Exhibit 99.2

ERIE INDEMNITY COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS

(dollars in thousands, except per share data)

	Three			Three			Twelve			Twelve
	months			months			months			months
	ended			ended			ended			ended
	December 31,			December 31,			December 31,			December 31,
	2008			2007			2008			2007
Operating revenue
Management fee revenue, net	$	204,790		$	204,549		$	897,526		$	894,981
Premiums earned		51,688			51,574			207,407			207,562
Service agreement revenue		8,817			7,562			32,298			29,748
Total operating revenue		265,295			263,685			1,137,231			1,132,291
Operating expenses
Cost of management operations		187,258			178,873			765,012			755,642
Losses and loss adjustment expenses incurred		32,399			33,114			137,167			125,903
Policy acquisition and other underwriting expenses		12,626			12,131			49,218			48,909
Total operating expenses		232,283			224,118			951,397			930,454
Investment (loss) income – unaffiliated
Investment income, net of expenses		10,823			12,483			44,181			52,833
Net realized losses on investments		(32,816	)		(12,742	)		(113,019	)		(5,192	)
Equity in (losses) earnings of limited partnerships		(14,600	)		12,823			5,710			59,690
Total investment (loss) income – unaffiliated		(36,593	)		12,564			(63,128	)		107,331
(Loss) income before income taxes and equity in (losses) earnings of Erie Family Life Insurance		(3,581	)		52,131			122,706			309,168
Provision for income taxes		(685	)		19,370			39,865			99,137
Equity in (losses) earnings of Erie Family Life Insurance, net of tax		(3,406	)		(159	)		(13,603	)		2,914
Net (loss) income		($6,302	)	$	32,602		$	69,238		$	212,945
Net (loss) income per share:
Class A common stock – basic		($0.12	)	$	0.61		$	1.34		$	3.80
Class A common stock – diluted		(0.12	)		0.55			1.19			3.43
Class B common stock – basic and diluted		(12.39	)		90.23			204.20			572.98
Weighted average shares outstanding:
Class A common stock – basic		51,349,457			53,550,013			51,824,649			55,928,177
Class A common stock – diluted*		51,369,552			59,689,852			57,967,144			62,096,816
Class B common stock – basic and diluted		2,551			2,551			2,551			2,563
Dividends declared per share:
Class A common stock	$	0.45		$	0.44		$	1.77		$	1.64
Class B common stock		67.50			66.00			265.50			246.00

*Given the net loss generated in the fourth quarter of 2008, the effect of using the if-converted method would be anti-dilutive; therefore the two class method was used to calculate earnings per share for the Class A common stock-diluted for the three months ended December 31, 2008.

ERIE INDEMNITY COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS — SEGMENT BASIS

(amounts in thousands, except per share data)

	Three			Three			Twelve			Twelve
	months ended			months ended			months ended			months ended
	December 31,			December 31,			December 31,			December 31,
	2008			2007			2008			2007
Management operations
Management fee revenue	$	216,644		$	216,332		$	949,775		$	947,023
Service agreement revenue		8,817			7,562			32,298			29,748
Total revenue from management operations		225,461			223,894			982,073			976,771
Cost of management operations		198,121			189,220			809,548			799,597
Income from management operations		27,340			34,674			172,525			177,174
Insurance underwriting operations
Premiums earned		51,688			51,574			207,407			207,562
Losses and loss adjustment expenses incurred		32,399			33,114			137,167			125,903
Policy acquisition and other underwriting expenses		13,618			13,567			56,931			56,996
Total losses and expenses		46,017			46,681			194,098			182,899
Underwriting income		5,671			4,893			13,309			24,663
Investment operations
Investment income, net of expenses		10,823			12,483			44,181			52,833
Net realized losses on investments		(32,816	)		(12,742	)		(113,019	)		(5,192	)
Equity in (losses) earnings of limited partnerships		(14,600	)		12,823			5,710			59,690
Equity in (losses) earnings of Erie Family Life Insurance		(3,662	)		(171	)		(14,627	)		3,133
Net (loss) revenue from investment operations		(40,255	)		12,393			(77,755	)		110,464
(Loss) income before income taxes		(7,244	)		51,960			108,079			312,301
Provision for income taxes		(942	)		19,358			38,841			99,356
Net (loss) income		($6,302	)	$	32,602		$	69,238		$	212,945
Net (loss) income per share – Class A basic		($0.12	)	$	0.61		$	1.34		$	3.80
Net (loss) income per share – Class A diluted*		(0.12	)		0.55			1.19			3.43
Net (loss) income per share – Class B basic and diluted		(12.39	)		90.23			204.20			572.98
Weighted average shares outstanding - Class A diluted*		51,370			59,690			57,967			62,097

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

*Given the net loss generated in the fourth quarter of 2008, the effect of using the if-converted method would be anti-dilutive; therefore the two class method was used to calculate earnings per share for the Class A common stock-diluted for the three months ended December 31, 2008.

