EX-99.2 3 ex-99212312025.htm EX-99.2 Document

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,
2025202420252024
(Unaudited)
Operating revenue
Management fee revenue - policy issuance and renewal services$727,629 $698,340 $3,131,806 $2,894,074 
Management fee revenue - administrative services19,286 17,216 74,058 68,355 
Administrative services reimbursement revenue198,028 201,987 836,639 806,336 
Service agreement revenue6,080 6,547 24,755 26,350 
Total operating revenue951,023 924,090 4,067,258 3,795,115 
Operating expenses
Cost of operations - policy issuance and renewal services595,281 554,793 2,513,435 2,312,324 
Cost of operations - administrative services198,028 201,987 836,639 806,336 
Total operating expenses793,309 756,780 3,350,074 3,118,660 
Operating income
157,714 167,310 717,184 676,455 
Investment income
Net investment income24,826 20,920 85,837 70,155 
Net realized and unrealized investment gains24 246 2,336 3,229 
Net impairment losses recognized in earnings(679)(361)(3,312)(4,124)
Total investment income
24,171 20,805 84,861 69,260 
Other income464 3,693 8,558 11,564 
Contribution to charitable foundation(100,000)— (100,000)— 
Income before income taxes82,349 191,808 710,603 757,279 
Income tax expense18,969 39,779 151,268 156,965 
Net income
$63,380 $152,029 $559,335 $600,314 
Net income per share
Class A common stock – basic$1.36 $3.26 $12.01 $12.89 
Class A common stock – diluted$1.21 $2.91 $10.69 $11.48 
Class B common stock – basic
$204 $490 $1,802 $1,934 
Class B common stock – diluted$204 $490 $1,801 $1,933 
Weighted average shares outstanding – Basic
Class A common stock46,189,058 46,189,060 46,189,024 46,189,044 
Class B common stock2,542 2,542 2,542 2,542 
Weighted average shares outstanding – Diluted
Class A common stock52,307,301 52,310,894 52,305,424 52,306,266 
Class B common stock2,542 2,542 2,542 2,542 
Dividends declared per share
Class A common stock$1.4625 $1.365 $5.5575 $5.19 
Class B common stock$219.375 $204.75 $833.625 $778.50 



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Erie Indemnity Company
Consolidated Statements of Financial Position
(in thousands)
December 31, 2025December 31, 2024
Assets
Current assets:
Cash and cash equivalents (includes restricted cash of $30,189 and $23,559, respectively)
$345,874 $298,397 
Available-for-sale securities33,902 44,604 
Available-for-sale securities lent3,436 0 
Receivables from Erie Insurance Exchange and affiliates, net735,589 707,060 
Prepaid expenses and other current assets, net66,061 83,902 
Accrued investment income14,311 11,069 
Total current assets1,199,173 1,145,032 
Available-for-sale securities, net1,286,566 991,726 
Equity securities70,624 85,891 
Available-for-sale and equity securities lent61,063 7,285 
Fixed assets, net571,476 513,494 
Agent loans, net93,953 80,597 
Defined benefit pension plan24,137 21,311 
Other assets, net48,489 43,278 
Total assets$3,355,481 $2,888,614 
Liabilities and shareholders' equity
Current liabilities:
Commissions payable$425,320 $408,309 
Agent incentive compensation132,560 75,458 
Accounts payable and accrued liabilities200,701 190,028 
Dividends payable68,109 63,569 
Contract liability47,561 42,761 
Deferred executive compensation9,400 14,874 
Securities lending payable61,936 7,513 
Total current liabilities945,587 802,512 
Defined benefit pension plan33,410 28,070 
Contract liability23,274 21,170 
Deferred executive compensation22,050 19,721 
Deferred income taxes, net24,788 6,418 
Other long-term liabilities22,998 23,465 
Total liabilities1,072,107 901,356 
Shareholders' equity2,283,374 1,987,258 
Total liabilities and shareholders' equity$3,355,481 $2,888,614 


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