Erie Indemnity (ERIE) 10-Q 30 Jul 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 17, 2015
Entity Registrant Name	ERIE INDEMNITY CO
Entity Central Index Key	922,621
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Class A Common Stock
Entity Common Stock, Shares Outstanding		46,189,068
Class B Common Stock
Entity Common Stock, Shares Outstanding		2,542

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues
Premiums earned	$ 1,434	$ 1,319	$ 2,836	$ 2,607
Net investment income	127	111	240	220
Net realized investment (losses) gains	(7)	133	49	189
Net impairment losses recognized in earnings	(2)	0	(4)	0
Equity in earnings of limited partnerships	72	27	100	77
Other income	8	8	16	16
Total revenues	1,632	1,598	3,237	3,109
Benefits and expenses
Insurance losses and loss expenses	976	1,126	2,036	2,160
Policy acquisition and underwriting expenses	361	325	709	646
Total benefits and expenses	1,337	1,451	2,745	2,806
Income (loss) from operations before income taxes and noncontrolling interest	295	147	492	303
Provision for income taxes	98	44	159	91
Net income (loss)	197	103	333	212
Less: Net income attributable to noncontrolling interest in consolidated entity – Exchange	141	54	238	117
Net income attributable to Indemnity	56	49	95	95
Indemnity
Revenues
Net investment income	5	4	9	8
Net realized investment (losses) gains	0	0	0	1
Equity in earnings of limited partnerships	11	3	13	9
Benefits and expenses
Income (loss) from operations before income taxes and noncontrolling interest	86	75	145	144
Provision for income taxes	30	26	50	49
Net income (loss)			95
Net income attributable to Indemnity	$ 56	$ 49	$ 95	$ 95
Class A | Indemnity
Net income attributable to Indemnity per share
Common stock - basic (in dollars per share)	$ 1.21	$ 1.05	$ 2.04	$ 2.04
Common stock - diluted (in dollars per share)	$ 1.07	$ 0.94	$ 1.81	$ 1.82
Weighted average shares outstanding attributable to Indemnity - Basic
Common stock - basic (in shares)	46,189,068	46,214,153	46,189,068	46,307,659
Weighted average shares outstanding attributable to Indemnity - Diluted
Common stock - diluted (in shares)	52,562,514	52,411,414	52,598,633	52,504,920
Dividends declared per share
Common stock (in dollars per share)	$ 0.6810	$ 0.6350	$ 1.3620	$ 1.2700
Class B | Indemnity
Net income attributable to Indemnity per share
Common stock - basic (in dollars per share)	181	158	306	307
Common stock - diluted (in dollars per share)	$ 180	$ 158	$ 305	$ 307
Weighted average shares outstanding attributable to Indemnity - Basic
Common stock - basic (in shares)	2,542	2,542	2,542	2,542
Weighted average shares outstanding attributable to Indemnity - Diluted
Common stock - diluted (in shares)	2,542	2,542	2,542	2,542
Dividends declared per share
Common stock (in dollars per share)	$ 102.1500	$ 95.2500	$ 204.3000	$ 190.5000

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 197	$ 103	$ 333	$ 212
Other comprehensive (loss) income
Change in unrealized holding (losses) gains on available-for-sale securities, net of tax benefit (expense) of $73, $(37), $45 and $(80), respectively	(136)	68	(83)	148
Reclassification adjustment for gross gains included in net income, net of tax benefit of $2, $2, $4 and $7, respectively	(4)	(3)	(7)	(11)
Other comprehensive (loss) income	(140)	65	(90)	137
Comprehensive income	57	168	243	349
Less: Comprehensive income attributable to noncontrolling interest in consolidated entity – Exchange	3	118	150	250
Total comprehensive income – Indemnity	$ 54	$ 50	$ 93	$ 99

CONSOLIDATED STATEMENTS OF COM4

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Change in unrealized holding (losses) gains on available-for-sale securities, tax benefit (expense)	$ 73	$ (37)	$ 45	$ (80)
Reclassification adjustment for gross gains included in net income, tax benefit	$ 2	$ 2	$ 4	$ 7

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Available-for-sale securities, at fair value:
Fixed maturities	$ 9,933	$ 9,571
Equity securities	839	875
Trading securities, at fair value	3,144	3,223
Limited partnerships	943	979
Other invested assets	22	21
Total investments	14,881	14,669
Cash and cash equivalents	421	514
Premiums receivable from policyholders	1,384	1,281
Reinsurance recoverable	162	161
Deferred income taxes	44	37
Deferred acquisition costs	635	595
Other assets	542	501
Total assets	18,069	17,758
Liabilities
Losses and loss expense reserves	3,963	3,853
Life policy and deposit contract reserves	1,837	1,812
Unearned premiums	3,007	2,834
Deferred income taxes	413	490
Total liabilities	9,907	9,775
Indemnity shareholders' equity
Total Indemnity shareholders' equity	732	703
Noncontrolling interest in consolidated entity - Exchange	7,430	7,280
Total equity	8,162	7,983
Total liabilities, shareholders' equity, and noncontrolling interest	18,069	17,758
Indemnity
Available-for-sale securities, at fair value:
Fixed maturities	561	564
Equity securities	22	25
Limited partnerships	101	113
Other invested assets	1	1
Total investments	685	703
Cash and cash equivalents	77	92
Deferred income taxes	44	37
Other assets	123	127
Total assets	1,323	1,319
Liabilities
Other liabilities	589	611
Total liabilities	591	616
Indemnity shareholders' equity
Additional paid-in-capital	16	16
Accumulated other comprehensive loss	(120)	(118)
Retained earnings	1,980	1,949
Total contributed capital and retained earnings	1,878	1,849
Treasury stock, at cost, 22,110,132 shares held	(1,146)	(1,146)
Total Indemnity shareholders' equity	732	703
Total equity	732	703
Total liabilities, shareholders' equity, and noncontrolling interest	1,323	1,319
Exchange
Available-for-sale securities, at fair value:
Fixed maturities	9,372	9,007
Equity securities	817	850
Trading securities, at fair value	3,144	3,223
Limited partnerships	842	866
Other invested assets	21	20
Total investments	14,196	13,966
Cash and cash equivalents	344	422
Premiums receivable from policyholders	1,384	1,281
Reinsurance recoverable	162	161
Deferred acquisition costs	635	595
Other assets	419	374
Total assets	17,140	16,799
Liabilities
Losses and loss expense reserves	3,963	3,853
Life policy and deposit contract reserves	1,837	1,812
Unearned premiums	3,007	2,834
Deferred income taxes	413	490
Other liabilities	98	175
Total liabilities	9,710	9,519
Indemnity shareholders' equity
Noncontrolling interest in consolidated entity - Exchange	7,430	7,280
Total equity	7,430	7,280
Total liabilities, shareholders' equity, and noncontrolling interest	17,140	16,799
Class A | Indemnity
Indemnity shareholders' equity
Common stock	2	2
Class B | Indemnity
Indemnity shareholders' equity
Common stock	$ 0	$ 0

CONSOLIDATED STATEMENTS OF FIN6

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Fixed maturities, amortized cost	$ 9,593
Cash and cash equivalents	421	$ 514
Other assets	542	501
Indemnity
Fixed maturities, amortized cost	553	555
Equity securities, cost	22	24
Limited partnerships, cost	85	89
Cash and cash equivalents	77	92
Other assets	$ 123	$ 127
Treasury stock (in shares)	22,110,132	22,110,132
Exchange
Fixed maturities, amortized cost	$ 9,040	$ 8,540
Equity securities, cost	766	788
Trading securities, cost	2,319	2,289
Limited partnerships, cost	676	694
Cash and cash equivalents	344	422
Other assets	$ 419	$ 374
Class A | Indemnity
Common stock, stated value per share (in dollars per share)	$ 0.0292	$ 0.0292
Common stock, authorized (in shares)	74,996,930	74,996,930
Common stock, issued (in shares)	68,299,200	68,299,200
Common stock, outstanding (in shares)	46,189,068	46,189,068
Class B | Indemnity
Ratio for converting shares of Class B common stock into shares of Class A common stock (as a percent)	2400.00%	2400.00%
Common stock, stated value per share (in dollars per share)	$ 70	$ 70
Common stock, authorized (in shares)	3,070	3,070
Common stock, issued (in shares)	2,542	2,542
Common stock, outstanding (in shares)	2,542	2,542

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities
Premiums collected	$ 2,906	$ 2,679
Net investment income received	262	235
Limited partnership distributions	74	64
Service agreement fee received	15	15
Commissions and bonuses paid to agents	(436)	(397)
Losses paid	(1,613)	(1,630)
Loss expenses paid	(257)	(251)
Other underwriting and acquisition costs paid	(392)	(372)
Income taxes paid	(248)	(98)
Net cash provided by (used in) operating activities	311	245
Purchase of investments:
Fixed maturities	(1,607)	(1,090)
Preferred stock	(125)	(168)
Common stock	(565)	(550)
Limited partnerships	(63)	(46)
Sales/maturities of investments:
Fixed maturity sales	625	371
Fixed maturity calls/maturities	469	413
Preferred stock	112	119
Common stock	713	565
Sale of and returns on limited partnerships	118	70
Net purchase of property and equipment	(26)	(17)
Net collections on agent loans	0	1
Net distributions on life policy loans	(1)	0
Net cash provided by (used in) investing activities	(350)	(332)
Cash flows from financing activities
Annuity deposits and interest	40	45
Annuity surrenders and withdrawals	(42)	(39)
Universal life deposits and interest	17	14
Universal life surrenders	(6)	(6)
Purchase of treasury stock	0	(20)
Dividends paid to shareholders	(63)	(59)
Net cash provided by (used in) financing activities	(54)	(65)
Net increase (decrease) in cash and cash equivalents	(93)	(152)
Cash and cash equivalents at beginning of period	514	452
Cash and cash equivalents at end of period	$ 421	$ 300

Nature of Operations

Nature of Operations	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Note 1. Nature of Operations Erie Indemnity Company (“Indemnity”) is a publicly held Pennsylvania business corporation that has since its incorporation in 1925 served as the attorney-in-fact for the subscribers (policyholders) at the Erie Insurance Exchange (“Exchange”). The Exchange, which also commenced business in 1925, is a Pennsylvania-domiciled reciprocal insurer that writes property and casualty insurance. Indemnity’s primary function, as attorney-in-fact, is to perform certain services for the Exchange relating to the sales, underwriting and issuance of policies on behalf of the Exchange. This is done in accordance with a subscriber’s agreement (a limited power of attorney) executed individually by each subscriber (policyholder), which appoints Indemnity as their common attorney-in-fact to transact certain business on their behalf and to manage the affairs of the Exchange. Pursuant to the subscriber’s agreement and for its services as attorney-in-fact, Indemnity earns a management fee calculated as a percentage of the direct premiums written by the Exchange and the other members of the Property and Casualty Group (defined below), which are assumed by the Exchange under an intercompany pooling arrangement. Indemnity has the power to direct the activities of the Exchange that most significantly impact the Exchange’s economic performance by acting as the common attorney-in-fact and decision maker for the subscribers (policyholders) at the Exchange. The Exchange, together with its wholly owned subsidiaries, Erie Insurance Company (“EIC”), Erie Insurance Company of New York (“ENY”), Erie Insurance Property and Casualty Company (“EPC”), and Flagship City Insurance Company (“Flagship”), operate as a property and casualty insurer and are collectively referred to as the “Property and Casualty Group”. The Property and Casualty Group operates in 12 Midwestern, Mid-Atlantic and Southeastern states and the District of Columbia. Erie Family Life Insurance Company (“EFL”), a wholly owned subsidiary of the Exchange, operates as a life insurer that underwrites and sells individual and group life insurance policies and fixed annuities. All property and casualty and life insurance operations are owned by the Exchange and Indemnity functions solely as the management company. The consolidated financial statements of Erie Indemnity Company reflect the results of Indemnity and its variable interest entity, the Exchange, which we refer to collectively as the “Erie Insurance Group” (“we,” “us,” “our”). “Indemnity shareholder interest” refers to the interest in Erie Indemnity Company owned by the Class A and Class B shareholders. “Noncontrolling interest” refers to the interest in the Erie Insurance Exchange held for the subscribers (policyholders).

