Erie Indemnity (ERIE) 8-K Erie Indemnity Reports Second Quarter 2008 Results

Exhibit 99.2

ERIE INDEMNITY COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS

(dollars in thousands, except per share data)

	Three			Three		Six			Six
	months			months		months			months
	ended			ended		ended			ended
	June 30,			June 30,		June 30,			June 30,
	2008			2007		2008			2007
	(Unaudited)					(Unaudited)
Operating revenue
Management fee revenue, net	$	241,646		$	242,324	$	458,617		$	458,343
Premiums earned		51,736			52,122		103,662			104,096
Service agreement revenue		7,748			7,299		15,139			14,717
Total operating revenue		301,130			301,745		577,418			577,156
Operating expenses
Cost of management operations		201,338			195,969		382,456			375,855
Losses and loss adjustment expenses incurred		33,823			29,789		67,583			62,023
Policy acquisition and other underwriting expenses		12,281			11,695		24,281			23,689
Total operating expenses		247,442			237,453		474,320			461,567
Investment income – unaffiliated
Investment income, net of expenses		11,467			14,138		23,139			28,116
Net realized (losses) gains on investments		(14,267	)		2,222		(38,846	)		4,112
Equity in earnings of limited partnerships		11,275			20,180		19,253			32,698
Total investment income – unaffiliated		8,475			36,540		3,546			64,926
Income before income taxes and equity in (losses) earnings of Erie Family Life Insurance		62,163			100,832		106,644			180,515
Provision for income taxes		20,288			31,505		34,539			56,098
Equity in (losses) earnings of Erie Family Life Insurance, net of tax		(560	)		1,159		(813	)		2,430
Net income	$	41,315		$	70,486	$	71,292		$	126,847
Net income per share:
Class A common stock – basic	$	0.80		$	1.22	$	1.36		$	2.19
Class A common stock – diluted		0.71			1.11		1.22			1.99
Class B common stock – basic and diluted		116.10			187.31		200.67			336.32
Weighted average shares outstanding:
Class A common stock – basic		51,754,896			57,337,436		52,291,387			57,513,372
Class A common stock – diluted		57,898,022			63,556,114		58,434,513			63,734,450
Class B common stock – basic and diluted		2,551			2,571		2,551			2,572
Dividends declared per share:
Class A common stock	$	0.44		$	0.40	$	0.88		$	0.80
Class B common stock		66.00			60.00		132.00			120.00

1

ERIE INDEMNITY COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS — SEGMENT BASIS

(amounts in thousands, except per share data)

	Three			Three		Six			Six
	months			months		months			months
	ended			ended		ended			ended
	June 30,			June 30,		June 30,			June 30,
	2008			2007		2008			2007
	(Unaudited)					(Unaudited)
Management operations
Management fee revenue	$	255,809		$	256,462	$	485,408		$	485,106
Service agreement revenue		7,748			7,299		15,139			14,717
Total revenue from management operations		263,557			263,761		500,547			499,823
Cost of management operations		213,114			207,392		404,774			397,777
Income from management operations		50,443			56,369		95,773			102,046
Insurance underwriting operations
Premiums earned		51,736			52,122		103,662			104,096
Losses and loss adjustment expenses incurred		33,823			29,789		67,583			62,023
Policy acquisition and other underwriting expenses		14,668			14,410		28,754			28,530
Total losses and expenses		48,491			44,199		96,337			90,553
Underwriting income		3,245			7,923		7,325			13,543
Investment operations
Investment income, net of expenses		11,467			14,138		23,139			28,116
Net realized (losses) gains on investments		(14,267	)		2,222		(38,846	)		4,112
Equity in earnings of limited partnerships		11,275			20,180		19,253			32,698
Equity in (losses) earnings of Erie Family Life Insurance		(602	)		1,247		(874	)		2,613
Net revenue from investment operations		7,873			37,787		2,672			67,539
Income before income taxes		61,561			102,079		105,770			183,128
Provision for income taxes		20,246			31,593		34,478			56,281
Net income	$	41,315		$	70,486	$	71,292		$	126,847
Net income per share – Class A basic	$	0.80		$	1.22	$	1.36		$	2.19
Net income per share – Class A diluted		0.71			1.11		1.22			1.99
Net income per share – Class B basic and diluted		116.10			187.31		200.67			336.32
Weighted average shares outstanding - Class A diluted		57,898			63,556		58,435			63,734