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 income is 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. Equity in earnings or losses of limited partnerships includes the respective investment’s realized capital gains and losses, as well as unrealized gains and losses.

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 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 December 31, 2008 and 2007:

	Three			Three			Twelve			Twelve
	months ended			months ended			months ended			months ended
	December 31,			December 31,			December 31,			December 31,
	2008			2007			2008			2007
(in thousands, except per share data)
	(Unaudited)						(Unaudited)
Operating income	$	15,028		$	40,884		$	142,700		$	216,320
Net realized losses on investments		(32,816	)		(12,742	)		(113,019	)		(5,192	)
Income tax benefit on realized losses		11,486			4,460			39,557			1,817
Realized losses, net of income taxes		(21,330	)		(8,282	)		(73,462	)		(3,375	)
Net (loss) income		($6,302	)	$	32,602		$	69,238		$	212,945
	Three			Three			Twelve			Twelve
	months ended			months ended			months ended			months ended
	December 31,			December 31,			December 31,			December 31,
		2008			2007			2008			2007
	(Unaudited)						(Unaudited)
Per Class A share – diluted:
Operating income	$	0.29		$	0.69		$	2.46		$	3.48
Net realized losses on investments		(0.63	)		(0.21	)		(1.95	)		(0.08	)
Income tax benefit on realized losses		0.22			0.07			0.68			0.03
Realized losses, net of income taxes		(0.41	)		(0.14	)		(1.27	)		(0.05	)
Net (loss) income		($0.12	)	$	0.55		$	1.19		$	3.43

ERIE INDEMNITY COMPANY

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(amounts in thousands, except per share data)

	December 31,		December 31,
	2008		2007
Assets
Investments
Available-for-sale securities, at fair value:
Fixed maturities	$	563,429	$	703,406
Equity securities		55,281		218,270
Trading securities, at fair value		33,338		0
Other invested assets		300,391		297,059
Total investments		952,439		1,218,735
Cash and cash equivalents		61,073		31,070
Equity in Erie Family Life Insurance		29,236		59,046
Premiums receivable from policyholders		244,760		243,612
Receivables from affiliates		1,130,610		1,177,830
Other assets		195,268		148,330
Total assets	$	2,613,386	$	2,878,623
Liabilities and shareholders’ equity
Liabilities
Unpaid losses and loss adjustment expenses	$	965,081	$	1,026,531
Unearned premiums		424,370		421,263
Other liabilities		432,060		379,550
Total liabilities		1,821,511		1,827,344
Total shareholders’ equity		791,875		1,051,279
Total liabilities and shareholders’ equity	$	2,613,386	$	2,878,623
Book value per share	$	13.79	$	17.68
Shares outstanding		57,405		59,461

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

	Three			Three			Twelve			Twelve
	months ended			months ended			months ended			months ended
	December 31,			December 31,			December 31,			December 31,
	2008			2007			2008			2007
(dollars in thousands)
Property and Casualty Group insurance underwriting operations (SAP basis)
Direct underwriting results
Direct written premium	$	862,177		$	856,926		$	3,799,901		$	3,784,891
Premiums earned		929,576			926,876			3,786,632			3,786,603
Loss and loss adjustment expenses incurred		608,514			632,764			2,509,350			2,294,964
Policy acquisition and other underwriting expenses		240,477			236,998			1,050,734			1,048,510
Total losses and expenses		848,991			869,762			3,560,084			3,343,474
Direct underwriting income		80,585			57,114			226,548			443,129
Nonaffiliated reinsurance underwriting results
Assumed voluntary-less ceded retrocessions		16,014			19,125			16,500			12,234
Assumed involuntary		12,218			(1,468	)		25,310			15,009
Less: Ceded		13,495			(4,202	)		28,478			16,281
Nonaffiliated reinsurance underwriting income		14,737			21,859			13,332			10,962
Net underwriting income (SAP basis)	$	95,322		$	78,973		$	239,880		$	454,091
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)	$	5,243		$	4,344		$	13,193		$	24,975
SAP to GAAP adjustments		428			549			116			(312	)
Indemnity underwriting income before tax (GAAP basis)	$	5,671		$	4,893		$	13,309		$	24,663
Property & Casualty Group (SAP basis)
Net basis:
Loss and LAE ratio		63.9	%		66.0	%		66.0	%		60.5	%
Underwriting ratio		27.3			26.9			27.2			27.0
Policyholder dividends ratio		0.1			0.2			0.1			0.2
Statutory combined ratio		91.3			93.1			93.3			87.7
Adjusted combined ratio, excluding profit component		89.1			89.9			89.6			83.8
Direct business:
Loss ratio points from prior accident year reserve development – (redundancy) deficiency		(3.4	)		1.2			(3.2	)		(5.3	)
Loss ratio points from prior accident years from salvage and subrogation recoveries collected		(1.2	)		(0.9	)		(1.8	)		(1.7	)
Total loss ratio points from prior accident years		(4.6	)		0.3			(5.0	)		(7.0	)
Loss ratio points from catastrophes		0.8			0.9			3.4			1.7
Erie Indemnity Company
GAAP combined ratio		89.0			90.5			93.6			88.1
GAAP loss ratio points from catastrophes		0.8			0.9			3.4			1.7