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Significant Accounting Policies	Note 2. Significant Accounting Policies Basis of presentation The accompanying consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) and include the accounts of Indemnity together with its affiliate companies in which Indemnity holds a majority voting or economic interest. Use of estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of our financial position, results of operations, and cash flows for the interim periods have been included. Operating results for the six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ended December 31, 2015 . The accompanying consolidated financial statements and notes should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2014 as filed with the Securities and Exchange Commission on February 26, 2015 . Principles of consolidation We consolidate the Exchange as a variable interest entity for which Indemnity is the primary beneficiary under Accounting Standards Codification ("ASC 810"), Consolidation which was adopted January 1, 2010. All intercompany accounts and transactions have been eliminated in consolidation. The required presentation of noncontrolling interests is reflected in the consolidated financial statements. Noncontrolling interests represent the ownership interests of the Exchange, all of which are held by parties other than Indemnity (i.e. the Exchange’s subscribers (policyholders)). Noncontrolling interests also include the Exchange subscribers’ ownership interest in EFL. Presentation of assets and liabilities – While the assets of the Exchange are presented separately in the Consolidated Statements of Financial Position, the Exchange’s assets can only be used to satisfy the Exchange’s liabilities or for other unrestricted activities. ASC 810 does not require separate presentation of the Exchange’s assets; however, because the shareholders of Indemnity have no rights to the assets of the Exchange and, conversely, the Exchange has no rights to the assets of Indemnity, we have presented the invested assets of the Exchange separately on the Consolidated Statements of Financial Position along with the remaining consolidated assets reflecting the Exchange’s portion parenthetically. Liabilities are required under ASC 810 , to be presented separately for the Exchange on the Consolidated Statements of Financial Position as the Exchange’s creditors do not have recourse to the general credit of Indemnity. Rights of shareholders of Indemnity and subscribers (policyholders) of the Exchange – The shareholders of Indemnity, through the management fee, have a controlling financial interest as defined in ASC 810 in the Exchange; however, they have no other rights to or obligations arising from assets and liabilities of the Exchange. The shareholders of Indemnity own its equity but have no rights or interest in the Exchange’s (noncontrolling interest) income or equity. The noncontrolling interest equity represents the Exchange’s equity held for the interest of its subscribers (policyholders), who have no rights or interest in the Indemnity shareholder interest income or equity. All intercompany assets, liabilities, revenues, and expenses between Indemnity and the Exchange have been eliminated in the Consolidated Financial Statements. Recently issued accounting standards In February 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-02, "Consolidation" , which changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. ASU 2015-02 modifies the evaluation of whether limited partnerships are variable interest entities and the consolidation analysis of reporting entities that are involved in variable interest entities, particularly those that have fee arrangements and related party relationships. All legal entities are subject to reevaluation under this revised consolidation model. ASU 2015-02 is effective for interim and annual periods beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. We are currently evaluating this new guidance and we will determine its impact on our consolidated financial statements by the end of the year. It is possible that Indemnity would no longer be required to consolidate the results of the Exchange upon adoption of the new guidance. In May 2015, the FASB issued ASU 2015-07, "Fair Value Measurement" , which removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient and limits the disclosure requirements. ASU 2015-07 is effective for annual and interim periods beginning after December 15, 2015. Early adoption is permitted. We expect to implement these amended disclosure requirements at December 31, 2015. In May 2015, the FASB issued ASU 2015-09, "Financial Services - Insurance" , which requires additional disclosures about the liability for losses and loss adjustment expenses, including incurred and paid claims development activity and reconciliations of that information to the financial statements. ASU 2015-09 is effective for annual periods beginning after December 15, 2015, and interim periods beginning after December 15, 2016. Early adoption is permitted. We expect to include the applicable disclosures as required.

Indemnity Earnings Per Share

Indemnity Earnings Per Share	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Indemnity Earnings Per Share	Note 3. Indemnity Earnings Per Share Class A and Class B basic earnings per share and Class B diluted earnings per share are calculated under the two-class method. The two-class method allocates earnings to each class of stock based upon its dividend rights. Class B shares are convertible into Class A shares at a conversion ratio of 2,400 to 1. See Note 11. “Indemnity Capital Stock”. Class A diluted earnings per share are calculated under the if-converted method, which reflects the conversion of Class B shares to Class A shares. Diluted earnings per share calculations include the dilutive effect of assumed issuance of stock-based awards under compensation plans using the treasury stock method. A reconciliation of the numerators and denominators used in the basic and diluted per-share computations is presented as follows for each class of Indemnity common stock: Indemnity Shareholder Interest (dollars in millions, except per share data) Three months ended June 30, 2015 2014 Allocated net income (numerator) Weighted shares (denominator) Per-share amount Allocated net income (numerator) Weighted shares (denominator) Per-share amount Class A – Basic EPS: Income available to Class A stockholders $ 56 46,189,068 $ 1.21 $ 49 46,214,153 $ 1.05 Dilutive effect of stock-based awards 0 272,646 — 0 96,461 — Assumed conversion of Class B shares 0 6,100,800 — 0 6,100,800 — Class A – Diluted EPS: Income available to Class A stockholders on Class A equivalent shares $ 56 52,562,514 $ 1.07 $ 49 52,411,414 $ 0.94 Class B – Basic EPS: Income available to Class B stockholders $ 0 2,542 $ 181 $ 0 2,542 $ 158 Class B – Diluted EPS: Income available to Class B stockholders $ 0 2,542 $ 180 $ 0 2,542 $ 158 Indemnity Shareholder Interest (dollars in millions, except per share data) Six months ended June 30, 2015 2014 Allocated net income (numerator) Weighted shares (denominator) Per-share amount Allocated net income (numerator) Weighted shares (denominator) Per-share amount Class A – Basic EPS: Income available to Class A stockholders $ 94 46,189,068 $ 2.04 $ 94 46,307,659 $ 2.04 Dilutive effect of stock-based awards 0 308,765 — 0 96,461 — Assumed conversion of Class B shares 1 6,100,800 — 1 6,100,800 — Class A – Diluted EPS: Income available to Class A stockholders on Class A equivalent shares $ 95 52,598,633 $ 1.81 $ 95 52,504,920 $ 1.82 Class B – Basic EPS: Income available to Class B stockholders $ 1 2,542 $ 306 $ 1 2,542 $ 307 Class B – Diluted EPS: Income available to Class B stockholders $ 1 2,542 $ 305 $ 1 2,542 $ 307

