Erie Indemnity (ERIE) 8-K Erie Indemnity Company Reports Third Quarter 2007 Results

Exhibit 99.2

ERIE INDEMNITY COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS

(dollars in thousands, except per share data)

	Three		Three			Nine		Nine
	months		months			months		months
	ended		ended			ended		ended
	September 30,		September 30,			September 30,		September 30,
	2007		2006			2007		2006
	(Unaudited)		(Unaudited)			(Unaudited)		(Unaudited)
Operating revenue
Management fee revenue, net	$	232,089	$	231,388		$	690,432	$	688,723
Premiums earned		51,892		53,017			155,988		160,868
Service agreement revenue		7,470		7,410			22,186		21,508
Total operating revenue		291,451		291,815			868,606		871,099
Operating expenses
Cost of management operations		200,913		189,536			576,768		562,629
Losses and loss adjustment expenses incurred		30,766		32,573			92,789		101,261
Policy acquisition and other underwriting expenses		13,090		12,325			36,779		38,905
Total operating expenses		244,769		234,434			706,336		702,795
Investment income – unaffiliated
Investment income, net of expenses		12,233		12,215			40,350		41,818
Net realized gains (losses) on investments		3,438		(872	)		7,550		(721	)
Equity in earnings of limited partnerships		14,169		10,848			46,867		29,049
Total investment income – unaffiliated		29,840		22,191			94,767		70,146
Income before income taxes and equity in earnings of Erie Family Life Insurance Company		76,522		79,572			257,037		238,450
Provision for income taxes		23,669		27,421			79,767		82,513
Equity in earnings of Erie Family Life Insurance Company, net of tax		643		634			3,074		2,569
Net income	$	53,496	$	52,785		$	180,344	$	158,506
Net income per share:
Class A common stock – basic	$	0.97	$	0.91		$	3.17	$	2.67
Class A common stock – diluted		0.87		0.82			2.87		2.41
Class B common stock – basic and diluted		145.92		139.34			482.27		404.46
Weighted average shares outstanding:
Class A common stock – basic		55,183,547		57,873,922			56,727,315		59,179,328
Class A common stock – diluted		61,370,219		64,129,350			62,935,587		65,717,956
Class B common stock – basic and diluted		2,559		2,573			2,568		2,691
Dividends declared per share:
Class A common stock	$	0.40	$	0.36		$	1.20	$	1.08
Class B common stock		60.00		54.00			180.00		162.00

1

ERIE INDEMNITY COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS — SEGMENT BASIS

(amounts in thousands, except per share data)

	Three		Three			Nine		Nine
	months		months			months		months
	ended		ended			ended		ended
	September 30,		September 30,			September 30,		September 30,
	2007		2006			2007		2006
	(Unaudited)		(Unaudited)			(Unaudited)		(Unaudited)
Management Operations
Management fee revenue	$	245,585	$	244,739		$	730,691	$	728,778
Service agreement revenue		7,470		7,410			22,186		21,508
Total revenue from management operations		253,055		252,149			752,877		750,286
Cost of management operations		212,601		200,498			610,377		595,351
Income from management operations		40,454		51,651			142,500		154,935
Insurance Underwriting Operations
Premiums earned		51,892		53,017			155,988		160,868
Losses and loss adjustment expenses incurred		30,766		32,573			92,789		101,261
Policy acquisition and other underwriting expenses		14,898		14,714			43,429		46,238
Total losses and expenses		45,664		47,287			136,218		147,499
Underwriting income		6,228		5,730			19,770		13,369
Investment Operations
Investment income, net of expenses		12,233		12,215			40,350		41,818
Net realized gains (losses) on investments		3,438		(872	)		7,550		(721	)
Equity in earnings of limited partnerships		14,169		10,848			46,867		29,049
Equity in earnings of Erie Family Life Insurance Company		692		682			3,304		2,763
Net revenue from investment operations		30,532		22,873			98,071		72,909
Income before income taxes		77,214		80,254			260,341		241,213
Provision for income taxes		23,718		27,469			79,997		82,707
Net income	$	53,496	$	52,785		$	180,344	$	158,506
Net income per share – Class A basic	$	0.97	$	0.91		$	3.17	$	2.67
Net income per share – Class A diluted		0.87		0.82			2.87		2.41
Net income per share – Class B basic and diluted		145.92		139.34			482.27		404.46
Weighted average shares outstanding - Class A diluted		61,370		64,129			62,936		65,718

Amounts presented on a segment basis are gross of intercompany/intersegment items.