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

2

ERIE INDEMNITY COMPANY

RECONCILIATION OF OPERATING INCOME TO NET INCOME

Definition of 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. We elected the fair value measurement option for our common stock portfolio effective January 1, 2008. As such, changes in value related to common stocks are reported in earnings. These unrealized gains or losses are included in the net realized losses/gains on investments on the Consolidated Statements of Operations that is used to calculate operating income. 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 June 30, 2008 and 2007:

	Three			Three			Six			Six
	months ended			months ended			months ended			months ended
	June 30,			June 30,			June 30,			June 30,
	2008			2007			2008			2007
(in thousands, except per share data)
	(Unaudited)						(Unaudited)
Operating income	$	50,589		$	69,042		$	96,542		$	124,174
Net realized (losses) gains on investments		(14,267	)		2,222			(38,846	)		4,112
Income tax benefit (expense) on realized (losses) gains		4,993			(778	)		13,596			(1,439	)
Realized (losses) gains, net of income taxes		(9,274	)		1,444			(25,250	)		2,673
Net income	$	41,315		$	70,486		$	71,292		$	126,847
	Three months			Three months			Six months			Six months
	ended			ended			ended			ended
	June 30,			June 30,			June 30,			June 30,
		2008			2007			2008			2007
	(Unaudited)						(Unaudited)
Per Class A share – diluted:
Operating income	$	0.87		$	1.09		$	1.65		$	1.95
Net realized (losses) gains on investments		(0.25	)		0.03			(0.66	)		0.06
Income tax benefit (expense) on realized (losses) gains		0.09			(0.01	)		0.23			(0.02	)
Realized (losses) gains, net of income taxes		(0.16	)		0.02			(0.43	)		0.04
Net income	$	0.71		$	1.11		$	1.22		$	1.99

3

ERIE INDEMNITY COMPANY

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(amounts in thousands, except per share data)

	June 30,		December 31,
	2008		2007
	(Unaudited)
Assets
Investments
Available-for-sale securities, at fair value:
Fixed maturities	$	630,116	$	703,406
Equity securities		99,754		218,270
Trading securities, at fair value		91,133		0
Other invested assets		313,905		297,059
Total investments		1,134,908		1,218,735
Cash and cash equivalents		16,201		31,070
Equity in Erie Family Life Insurance		56,540		59,046
Premiums receivable from policyholders		257,658		243,612
Receivables from affiliates		1,170,534		1,177,830
Other assets		168,911		148,330
Total assets	$	2,804,752	$	2,878,623
Liabilities and shareholders’ equity
Liabilities
Unpaid losses and loss adjustment expenses	$	1,004,553	$	1,026,531
Unearned premiums		437,094		421,263
Other liabilities		391,571		379,550
Total liabilities		1,833,218		1,827,344
Total shareholders’ equity		971,534		1,051,279
Total liabilities and shareholders’ equity	$	2,804,752	$	2,878,623
Book value per share	$	16.89	$	17.68
Shares outstanding		57,519		59,461

4

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

	Three			Three			Six			Six
	months ended			months ended			months ended			months ended
	June 30,			June 30,			June 30,			June 30,
	2008			2007			2008			2007
(dollars in thousands)
Property and Casualty Group insurance underwriting operations (SAP basis)
	(Unaudited)						(Unaudited)
Direct underwriting results
Direct written premium	$	1,030,036		$	1,028,247		$	1,948,432		$	1,946,425
Premiums earned		962,466			963,691			1,900,286			1,905,849
Loss and loss adjustment expenses incurred		602,238			542,795			1,205,628			1,115,123
Policy acquisition and other underwriting expenses		284,255			281,669			539,118			538,771
Total losses and expenses		886,493			824,464			1,744,746			1,653,894
Direct underwriting income		75,973			139,227			155,540			251,955
Nonaffiliated reinsurance underwriting results
Assumed voluntary-less ceded retrocessions		(555	)		(652	)		(345	)		(3,550	)
Assumed involuntary		(1,614	)		23,643			(2,405	)		22,279
Less: Ceded		9,253			6,843			18,296			14,659
Nonaffiliated reinsurance underwriting (loss) income		(11,422	)		16,148			(21,046	)		4,070
Net underwriting income (SAP basis)	$	64,551		$	155,375		$	134,494		$	256,025
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)	$	3,550		$	8,546		$	7,397		$	14,081
SAP to GAAP adjustments		(305	)		(623	)		(72	)		(538	)
Indemnity underwriting income before tax (GAAP basis)	$	3,245		$	7,923		$	7,325		$	13,543
Property & Casualty Group (SAP basis)
Net basis:
Loss and LAE ratio		63.8	%		55.6	%		64.7	%		58.9	%
Underwriting ratio		27.4			26.7			27.3			26.9
Policyholder dividends ratio		0.0			0.1			0.1			0.2
Statutory combined ratio		91.2			82.4			92.1			86.0
Adjusted combined ratio, excluding profit component		87.0			77.7			88.0			81.5
Direct business:
Loss ratio points from prior accident year reserve development – redundancy		(3.9	)		(4.3	)		(4.6	)		(7.4	)
Loss ratio points from prior accident years from salvage and subrogation recoveries collected		(1.6	)		(1.8	)		(2.4	)		(2.4	)
Total loss ratio points from prior accident years		(5.5	)		(6.1	)		(7.0	)		(9.8	)
Loss ratio points from catastrophes		2.9			2.1			2.3			1.3
Erie Indemnity Company
GAAP combined ratio		93.7			84.8			92.9			87.0
GAAP loss ratio points from catastrophes		3.0			2.2			2.3			1.3