Variable Interest Entity

Variable Interest Entity	6 Months Ended
	Jun. 30, 2015
Variable Interest Entity [Abstract]
Variable Interest Entity	Note 4. Variable Interest Entity Erie Insurance Exchange The Exchange is a reciprocal insurance exchange domiciled in Pennsylvania, for which Indemnity serves as attorney-in-fact. Indemnity holds a variable interest in the Exchange due to the absence of decision-making capabilities by the equity owners (subscribers/policyholders) of the Exchange and due to the significance of the management fee the Exchange pays to Indemnity as its decision maker. Therefore as defined in ASC 810, Indemnity is deemed to have a controlling financial interest in the Exchange and is considered to be its primary beneficiary. Under ASC 810, consolidation of the Exchange’s financial results is required given the significance of the management fee to the Exchange and because Indemnity has the power to direct the activities of the Exchange that most significantly impact the Exchange’s economic performance. The Exchange’s anticipated economic performance is the product of its underwriting results combined with its investment results. The fees paid to Indemnity under the subscriber’s agreement impact the anticipated economic performance attributable to the Exchange’s results. Indemnity earns a management fee from the Exchange for the services it provides as attorney-in-fact. Indemnity’s management fee revenues are based upon all premiums written or assumed by the Exchange. Indemnity’s Board of Directors determines the management fee rate to be paid by the Exchange to Indemnity. This rate cannot exceed 25% of the direct and assumed written premiums of the Exchange, as defined by the subscriber’s agreement signed by each policyholder. Management fee revenues and management fee expenses are eliminated upon consolidation. The shareholders of Indemnity have no rights to the assets of the Exchange and no obligations arising from the liabilities of the Exchange. Indemnity has no obligation related to any underwriting and/or investment losses experienced by the Exchange. Indemnity would, however, be adversely impacted if the Exchange incurred significant underwriting and/or investment losses. If the surplus of the Exchange were to decline significantly from its current level, its financial strength ratings could be reduced and, as a consequence, the Exchange could find it more difficult to retain its existing business and attract new business. A decline in the business of the Exchange would have an adverse effect on the amount of the management fees Indemnity receives. In addition, a decline in the surplus of the Exchange from its current level may impact the management fee rate received by Indemnity. Indemnity also has an exposure to a concentration of credit risk related to the unsecured receivables due from the Exchange for its management fee. If any of these events occurred, Indemnity’s financial position, financial performance, and/or cash flows could be adversely impacted. All property and casualty and life insurance operations are owned by the Exchange, and Indemnity functions solely as the management company. Indemnity has not provided financial or other support to the Exchange for any of the reporting periods presented. At June 30, 2015 , there are no explicit or implicit arrangements that would require Indemnity to provide future financial support to the Exchange. Indemnity is not liable if the Exchange was to be in violation of its debt covenants or was unable to meet its obligation for unfunded commitments to limited partnerships.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Segment Information	Note 5. Segment Information Our reportable segments include management operations, property and casualty insurance operations, life insurance operations, and investment operations. Accounting policies for segments are the same as those described in the summary of significant accounting policies. See Item 8. “Financial Statements and Supplementary Data, Note 2. Significant Accounting Policies,” in our Annual Report on Form 10-K for the year ended December 31, 2014 as filed with the Securities and Exchange Commission on February 26, 2015 . Assets are not allocated to the segments, but rather, are reviewed in total for purposes of decision-making. No single customer or agent provides 10% or more of revenues. Management operations Our management operations segment consists of Indemnity serving as attorney-in-fact for the Exchange. Indemnity operates in this capacity solely for the Exchange. We evaluate profitability of our management operations segment principally on the gross margin from management operations. Indemnity earns a management fee from the Exchange for providing certain sales, underwriting, and policy issuance services. Management fee revenue, which is eliminated upon consolidation, is calculated as a percentage not to exceed 25% of all the direct premiums written by the Exchange and the other members of the Property and Casualty Group, which are assumed by the Exchange under an intercompany pooling arrangement. The Property and Casualty Group issues policies with annual terms only. Management fees are recorded upon policy issuance or renewal, as substantially all of the services required to be performed by Indemnity have been satisfied at that time. Certain activities are performed and related costs are incurred by us subsequent to policy issuance in connection with the services provided to the Exchange; however, these activities are inconsequential and perfunctory. Although these management fee revenues and expenses are eliminated upon consolidation, the amount of the fee directly impacts the allocation of our consolidated net income between the noncontrolling interest, which bears the management fee expense and represents the interests of the Exchange subscribers (policyholders), and Indemnity’s interest, which earns the management fee revenue and represents the Indemnity shareholder interest in net income. Property and casualty insurance operations Our property and casualty insurance operations segment includes personal and commercial lines. Personal lines consist primarily of private passenger auto and homeowners and are marketed to individuals. Commercial lines consist primarily of commercial multi-peril, commercial auto, and workers compensation and are marketed to small- and medium-sized businesses. Our property and casualty policies are sold by independent agents. Our property and casualty insurance underwriting operations are conducted through the Exchange and its subsidiaries and include assumed involuntary and ceded reinsurance business and run-off activity of the previously assumed voluntary reinsurance business. We evaluate profitability of the property and casualty insurance operations principally based upon net underwriting results represented by the combined ratio. Life insurance operations Our life insurance operations segment includes traditional and universal life insurance products and fixed annuities marketed to individuals using the same independent agency force utilized by our property and casualty insurance operations. We evaluate profitability of the life insurance segment principally based upon segment net income, including investments, which for segment purposes are reflected in the investment operations segment. At the same time, we recognize that investment-related income is integral to the evaluation of the life insurance segment because of the long duration of life products. For the second quarters of 2015 and 2014 , investment activities on life insurance related assets generated revenues of $25 million and $24 million , respectively, resulting in EFL reporting income before income taxes of $13 million and $10 million , respectively, before intercompany eliminations. For the six months ended June 30, 2015 and 2014 , investment activities on life insurance related assets generated revenues of $50 million and $53 million , respectively, resulting in EFL reporting income before income taxes of $23 million for both periods, before intercompany eliminations. Investment operations The investment operations segment includes returns from our fixed maturity, equity security and limited partnership investment portfolios to support our underwriting business. The Indemnity and Exchange portfolios are managed with the objective of maximizing after-tax returns on a risk-adjusted basis, while the EFL portfolio is managed to be closely aligned to its liabilities and to maintain a sufficient yield to meet profitability targets. We actively evaluate the portfolios for impairments and record impairment writedowns on investments in instances where the fair value of the investment is substantially below cost, and it is concluded that the decline in fair value is other-than-temporary. Investment related income for the life operations is included in the investment segment results. The following tables summarize the components of the Consolidated Statements of Operations by reportable business segment: Erie Insurance Group (in millions) Three months ended June 30, 2015 Management operations Property and casualty insurance operations Life insurance operations Investment operations Eliminations Consolidated Premiums earned/life policy revenue $ 1,412 $ 22 $ 0 $ 1,434 Net investment income $ 130 (3 ) 127 Net realized investment losses (7 ) (7 ) Net impairment losses recognized in earnings (2 ) (2 ) Equity in earnings of limited partnerships 72 72 Management fee revenue $ 395 (395 ) — Service agreement and other revenue 7 1 8 Total revenues 402 1,412 23 193 (398 ) 1,632 Cost of management operations 332 (332 ) — Insurance losses and loss expenses 952 25 (1 ) 976 Policy acquisition and underwriting expenses 416 10 (65 ) 361 Total benefits and expenses 332 1,368 35 — (398 ) 1,337 Income (loss) before income taxes 70 44 (12 ) 193 — 295 Provision for income taxes 24 16 (4 ) 62 — 98 Net income (loss) $ 46 $ 28 $ (8 ) $ 131 $ — $ 197 Erie Insurance Group (in millions) Three months ended June 30, 2014 Management operations Property and casualty insurance operations Life insurance operations Investment operations Eliminations Consolidated Premiums earned/life policy revenue $ 1,298 $ 22 $ (1 ) $ 1,319 Net investment income $ 116 (5 ) 111 Net realized investment gains 133 133 Net impairment losses recognized in earnings 0 0 Equity in earnings of limited partnerships 27 27 Management fee revenue $ 366 (366 ) — Service agreement and other revenue 8 0 8 Total revenues 374 1,298 22 276 (372 ) 1,598 Cost of management operations 306 (306 ) — Insurance losses and loss expenses 1,101 27 (2 ) 1,126 Policy acquisition and underwriting expenses 380 9 (64 ) 325 Total benefits and expenses 306 1,481 36 — (372 ) 1,451 Income (loss) before income taxes 68 (183 ) (14 ) 276 — 147 Provision for income taxes 24 (64 ) (5 ) 89 — 44 Net income (loss) $ 44 $ (119 ) $ (9 ) $ 187 $ — $ 103 Erie Insurance Group (in millions) Six months ended June 30, 2015 Management operations Property and casualty insurance operations Life insurance operations Investment operations Eliminations Consolidated Premiums earned/life policy revenue $ 2,792 $ 44 $ 0 $ 2,836 Net investment income $ 246 (6 ) 240 Net realized investment gains 49 49 Net impairment losses recognized in earnings (4 ) (4 ) Equity in earnings of limited partnerships 100 100 Management fee revenue $ 738 (738 ) — Service agreement and other revenue 15 1 16 Total revenues 753 2,792 45 391 (744 ) 3,237 Cost of management operations 630 (630 ) — Insurance losses and loss expenses 1,985 53 (2 ) 2,036 Policy acquisition and underwriting expenses 802 19 (112 ) 709 Total benefits and expenses 630 2,787 72 — (744 ) 2,745 Income (loss) before income taxes 123 5 (27 ) 391 — 492 Provision for income taxes 43 2 (9 ) 123 — 159 Net income (loss) $ 80 $ 3 $ (18 ) $ 268 $ — $ 333 Erie Insurance Group (in millions) Six months ended June 30, 2014 Management operations Property and casualty insurance operations Life insurance operations Investment operations Eliminations Consolidated Premiums earned/life policy revenue $ 2,566 $ 42 $ (1 ) $ 2,607 Net investment income $ 228 (8 ) 220 Net realized investment gains 189 189 Net impairment losses recognized in earnings 0 0 Equity in earnings of limited partnerships 77 77 Management fee revenue $ 685 (685 ) — Service agreement and other revenue 15 1 16 Total revenues 700 2,566 43 494 (694 ) 3,109 Cost of management operations 574 (574 ) — Insurance losses and loss expenses 2,108 55 (3 ) 2,160 Policy acquisition and underwriting expenses 745 18 (117 ) 646 Total benefits and expenses 574 2,853 73 — (694 ) 2,806 Income (loss) before income taxes 126 (287 ) (30 ) 494 — 303 Provision for income taxes 44 (100 ) (11 ) 158 — 91 Net income (loss) $ 82 $ (187 ) $ (19 ) $ 336 $ — $ 212

