Exhibit

Exhibit 99.2

Erie Indemnity Company

Consolidated Statements of Operations

(dollars in millions, except per share data)



	Three months ended September 30,						Nine months ended September 30,
	2015			2014			2015			2014
Revenues	(Unaudited)						(Unaudited)
Premiums earned	$	1,472		$	1,355		$	4,308		$	3,962
Net investment income	120			115			360			335
Net realized investment (losses) gains	(292		)	(85		)	(243		)	104
Net impairment losses recognized in earnings	(4		)	(1		)	(8		)	(1		)
Equity in earnings of limited partnerships	43			34			143			111
Other income	7			8			23			24
Total revenues	1,346			1,426			4,583			4,535
Benefits and expenses
Insurance losses and loss expenses	939			935			2,975			3,095
Policy acquisition and underwriting expenses	367			341			1,076			987
Total benefits and expenses	1,306			1,276			4,051			4,082

Income from operations before income taxes and noncontrolling interest	40			150			532			453
Provision for income taxes	7			42			166			133
Net income	$	33		$	108		$	366		$	320

Less: Net (loss) income attributable to noncontrolling interest in consolidated entity – Exchange	(17		)	61			221			178

Net income attributable to Indemnity	$	50		$	47		$	145		$	142


Earnings Per Share
Net income attributable to Indemnity per share
Class A common stock – basic	$	1.06		$	1.01		$	3.10		$	3.05
Class A common stock – diluted	$	0.94		$	0.90		$	2.75		$	2.71
Class B common stock – basic and diluted	$	160		$	151		$	466		$	458
Class B common stock – diluted	$	159		$	151		$	465		$	457

Weighted average shares outstanding attributable to Indemnity – Basic
Class A common stock	46,189,068			46,189,068			46,189,068			46,267,694
Class B common stock	2,542			2,542			2,542			2,542

Weighted average shares outstanding attributable to Indemnity – Diluted
Class A common stock	52,602,083			52,387,164			52,599,783			52,465,790
Class B common stock	2,542			2,542			2,542			2,542

Dividends declared per share
Class A common stock	$	0.6810		$	0.6350		$	2.0430		$	1.9050
Class B common stock	$	102.1500		$	95.2500		$	306.4500		$	285.7500

Erie Indemnity Company

Results of the Erie Insurance Group's Operations by Interest (Unaudited)

(in millions)



	Indemnity shareholder interest					Noncontrolling interest (Exchange)						Eliminations of related party transactions						Erie Insurance Group
	Three months ended September 30,					Three months ended September 30,						Three months ended September 30,						Three months ended September 30,
	2015			2014		2015			2014			2015			2014			2015			2014
Management operations:
Management fee revenue, net	$	389		$	362	$	—		$	—		$	(389	)	$	(362	)	$	—		$	—
Service agreement revenue	7			8		—			—			—			—			7			8
Total revenue from management operations	396			370		—			—			(389		)	(362		)	7			8
Cost of management operations	328			308		—			—			(328		)	(308		)	—			—
Income from management operations before taxes	68			62		—			—			(61		)	(54		)	7			8
Property and casualty insurance operations:
Net premiums earned	—			—		1,447			1,333			—			—			1,447			1,333
Losses and loss expenses	—			—		912			908			(1		)	(1		)	911			907
Policy acquisition and underwriting expenses	—			—		420			387			(63		)	(56		)	357			331
Income from property and casualty insurance operations before taxes	—			—		115			38			64			57			179			95
Life insurance operations: ⁽¹⁾
Total revenue	—			—		49			48			0			0			49			48
Total benefits and expenses	—			—		38			38			0			0			38			38
Income from life insurance operations before taxes	—			—		11			10			0			0			11			10
Investment operations: ⁽¹⁾
Net investment income	4			4		95			90			(3		)	(3		)	96			91
Net realized investment losses	0			0		(292		)	(88		)	—			—			(292		)	(88		)
Net impairment losses recognized in earnings	(1		)	0		(3		)	0			—			—			(4		)	0
Equity in earnings of limited partnerships	4			4		39			30			—			—			43			34
Income (loss) from investment operations before taxes	7			8		(161		)	32			(3		)	(3		)	(157		)	37
Income (loss) from operations before income taxes and noncontrolling interest	75			70		(35		)	80			—			—			40			150
Provision for income taxes	25			23		(18		)	19			—			—			7			42
Net income (loss)	$	50		$	47	$	(17	)	$	61		$	—		$	—		$	33		$	108

(1) Earnings on life insurance related invested assets are integral to the evaluation of the life insurance operations because of the long duration of life products. On that basis, for presentation purposes, the life insurance operations in the table above include life insurance related investment results.

