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,
	2009			2008			2009			2008
Operating revenue
Management fee revenue, net	$	210,753		$	204,790		$	912,023		$	897,526
Premiums earned		52,608			51,688			209,457			207,407
Service agreement revenue		8,872			8,817			34,783			32,298
Total operating revenue		272,233			265,295			1,156,263			1,137,231
Operating expenses
Cost of management operations		187,019			187,258			768,668			765,012
Losses and loss expenses incurred		33,618			32,399			145,452			137,167
Policy acquisition and other underwriting expenses		12,969			12,626			54,025			49,218
Total operating expenses		233,606			232,283			968,145			951,397
Investment income (loss) – unaffiliated
Investment income, net of expenses		10,202			10,823			41,728			44,181
Realized gains (losses) on investments		5,311			(25,146	)		10,396			(43,515	)
Net impairment losses recognized in earnings		(1,676	)		(7,670	)		(12,059	)		(69,504	)
Equity in (losses) earnings of limited partnerships		(12,527	)		(14,600	)		(76,108	)		5,710
Total investment income (loss) – unaffiliated		1,310			(36,593	)		(36,043	)		(63,128	)
Income before income taxes and equity in earnings (losses) of Erie Family Life Insurance		39,937			(3,581	)		152,075			122,706
Provision for income taxes		14,870			(685	)		48,787			39,865
Equity in (losses) earnings of Erie Family Life Insurance, net of tax		(126	)		(3,406	)		5,202			(13,603	)
Net income (loss)	$	24,941		$	(6,302	)	$	108,490		$	69,238
Net income (loss) per share:
Class A common stock – basic	$	0.48		$	(0.12	)	$	2.10		$	1.34
Class A common stock – diluted		0.43			(0.12	)		1.89			1.19
Class B common stock – basic and diluted		72.49			(12.39	)		312.45			204.20
Weighted average shares outstanding:
Class A common stock – basic		51,244,073			51,349,457			51,250,606			51,824,649
Class A common stock – diluted		57,371,495			51,369,552			57,385,228			57,967,144
Class B common stock – basic and diluted		2,546			2,551			2,549			2,551
Dividends declared per share:
Class A common stock	$	0.48		$	0.45		$	1.83		$	1.77
Class B common stock		72.00			67.50			274.50			265.50

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,
	2009			2008			2009			2008
Management operations
Management fee revenue	$	222,944		$	216,644		$	965,110		$	949,775
Service agreement revenue		8,872			8,817			34,783			32,298
Total revenue from management operations		231,816			225,461			999,893			982,073
Cost of management operations		197,870			198,121			813,411			809,548
Income from management operations		33,946			27,340			186,482			172,525
Insurance underwriting operations
Premiums earned		52,608			51,688			209,457			207,407
Losses and loss expenses incurred		33,618			32,399			145,452			137,167
Policy acquisition and other underwriting expenses		14,310			13,618			62,369			56,931
Total losses and expenses		47,928			46,017			207,821			194,098
Underwriting income		4,680			5,671			1,636			13,309
Investment operations
Investment income, net of expenses		10,202			10,823			41,728			44,181
Realized gains (losses) on investments		5,311			(25,146	)		10,396			(43,515	)
Net impairment losses recognized in earnings		(1,676	)		(7,670	)		(12,059	)		(69,504	)
Equity in (losses) earnings of limited partnerships		(12,527	)		(14,600	)		(76,108	)		5,710
Equity in (losses) earnings of Erie Family Life Insurance		(135	)		(3,662	)		5,593			(14,627	)
Net revenue (loss) from investment operations		1,175			(40,255	)		(30,450	)		(77,755	)
Income (loss) before income taxes		39,801			(7,244	)		157,668			108,079
Provision for income taxes		14,860			(942	)		49,178			38,841
Net income (loss)	$	24,941		$	(6,302	)	$	108,490		$	69,238
Net income (loss) per share – Class A basic	$	0.48		$	(0.12	)	$	2.10		$	1.34
Net income (loss) per share – Class A diluted*		0.43			(0.12	)		1.89			1.19
Net income (loss) per share – Class B basic and diluted		72.49			(12.39	)		312.45			204.20
Weighted average shares outstanding - Class A diluted*		57,371			51,370			57,385			57,967

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 impairment 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 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, the timing of which is unrelated to our 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, 2009 and 2008:

	Three			Three			Twelve			Twelve
	months ended			months ended			months ended			months ended
	December 31,			December 31,			December 31,			December 31,
	2009			2008			2009			2008
(in thousands, except per share data)
	(Unaudited)						(Unaudited)
Operating income	$	22,578		$	15,028		$	109,571		$	142,700
Net realized gains (losses) and impairments on investments		3,635			(32,816	)		(1,663	)		(113,019	)
Income tax (expense) benefit		(1,272	)		11,486			582			39,557
Realized gains (losses) and impairments, net of income taxes		2,363			(21,330	)		(1,081	)		(73,462	)
Net income (loss)	$	24,941		$	(6,302	)	$	108,490		$	69,238
	Three			Three			Twelve			Twelve
	months ended			months ended			months ended			months ended
	December 31,			December 31,			December 31,			December 31,
		2009			2008			2009			2008
Per Class A share – diluted:	(Unaudited)						(Unaudited)
Operating income	$	0.39		$	0.29		$	1.91		$	2.46
Net realized gains (losses) and impairments on investments		0.06			(0.63	)		(0.03	)		(1.95	)
Income tax (expense) benefit		(0.02	)		0.22			0.01			0.68
Realized gains (losses) and impairments, net of income taxes		0.04			(0.41	)		(0.02	)		(1.27	)
Net income (loss)	$	0.43		$	(0.12	)	$	1.89		$	1.19

ERIE INDEMNITY COMPANY

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(amounts in thousands, except per share data)

	December 31,		December 31,
	2009		2008
Assets
Investments
Available-for-sale securities, at fair value:
Fixed maturities	$	664,026	$	563,429
Equity securities		37,725		55,281
Trading securities, at fair value		42,153		33,338
Other invested assets		236,096		300,391
Total investments		980,000		952,439
Cash and cash equivalents		76,505		61,073
Equity in Erie Family Life Insurance		71,934		29,236
Premiums receivable from policyholders		237,229		244,760
Receivables from affiliates		1,139,712		1,130,610
Other assets		161,137		195,268
Total assets	$	2,666,517	$	2,613,386
Liabilities and shareholders’ equity
Liabilities
Unpaid losses and loss expenses	$	965,420	$	965,081
Unearned premiums		433,659		424,370
Other liabilities		365,461		432,060
Total liabilities		1,764,540		1,821,511
Total shareholders’ equity		901,977		791,875
Total liabilities and shareholders’ equity	$	2,666,517	$	2,613,386
Book value per share	$	15.74	$	13.79
Shares outstanding		57,314		57,405

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,
	2009			2008			2009			2008
(dollars in thousands)
Property and Casualty Group insurance underwriting operations (SAP basis)
Direct underwriting results
Direct written premium	$	886,574		$	862,177		$	3,860,839		$	3,799,901
Premiums earned		946,004			929,576			3,816,292			3,786,632
Loss and loss expenses incurred		633,123			608,514			2,660,885			2,509,350
Policy acquisition and other underwriting expenses		251,038			240,477			1,085,447			1,050,734
Total losses and expenses		884,161			848,991			3,746,332			3,560,084
Direct underwriting income		61,843			80,585			69,960			226,548
Nonaffiliated reinsurance underwriting results
Assumed voluntary-less ceded retrocessions		3,011			16,014			6,187			16,500
Assumed involuntary		(2,515	)		12,218			(42,018	)		25,310
Less: Ceded		(19,604	)		13,495			7,576			28,478
Nonaffiliated reinsurance underwriting income		20,100			14,737			(43,407	)		13,332
Net underwriting income (SAP basis)	$	81,943		$	95,322		$	26,553		$	239,880
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)	$	4,507		$	5,243		$	1,460		$	13,193
SAP to GAAP adjustments		173			428			176			116
Indemnity underwriting income before tax (GAAP basis)	$	4,680		$	5,671		$	1,636		$	13,309
Property & Casualty Group (SAP basis)
Net basis:
Loss and loss expense ratio		64.7	%		63.9	%		69.3	%		66.0	%
Underwriting ratio		27.9			27.3			27.6			27.2
Policyholder dividends ratio		0.0			0.1			0.0			0.1
Statutory combined ratio		92.6			91.3			96.9			93.3
Adjusted combined ratio, excluding profit component		89.8			89.1			92.9			89.6
Direct business:
Loss ratio points from prior accident year reserve development – (redundancy) deficiency		(1.7	)		(3.4	)		(0.6	)		(3.2	)
Loss ratio points from prior accident years from salvage and subrogation recoveries collected		(1.8	)		(1.2	)		(1.9	)		(1.8	)
Total loss ratio points from prior accident years		(3.5	)		(4.6	)		(2.5	)		(5.0	)
Loss ratio points from catastrophes		2.0			0.8			3.4			3.4
Erie Indemnity Company
GAAP combined ratio		91.1			89.0			99.2			93.6
GAAP loss ratio points from catastrophes		1.9			0.8			3.4			3.4