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value	Note 6. Fair Value Our available-for-sale and trading securities are recorded at fair value, which is the price that would be received to sell the asset in an orderly transaction between willing market participants as of the measurement date. Valuation techniques used to derive the fair value of our available-for-sale and trading securities are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources. Unobservable inputs reflect our own assumptions regarding fair market value for these securities. Although the majority of our prices are obtained from third party sources, we also perform an internal pricing review for securities with low trading volumes under current market conditions. Financial instruments are categorized based upon the following characteristics or inputs to the valuation techniques: • Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date. • Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. • Level 3 – Unobservable inputs for the asset or liability. Estimates of fair values for our investment portfolio are obtained primarily from a nationally recognized pricing service. Our Level 1 category includes those securities valued using an exchange traded price provided by the pricing service. The methodologies used by the pricing service that support a Level 2 classification of a financial instrument include multiple verifiable, observable inputs including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data. Pricing service valuations for Level 3 securities are based upon proprietary models and are used when observable inputs are not available or in illiquid markets. In limited circumstances we adjust the price received from the pricing service when, in our judgment, a better reflection of fair value is available based upon corroborating information and our knowledge and monitoring of market conditions such as a disparity in price of comparable securities and/or non-binding broker quotes. In other circumstances, certain securities are internally priced because prices are not provided by the pricing service. We perform continuous reviews of the prices obtained from the pricing service. This includes evaluating the methodology and inputs used by the pricing service to ensure that we determine the proper classification level of the financial instrument. Price variances, including large periodic changes, are investigated and corroborated by market data. We have reviewed the pricing methodologies of our pricing service as well as other observable inputs, such as data, and transaction volumes and believe that their prices adequately consider market activity in determining fair value. Our review process continues to evolve based upon accounting guidance and requirements. When a price from the pricing service is not available, values are determined by obtaining broker/dealer quotes and/or market comparables. When available, we obtain multiple quotes for the same security. The ultimate value for these securities is determined based upon our best estimate of fair value using corroborating market information. Our evaluation includes the consideration of benchmark yields, reported trades, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data. For certain securities in an illiquid market, there may be no prices available from a pricing service and no comparable market quotes available. In these situations, we value the security using an internally-developed, risk-adjusted discounted cash flow model. The following table represents our consolidated fair value measurements on a recurring basis by asset class and level of input at June 30, 2015 : Erie Insurance Group June 30, 2015 Fair value measurements using: (in millions) Total Quoted prices in Level 1 Observable inputs Level 2 Unobservable inputs Level 3 Indemnity Available-for-sale securities: States & political subdivisions $ 225 $ 0 $ 225 $ 0 Corporate debt securities 235 0 235 0 Residential mortgage-backed securities 9 0 9 0 Commercial mortgage-backed securities 49 0 49 0 Collateralized debt obligations 38 0 37 1 Other debt securities 5 0 5 0 Total fixed maturities 561 0 560 1 Nonredeemable preferred stock 10 1 9 0 Common stock 12 12 0 0 Total available-for-sale securities 583 13 569 1 Other investments (1) 6 0 0 6 Total – Indemnity $ 589 $ 13 $ 569 $ 7 Exchange Available-for-sale securities: U.S. treasury $ 7 $ 0 $ 7 $ 0 Government sponsored enterprises 4 0 4 0 States & political subdivisions 1,492 0 1,492 0 Foreign government securities 83 0 83 0 Corporate debt securities 7,622 0 7,548 74 Residential mortgage-backed securities 34 0 34 0 Commercial mortgage-backed securities 29 0 29 0 Collateralized debt obligations 11 0 11 0 Other debt securities 90 0 79 11 Total fixed maturities 9,372 0 9,287 85 Nonredeemable preferred stock 721 359 361 1 Common stock 96 96 0 0 Total available-for-sale securities 10,189 455 9,648 86 Trading securities: Common stock 3,144 3,131 0 13 Total trading securities 3,144 3,131 0 13 Other investments (1) 53 0 0 53 Total – Exchange $ 13,386 $ 3,586 $ 9,648 $ 152 Total – Erie Insurance Group $ 13,975 $ 3,599 $ 10,217 $ 159 % of total assets at fair value 100.0 % 25.8 % 73.1 % 1.1 % (1) Other investments measured at fair value represent four real estate funds included on the balance sheet as limited partnership investments that are reported under the fair value option. These investments can never be redeemed with the funds. Instead, distributions are received when liquidation of the underlying assets of the funds occur. It is estimated that the underlying assets will generally be liquidated between 5 and 10 years from the inception of the funds. The fair value of these investments is based on the net asset value (NAV) information provided by the general partner. Fair value is based on our proportionate share of the NAV based on the most recent partners' capital statements received from the general partners, which is generally one quarter prior to our balance sheet date. These values are then analyzed to determine if the NAV represents fair value at our balance sheet date, with adjustment being made where appropriate. We consider observable market data and perform a review validating the appropriateness of the NAV at each balance sheet date. It is likely that all of the investments will be redeemed at a future date for an amount different than the NAV of our ownership interest in partners' capital as of June 30, 2015 . During the six months ended June 30, 2015 , Indemnity made no contributions and received distributions totaling $0.9 million , and the Exchange made no contributions and received distributions totaling $21.2 million for these investments. As of June 30, 2015 , the amount of unfunded commitments related to the investments was $0.6 million for Indemnity and $1.7 million for the Exchange. The following table represents our consolidated fair value measurements on a recurring basis by asset class and level of input at December 31, 2014 : Erie Insurance Group December 31, 2014 Fair value measurements using: (in millions) Total Quoted prices in active markets for identical assets Level 1 Observable inputs Level 2 Unobservable inputs Level 3 Indemnity Available-for-sale securities: States & political subdivisions $ 231 $ 0 $ 231 $ 0 Corporate debt securities 234 0 234 0 Residential mortgage-backed securities 8 0 8 0 Commercial mortgage-backed securities 51 0 51 0 Collateralized debt obligations 33 0 33 0 Other debt securities 7 0 7 0 Total fixed maturities 564 0 564 0 Nonredeemable preferred stock 12 2 10 0 Common stock 13 13 0 0 Total available-for-sale securities 589 15 574 0 Other investments (1) 8 0 0 8 Total – Indemnity $ 597 $ 15 $ 574 $ 8 Exchange Available-for-sale securities: U.S. treasury $ 6 $ 0 $ 6 $ 0 Government sponsored enterprises 4 0 4 0 States & political subdivisions 1,477 0 1,477 0 Foreign government securities 10 0 10 0 Corporate debt securities 7,289 0 7,202 87 Residential mortgage-backed securities 111 0 111 0 Commercial mortgage-backed securities 30 0 30 0 Collateralized debt obligations 11 0 11 0 Other debt securities 69 0 57 12 Total fixed maturities 9,007 0 8,908 99 Nonredeemable preferred stock 710 328 381 1 Common stock 140 140 0 0 Total available-for-sale securities 9,857 468 9,289 100 Trading securities: Common stock 3,223 3,208 0 15 Total trading securities 3,223 3,208 0 15 Other investments (1) 71 0 0 71 Total – Exchange $ 13,151 $ 3,676 $ 9,289 $ 186 Total – Erie Insurance Group $ 13,748 $ 3,691 $ 9,863 $ 194 % of total assets at fair value 100.0 % 26.9 % 71.7 % 1.4 % (1) Other investments measured at fair value represent four real estate funds included on the balance sheet as limited partnership investments that are reported under the fair value option. These investments can never be redeemed with the funds. Instead, distributions are received when liquidation of the underlying assets of the funds occur. It is estimated that the underlying assets will generally be liquidated between 5 and 10 years from the inception of the funds. The fair value of these investments is based on the net asset value (NAV) information provided by the general partner. Fair value is based on our proportionate share of the NAV based on the most recent partners' capital statements received from the general partners, which is generally one quarter prior to our balance sheet date. These values are then analyzed to determine if the NAV represents fair value at our balance sheet date, with adjustment being made where appropriate. We consider observable market data and perform a review validating the appropriateness of the NAV at each balance sheet date. It is likely that all of the investments will be redeemed at a future date for an amount different than the NAV of our ownership interest in partners' capital as of December 31, 2014 . During the year ended December 31, 2014 , Indemnity made no contributions and received distributions totaling $12.9 million , and the Exchange made no contributions and received distributions totaling $41.5 million for these investments. As of December 31, 2014 , the amount of unfunded commitments related to the investments was $0.6 million for Indemnity and $1.7 million for the Exchange. Level 3 Assets – Quarterly Change: Erie Insurance Group (in millions) Beginning balance at March 31, 2015 Included in earnings (1) Included income Purchases Sales Transfers Level 3 Ending balance at June 30, 2015 Indemnity Available-for-sale securities: Corporate debt securities $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Collateralized debt obligations 0 0 0 1 0 0 1 Total fixed maturities 0 0 0 1 0 0 1 Total available-for-sale securities 0 0 0 1 0 0 1 Other investments 7 (1 ) 0 0 0 0 6 Total Level 3 assets – Indemnity $ 7 $ (1 ) $ 0 $ 1 $ 0 $ 0 $ 7 Exchange Available-for-sale securities: Corporate debt securities $ 80 $ 0 $ (6 ) $ 24 $ 0 $ (24 ) $ 74 Other debt securities 9 0 0 0 0 2 11 Total fixed maturities 89 0 (6 ) 24 0 (22 ) 85 Nonredeemable preferred stock 1 0 0 0 0 0 1 Total available-for-sale securities 90 0 (6 ) 24 0 (22 ) 86 Trading securities: Common stock 15 (2 ) 0 0 0 0 13 Total trading securities 15 (2 ) 0 0 0 0 13 Other investments 51 2 0 0 0 0 53 Total Level 3 assets – Exchange $ 156 $ 0 $ (6 ) $ 24 $ 0 $ (22 ) $ 152 Total Level 3 assets – Erie Insurance Group $ 163 $ (1 ) $ (6 ) $ 25 $ 0 $ (22 ) $ 159 (1) These amounts are reported in the Consolidated Statement of Operations. There is $2 million of net realized losses included in net realized investment (losses) gains and $1 million included in equity in earnings of limited partnerships for the three months ended June 30, 2015 on Level 3 securities. We review the fair value hierarchy classifications each reporting