2

ERIE INDEMNITY COMPANY

RECONCILIATION OF OPERATING INCOME TO NET INCOME

Definition on Non-GAAP and Operating Measures

We believe that investors’ understanding of our performance is enhanced by the disclosure of the following non-GAAP financial measure. Our method of calculating this measure may differ from those used by other companies and therefore comparability may be limited.

Operating incomeis net income excluding realized capital gains and losses and related federal income taxes. Equity in earnings or losses of Erie Family Life Insurance Company and equity in earnings or losses of limited partnerships are not excluded from the calculation of operating income. Both of these categories include the respective investment’s realized capital gains and losses, as well as unrealized gains and losses, as these investments are accounted for under the equity method.

Net income is the GAAP measure that is most directly comparable to operating income.

We use operating income to evaluate the results of operations. It reveals trends in our management services, insurance underwriting and investment operations that may be obscured by the net effects of realized capital gains and losses. Realized capital gains and losses may vary significantly between periods and are generally driven by business decisions and economic developments such as capital market condition, the timing of which is unrelated to management services and the insurance underwriting processes. We believe it is useful for investors to evaluate these components separately and in the aggregate when reviewing our performance. We are aware that the price to earnings multiple commonly used by investors as a forward-looking valuation technique uses operating income as the denominator. Operating income should not be considered as a substitute for net income and does not reflect our overall profitability.

The following table reconciles operating income and net income for the periods ended September 30, 2007 and 2006:

	Three			Three			Nine			Nine
	months ended			months ended			months ended			months ended
	September 30,			September 30,			September 30,			September 30,
	2007			2006			2007			2006
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
(in thousands, except per share data)
Operating income	$	51,261		$	53,352		$	175,436		$	158,975
Net realized gains (losses) on investments		3,438			(872	)		7,550			(721	)
Income tax (expense) benefit on realized gains (losses)		(1,203	)		305			(2,642	)		252
Realized gains (losses), net of income taxes		2,235			(567	)		4,908			(469	)
Net income	$	53,496		$	52,785		$	180,344		$	158,506
	Three			Three			Nine			Nine
	months ended			months ended			months ended			months ended
	September 30,			September 30,			September 30,			September 30,
		2007			2006			2007			2006
Per Class A Share – Diluted	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Operating income	$	0.84		$	0.83		$	2.79		$	2.42
Net realized gains (losses) on investments		0.05			(0.01	)		0.12			(0.01	)
Income tax (expense) benefit on realized gains (losses)		(0.02	)		0.00			(0.04	)		0.00
Realized gains (losses), net of income taxes		0.03			(0.01	)		0.08			(0.01	)
Net income	$	0.87		$	0.82		$	2.87		$	2.41

3

ERIE INDEMNITY COMPANY

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(amounts in thousands, except per share data)

	September 30,		December 31,
	2007		2006
	(Unaudited)
ASSETS
Investments
Fixed maturities	$	703,444	$	836,738
Equity securities
Preferred stock		103,299		133,401
Common stock		121,240		117,246
Other invested assets		279,824		235,672
Total investments		1,207,807		1,323,057
Cash and cash equivalents		32,157		60,241
Equity in Erie Family Life Insurance Company		59,116		57,162
Premiums receivable from policyholders		260,720		247,187
Receivables from affiliates		1,176,013		1,220,058
Other assets		139,415		131,656
Total assets	$	2,875,228	$	3,039,361
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Unpaid losses and loss adjustment expenses	$	1,015,083	$	1,073,570
Unearned premiums		444,175		424,282
Other liabilities		369,729		379,661
Total liabilities		1,828,987		1,877,513
Total shareholders’ equity		1,046,241		1,161,848
Total liabilities and shareholders’ equity	$	2,875,228	$	3,039,361
Book value per share	$	17.50	$	18.17
Shares outstanding		59,782		63,952