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 our opinion, 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		Six			Six
	months ended			months ended		months ended			months ended
	June 30,			June 30,		June 30,			June 30,
	2008			2007		2008			2007
(dollars in thousands)
Statutory accounting basis	(Unaudited)					(Unaudited)
Premiums earned	$	905,050		$	913,316	$	1,792,542		$	1,802,867
Losses, loss adjustment expenses and
underwriting expenses		844,022			766,464		1,665,440			1,560,891
Net underwriting income		61,028			146,852		127,102			241,976
Total investment (loss) income		(54,492	)		212,935		(24,263	)		349,581
Income before income taxes		6,536			359,787		102,839			591,557
Federal income tax expense		52,564			110,527		113,364			182,519
Net (loss) income	$	(46,028	)	$	249,260	$	(10,525	)	$	409,038

	As of		As of
	June 30,		December 31,
	2008		2007
(dollars in thousands)
Statutory accounting basis	(Unaudited)
Cash and invested assets	$	8,743,798	$	8,927,997
Other assets		1,247,042		1,033,852
Total assets	$	9,990,840	$	9,961,849
Loss, loss adjustments expense and
unearned premium reserves	$	4,873,914	$	4,848,549
Other liabilities		360,699		345,776
Total liabilities		5,234,613		5,194,325
Policyholders’ surplus		4,756,227		4,767,524
Total liabilities and policyholders’ surplus	$	9,990,840	$	9,961,849

6

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

	Three months			Three months						Six months			Six months
	ended			ended						ended			ended
	June 30,			June 30,			%			June 30,			June 30,			%
	2008			2007			Change			2008			2007			Change
(dollars in thousands)
Private passenger auto	$	120,804		$	118,693			1.8	%	$	230,054		$	227,369			1.2	%
Homeowners		51,756			51,566			0.4			89,540			88,659			1.0
Commercial multi-peril		29,950			30,116			-0.6			58,694			58,880			-0.3
Commercial auto		21,638			22,125			-2.2			42,355			42,916			-1.3
Workers compensation		19,490			21,321			-8.6			40,704			44,297			-8.1
All other lines of business		13,871			13,241			4.8			25,761			24,485			5.2
		257,509			257,062			0.2			487,108			486,606			0.1
Change in allowance for management fee returned on cancelled policies		(1,700	)		(600	)					(1,700	)		(1,500	)
Management fee revenue, net of allowance	$	255,809		$	256,462			-0.3	%	$	485,408		$	485,106			0.1	%
Management fee rate		25.00	%		25.00	%					25.00	%		25.00	%

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
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
12/31/2007		1,651,234		1.1			1,413,712		2.6			321,431		6.6			3,386,377		2.2
03/31/2008		1,655,869		1.2			1,420,250		2.6			325,926		6.7			3,402,045		2.3
06/30/2008		1,667,446		1.4			1,433,504		2.5			332,922		6.8			3,433,872		2.4

			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
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
12/31/2007		122,558		2.3			228,214		4.4			54,720		1.5			96,464		4.1			501,956		3.5
03/31/2008		122,882		2.5			229,577		4.7			54,927		2.7			96,511		3.9			503,897		3.8
06/30/2008		123,955		1.9			234,393		4.8			55,801		3.4			97,745		3.3			511,894		3.7

			12-mth.
	Total All		growth
Date	Lines		rate
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
12/31/2007		3,888,333		2.4
03/31/2008		3,905,942		2.5
06/30/2008		3,945,766		2.5

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
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
12/31/2007		91.5			88.2			90.3			86.0			86.8			87.8			90.2
03/31/2008		91.6			88.4			90.5			86.5			87.6			87.9			90.4
06/30/2008		91.6			87.9			90.7			86.2			87.5			88.1			90.4