period. Transfers between hierarchy levels may occur due to changes in the available market observable inputs. Transfers in and out of level classifications are reported as having occurred at the beginning of the quarter in which the transfers occurred. For Indemnity, there were no transfers between Level 1 and Level 2 or from Level 2 to Level 3 for the three months ended June 30, 2015 . Level 3 to Level 2 transfers totaled $0.1 million for one fixed maturity holding due to the use of observable market data to determine the fair value at June 30, 2015 . For the Exchange, there were no transfers between Level 1 and Level 2 for the three months ended June 30, 2015 . Level 2 to Level 3 transfers totaled $2 million for one fixed maturity holding due to the use of unobservable inputs to determine the fair value. Level 3 to Level 2 transfers totaled $24 million for five fixed maturity holdings due to the use of observable market data to determine the fair value at June 30, 2015 . Level 3 Assets – Year-to-Date Change: Erie Insurance Group (in millions) Beginning balance at December 31, 2014 Included in earnings (1) Included income Purchases Sales Transfers Level 3 Ending balance at June 30, 2015 Indemnity Available-for-sale securities: Corporate debt securities $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Collateralized debt obligations 0 0 0 1 0 0 1 Total fixed maturities 0 0 0 1 0 0 1 Total available-for-sale securities 0 0 0 1 0 0 1 Other investments 8 (1 ) 0 0 (1 ) 0 6 Total Level 3 assets – Indemnity $ 8 $ (1 ) $ 0 $ 1 $ (1 ) $ 0 $ 7 Exchange Available-for-sale securities: Corporate debt securities $ 87 $ 0 $ (5 ) $ 27 $ (2 ) $ (33 ) $ 74 Other debt securities 12 0 0 0 0 (1 ) 11 Total fixed maturities 99 0 (5 ) 27 (2 ) (34 ) 85 Nonredeemable preferred stock 1 0 0 0 0 0 1 Total available-for-sale securities 100 0 (5 ) 27 (2 ) (34 ) 86 Trading securities: Common stock 15 (2 ) 0 0 0 0 13 Total trading securities 15 (2 ) 0 0 0 0 13 Other investments 71 3 0 0 (21 ) 0 53 Total Level 3 assets – Exchange $ 186 $ 1 $ (5 ) $ 27 $ (23 ) $ (34 ) $ 152 Total Level 3 assets – Erie Insurance Group $ 194 $ 0 $ (5 ) $ 28 $ (24 ) $ (34 ) $ 159 (1) These amounts are reported in the Consolidated Statement of Operations. There is $2 million of losses included in net realized investment (losses) gains and $2 million included in equity in earnings of limited partnerships for the six months ended June 30, 2015 on Level 3 securities. For Indemnity, there were no transfers between Level 1 and Level 2 or from Level 2 to Level 3 for the six months ended June 30, 2015 . Level 3 to Level 2 transfers totaled $0.1 million for one fixed maturity holding as a result of using observable market data to determine the fair value at June 30, 2015 . For the Exchange, there were no Level 1 to Level 2 transfers, and Level 2 to Level 1 transfers totaled $22 million due to trading activity levels for two preferred stock holdings for the six months ended June 30, 2015 . Level 2 to Level 3 transfers totaled $2 million for three fixed maturity holdings due to the use of unobservable inputs to determine the fair value. Level 3 to Level 2 transfers totaled $36 million for seven fixed maturity holdings due to the use of observable inputs to determine the fair value at June 30, 2015 . Level 3 Assets – Quarterly Change: Erie Insurance Group (in millions) Beginning balance at March 31, 2014 Included in earnings (1) Included in other comprehensive income Purchases Sales Transfers Level 3 Ending balance at June 30, 2014 Indemnity Available-for-sale securities: Corporate debt securities $ 1 $ 0 $ 0 $ 0 $ 0 $ 0 $ 1 Collateralized debt obligations 0 0 0 0 0 0 0 Total fixed maturities 1 0 0 0 0 0 1 Total available-for-sale securities 1 0 0 0 0 0 1 Other investments 18 1 0 0 (1 ) 0 18 Total Level 3 assets – Indemnity $ 19 $ 1 $ 0 $ 0 $ (1 ) $ 0 $ 19 Exchange Available-for-sale securities: Corporate debt securities $ 26 $ 0 $ 0 $ 0 $ (1 ) $ 0 $ 25 Collateralized debt obligations 0 0 0 0 0 0 0 Total fixed maturities 26 0 0 0 (1 ) 0 25 Nonredeemable preferred stock 1 0 0 0 0 0 1 Total available-for-sale securities 27 0 0 0 (1 ) 0 26 Trading securities: Common stock 15 0 0 0 0 0 15 Total trading securities 15 0 0 0 0 0 15 Other investments 98 6 0 0 (2 ) 0 102 Total Level 3 assets – Exchange $ 140 $ 6 $ 0 $ 0 $ (3 ) $ 0 $ 143 Total Level 3 assets – Erie Insurance Group $ 159 $ 7 $ 0 $ 0 $ (4 ) $ 0 $ 162 (1) These amounts are reported in the Consolidated Statement of Operations. There is $7 million included in equity in earnings of limited partnerships for the three months ended June 30, 2014 on Level 3 securities. For Indemnity, there were no transfers between Level 1 and Level 2 or between Level 2 and Level 3 for the three months ended June 30, 2014 . For the Exchange, Level 1 to Level 2 transfers totaled $11 million due to trading activity levels for one preferred stock holding, and there were no transfers from Level 2 to Level 1 or between Level 2 and Level 3 for the three months ended June 30, 2014 . Level 3 Assets – Year-to-Date Change: Erie Insurance Group (in millions) Beginning balance at December 31, 2013 Included in earnings (1) Included in other comprehensive income Purchases Sales Transfers Level 3 Ending balance at June 30, 2014 Indemnity Available-for-sale securities: Corporate debt securities $ 1 $ 0 $ 0 $ 0 $ 0 $ 0 $ 1 Collateralized debt obligations 1 0 0 0 (1 ) 0 0 Total fixed maturities 2 0 0 0 (1 ) 0 1 Total available-for-sale securities 2 0 0 0 (1 ) 0 1 Other investments 18 2 0 0 (2 ) 0 18 Total Level 3 assets – Indemnity $ 20 $ 2 $ 0 $ 0 $ (3 ) $ 0 $ 19 Exchange Available-for-sale securities: Corporate debt securities $ 26 $ 0 $ 0 $ 0 $ (1 ) $ 0 $ 25 Collateralized debt obligations 5 1 (1 ) 0 (3 ) (2 ) 0 Total fixed maturities 31 1 (1 ) 0 (4 ) (2 ) 25 Nonredeemable preferred stock 0 0 0 1 0 0 1 Total available-for-sale securities 31 1 (1 ) 1 (4 ) (2 ) 26 Trading securities: Common stock 15 0 0 0 0 0 15 Total trading securities 15 0 0 0 0 0 15 Other investments 98 11 0 0 (7 ) 0 102 Total Level 3 assets – Exchange $ 144 $ 12 $ (1 ) $ 1 $ (11 ) $ (2 ) $ 143 Total Level 3 assets – Erie Insurance Group $ 164 $ 14 $ (1 ) $ 1 $ (14 ) $ (2 ) $ 162 (1) These amounts are reported in the Consolidated Statement of Operations. There is $1 million included in net realized investment gains (losses) and $13 million included in equity in earnings of limited partnerships for the six months ended June 30, 2014 on Level 3 securities. For Indemnity, there were no transfers between Level 1 and Level 2 or between Level 2 and Level 3 for the six months ended June 30, 2014 . For the Exchange, Level 1 to Level 2 transfers totaled $14 million due to trading activity levels for two preferred stock holdings, and there were no transfers from Level 2 to Level 1 for the six months ended June 30, 2014 . There were no Level 2 to Level 3 transfers, and Level 3 to Level 2 transfers totaled $2 million for one fixed maturity holding as a result of using observable market data to determine the fair value at June 30, 2014 . When a non-binding broker quote was the only input available, it was classified within Level 3. The unobservable inputs are not reasonably available to us and therefore have not been included in the tables below. These investments totaled $1 million for Indemnity and $78 million for the Exchange at June 30, 2015 , and $92 million for the Exchange at December 31, 2014 . Other investments represent certain limited partnerships that are recorded at fair value based upon net asset value (NAV) provided by the general partner. Due to the nature of these investments, the NAV was classified within Level 3. The unobservable inputs are not reasonably available to us and therefore have not been included in the tables below. These investments totaled $6 million for Indemnity and $53 million for the Exchange at June 30, 2015 , and $8 million for Indemnity and $71 million for the Exchange at December 31, 2014 . Quantitative and Qualitative Disclosures about Unobservable Inputs Erie Insurance Group June 30, 2015 (dollars in millions) Fair value Valuation techniques Unobservable input Range Weighted average Exchange Corporate debt securities (1) $ 7 Market approach Comparable transaction EBITDA multiples 8.0x 8.0x Comparable security yield 6% 6% Nonredeemable preferred stock (2) 1 Market approach Held at cost Common stock (1) 13 Market approach Comparable transaction EBITDA multiples 8.0x 8.0x Discount for lack of marketability 10% 10% December 31, 2014 (dollars in millions) Fair value Valuation techniques Unobservable input Range Weighted average Exchange Corporate debt securities (1) $ 7 Market approach Comparable transaction EBITDA multiples 8.0x 8.0x Comparable security yield 6% 6% Nonredeemable preferred stock (2) 1 Market approach Held at cost Common stock (1) 15 Market approach Comparable transaction EBITDA multiples 8.0x 8.0x Discount for lack of marketability 10% 10% (1) Common stock investments and Corporate debt securities – The unobservable inputs used in the fair value measurement of direct private equity common stock investments and certain corporate debt securities are comparable private transaction earnings before interest, taxes, depreciation, and amortization (“EBITDA”) multiples, the average EBITDA multiple for comparable publicly traded companies and the amount of discount applied to the price due to the illiquidity of the securities being valued. Significant changes in any of those inputs in isolation could result in a significantly higher or lower fair value measurement. (2) Nonredeemable preferred stock - Represents a private security where cost was determined to be the best estimate of fair value. The following table presents our consolidated fair value measurements on a recurring basis by pricing source at June 30, 2015 : Erie Insurance Group (in millions) June 30, 2015 Total Level 1 Level 2 Level 3 Indemnity Fixed maturities: Priced via pricing services $ 560 $ 0 $ 560 $ 0 Priced via market comparables/broker quotes (1) 1 0 0 1 Total fixed maturities 561 0 560 1 Nonredeemable preferred stock: Priced via pricing services 8 1 7 0 Priced via market comparables/broker quotes (1) 2 0 2 0 Total nonredeemable preferred stock 10 1 9 0 Common stock: Priced via pricing services 12 12 0 0 Total common stock 12 12 0 0 Other investments: Priced via unobservable inputs (2) 6 0 0 6 Total other investments 6 0 0 6 Total – Indemnity $ 589 $ 13 $ 569 $ 7 Exchange Fixed maturities: Priced via pricing services $ 9,273 $ 0 $ 9,262 $ 11 Priced via market comparables/broker quotes (1) 92 0 25 67 Priced via internal modeling 7 0 0 7 Total fixed maturities 9,372 0 9,287 85 Nonredeemable preferred stock: Priced via pricing services 711 359 352 0 Priced via market comparables/broker quotes (1) 9 0 9 0 Priced via internal modeling 1 0 0 1 Total nonredeemable preferred stock 721 359 361 1 Common stock: Priced via pricing services 3,227 3,227 0 0 Priced via internal modeling 13 0 0 13 Total common stock 3,240 3,227 0 13 Other investments: Priced via unobservable inputs (2) 53 0 0 53 Total other investments 53 0 0 53 Total – Exchange $ 13,386 $ 3,586 $ 9,648 $ 152 Total – Erie Insurance Group $ 13,975 $ 3,599 $ 10,217 $ 159 (1) When a non-binding broker quote was the only price available, the security was classified as Level 3. (2) Other investments measured at fair value represent real estate funds included on the balance sheet as limited partnership investments that are reported under the fair value option. The fair value of these investments is based on the net asset value (NAV) information provided by the general partner. There were no assets measured at fair value on a nonrecurring basis during the six months ended June 30, 2015 .

