Premium per policy increased 4.2% year over year. Erie Indemnity's solid policy holder retention and the increase in new policies resulted in policy growth of 4.5%. Commissions rose 10% on higher direct written premium of the property and casualty insurance operations. Non-commission expenses increased 2.8% to $3 million year over year. Pre-tax income from Investment operations declined 12.5% to $7 million year over year due to low equity and earnings of limited partnerships in the reported quarter. Net investment income increased $1 million year over year. Financial Update Erie Indemnity Company exited the quarter with cash and cash equivalents of $300 million, down 34% from Dec 31, 2013. Total assets increased 4.7% to $17.4 billion from 2013 end level as of Jun 30, 2014. Shareholder's equity rose 2.9% to $755 million from 2013 end level as of Jun 30, 2014.