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
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	)
12/31/2007		1,092		(1.6	)		518		(1.5	)		353		1.1			782		(1.9	)
03/31/2008		1,091		(0.8	)		518		(1.1	)		354		1.4			781		(1.3	)
06/30/2008		1,088		(0.5	)		514		(1.2	)		353		0.6			777		(1.1	)

			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
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	)
12/31/2007		2,577		(4.1	)		5,602		(6.4	)		1,581		(4.6	)		2,262		(5.5	)
03/31/2008		2,568		(3.6	)		5,453		(7.8	)		1,576		(4.0	)		2,240		(5.3	)
06/30/2008		2,530		(3.7	)		5,236		(11.3	)		1,546		(4.3	)		2,187		(6.3	)

			12-mth.
	Total All		percent
Date	Lines		change
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	)
12/31/2007		973		(2.8	)
03/31/2008		969		(2.2	)
06/30/2008		960		(2.4	)

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
	June 30, 2008												June 30, 2007
				Prior Year**						Current						Prior Year**						Current
				Reserve						Accident						Reserve						Accident
	Calendar*			Development						Year						Development						Year
				Deficiency			Catastrophe			Excluding			Calendar*			Deficiency			Catastrophe			Excluding
	Year			(Redundancy)			Losses			Catastrophes			Year			(Redundancy)			Losses			Catastrophes
Private passenger auto		83.6	%		-2.5	%		0.4	%		85.7	%		76.1	%		-9.6	%		0.2	%		85.5	%
Homeowners		88.2	%		-9.5	%		2.0	%		95.7	%		89.9	%		3.4	%		1.6	%		84.9	%
Other personal lines		98.7	%		9.1	%		0.1	%		89.5	%		99.8	%		18.8	%		0.1	%		80.9	%
Total personal lines		85.5	%		-4.0	%		2.5	%		87.0	%		80.9	%		-4.9	%		2.0	%		83.8	%
Commercial multi-peril		74.1	%		-17.4	%		0.3	%		91.2	%		83.8	%		-3.3	%		0.1	%		87.0	%
Commercial auto		94.4	%		4.3	%		0.1	%		90.0	%		72.6	%		-10.8	%		0.0	%		83.4	%
Workers compensation		115.6	%		6.3	%		0.0	%		109.3	%		77.2	%		4.5	%		0.0	%		72.7	%
Other commercial lines		63.9	%		1.3	%		0.0	%		62.6	%		49.0	%		-0.6	%		0.0	%		49.6	%
Total commercial lines		90.1	%		-3.7	%		0.4	%		93.4	%		76.6	%		-3.1	%		0.2	%		79.5	%
Grand total – direct business only		86.9	%		-3.9	%		2.9	%		87.9	%		79.6	%		-4.3	%		2.1	%		81.8	%

	Six Months Ended												Six Months Ended
	June 30, 2008												June 30, 2007
				Prior Year**						Current						Prior Year**						Current
				Reserve						Accident						Reserve						Accident
	Calendar*			Development						Year						Development						Year
				Deficiency			Catastrophe			Excluding			Calendar*			Deficiency			Catastrophe			Excluding
	Year			(Redundancy)			Losses			Catastrophes			Year			(Redundancy)			Losses			Catastrophes
Private passenger auto		84.3	%		-6.8	%		0.3	%		90.8	%		79.9	%		-12.0	%		0.1	%		91.8	%
Homeowners		89.2	%		-5.4	%		1.5	%		93.1	%		83.8	%		-2.9	%		1.1	%		85.6	%
Other personal lines		79.3	%		-3.8	%		0.1	%		83.0	%		89.4	%		6.6	%		0.1	%		82.7	%
Total personal lines		85.4	%		-6.3	%		1.9	%		89.8	%		81.3	%		-8.7	%		1.3	%		88.7	%
Commercial multi-peril		91.6	%		-2.1	%		0.3	%		93.4	%		88.7	%		-2.2	%		0.1	%		90.8	%
Commercial auto		78.6	%		-9.8	%		0.1	%		88.3	%		75.2	%		-11.5	%		0.0	%		86.7	%
Workers compensation		103.0	%		5.6	%		0.0	%		97.4	%		90.2	%		2.5	%		0.0	%		87.7	%
Other commercial lines		90.4	%		23.2	%		0.0	%		67.2	%		47.2	%		-12.6	%		0.0	%		59.8	%
Total commercial lines		90.9	%		-0.5	%		0.4	%		91.0	%		82.6	%		-4.2	%		0.1	%		86.7	%
Grand total – direct business only		87.1	%		-4.6	%		2.3	%		89.4	%		81.8	%		-7.4	%		1.3	%		87.9	%
*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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