Investments

Investments	6 Months Ended
	Jun. 30, 2015
Investments [Abstract]
Investments	Note 7. Investments Available-for-sale securities The following table summarizes the cost and fair value of our available-for-sale securities at June 30, 2015 : Erie Insurance Group June 30, 2015 (in millions) Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Indemnity Available-for-sale securities: States & political subdivisions $ 215 $ 10 $ 0 $ 225 Corporate debt securities 236 1 2 235 Residential mortgage-backed securities 9 0 0 9 Commercial mortgage-backed securities 50 0 1 49 Collateralized debt obligations 38 0 0 38 Other debt securities 5 0 0 5 Total fixed maturities 553 11 3 561 Nonredeemable preferred stock 9 1 0 10 Common stock 13 0 1 12 Total available-for-sale securities – Indemnity $ 575 $ 12 $ 4 $ 583 Exchange Available-for-sale securities: U.S. treasury $ 7 $ 0 $ 0 $ 7 Government sponsored enterprises 3 1 0 4 States & political subdivisions 1,427 67 2 1,492 Foreign government securities 85 0 2 83 Corporate debt securities 7,362 322 62 7,622 Residential mortgage-backed securities 34 1 1 34 Commercial mortgage-backed securities 28 1 0 29 Collateralized debt obligations 6 5 0 11 Other debt securities 88 2 0 90 Total fixed maturities 9,040 399 67 9,372 Nonredeemable preferred stock 670 54 3 721 Common stock 96 1 1 96 Total available-for-sale securities – Exchange $ 9,806 $ 454 $ 71 $ 10,189 Total available-for-sale securities – Erie Insurance Group $ 10,381 $ 466 $ 75 $ 10,772 The following table summarizes the cost and fair value of our available-for-sale securities at December 31, 2014 : Erie Insurance Group December 31, 2014 (in millions) Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Indemnity Available-for-sale securities: States & political subdivisions $ 219 $ 12 $ 0 $ 231 Corporate debt securities 236 1 3 234 Residential mortgage-backed securities 8 0 0 8 Commercial mortgage-backed securities 52 0 1 51 Collateralized debt obligations 33 0 0 33 Other debt securities 7 0 0 7 Total fixed maturities 555 13 4 564 Nonredeemable preferred stock 11 1 0 12 Common stock 13 0 0 13 Total available-for-sale securities – Indemnity $ 579 $ 14 $ 4 $ 589 Exchange Available-for-sale securities: U.S. treasury $ 6 $ 0 $ 0 $ 6 Government sponsored enterprises 3 1 0 4 States & political subdivisions 1,394 84 1 1,477 Foreign government securities 10 0 0 10 Corporate debt securities 6,918 405 34 7,289 Residential mortgage-backed securities 109 3 1 111 Commercial mortgage-backed securities 28 2 0 30 Collateralized debt obligations 6 5 0 11 Other debt securities 66 3 0 69 Total fixed maturities 8,540 503 36 9,007 Nonredeemable preferred stock 650 64 4 710 Common stock 138 3 1 140 Total available-for-sale securities – Exchange $ 9,328 $ 570 $ 41 $ 9,857 Total available-for-sale securities – Erie Insurance Group $ 9,907 $ 584 $ 45 $ 10,446 The amortized cost and estimated fair value of fixed maturities at June 30, 2015 are shown below by remaining contractual term to maturity. Mortgage-backed securities are allocated based upon their stated maturity dates. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Erie Insurance Group June 30, 2015 (in millions) Amortized Estimated cost fair value Indemnity Due in one year or less $ 70 $ 70 Due after one year through five years 236 237 Due after five years through ten years 150 154 Due after ten years 97 100 Total fixed maturities – Indemnity $ 553 $ 561 Exchange Due in one year or less $ 425 $ 432 Due after one year through five years 3,270 3,437 Due after five years through ten years 3,842 3,932 Due after ten years 1,503 1,571 Total fixed maturities – Exchange $ 9,040 $ 9,372 Total fixed maturities – Erie Insurance Group $ 9,593 $ 9,933 Available-for-sale securities in a gross unrealized loss position at June 30, 2015 are as follows. Data is provided by length of time for securities in a gross unrealized loss position. Erie Insurance Group June 30, 2015 (dollars in millions) Less than 12 months 12 months or longer Total Indemnity Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses No. of holdings Available-for-sale securities: States & political subdivisions $ 17 $ 0 $ 0 $ 0 $ 17 $ 0 8 Corporate debt securities 123 1 16 1 139 2 248 Residential mortgage-backed securities 4 0 0 0 4 0 4 Commercial mortgage-backed securities 35 1 0 0 35 1 23 Collateralized debt obligations 16 0 0 0 16 0 8 Other debt securities 3 0 0 0 3 0 2 Total fixed maturities 198 2 16 1 214 3 293 Nonredeemable preferred stock 4 0 0 0 4 0 2 Common stock 12 1 0 0 12 1 1 Total available-for-sale securities – Indemnity $ 214 $ 3 $ 16 $ 1 $ 230 $ 4 296 Quality breakdown of fixed maturities: Investment grade $ 153 $ 1 $ 0 $ 0 $ 153 $ 1 71 Non-investment grade 45 1 16 1 61 2 222 Total fixed maturities – Indemnity $ 198 $ 2 $ 16 $ 1 $ 214 $ 3 293 Exchange Available-for-sale securities: U.S. treasury $ 2 $ 0 $ 0 $ 0 $ 2 $ 0 4 States & political subdivisions 202 2 12 0 214 2 59 Foreign government securities 56 2 0 0 56 2 34 Corporate debt securities 2,042 55 100 7 2,142 62 855 Residential mortgage-backed securities 4 0 10 1 14 1 4 Commercial mortgage-backed securities 0 0 1 0 1 0 1 Other debt securities 33 0 7 0 40 0 7 Total fixed maturities 2,339 59 130 8 2,469 67 964 Nonredeemable preferred stock 122 2 22 1 144 3 25 Common stock 31 1 0 0 31 1 1 Total available-for-sale securities – Exchange $ 2,492 $ 62 $ 152 $ 9 $ 2,644 $ 71 990 Quality breakdown of fixed maturities: Investment grade $ 1,893 $ 45 $ 66 $ 2 $ 1,959 $ 47 487 Non-investment grade 446 14 64 6 510 20 477 Total fixed maturities – Exchange $ 2,339 $ 59 $ 130 $ 8 $ 2,469 $ 67 964 The above securities for Indemnity and the Exchange have been evaluated and determined to be temporary impairments for which we expect to recover our entire principal plus interest. The primary components of this analysis include a general review of market conditions and financial performance of the issuer along with the extent and duration at which fair value is less than cost. Any securities that we intend to sell or will more likely than not be required to sell before recovery are included in other-than-temporary impairments with the impairment charges recognized in earnings. Available-for-sale securities in a gross unrealized loss position at December 31, 2014 are as follows. Data is provided by length of time for securities in a gross unrealized loss position. Erie Insurance Group December 31, 2014 (dollars in millions) Less than 12 months 12 months or longer Total Indemnity Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses No. of holdings Available-for-sale securities: States & political subdivisions $ 6 $ 0 $ 2 $ 0 $ 8 $ 0 4 Corporate debt securities 121 3 0 0 121 3 250 Residential mortgage-backed securities 6 0 0 0 6 0 4 Commercial mortgage-backed securities 41 1 0 0 41 1 24 Collateralized debt obligations 21 0 0 0 21 0 9 Other debt securities 7 0 0 0 7 0 3 Total fixed maturities 202 4 2 0 204 4 294 Common stock 0 0 13 0 13 0 1 Total available-for-sale securities – Indemnity $ 202 $ 4 $ 15 $ 0 $ 217 $ 4 295 Quality breakdown of fixed maturities: Investment grade $ 146 $ 1 $ 2 $ 0 $ 148 $ 1 58 Non-investment grade 56 3 0 0 56 3 236 Total fixed maturities – Indemnity $ 202 $ 4 $ 2 $ 0 $ 204 $ 4 294 Exchange Available-for-sale securities: U.S. treasury $ 1 $ 0 $ 0 $ 0 $ 1 $ 0 2 States & political subdivisions 47 0 47 1 94 1 24 Corporate debt securities 980 29 181 5 1,161 34 656 Residential mortgage-backed securities 6 0 27 1 33 1 8 Commercial mortgage-backed securities 1 0 0 0 1 0 1 Other debt securities 13 0 7 0 20 0 4 Total fixed maturities 1,048 29 262 7 1,310 36 695 Nonredeemable preferred stock 86 3 25 1 111 4 16 Common stock 0 0 73 1 73 1 2 Total available-for-sale securities – Exchange $ 1,134 $ 32 $ 360 $ 9 $ 1,494 $ 41 713 Quality breakdown of fixed maturities: Investment grade $ 606 $ 10 $ 253 $ 5 $ 859 $ 15 172 Non-investment grade 442 19 9 2 451 21 523 Total fixed maturities – Exchange $ 1,048 $ 29 $ 262 $ 7 $ 1,310 $ 36 695 The above securities for Indemnity and the Exchange have been evaluated and determined to be temporary impairments for which we expect to recover our entire principal plus interest. The primary components of this analysis include a general review of market conditions and financial performance of the issuer along with the extent and duration at which fair value is less than cost. Any securities that we intend to sell or will more likely than not be required to sell before recovery are included in other-than-temporary impairments with the impairment charges recognized in earnings. Net investment income Interest and dividend income are recognized as earned and recorded to net investment income. Investment income, net of expenses, was generated from the following portfolios: Erie Insurance Group (in millions) Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Indemnity Fixed maturities $ 4 $ 3 $ 8 $ 6 Equity securities 0 0 0 1 Cash equivalents and other 1 1 1 1 Total investment income 5 4 9 8 Less: investment expenses 0 0 0 0 Investment income, net of expenses – Indemnity $ 5 $ 4 $ 9 $ 8 Exchange Fixed maturities $ 96 $ 85 $ 190 $ 171 Equity securities 36 30 62 59 Cash equivalents and other 0 1 1 1 Total investment income 132 116 253 231 Less: investment expenses 10 9 22 19 Investment income, net of expenses – Exchange $ 122 $ 107 $ 231 $ 212 Investment income, net of expenses – Erie Insurance Group $ 127 $ 111 $ 240 $ 220 Realized investment gains (losses) Realized gains and losses on sales of securities are recognized in income based upon the specific identification method. Realized gains (losses) on investments were as follows: Erie Insurance Group (in millions) Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Indemnity Available-for-sale securities: Fixed maturities: Gross realized gains $ 0 $ 0 $ 0 $ 0 Gross realized losses 0 0 0 0 Net realized gains 0 0 0 0 Equity securities: Gross realized gains 0 0 0 1 Gross realized losses 0 0 0 0 Net realized gains 0 0 0 1 Net realized investment gains – Indemnity $ 0 $ 0 $ 0 $ 1 Exchange Available-for-sale securities: Fixed maturities: Gross realized gains $ 7 $ 4 $ 13 $ 10 Gross realized losses (4 ) 0 (8 ) (1 ) Net realized gains 3 4 5 9 Equity securities: Gross realized gains 6 2 11 10 Gross realized losses (1 ) (1 ) (1 ) (2 ) Net realized gains 5 1 10 8 Trading securities: Common stock: Gross realized gains 49 52 166 122 Gross realized losses (11 ) (7 ) (23 ) (10 ) (Decreases) increases in fair value (1) (53 ) 83 (109 ) 59 Net realized (losses) gains (15 ) 128 34 171 Net realized investment (losses) gains – Exchange $ (7 ) $ 133 $ 49 $ 188 Net realized investment (losses) gains – Erie Insurance Group $ (7 ) $ 133 $ 49 $ 189 (1) The fair value on our common stock portfolio is based upon exchange traded prices provided by a nationally recognized pricing service. Net impairment losses Net impairment losses recorded in earnings for Indemnity were less than $0.1 million for the second quarter, and $0.2 million for the six months ended June 30, 2015, compared to $0.1 million for both the second quarter and six months ended June 30, 2014. Net impairment losses recorded in earnings for the Exchange were $2 million for the second quarter, and $4 million for the six months ended June 30, 2015, compared to $0.1 million for the second quarter and $0.3 million for the six months ended June 30, 2014. In considering if fixed maturity securities were credit-impaired, some of the factors considered include: potential for the default of interest and/or principal, level of subordination, collateral of the issue, compliance with financial covenants, credit ratings and industry conditions. We have the intent to sell all credit-impaired fixed maturity securities, therefore the entire amount of the impairment charges were included in earnings and no non-credit impairments were recognized in other comprehensive income. Limited partnerships Limited partnership investments, excluding certain real estate limited partnerships recorded at fair value, are generally reported on a one-quarter lag, therefore our year-to-date limited partnership results through June 30, 2015 are comprised of partnership financial results for the fourth quarter of 2014 and the first quarter of 2015 . Given the lag in reporting, our limited partnership results do not reflect the market conditions of the second quarter of 2015 . Cash contributions made to and distributions received from the partnerships are recorded in the period in which the transaction occurs. Amounts included in equity in earnings of limited partnerships by method of accounting are included below: (in millions) Erie Insurance Group Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Indemnity Equity in earnings of limited partnerships accounted for under the equity method $ 12 $ 2 $ 14 $ 7 Change in fair value of limited partnerships accounted for under the fair value option (1 ) 1 (1 ) 2 Equity in earnings of limited partnerships – Indemnity $ 11 $ 3 $ 13 $ 9 Exchange Equity in earnings of limited partnerships accounted for under the equity method $ 59 $ 18 $ 84 $ 57 Change in fair value of limited partnerships accounted for under the fair value option 2 6 3 11 Equity in earnings of limited partnerships – Exchange $ 61 $ 24 $ 87 $ 68 Equity in earnings of limited partnerships – Erie Insurance Group $ 72 $ 27 $ 100 $ 77 We have provided summarized financial information in the following tables for the six months ended June 30, 2015 and for the year ended December 31, 2014 . Amounts provided in the tables are presented using the latest available financial statements received from the partnerships for the respective periods. Limited partnership financial information has been presented based upon the investment percentage in the partnerships for the Erie Insurance Group consistent with how we evaluate these investments. As these investments are generally reported on a one-quarter lag, our limited partnership results through June 30, 2015 include partnership financial results for the fourth quarter of 2014 and the first quarter of 2015 . Erie Insurance Group As of and for the six months ended June 30, 2015 (dollars in millions) Investment percentage in limited partnerships Number of partnerships Asset recorded Income (loss) recognized due to valuation adjustments by the partnerships Income (1oss) recorded Indemnity Private equity: Less than 10% 24 $ 29 $ (1 ) $ 1 Greater than or equal to 10% but less than 50% 3 25 9 1 Total private equity 27 54 8 2 Mezzanine debt: Less than 10% 11 8 0 1 Greater than or equal to 10% but less than 50% 3 5 0 0 Greater than 50% 1 0 0 0 Total mezzanine debt 15 13 0 1 Real estate: Less than 10% 11 23 (11 ) 11 Greater than or equal to 10% but less than 50% 2 4 (6 ) 6 Greater than 50% 2 7 2 0 Total real estate 15 34 (15 ) 17 Total limited partnerships – Indemnity 57 $ 101 $ (7 ) $ 20 Exchange Private equity: Less than 10% 43 $ 333 $ 0 $ 22 Greater than or equal to 10% but less than 50% 3 104 37 3 Total private equity 46 437 37 25 Mezzanine debt: Less than 10% 22 114 (4 ) 10 Greater than or equal to 10% but less than 50% 4 25 0 2 Greater than 50% 3 27 1 1 Total mezzanine debt 29 166 (3 ) 13 Real estate: Less than 10% 26 169 (29 ) 32 Greater than or equal to 10% but less than 50% 4 45 (16 ) 18 Greater than 50% 2 25 10 0 Total real estate 32 239 (35 ) 50 Total limited partnerships – Exchange 107 $ 842 $ (1 ) $ 88 Total limited partnerships – Erie Insurance Group $ 943 $ (8 ) $ 108 Per the limited partnership financial statements, total partnership assets were $41 billion and total partnership liabilities were $4 billion at June 30, 2015 (as recorded in the March 31, 2015 limited partnership financial statements). For the six month period comparable to that presented in the preceding table (fourth quarter of 2014 and first quarter of 2015), total partnership valuation adjustment losses were $0.1 billion and total partnership net income was $3 billion . As these investments are generally reported on a one-quarter lag, our limited partnership results through December 31, 2014 include partnership financial results for the fourth quarter of 2013 and the first three quarters of 2014 . Erie Insurance Group As of and for the year ended December 31, 2014 (dollars in millions) Investment percentage in limited partnerships Number of partnerships Asset recorded Income (loss) recognized due to valuation adjustments by the partnerships Income (1oss) recorded Indemnity Private equity: Less than 10% 24 $ 34 $ (7 ) $ 7 Greater than or equal to 10% but less than 50% 3 18 3 1 Total private equity 27 52 (4 ) 8 Mezzanine debt: Less than 10% 11 10 0 2 Greater than or equal to 10% but less than 50% 3 4 0 0 Greater than 50% 1 0 0 0 Total mezzanine debt 15 14 0 2 Real estate: Less than 10% 11 36 5 (2 ) Greater than or equal to 10% but less than 50% 3 4 1 0 Greater than 50% 2 7 0 1 Total real estate 16 47 6 (1 ) Total limited partnerships – Indemnity 58 $ 113 $ 2 $ 9 Exchange Private equity: Less than 10% 42 $ 344 $ (12 ) $ 43 Greater than or equal to 10% but less than 50% 3 74 13 3 Total private equity 45 418 1 46 Mezzanine debt: Less than 10% 21 120 0 16 Greater than or equal to 10% but less than 50% 4 23 (3 ) 3 Greater than 50% 3 27 0 3 Total mezzanine debt 28 170 (3 ) 22 Real estate: Less than 10% 22 207 18 7 Greater than or equal to 10% but less than 50% 5 44 6 2 Greater than 50% 2 27 (17 ) 20 Total real estate 29 278 7 29 Total limited partnerships – Exchange 102 $ 866 $ 5 $ 97 Total limited partnerships – Erie Insurance Group $ 979 $ 7 $ 106 Per the limited partnership financial statements, total partnership assets were $45 billion and total partnership liabilities were $4 billion at December 31, 2014 (as recorded in the September 30, 2014 limited partnership financial statements). For the twelve month period comparable to that presented in the preceding table (fourth quarter of 2013 and first three quarters of 2014 ), total partnership valuation adjustment losses were $1 billion and total partnership net income was $7 billion . See also Note 14. “Commitments and Contingencies,” for investment commitments related to limited partnerships.