4

ERIE INDEMNITY COMPANY
RECONCILIATION OF PROPERTY AND CASUALTY GROUP TO INDEMNITY RESULTS

	Three			Three			Nine			Nine
	months ended			months ended			months ended			months ended
	September 30,			September 30,			September 30,			September 30,
	2007			2006			2007			2006
(dollars in thousands)
Property and Casualty Group Insurance Underwriting Operations (SAP Basis)	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Direct underwriting results
Direct written premium	$	981,539		$	980,762		$	2,927,965		$	2,942,536
Premiums earned		953,878			974,345			2,859,727			2,946,370
Loss and loss adjustment expenses incurred		547,077			584,069			1,662,200			1,810,231
Policy acquisition and other underwriting expenses		272,741			272,980			811,512			858,322
Total losses and expenses		819,818			857,049			2,473,712			2,668,553
Direct underwriting income		134,060			117,296			386,015			277,817
Nonaffiliated reinsurance underwriting results
Assumed voluntary-less ceded retrocessions		(3,342	)		4,547			(6,892	)		9,691
Assumed involuntary		(5,802	)		(4,470	)		16,477			2,601
Less: Ceded		5,824			7,949			20,482			17,560
Nonaffiliated reinsurance underwriting loss		(14,968	)		(7,872	)		(10,897	)		(5,268	)
Net Underwriting Income (SAP Basis)	$	119,092		$	109,424		$	375,118		$	272,549
Erie Indemnity Insurance Underwriting Operations (SAP to GAAP Basis)
Percent of pool assumed by the Indemnity Company		5.50	%		5.50	%		5.50	%		5.50	%
Indemnity preliminary underwriting income (SAP Basis)	$	6,550		$	6,018		$	20,631		$	14,990
Excess-of-loss changes to recoveries under the agreement		0			(307	)		0			(845	)
SAP to GAAP adjustments		(322	)		19			(861	)		(776	)
Indemnity Underwriting Income before tax (GAAP Basis)	$	6,228		$	5,730		$	19,770		$	13,369
Property & Casualty Group (SAP Basis)
Net basis:
Loss and LAE ratio		58.6	%		60.8	%		58.8	%		61.9	%
Underwriting ratio		27.3			27.3			27.0			28.6
Policyholder dividends ratio		0.2			0.0			0.2			0.1
Statutory combined ratio		86.1			88.1			86.0			90.6
Adjusted combined ratio, excluding profit component		82.3			83.7			81.8			86.1
Direct business:
Loss ratio points from prior accident year reserve development – redundancy		(7.8	)		(3.8	)		(7.5	)		(3.8	)
Loss ratio points from prior accident years from salvage and subrogation recoveries collected		(1.0	)		(0.9	)		(2.0	)		(1.9	)
Total loss ratio points from prior accident years		(8.8	)		(4.7	)		(9.5	)		(5.7	)
Loss ratio points from catastrophes		3.4			1.6			2.0			3.6
Erie Indemnity Company
GAAP combined ratio		88.0			89.2			87.3			91.7
GAAP loss ratio points from catastrophes		3.4			1.6			2.0			3.7

SAP Basis represents statutory accounting principles as codified by the National Association of Insurance Commissioners (NAIC).

5Selected financial data of Erie Insurance Exchange:

The selected financial data below is derived from the Erie Insurance Exchange’s financial statements prepared in accordance with Statutory Accounting Principles. In the opinion of management, all adjustments consisting only of normal recurring accruals, considered necessary for a fair presentation have been included. The financial data set forth below is only a summary.

	Three		Three		Nine		Nine
	months ended		months ended		months ended		months ended
	September 30,		September 30,		September 30,		September 30,
	2007		2006		2007		2006
(in thousands)
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Statutory Accounting Basis
Premiums earned	$	899,455	$	916,761	$	2,702,322	$	2,785,195
Losses, LAE and underwriting expenses		786,908		813,045		2,347,799		2,526,851
Net underwriting income		112,547		103,716		354,523		258,344
Total investment income		109,933		75,585		459,514		278,754
Income before income taxes		222,480		179,301		814,037		537,098
Federal income tax expense		101,778		49,825		284,297		170,450
Net income	$	120,702	$	129,476	$	529,740	$	366,648

	As of		As of
	September 30,		December 31,
	2007		2006
(in thousands)
Statutory Accounting Basis	(Unaudited)
Cash and invested assets	$	9,045,313	$	8,494,655
Other assets		1,110,488		1,021,489
Total assets	$	10,155,801	$	9,516,144
Loss, loss adjustment expense and
unearned premium reserves	$	4,934,761	$	4,993,365
Other liabilities		469,988		435,683
Total liabilities		5,404,749		5,429,048
Policyholders’ surplus		4,751,052		4,087,096
Total liabilities and policyholders’ surplus	$	10,155,801	$	9,516,144