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

Selected 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		Twelve			Twelve
	months ended			months ended		months ended			months ended
	December 31,			December 31,		December 31,			December 31,
	2008			2007		2008			2007
(dollars in thousands)
Statutory accounting basis
Premiums earned	$	871,648		$	869,867	$	3,566,450		$	3,572,189
Losses, loss adjustment expenses and
underwriting expenses		781,572			795,191		3,339,743			3,142,990
Net underwriting income		90,076			74,676		226,707			429,199
Total investment (loss) income		(346,207	)		103,573		(640,348	)		563,087
(Loss) income before income taxes		(256,131	)		178,249		(413,641	)		992,286
Federal income tax (benefit) expense		(179,412	)		87,912		(50,248	)		372,209
Net (loss) income		($76,719	)	$	90,337		($363,393	)	$	620,077

	As of		As of
	December 31,		December 31,
	2008		2007
(dollars in thousands)
Statutory accounting basis
Cash and invested assets	$	7,595,727	$	8,927,997
Other assets		1,552,902		1,033,852
Total assets	$	9,148,629	$	9,961,849
Loss, loss adjustment expense and
unearned premium reserves	$	4,768,240	$	4,848,549
Other liabilities		334,399		345,776
Total liabilities		5,102,639		5,194,325
Policyholders’ surplus		4,045,990		4,767,524
Total liabilities and policyholders’ surplus	$	9,148,629	$	9,961,849

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

	Three months			Three months						Twelve months			Twelve months
	ended			ended						ended			ended
	December 31,			December 31,			%			December 31,			December 31,			%
	2008			2007			Change			2008			2007			Change
(dollars in thousands)
Private passenger auto	$	104,471		$	103,040			1.4	%	$	456,536		$	450,651			1.3	%
Homeowners		44,025			42,973			2.4			185,831			183,221			1.4
Commercial multi-peril		24,371			24,537			(0.7	)		108,942			108,907			0.0
Commercial auto		17,066			17,500			(2.5	)		77,772			78,963			(1.5	)
Workers compensation		13,650			14,882			(8.3	)		70,186			76,641			(8.4	)
All other lines of business		11,961			11,300			5.8			50,708			47,840			6.0
		215,544			214,232			0.6			949,975			946,223			0.4
Change in allowance for management fee returned on cancelled policies	1,100			2,100						(200)			800
Management fee revenue, net of allowance	$216,644			$216,332			0.1%			$949,775			$947,023			0.3%
Management fee rate		25.00	%		25.00	%					25.00	%		25.00	%

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
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
09/30/2008		1,677,151		1.7			1,446,779		2.7			340,566		7.5			3,464,496		2.7
12/31/2008		1,683,526		2.0			1,454,797		2.9			346,953		7.9			3,485,276		2.9

			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
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
09/30/2008		124,418		1.9			236,994		4.7			56,381		3.8			98,786		2.7			516,579		3.5
12/31/2008		124,205		1.3			237,228		3.9			56,704		3.6			98,796		2.4			516,933		3.0

			12-mth.
	Total All		growth
Date	Lines		rate
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
09/30/2008		3,981,075		2.8
12/31/2008		4,002,209		2.9

CML* = Commercial

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
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
09/30/2008		91.7			87.8			91.0			86.0			87.2			88.2			90.5
12/31/2008		91.8			87.6			91.1			85.6			86.6			88.5			90.6