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,
	2009		2008			2009			2008
( in thousands)
Statutory accounting basis
Premiums earned	$	889,379	$	871,648		$	3,608,144		$	3,566,450
Losses, loss expenses and
underwriting expenses		811,738		781,572			3,582,848			3,339,743
Net underwriting income		77,641		90,076			25,296			226,707
Total investment income (loss)		79,764		(346,207	)		(84,056	)		(640,348	)
Income (loss) before income taxes		157,405		(256,131	)		(58,760	)		(413,641	)
Federal income tax expense (benefit)		31,501		(179,412	)		(2,595	)		(50,248	)
Net income (loss)	$	125,904	$	(76,719	)	$	(56,165	)	$	(363,393	)

	At		At
	December 31,		December 31,
	2009		2008
( in thousands)
Statutory accounting basis
Cash and invested assets	$	8,361,254	$	7,595,727
Other assets		1,186,712		1,552,902
Total assets	$	9,547,966	$	9,148,629
Loss, loss expense and
unearned premium reserves	$	4,699,222	$	4,768,240
Other liabilities		331,168		334,399
Total liabilities		5,030,390		5,102,639
Policyholders’ surplus		4,517,576		4,045,990
Total liabilities and policyholders’ surplus	$	9,547,966	$	9,148,629

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,			%
	2009			2008			Change			2009			2008			Change
(dollars in thousands)
Private passenger auto	$	107,992		$	104,471			3.4	%	$	466,376		$	456,536			2.2	%
Homeowners		47,230			44,025			7.3			198,172			185,831			6.6
Commercial multi-peril		24,965			24,371			2.4			110,138			108,942			1.1
Commercial auto		16,607			17,066			(2.7	)		75,252			77,772			(3.2	)
Workers compensation		12,281			13,650			(10.0	)		62,029			70,186			(11.6	)
All other lines of business		12,569			11,961			5.1			53,243			50,708			5.0
		221,644			215,544			2.8			965,210			949,975			1.6
Change in allowance for management fee returned on cancelled policies		1,300			1,100						(100	)		(200	)
Management fee revenue, net of allowance	$	222,944		$	216,644			2.9	%	$	965,110		$	949,775			1.6	%
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
12/31/2007		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
03/31/2009		1,694,583		2.3			1,466,227		3.2			353,470		8.5			3,514,280		3.3
06/30/2009		1,709,580		2.5			1,483,763		3.5			362,582		8.9			3,555,925		3.6
09/30/2009		1,721,388		2.6			1,498,285		3.6			369,253		8.4			3,588,926		3.6
12/31/2009		1,730,213		2.8			1,507,674		3.6			375,192		8.1			3,613,079		3.7

			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
12/31/2007		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
03/31/2009		123,747		0.7			236,804		3.1			56,661		3.2			98,622		2.2			515,834		2.4
06/30/2009		124,917		0.8			240,970		2.8			57,549		3.1			99,973		2.3			523,409		2.2
09/30/2009		125,149		0.6			243,771		2.9			58,238		3.3			101,157		2.4			528,315		2.3
12/31/2009		125,677		1.2			245,137		3.3			58,747		3.6			101,364		2.6			530,925		2.7

			12-mth.
	Total All		growth
Date	Lines		rate
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
03/31/2009		4,030,114		3.2
06/30/2009		4,079,334		3.4
09/30/2009		4,117,241		3.4
12/31/2009		4,144,004		3.5

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			Homeowners			Auto			Peril			Comp.			Lines			Total All Lines
12/31/2007		91.5	%		90.3	%		88.2	%		86.0	%		86.8	%		87.8	%		90.2	%
03/31/2008		91.6			90.5			88.4			86.5			87.6			87.9			90.4
06/30/2008		91.6			90.7			87.9			86.2			87.5			88.1			90.4
09/30/2008		91.7			91.0			87.8			86.0			87.2			88.2			90.5
12/31/2008		91.8			91.1			87.6			85.6			86.6			88.5			90.6
03/31/2009		91.9			91.4			87.5			85.7			86.3			88.8			90.8
06/30/2009		91.9			91.6			87.3			85.2			85.7			89.1			90.8
09/30/2009		91.9			91.4			87.0			84.9			85.8			88.8			90.7
12/31/2009		91.9			91.2			87.1			84.9			85.6			88.8			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
12/31/2007	$	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	)
03/31/2009		1,081		(0.9	)		512		(1.2	)		358		1.1			771		(1.3	)
06/30/2009		1,076		(1.1	)		516		0.4			359		1.7			769		(1.0	)
09/30/2009		1,076		(0.9	)		520		1.8			359		1.4			770		(0.5	)
12/31/2009		1,079		(0.6	)		526		2.9			360		1.1			773		0.1