6

Management fee revenue by major lines of business – Segment basis:

	Three months			Three months						Nine months			Nine months
	ended			ended						ended			ended
	September 30,			September 30,			%			September 30,			September 30,			%
	2007			2006			Change			2007			2006			Change
(in thousands)
Private passenger auto		$120,242		$	118,355			1.6	%	$	347,611		$	346,791			0.2	%
Homeowners		51,589			50,278			2.6			140,248			137,491			2.0
Commercial multi-peril		25,491			25,587			-0.4			84,371			84,585			-0.3
Commercial auto		18,546			18,828			-1.5			61,463			61,936			-0.8
Workers’ compensation		17,462			18,339			-4.8			61,758			63,275			-2.4
All other lines of business		12,055			11,352			6.2			36,540			34,200			6.8
		245,385			242,739			1.1	%		731,991			728,278			0.5	%
Change in allowance for management fee returned on cancelled policies		200			2,000						(1,300	)		500
Management fee revenue, net of allowance		$245,585		$	244,739			0.3	%	$	730,691		$	728,778			0.3	%
Management fee rate		25.00	%		24.75	%					25.00	%		24.75	%

7

Growth rates of policies in force for Property and Casualty Group insurance operations by major lines of business:

	Private		12-mth.					12-mth.					12-mth.			Total		12-mth.
	Passenger		growth					growth			All Other		growth			Personal		growth
Date	Auto		rate			Homeowners		rate			Personal Lines		rate			Lines		rate
09/30/2005		1,651,629		(1.8	)%		1,354,487		0.3	%		285,134		2.3	%		3,291,250		(0.6	)%
12/31/2005		1,640,563		(1.8	)		1,353,912		0.5			286,604		2.7			3,281,079		(0.5	)
03/31/2006		1,636,048		(1.6	)		1,356,885		1.0			289,964		3.6			3,282,897		(0.1	)
06/30/2006		1,637,472		(1.3	)		1,366,633		1.2			294,409		4.2			3,298,514		0.2
09/30/2006		1,636,947		(0.9	)		1,373,763		1.4			298,361		4.6			3,309,071		0.5
12/31/2006		1,633,882		(0.4	)		1,377,965		1.8			301,497		5.2			3,313,344		1.0
03/31/2007		1,635,714		0.0			1,384,856		2.1			305,591		5.4			3,326,161		1.3
06/30/2007		1,644,561		0.4			1,398,034		2.3			311,761		5.9			3,354,356		1.7
09/30/2007		1,649,801		0.8			1,408,114		2.5			316,786		6.2			3,374,701		2.0

			12-mth.			CML*		12-mth.					12-mth.					12-mth.			Total		12-mth.
	CML*		growth			Multi-		growth			Workers’		growth			All Other		growth			CML*		growth
Date	Auto		rate			Peril		rate			Comp.		rate			CML* Lines		rate			Lines		rate
09/30/2005		118,555		1.3	%		212,939		1.4	%		56,877		(5.0	)%		90,074		2.4	%		478,445		0.7	%
12/31/2005		118,728		1.2			213,347		1.8			56,218		(4.6	)		90,227		2.7			478,520		1.0
03/31/2006		118,587		1.0			214,461		2.3			55,254		(4.7	)		90,301		2.8			478,603		1.2
06/30/2006		119,471		0.9			217,134		2.4			54,871		(4.4	)		91,568		2.9			483,044		1.3
09/30/2006		119,555		0.8			217,763		2.3			54,379		(4.4	)		92,687		2.9			484,384		1.2
12/31/2006		119,801		0.9			218,542		2.4			53,923		(4.1	)		92,687		2.7			484,953		1.3
03/31/2007		119,907		1.1			219,300		2.3			53,498		(3.2	)		92,857		2.8			485,562		1.5
06/30/2007		121,587		1.8			223,670		3.0			53,955		(1.7	)		94,612		3.3			493,824		2.2
09/30/2007		122,154		2.2			226,302		3.9			54,341		(0.1	)		96,167		3.8			498,964		3.0

			12-mth.
	Total All		growth
Date	Lines		rate
09/30/2005		3,769,695		(0.5	)%
12/31/2005		3,759,599		(0.3	)
03/31/2006		3,761,500		0.1
06/30/2006		3,781,558		0.4
09/30/2006		3,793,455		0.6
12/31/2006		3,798,297		1.0
03/31/2007		3,811,723		1.3
06/30/2007		3,848,180		1.8
09/30/2007		3,873,665		2.1