Erie Indemnity Company

Results of the Erie Insurance Group's Operations by Interest (Unaudited)

(in millions)



	Indemnity shareholder interest					Noncontrolling interest (Exchange)						Eliminations of related party transactions						Erie Insurance Group
	Nine months ended September 30,					Nine months ended September 30,						Nine months ended September 30,						Nine months ended September 30,
	2015			2014		2015			2014			2015			2014			2015			2014
Management operations:
Management fee revenue, net	$	1,127		$	1,047	$	—		$	—		$	(1,127	)	$	(1,047	)	$	—		$	—
Service agreement revenue	22			23		—			—			—			—			22			23
Total revenue from management operations	1,149			1,070		—			—			(1,127		)	(1,047		)	22			23
Cost of management operations	958			882		—			—			(958		)	(882		)	—			—
Income from management operations before taxes	191			188		—			—			(169		)	(165		)	22			23
Property and casualty insurance operations:
Net premiums earned	—			—		4,239			3,899			—			—			4,239			3,899
Losses and loss expenses	—			—		2,897			3,016			(3		)	(4		)	2,894			3,012
Policy acquisition and underwriting expenses	—			—		1,222			1,132			(175		)	(173		)	1,047			959
Income (loss) from property and casualty insurance operations before taxes	—			—		120			(249		)	178			177			298			(72		)
Life insurance operations: ⁽¹⁾																		144			143
Total revenue	—			—		144			144			0			(1		)	144			143
Total benefits and expenses	—			—		110			111			0			0			110			111
Income from life insurance operations before taxes	—			—		34			33			0			(1		)	34			32
Investment operations: ⁽¹⁾
Net investment income	13			12		284			263			(9		)	(11		)	288			264
Net realized investment gains (losses)	0			1		(244		)	95			—			—			(244		)	96
Net impairment losses recognized in earnings	(1		)	0		(7		)	0			—			—			(8		)	0
Equity in earnings of limited partnerships	17			13		125			97			—			—			142			110
Income from investment operations before taxes	29			26		158			455			(9		)	(11		)	178			470
Income from operations before income taxes and noncontrolling interest	220			214		312			239			—			—			532			453
Provision for income taxes	75			72		91			61			—			—			166			133
Net income	$	145		$	142	$	221		$	178		$	—		$	—		$	366		$	320

Erie Indemnity Company

Reconciliation of Operating Income to Net Income

Reconciliation of operating income to net income (unaudited)

We disclose operating income, a non-GAAP financial measure, to enhance our investors’ understanding of our performance related to the Indemnity shareholder interest. Our method of calculating this measure may differ from those used by other companies, and therefore comparability may be limited.

Indemnity defines operating income as net income excluding realized capital gains and losses, impairment losses and related federal income taxes.

Indemnity uses operating income to evaluate the results of its operations. It reveals trends that may be obscured by the net effects of realized capital gains and losses including impairment losses. Realized capital gains and losses, including impairment losses, may vary significantly between periods and are generally driven by business decisions and economic developments such as capital market conditions which are not related to our ongoing operations. 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 prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and does not reflect Indemnity’s overall profitability.

The following table reconciles operating income and net income for the Indemnity shareholder interest:



	Indemnity Shareholder Interest
	Three months ended September 30,					Nine months ended September 30,
(in millions, except per share data)	2015			2014		2015			2014
	(Unaudited)					(Unaudited)
Operating income attributable to Indemnity	$	51		$	47	$	146		$	141
Net realized investment (losses) gains and impairments	(1		)	0		(1		)	1
Income tax benefit (expense)	0			0		0			0
Realized (losses) gains and impairments, net of income taxes	(1		)	0		(1		)	1
Net income attributable to Indemnity	$	50		$	47	$	145		$	142

Per Indemnity Class A common share-diluted:
Operating income attributable to Indemnity	$	0.95		$	0.90	$	2.76		$	2.70
Net realized investment (losses) gains and impairments	(0.01		)	0.00		(0.01		)	0.02
Income tax benefit (expense)	0.00			0.00		0.00			(0.01		)
Realized (losses) gains and impairments, net of income taxes	(0.01		)	0.00		(0.01		)	0.01
Net income attributable to Indemnity	$	0.94		$	0.90	$	2.75		$	2.71

Erie Indemnity Company

Consolidated Statements of Financial Position

(in millions)



	September 30, 2015		December 31, 2014
	(Unaudited)
Assets
Investments – Indemnity
Available-for-sale securities, at fair value:
Fixed maturities	$	588	$	564
Equity securities	20		25
Limited partnerships	95		113
Other invested assets	1		1
Investments – Exchange
Available-for-sale securities, at fair value:
Fixed maturities	9,392		9,007
Equity securities	720		850
Trading securities, at fair value	2,981		3,223
Limited partnerships	832		866
Other invested assets	21		20
Total investments	14,650		14,669

Cash and cash equivalents (Exchange portion of $496 and $422, respectively)	618		514
Premiums receivable from policyholders – Exchange	1,417		1,281
Reinsurance recoverable – Exchange	162		161
Deferred income taxes – Indemnity	51		37
Deferred acquisition costs – Exchange	656		595
Other assets (Exchange portion of $451 and $374, respectively)	561		501
Total assets	$	18,115	$	17,758

Liabilities and shareholders’ equity
Liabilities
Indemnity liabilities
Other liabilities	$	644	$	611
Exchange liabilities
Losses and loss expense reserves	3,923		3,853
Life policy and deposit contract reserves	1,848		1,812
Unearned premiums	3,109		2,834
Deferred income taxes	283		490
Other liabilities	183		175
Total liabilities	9,990		9,775

Indemnity's shareholders’ equity	750		703

Noncontrolling interest in consolidated entity – Exchange	7,375		7,280
Total equity	8,125		7,983
Total liabilities, shareholders’ equity and noncontrolling interest	$	18,115	$	17,758