Bank Line of Credit

Bank Line of Credit	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Bank Line of Credit	Note 8. Bank Line of Credit As of June 30, 2015 , Indemnity has access to a $100 million bank revolving line of credit with a $25 million letter of credit sublimit that expires on November 3, 2018 . As of June 30, 2015 , a total of $98 million remains available under the facility due to $2 million outstanding letters of credit, which reduce the availability for letters of credit to $23 million . Indemnity had no borrowings outstanding on its line of credit as of June 30, 2015 . Bonds with a fair value of $109 million were pledged as collateral on the line at June 30, 2015 . As of June 30, 2015 , the Exchange has access to a $300 million bank revolving line of credit with a $25 million letter of credit sublimit that expires on October 25, 2018 . As of June 30, 2015 , a total of $299 million remains available under the facility due to $1 million outstanding letters of credit, which reduce the availability for letters of credit to $24 million . The Exchange had no borrowings outstanding on its line of credit as of June 30, 2015 . Bonds with a fair value of $321 million were pledged as collateral on the line at June 30, 2015 . Both lines have securities pledged as collateral that have no trading restrictions and are reported as available-for-sale fixed maturities in the Consolidated Statements of Financial Position as of June 30, 2015 . The banks require compliance with certain covenants, which include leverage ratios for Indemnity’s line of credit and statutory surplus and risk based capital ratios for the Exchange’s line of credit. We are in compliance with all covenants at June 30, 2015 .

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Note 9. Income Taxes At June 30, 2015 , we recorded a net deferred tax liability of $369 million on our Consolidated Statements of Financial Position. Of this amount, $44 million is a net deferred tax asset attributable to Indemnity and $413 million is a net deferred tax liability attributable to the Exchange. There was no deferred tax valuation allowance recorded at June 30, 2015 . Our effective tax rate is calculated after consideration of permanent differences related to our investment revenues. Given that these amounts represent over 98% of the total permanent differences, the effective tax rate is approximately 35% for both Indemnity and the Exchange when the investment related permanent differences are excluded.

Postretirement Benefits

Postretirement Benefits	6 Months Ended
	Jun. 30, 2015
Compensation and Retirement Disclosure [Abstract]
Postretirement Benefits	Note 10. Postretirement Benefits Pension plans Our pension plans consist of a noncontributory defined benefit pension plan covering substantially all employees and an unfunded supplemental employee retirement plan for certain members of executive and senior management of the Erie Insurance Group. The gross liability for postretirement benefits is presented in the Consolidated Statements of Financial Position as part of other liabilities. A portion of annual expenses related to our postretirement benefit plans is allocated to related entities within the Erie Insurance Group. Although Indemnity is the sponsor of these postretirement plans and records the funded status of these plans, the Exchange and EFL reimburse Indemnity for approximately 56% of the annual benefit expense of these plans, which represents pension benefits for Indemnity employees performing claims and EFL functions. A $17 million contribution was made to the defined benefit pension plan in the first quarter of 2015. Prior to 2003, the employee pension plan purchased annuities from EFL for certain plan participants that were receiving benefit payments under the pension plan. These are nonparticipating annuity contracts under which EFL has unconditionally contracted to provide specified benefits to beneficiaries; however, the pension plan remains the primary obligor to the beneficiaries. A contingent liability, $23 million at June 30, 2015 , exists in the event EFL does not honor the annuity contracts. The cost of our pension plans are as follows: Erie Insurance Group (in millions) Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Service cost for benefits earned $ 7 $ 5 $ 15 $ 11 Interest cost on benefits obligation 7 7 15 14 Expected return on plan assets (9 ) (8 ) (18 ) (16 ) Prior service cost amortization 1 1 1 1 Net actuarial loss amortization 4 1 7 3 Pension plan cost (1) $ 10 $ 6 $ 20 $ 13 (1) Pension plan costs represent the total cost for the Erie Insurance Group before reimbursements to Indemnity from the Exchange and EFL.

Indemnity Capital Stock

Indemnity Capital Stock	6 Months Ended
	Jun. 30, 2015
Class of Stock Disclosures [Abstract]
Indemnity Capital Stock	Note 11. Indemnity Capital Stock Class A and B common stock Holders of Class B shares may, at their option, convert their shares into Class A shares at the rate of 2,400 Class A shares per Class B share. There were no shares of Class B common stock converted into Class A common stock during the six months ended June 30, 2015 and the year ended December 31, 2014 . There is no provision for conversion of Class A shares to Class B shares, and, Class B shares surrendered for conversion cannot be reissued. Stock repurchase program In October 2011 , our Board of Directors approved a continuation of the current stock repurchase program for a total of $150 million , with no time limitation. We had approximately $18 million of repurchase authority remaining under this program at June 30, 2015 .

Indemnity Accumulated Other Com

Indemnity Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Indemnity Accumulated Other Comprehensive Loss	Note 12. Indemnity Accumulated Other Comprehensive Loss Changes in Indemnity's accumulated other comprehensive loss by component attributable to the Indemnity shareholder interest is presented as follows for the year ended December 31, 2014 and for the six months ended June 30, 2015 : Indemnity Shareholder Interest (in millions) Unrealized holding gains (losses) on available-for-sale securities Postretirement plans (2) Total Balance at December 31, 2013 $ 6 $ (65 ) $ (59 ) Other comprehensive income (loss) before reclassifications, net of tax 2 (65 ) (63 ) Amounts reclassified from accumulated other comprehensive income (loss), net of tax (1) (1 ) 5 4 Net current period other comprehensive income (loss), net of tax 1 (60 ) (59 ) Balance at December 31, 2014 $ 7 $ (125 ) $ (118 ) Other comprehensive income (loss) before reclassifications, net of tax (2 ) 0 (2 ) Amounts reclassified from accumulated other comprehensive income (loss), net of tax (1) 0 0 0 Net current period other comprehensive income (loss), net of tax (2 ) 0 (2 ) Balance at June 30, 2015 $ 5 $ (125 ) $ (120 ) (1) See the following table for details about these reclassifications. (2) There are no amounts reclassified out of accumulated other comprehensive loss related to postretirement plan items during interim periods. Amounts reclassified out of accumulated other comprehensive income (loss) and the related affected line item in the Consolidated Statements of Operations where net income is presented are as follows: Erie Insurance Group Amounts reclassified from accumulated other comprehensive income (loss) (1) Three months ended June 30, Six months ended June 30, (in millions) 2015 2014 2015 2014 Unrealized holding gains (losses) on available-for-sale securities: Net realized investment gains $ 8 $ 5 $ 15 $ 18 Net impairment losses recognized in earnings (2 ) 0 (4 ) 0 Income from operations before income taxes and noncontrolling interest 6 5 11 18 Provision for income taxes 2 2 4 7 Net income 4 3 7 11 Less: Net income attributable to noncontrolling interest in consolidated entity – Exchange 4 3 7 10 Net income attributable to Indemnity $ 0 $ 0 $ 0 $ 1 (1) Positive amounts indicate net income, while negative amounts indicate net loss.