CML* = Commercial

8

Policy retention trends for Property and Casualty Group insurance operations by major lines of business:

	Private									CML*
	Passenger			CML*						Multi-			Workers’			All Other
Date	Auto			Auto			Homeowners			Peril			Comp.			Lines			Total All Lines
09/30/2005		89.9	%		88.0	%		88.0	%		85.1	%		86.0	%		85.6	%		88.4	%
12/31/2005		90.0			87.9			88.2			85.4			86.2			86.0			88.6
03/31/2006		90.1			88.0			88.6			85.9			86.0			86.2			88.8
06/30/2006		90.3			87.7			88.9			85.9			85.9			86.5			89.0
09/30/2006		90.5			87.8			89.2			86.0			85.8			86.7			89.2
12/31/2006		90.8			87.7			89.4			86.0			85.7			87.1			89.5
03/31/2007		91.0			88.0			89.7			86.1			86.2			87.2			89.7
06/30/2007		91.1			88.1			89.9			86.0			86.3			87.6			89.9
09/30/2007		91.3			88.2			90.1			86.1			86.8			87.5			90.0

CML* = Commercial

9

Average premium per policy trends for Property and Casualty Group insurance operations by major lines of business:

	Private		12-mth.					12-mth.			All Other		12-mth.					12-mth.
	Passenger		percent					percent			Personal		percent			Total Personal		percent
Date	Auto		change			Homeowners		change			Lines		change			Lines		change
09/30/2005	$	1,179		0.3	%	$	546		2.8	%	$	347		3.3	%	$	846		0.6	%
12/31/2005		1,174		(1.3	)		543		(0.5	)		348		0.3			841		(1.6	)
03/31/2006		1,161		(2.7	)		539		(2.4	)		349		0.6			832		(3.0	)
06/30/2006		1,140		(3.9	)		535		(2.6	)		348		0.6			818		(3.9	)
09/30/2006		1,122		(4.8	)		530		(2.9	)		348		0.3			806		(4.7	)
12/31/2006		1,110		(5.5	)		526		(3.1	)		349		0.3			797		(5.2	)
03/31/2007		1,100		(5.3	)		524		(2.8	)		349		0.0			791		(4.9	)
06/30/2007		1,094		(4.0	)		520		(2.8	)		351		0.9			786		(3.9	)
09/30/2007		1,093		(2.6	)		519		(2.1	)		352		1.1			783		(2.9	)

			12-mth.					12-mth.					12-mth.			Total		12-mth.
			percent					percent			All Other		percent			CML*		percent
Date	CML* Auto		change			Workers’ Comp.		change			CML* Lines		change			Lines		change
09/30/2005	$	2,789		0.8	%	$	6,104		8.2	%	$	1,694		1.2	%	$	2,490		1.9	%
12/31/2005		2,781		(0.3	)		6,212		6.7			1,705		(0.1	)		2,501		0.6
03/31/2006		2,778		(0.8	)		6,270		4.4			1,710		(0.6	)		2,501		(0.5	)
06/30/2006		2,730		(1.8	)		6,143		0.7			1,676		(1.9	)		2,444		(2.4	)
09/30/2006		2,705		(3.0	)		6,047		(0.9	)		1,669		(1.5	)		2,416		(3.0	)
12/31/2006		2,687		(3.4	)		5,985		(3.7	)		1,657		(2.8	)		2,393		(4.3	)
03/31/2007		2,664		(4.1	)		5,914		(5.7	)		1,641		(4.0	)		2,365		(5.4	)
06/30/2007		2,627		(3.8	)		5,901		(3.9	)		1,616		(3.6	)		2,333		(4.5	)
09/30/2007		2,600		(3.9	)		5,780		(4.4	)		1,592		(4.6	)		2,295		(5.0	)

			12-mth.
	Total All		percent
Date	Lines		change
09/30/2005	$	1,055		1.2	%
12/31/2005		1,052		(0.8	)
03/31/2006		1,044		(2.1	)
06/30/2006		1,026		(3.3	)
09/30/2006		1,011		(4.2	)
12/31/2006		1,001		(4.8	)
03/31/2007		991		(5.1	)
06/30/2007		984		(4.1	)
09/30/2007		978		(3.3	)

