Erie Indemnity (ERIE) 8-K Erie Indemnity Reports Full Year and Fourth Quarter 2024 Results

Exhibit 99.2

Erie Indemnity Company

Consolidated Statements of Operations

(dollars in thousands, except per share data)

	Three months ended December 31,				Twelve months ended December 31,
	2024		2023		2024		2023
	(Unaudited)
Operating revenue
Management fee revenue - policy issuance and renewal services	$	698,340	$	601,595	$	2,894,074	$	2,442,073
Management fee revenue - administrative services	17,216		16,693		68,355		63,669
Administrative services reimbursement revenue	201,987		192,728		806,336		737,139
Service agreement revenue	6,547		6,651		26,350		26,059
Total operating revenue	924,090		817,667		3,795,115		3,268,940
Operating expenses
Cost of operations - policy issuance and renewal services	554,793		497,855		2,312,324		2,011,545
Cost of operations - administrative services	201,987		192,728		806,336		737,139
Total operating expenses	756,780		690,583		3,118,660		2,748,684
Operating income	167,310		127,084		676,455		520,256
Investment income
Net investment income	20,920		14,212		70,155		44,572
Net realized and unrealized investment gains (losses)	246		3,408		3,229		(5,838)
Net impairment losses recognized in earnings	(361)		(7,849)		(4,124)		(9,766)
Total investment income	20,805		9,771		69,260		28,968
Other income	3,693		3,069		11,564		12,712
Income before income taxes	191,808		139,924		757,279		561,936
Income tax expense	39,779		28,996		156,965		115,875
Net income	$	152,029	$	110,928	$	600,314	$	446,061
Net income per share
Class A common stock – basic	$	3.26	$	2.38	$	12.89	$	9.58
Class A common stock – diluted	$	2.91	$	2.12	$	11.48	$	8.53
Class B common stock – basic	$	490	$	357	$	1,934	$	1,437
Class B common stock – diluted	$	490	$	357	$	1,933	$	1,437
Weighted average shares outstanding – Basic
Class A common stock	46,189,060		46,189,041		46,189,044		46,188,981
Class B common stock	2,542		2,542		2,542		2,542
Weighted average shares outstanding – Diluted
Class A common stock	52,310,894		52,301,676		52,306,266		52,299,411
Class B common stock	2,542		2,542		2,542		2,542
Dividends declared per share
Class A common stock	$	1.365	$	1.275	$	5.190	$	4.845
Class B common stock	$	204.75	$	191.25	$	778.50	$	726.75

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Erie Indemnity Company

Consolidated Statements of Financial Position

(in thousands)

	December 31, 2024		December 31, 2023
Assets
Current assets:
Cash and cash equivalents (includes restricted cash of $23,559 and $12,542, respectively)	$	298,397	$	144,055
Available-for-sale securities	44,604		82,017
Receivables from Erie Insurance Exchange and affiliates, net	707,060		625,338
Prepaid expenses and other current assets, net	83,902		69,321
Accrued investment income	11,069		9,458
Total current assets	1,145,032		930,189
Available-for-sale securities, net	991,726		879,224
Available-for-sale securities lent	7,285		—
Equity securities	85,891		84,253
Fixed assets, net	513,494		442,610
Agent loans, net	80,597		58,434
Defined benefit pension plan	21,311		34,320
Other assets, net	43,278		42,934
Total assets	$	2,888,614	$	2,471,964
Liabilities and shareholders' equity
Current liabilities:
Commissions payable	$	408,309	$	353,709
Agent incentive compensation	75,458		68,077
Accounts payable and accrued liabilities	190,028		175,622
Dividends payable	63,569		59,377
Contract liability	42,761		41,210
Deferred executive compensation	14,874		10,982
Securities lending payable	7,513		—
Total current liabilities	802,512		708,977
Defined benefit pension plan	28,070		26,260
Contract liability	21,170		19,910
Deferred executive compensation	19,721		20,936
Deferred income taxes, net	6,418		11,481
Other long-term liabilities	23,465		21,565
Total liabilities	901,356		809,129
Shareholders' equity	1,987,258		1,662,835
Total liabilities and shareholders' equity	$	2,888,614	$	2,471,964

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