$	515	$	422	$	1,444	$	1,079
Weighted average shares outstanding – Basic
Class A common stock	46,189,059		46,189,037		46,189,038		46,188,962
Class B common stock	2,542		2,542		2,542		2,542
Weighted average shares outstanding – Diluted
Class A common stock	52,306,514		52,299,369		52,301,001		52,298,655
Class B common stock	2,542		2,542		2,542		2,542
Dividends declared per share
Class A common stock	$	1.275	$	1.19	$	3.825	$	3.57
Class B common stock	$	191.25	$	178.50	$	573.75	$	535.50

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Erie Indemnity Company

Statements of Financial Position

(in thousands)

	September 30, 2024		December 31, 2023
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents (includes restricted cash of $23,547 and $12,542, respectively)	$	221,213	$	144,055
Available-for-sale securities	48,575		82,017
Receivables from Erie Insurance Exchange and affiliates, net	736,973		625,338
Prepaid expenses and other current assets, net	80,141		69,321
Accrued investment income	10,456		9,458
Total current assets	1,097,358		930,189
Available-for-sale securities, net	1,000,282		879,224
Available-for-sale securities lent	8,135		0
Equity securities	85,346		84,253
Fixed assets, net	480,707		442,610
Agent loans, net	79,829		58,434
Defined benefit pension plan	64,172		34,320
Other assets, net	48,318		42,934
Total assets	$	2,864,147	$	2,471,964
Liabilities and shareholders' equity
Current liabilities:
Commissions payable	$	426,341	$	353,709
Agent incentive compensation	60,073		68,077
Accounts payable and accrued liabilities	194,649		175,622
Dividends payable	59,377		59,377
Contract liability	42,754		41,210
Deferred executive compensation	15,836		10,982
Securities lending payable	7,905		0
Total current liabilities	806,935		708,977
Defined benefit pension plan	27,757		26,260
Contract liability	21,220		19,910
Deferred executive compensation	24,010		20,936
Deferred income taxes, net	12,777		11,481
Other long-term liabilities	23,493		21,565
Total liabilities	916,192		809,129
Shareholders’ equity	1,947,955		1,662,835
Total liabilities and shareholders’ equity	$	2,864,147	$	2,471,964

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