CML* = Commercial

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PROPERTY & CASUALTY GROUP ADJUSTED COMBINED RATIO BY
MAJOR LINES OF BUSINESS (SAP BASIS) – DIRECT BUSINESS

	Three Months Ended												Three Months Ended
	September 30, 2007												September 30, 2006
				Prior Year**						Current						Prior Year**						Current
				Reserve						Accident						Reserve						Accident
				Development						Year						Development						Year
	Calendar*			Deficiency			Catastrophe			Excluding			Calendar*			Deficiency			Catastrophe			Excluding
	Year			(Redundancy)			Losses			Catastrophes			Year			(Redundancy)			Losses			Catastrophes
Private Passenger Auto		79.0	%		-10.4	%		0.7	%		88.7	%		83.8	%		-2.0	%		0.3	%		85.5	%
Homeowners		87.0	%		-1.6	%		2.2	%		86.4	%		85.8	%		-2.4	%		0.5	%		87.7	%
Other Personal Lines		78.3	%		-0.4	%		0.2	%		78.5	%		101.7	%		14.5	%		0.3	%		86.9	%
Total Personal		81.3	%		-7.5	%		3.0	%		85.8	%		85.1	%		-1.5	%		1.1	%		85.5	%
Commercial Multi-Peril		94.0	%		-9.6	%		0.2	%		103.4	%		77.6	%		-3.4	%		0.4	%		80.6	%
Commercial Auto		70.3	%		-17.7	%		0.1	%		87.9	%		81.4	%		-6.6	%		0.1	%		87.9	%
Workers’ Compensation		84.9	%		-1.7	%		0.0	%		86.6	%		84.3	%		-16.3	%		0.0	%		100.6	%
Other Commercial Lines		73.3	%		10.7	%		0.0	%		62.6	%		63.6	%		-25.2	%		0.0	%		88.8	%
Total Commercial		83.6	%		-8.4	%		0.4	%		91.6	%		79.7	%		-9.3	%		0.5	%		88.5	%
Grand Total – Direct Business Only		81.7	%		-7.8	%		3.4	%		86.1	%		83.3	%		-3.8	%		1.6	%		85.5	%
				Nine Months Ended												Nine Months Ended
				September 30, 2007												September 30, 2006
				Prior Year**						Current						Prior Year**						Current
				Reserve						Accident						Reserve						Accident
				Development						Year						Development						Year
	Calendar*			Deficiency			Catastrophe			Excluding			Calendar*			Deficiency			Catastrophe			Excluding
	Year			(Redundancy)			Losses			Catastrophes			Year			(Redundancy)			Losses			Catastrophes
Private Passenger Auto		79.6	%		-11.4	%		0.3	%		90.7	%		89.1	%		-2.9	%		0.4	%		91.6	%
Homeowners		84.9	%		-2.4	%		1.4	%		85.9	%		86.7	%		-4.3	%		2.5	%		88.5	%
Other Personal Lines		85.6	%		4.2	%		0.1	%		81.3	%		90.2	%		8.0	%		0.2	%		82.0	%
Total Personal		81.3	%		-8.3	%		1.8	%		87.8	%		88.5	%		-2.9	%		3.1	%		88.3	%
Commercial Multi-Peril		90.4	%		-4.6	%		0.1	%		94.9	%		84.0	%		-4.2	%		0.5	%		87.7	%
Commercial Auto		73.5	%		-13.6	%		0.1	%		87.0	%		79.5	%		-4.4	%		0.1	%		83.8	%
Workers’ Compensation		88.3	%		1.1	%		0.0	%		87.2	%		79.9	%		-9.5	%		0.0	%		89.4	%
Other Commercial Lines		55.9	%		-4.7	%		0.0	%		60.6	%		71.1	%		-9.3	%		0.0	%		80.4	%
Total Commercial		82.8	%		-5.6	%		0.2	%		88.2	%		80.8	%		-6.1	%		0.6	%		86.3	%
Grand Total – Direct Business Only		81.8	%		-7.5	%		2.0	%		87.3	%		86.2	%		-3.8	%		3.6	%		86.4	%
*The calendar year combined ratio represents the adjusted statutory combined ratio, which removes the profit component of the management fee earned by the Company.
**The prior accident year reserve development does not include the effects of salvage and subrogation recoveries.

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