EX-99.2 3 ex-99203312026.htm EX-99.2

Exhibit 99.2

Erie Indemnity Company

Consolidated Statements of Operations

(dollars in thousands, except per share data)

												Three months ended March 31,
																		2026						2025
												(Unaudited)
Operating revenue
Management fee revenue - policy issuance and renewal services																		$	786,399					$	755,049
Management fee revenue - administrative services																		19,475						17,645
Administrative services reimbursement revenue																		200,096						210,273
Service agreement revenue																		5,941						6,432
Total operating revenue																		1,011,911						989,399
Operating expenses
Cost of operations - policy issuance and renewal services																		645,028						627,750
Cost of operations - administrative services																		200,096						210,273
Total operating expenses																		845,124						838,023
Operating income																		166,787						151,376
Investment income
Net investment income																		23,560						19,948
Net realized and unrealized investment (losses) gains																		(765)						502
Net impairment losses recognized in earnings																		(676)						(914)
Total investment income																		22,119						19,536
Other income																		1,420						3,834
Income before income taxes																		190,326						174,746
Income tax expense																		39,852						36,329
Net income																		$	150,474					$	138,417
Net income per share
Class A common stock – basic																		$	3.23					$	2.97
Class A common stock – diluted																		$	2.88					$	2.65
Class B common stock – basic and diluted																		$	485					$	446
Weighted average shares outstanding – Basic
Class A common stock																		46,188,850						46,188,903
Class B common stock																		2,542						2,542
Weighted average shares outstanding – Diluted
Class A common stock																		52,300,180						52,304,384
Class B common stock																		2,542						2,542
Dividends declared per share
Class A common stock																		$	1.4625					$	1.365
Class B common stock																		$	219.375					$	204.75

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Erie Indemnity Company

Consolidated Statements of Financial Position

(in thousands)

						March 31, 2026						December 31, 2025
						(Unaudited)
Assets
Current assets:
Cash and cash equivalents (includes restricted cash of $39,549 and $30,189, respectively)						$	268,616					$	345,874
Available-for-sale securities						53,995						33,902
Available-for-sale securities lent						870						3,436
Receivables from Erie Insurance Exchange and affiliates, net						743,236						735,589
Prepaid expenses and other current assets, net						79,713						66,061
Accrued investment income						14,469						14,311
Total current assets						1,160,899						1,199,173
Available-for-sale securities, net						1,296,154						1,286,566
Equity securities						67,889						70,624
Available-for-sale and equity securities lent						54,417						61,063
Fixed assets, net						579,649						571,476
Agent loans, net						102,436						93,953
Defined benefit pension plan						66,617						24,137
Other assets, net						48,617						48,489
Total assets						$	3,376,678					$	3,355,481
Liabilities and shareholders' equity
Current liabilities:
Commissions payable						$	440,465					$	425,320
Agent incentive compensation						58,393						132,560
Accounts payable and accrued liabilities						229,421						200,701
Dividends payable						68,109						68,109
Contract liability						47,432						47,561
Deferred executive compensation						6,466						9,400
Securities lending payable						49,621						61,936
Total current liabilities						899,907						945,587
Defined benefit pension plan						34,023						33,410
Contract liability						22,936						23,274
Deferred executive compensation						24,023						22,050
Deferred income taxes, net						19,982						24,788
Other long-term liabilities						22,286						22,998
Total liabilities						1,023,157						1,072,107
Shareholders’ equity						2,353,521						2,283,374
Total liabilities and shareholders’ equity						$	3,376,678					$	3,355,481

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