			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
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	)
03/31/2009		2,483		(3.3	)		4,792		(12.1	)		1,537		(2.5	)		2,122		(5.3	)
06/30/2009		2,439		(3.6	)		4,555		(13.0	)		1,511		(2.3	)		2,067		(5.5	)
09/30/2009		2,420		(3.7	)		4,354		(14.1	)		1,496		(2.6	)		2,030		(5.9	)
12/31/2009		2,395		(4.4	)		4,223		(14.7	)		1,495		(2.5	)		2,010		(6.1	)

			12-mth.
	Total All		percent
Date	Lines		change
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	)
03/31/2009		944		(2.6	)
06/30/2009		936		(2.5	)
09/30/2009		932		(2.2	)
12/31/2009		932		(1.9	)

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, 2009																December 31, 2008
				Prior Year**									Current							Prior Year**												Current
				Reserve									Accident							Reserve												Accident
				Development									Year							Development												Year
	Calendar*			Deficiency			Catastrophe						Excluding			Calendar*				Deficiency						Catastrophe						Excluding
	Year			(Redundancy)			Losses						Catastrophe			Year				(Redundancy)						Losses						Catastrophe
Private Passenger Auto		115.4	%		11.0	%					0.2	%		104.2	%			103.0	%					(0.2	)%					0.1	%					103.1	%
Homeowners		79.8	%		3.9	%					8.2	%		67.7	%			73.9	%					0.7	%					1.3	%					71.9	%
Other Personal Lines		64.9	%		(8.1	)%					1.9	%		71.1	%			15.7	%					(60.2	)%					1.6	%					74.3	%
Total Personal		103.0	%		8.1	%					2.5	%		92.4	%			91.0	%					(2.7	)%					0.5	%					93.2	%
Commercial Multi-Peril		119.8	%		34.0	%					0.8	%		85.0	%			69.7	%					(21.3	)%					4.1	%					86.9	%
Commercial Auto		83.3	%		(7.1	)%					0.0	%		90.4	%			85.4	%					(4.2	)%					0.0	%					89.6	%
Workers’ Compensation		(68.4	)%		(157.9	)%					0.0	%		89.5	%			74.9	%					(19.2	)%					0.0	%					94.1	%
Other Commercial Lines		38.2	%		(37.1	)%					0.2	%		75.1	%			223.8	%					129.8	%					0.5	%					93.5	%
Total Commercial		60.0	%		(27.1	)%					0.4	%		86.7	%			86.5	%					(5.1	)%					1.6	%					90.0	%
Grand Total – Direct Business Only	91.0%			(1.6)%						2.0%			90.6%				89.6%						(3.4)%						0.8%						92.2%
				Twelve Months ended																			Twelve Months ended
				December 31, 2009																			December 31, 2008
				Prior Year**									Current										Prior Year**												Current
				Reserve									Accident										Reserve												Accident
				Development									Year										Development												Year
	Calendar*			Deficiency						Catastrophe			Excluding				Calendar*						Deficiency						Catastrophe						Excluding
	Year			(Redundancy)						Losses			Catastrophe				Year						(Redundancy)						Losses						Catastrophe
Private Passenger Auto		99.5	%					4.3	%		0.5	%		94.7	%						88.6	%					(4.3	)%					0.6	%		92.3	%
Homeowners		98.3	%					2.6	%		12.3	%		83.4	%						92.2	%					(2.3	)%					12.0	%		82.5	%
Other Personal Lines		74.0	%					(7.8	)%		3.8	%		78.0	%						60.0	%					(20.3	)%					4.8	%		75.5	%
Total Personal		98.0	%					3.2	%		4.0	%		90.8	%						88.3	%					(4.5	)%					4.0	%		88.8	%
Commercial Multi-Peril		111.5	%					16.0	%		4.1	%		91.4	%						93.0	%					(5.3	)%					4.5	%		93.8	%
Commercial Auto		78.0	%					(9.9	)%		0.9	%		87.0	%						80.7	%					(6.0	)%					0.5	%		86.2	%
Workers’ Compensation		45.0	%					(52.5	)%		0.0	%		97.5	%						99.0	%					(0.1	)%					0.0	%		99.1	%
Other Commercial Lines		56.1	%					(21.4	)%		0.6	%		76.9	%						137.5	%					50.0	%					0.4	%		87.1	%
Total Commercial		82.2	%					(10.3	)%		1.9	%		90.6	%						94.2	%					(0.3	)%					1.9	%		92.6	%
Grand Total – Direct Business Only	93.5%						(0.6)%			3.4%			90.7%							90.1%						(3.2)%						3.4%			89.9%
*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.