CML* = Commercial

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
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	)
09/30/2008		1,086		(0.6	)		511		(1.5	)		354		0.6			774		(1.1	)
12/31/2008		1,085		(0.6	)		511		(1.4	)		356		0.8			773		(1.2	)

			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
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	)
09/30/2008		2,514		(3.3	)		5,067		(12.3	)		1,536		(3.5	)		2,157		(6.0	)
12/31/2008		2,505		(2.8	)		4,951		(11.6	)		1,533		(3.0	)		2,141		(5.3	)

			12-mth.
	Total All		percent
Date	Lines		change
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	)
09/30/2008		953		(2.6	)
12/31/2008		949		(2.5	)

CML* = Commercial

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

	Three Months ended												Three Months ended
	December 31, 2008												December 31, 2007
	Calendar* Year			Prior Year** Reserve Development Deficiency (Redundancy)			Catastrophe Losses			Current Accident Year Excluding Catastrophes			Calendar* Year			Prior Year** Reserve Development Deficiency (Redundancy)			Catastrophe Losses			Current Accident Year Excluding Catastrophes
Private Passenger Auto		103.0	%		-0.2	%		0.1	%		103.1	%		101.1	%		1.4	%		0.2	%		99.5	%
Homeowners		73.9	%		0.7	%		1.3	%		71.9	%		71.9	%		0.2	%		2.9	%		68.8	%
Other Personal Lines		15.7	%		-60.2	%		1.6	%		74.3	%		64.4	%		-11.2	%		1.5	%		74.1	%
Total Personal		91.0	%		-2.7	%		0.5	%		93.2	%		91.5	%		0.5	%		1.0	%		90.0	%
Commercial Multi-Peril		69.7	%		-21.3	%		4.1	%		86.9	%		83.9	%		0.6	%		1.6	%		81.7	%
Commercial Auto		85.4	%		-4.2	%		0.0	%		89.6	%		74.7	%		-9.7	%		0.0	%		84.4	%
Workers’ Compensation		74.9	%		-19.2	%		0.0	%		94.1	%		137.1	%		33.2	%		0.0	%		103.9	%
Other Commercial Lines		223.8	%		129.8	%		0.5	%		93.5	%		14.2	%		-50.2	%		-0.1	%		64.5	%
Total Commercial		86.5	%		-5.1	%		1.6	%		90.0	%		90.7	%		2.8	%		0.6	%		87.3	%
Grand Total – Direct Business Only	89.6%			-3.4%			0.8%			92.2%			91.2%			1.2%			0.9%			89.1%
				Twelve Months ended												Twelve Months ended
				December 31, 2008												December 31, 2007
	Calendar* Year			Prior Year** Reserve Development Deficiency (Redundancy)			Catastrophe Losses			Current Accident Year Excluding Catastrophes			Calendar* Year			Prior Year** Reserve Development Deficiency (Redundancy)			Catastrophe Losses			Current Accident Year Excluding Catastrophes
Private Passenger Auto		88.6	%		-4.3	%		0.6	%		92.3	%		85.0	%		-8.2	%		0.5	%		92.7	%
Homeowners		92.2	%		-2.3	%		12.0	%		82.5	%		81.6	%		-1.8	%		6.4	%		77.0	%
Other Personal Lines		60.0	%		-20.3	%		4.8	%		75.5	%		80.1	%		0.2	%		3.0	%		76.9	%
Total Personal		88.3	%		-4.5	%		4.0	%		88.8	%		83.9	%		-6.1	%		2.2	%		87.8	%
Commercial Multi-Peril		93.0	%		-5.3	%		4.5	%		93.8	%		88.7	%		-3.3	%		1.2	%		90.8	%
Commercial Auto		80.7	%		-6.0	%		0.5	%		86.2	%		73.7	%		-12.6	%		0.5	%		85.8	%
Workers’ Compensation		99.0	%		-0.1	%		0.0	%		99.1	%		99.9	%		8.8	%		0.0	%		91.1	%
Other Commercial Lines		137.5	%		50.0	%		0.4	%		87.1	%		45.2	%		-16.3	%		0.0	%		61.5	%
Total Commercial		94.2	%		-0.3	%		1.9	%		92.6	%		84.7	%		-3.5	%		0.6	%		87.6	%
Grand Total – Direct Business Only	90.1%			-3.2%			3.4%			89.9%			84.1%			-5.3%			1.7%			87.7%
*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.