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Business Description
Erie Indemnity Company operates primarily as a provider of sales, underwriting and policy issuance services to the policyholders of Erie Insurance Exchange (the Exchange). The Company has served since 1925 as attorney-in-fact for the policyholders of the Exchange. Management fees earned in the capacity as attorney-in-fact covered 74% of total Company revenue in 2003. The Company also operates as a property and casualty insurer through its wholly owned subsidiaries. The Exchange and its property and casualty subsidiary, and Erie's three property and casualty subsidiaries (the Property and Casualty Group) write personal and commercial lines of property and casualty coverages exclusively through independent agents, and pool their underwriting results. The Company also owns 21.6% of the common stock of an affiliated life insurance company, of which the Exchange owns 53.5%. The Company operates in 11 states and in the District of Columbia.

Financial Information
For the nine months ended 9/30/04, total revenues rose 8% to $917.1 million. Net income rose 5% to $165.1 million. Revenues reflect increases in average premium per policy. Earnings were partially offset by an increase in commission cost.