Indemnity Shareholders' Equity

Indemnity Shareholders' Equity and Noncontrolling Interest	6 Months Ended
	Jun. 30, 2015
Stockholders' Equity Note [Abstract]
Indemnity Shareholders' Equity and Noncontrolling Interest	Note 13. Indemnity Shareholders’ Equity and Noncontrolling Interest A reconciliation of the beginning and ending balances of Indemnity's shareholders’ equity and the noncontrolling interest is presented as follows for the year ended December 31, 2014 and for the six months ended June 30, 2015 : Erie Insurance Group (in millions, except per share data) Indemnity shareholder interest Exchange noncontrolling interest Erie Insurance Group Balance at December 31, 2013 $ 734 $ 6,816 $ 7,550 Net income 168 405 573 Change in accumulated other comprehensive income (loss), net of tax (59 ) 59 0 Net purchase of treasury stock (19 ) — (19 ) Dividends declared: Class A $2.586 per share (120 ) — (120 ) Class B $387.90 per share (1 ) — (1 ) Balance at December 31, 2014 $ 703 $ 7,280 $ 7,983 Net income 95 238 333 Change in accumulated other comprehensive income (loss), net of tax (2 ) (88 ) (90 ) Dividends declared: Class A $1.362 per share (63 ) — (63 ) Class B $204.30 per share (1 ) — (1 ) Balance at June 30, 2015 $ 732 $ 7,430 $ 8,162

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 14. Commitments and Contingencies Indemnity has contractual commitments to invest up to $23 million related to its limited partnership investments at June 30, 2015 . These commitments are split among private equity securities of $10 million , mezzanine debt securities of $9 million , and real estate activities of $4 million . These commitments will be funded as required by the limited partnership agreements. The Exchange, including EFL, has contractual commitments to invest up to $527 million related to its limited partnership investments at June 30, 2015 . These commitments are split among private equity securities of $124 million , mezzanine debt securities of $188 million , and real estate activities of $215 million . These commitments will be funded as required by the limited partnership agreements. We are involved in litigation arising in the ordinary course of conducting business. In accordance with current accounting standards for loss contingencies and based upon information currently known to us, we establish reserves for litigation when it is probable that a loss associated with a claim or proceeding has been incurred and the amount of the loss or range of loss can be reasonably estimated. When no amount within the range of loss is a better estimate than any other amount, we accrue the minimum amount of the estimable loss. To the extent that such litigation against us may have an exposure to a loss in excess of the amount we have accrued, we believe that such excess would not be material to our consolidated financial condition, results of operations, or cash flows. Legal fees are expensed as incurred. We believe that our accruals for legal proceedings are appropriate and, individually and in the aggregate, are not expected to be material to our consolidated financial condition, operations, or cash flows. We review all litigation on an ongoing basis when making accrual and disclosure decisions. For certain legal proceedings, we cannot reasonably estimate losses or a range of loss, if any, particularly for proceedings that are in their early stages of development or where the plaintiffs seek indeterminate damages. Various factors, including, but not limited to, the outcome of potentially lengthy discovery and the resolution of important factual questions, may need to be determined before probability can be established or before a loss or range of loss can be reasonably estimated. If the loss contingency in question is not both probable and reasonably estimable, we do not establish an accrual and the matter will continue to be monitored for any developments that would make the loss contingency both probable and reasonably estimable. In the event that a legal proceeding results in a substantial judgment against, or settlement by, us, there can be no assurance that any resulting liability or financial commitment would not have a material adverse effect on the financial condition, results of operations, or cash flows of the Indemnity shareholder interest or the consolidated financial statements of Erie Indemnity Company. We are subject to escheatment laws and regulations requiring the identification, reporting and payment to the state of unclaimed or abandoned funds of our policyholders, annuitants, claimants and shareholders. We are also subject to audit and examination for compliance with these requirements. In August 2012, we were notified that we would be subject to an audit of our compliance with the unclaimed property laws of a number of jurisdictions both within and outside our operating territory. The audit commenced in April 2013 and is ongoing. We continue to cooperate with the auditors, responding to several requests for information and supplying data runs, as requested. It is probable that ongoing inquiries, audits, and other regulatory activity will result in the payment of additional death claims and escheatment of funds, as well as possible fines. EFL will incur expenses to identify death claims, confirm that benefits are due and notify the beneficiaries. At this time, we are not able to reasonably estimate the possible loss or range of loss related to this issue due to the early stage of development.

Indemnity Supplemental Informat

Indemnity Supplemental Information	6 Months Ended
	Jun. 30, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Indemnity Supplemental Information	Note 15. Indemnity Supplemental Information Consolidating Statement of Financial Position Erie Insurance Group At June 30, 2015 (in millions) Indemnity shareholder interest Exchange noncontrolling interest Reclassifications and eliminations Erie Insurance Group Assets Investments Available-for-sale securities, at fair value: Fixed maturities $ 561 $ 9,372 $ — $ 9,933 Equity securities 22 817 — 839 Trading securities, at fair value — 3,144 — 3,144 Limited partnerships 101 842 — 943 Other invested assets 1 21 — 22 Total investments 685 14,196 — 14,881 Cash and cash equivalents 77 344 — 421 Premiums receivable from policyholders — 1,384 — 1,384 Reinsurance recoverable — 162 — 162 Deferred income tax asset 44 — — 44 Deferred acquisition costs — 635 — 635 Other assets 123 419 — 542 Receivables from the Exchange and other affiliates 369 — (369 ) — Note receivable from EFL 25 — (25 ) — Total assets $ 1,323 $ 17,140 $ (394 ) $ 18,069 Liabilities Losses and loss expense reserves $ — $ 3,963 $ — $ 3,963 Life policy and deposit contract reserves — 1,837 — 1,837 Unearned premiums — 3,007 — 3,007 Deferred income tax liability — 413 — 413 Other liabilities 591 490 (394 ) 687 Total liabilities 591 9,710 (394 ) 9,907 Shareholders’ equity and noncontrolling interest Total Indemnity shareholders’ equity 732 — — 732 Noncontrolling interest in consolidated entity – Exchange — 7,430 — 7,430 Total equity 732 7,430 — 8,162 Total liabilities, shareholders’ equity, and noncontrolling interest $ 1,323 $ 17,140 $ (394 ) $ 18,069 Consolidating Statement of Financial Position Erie Insurance Group At December 31, 2014 (in millions) Indemnity shareholder interest Exchange noncontrolling interest Reclassifications and eliminations Erie Insurance Group Assets Investments Available-for-sale securities, at fair value: Fixed maturities $ 564 $ 9,007 $ — $ 9,571 Equity securities 25 850 — 875 Trading securities, at fair value — 3,223 — 3,223 Limited partnerships 113 866 — 979 Other invested assets 1 20 — 21 Total investments 703 13,966 — 14,669 Cash and cash equivalents 92 422 — 514 Premiums receivable from policyholders — 1,281 — 1,281 Reinsurance recoverable — 161 — 161 Deferred income tax asset 37 — — 37 Deferred acquisition costs — 595 — 595 Other assets 127 374 — 501 Receivables from the Exchange and other affiliates 335 — (335 ) — Note receivable from EFL 25 — (25 ) — Total assets $ 1,319 $ 16,799 $ (360 ) $ 17,758 Liabilities Losses and loss expense reserves $ — $ 3,853 $ — $ 3,853 Life policy and deposit contract reserves — 1,812 — 1,812 Unearned premiums — 2,834 — 2,834 Deferred income tax liability — 490 — 490 Other liabilities 616 530 (360 ) 786 Total liabilities 616 9,519 (360 ) 9,775 Shareholders’ equity and noncontrolling interest Total Indemnity shareholders’ equity 703 — — 703 Noncontrolling interest in consolidated entity – Exchange — 7,280 — 7,280 Total equity 703 7,280 — 7,983 Total liabilities, shareholders’ equity, and noncontrolling interest $ 1,319 $ 16,799 $ (360 ) $ 17,758 Transactions with the Exchange and EFL and concentrations of credit risk – Financial instruments could potentially expose Indemnity to concentrations of credit risk, including unsecured receivables from the Exchange. A majority of Indemnity’s revenue and receivables are from the Exchange and affiliates. See also Note 4, “Variable Interest Entity.” Management fees and expense allocation amounts payable from the Exchange to Indemnity were $365 million and $331 million at June 30, 2015 and December 31, 2014 , respectively. The payable from EFL to Indemnity for expense allocations and interest on the surplus note totaled $4 million at June 30, 2015 and December 31, 2014 . Note receivable from EFL – Indemnity is due $25 million from EFL in the form of a surplus note that was issued in 2003. The note may be repaid only out of unassigned surplus of EFL. Both principal and interest payments are subject to prior approval by the Pennsylvania Insurance Commissioner. The note bears an annual interest rate of 6.7% and will be payable on demand on or after December 31, 2018, with interest scheduled to be paid semi-annually, subject to prior approval by the Pennsylvania Insurance Commissioner. For each of the six months ended June 30, 2015 and 2014 , Indemnity recognized interest income on the note of $0.8 million . Income attributable to Indemnity shareholder interest Indemnity Shareholder Interest ( in millions) Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Management operations: Management fee revenue, net $ 395 $ 366 $ 738 $ 685 Service agreement revenue 7 8 15 15 Total revenue from management operations 402 374 753 700 Cost of management operations 332 306 630 574 Income from management operations before taxes 70 68 123 126 Investment operations: Net investment income 5 4 9 8 Net realized investment gains 0 0 0 1 Net impairment losses recognized in earnings 0 0 0 0 Equity in earnings of limited partnerships 11 3 13 9 Income from investment operations before taxes 16 7 22 18 Income from operations before income taxes 86 75 145 144 Provision for income taxes 30 26 50 49 Net income attributable to Indemnity $ 56 $ 49 $ 95 $ 95 Indemnity’s components of direct cash flows as included in the Consolidated Statements of Cash Flows Indemnity Shareholder Interest (in millions) Six months ended June 30, 2015 2014 Management fee received $ 714 $ 659 Service agreement fee received 15 15 Net investment income received 13 11 Limited partnership distributions 9 8 Decrease in reimbursements collected from affiliates (10 ) (13 ) Commissions and bonuses paid to agents (436 ) (397 ) Salaries and wages paid (78 ) (80 ) Pension contribution and employee benefits paid (28 ) (29 ) General operating expenses paid (111 ) (94 ) Income taxes paid (46 ) (44 ) Net cash provided by operating activities 42 36 Net cash provided by investing activities 6 57 Net cash used in financing activities (63 ) (79 ) Net (decrease) increase in cash and cash equivalents (15 ) 14 Cash and cash equivalents at beginning of period 92 49 Cash and cash equivalents at end of period $ 77 $ 63

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	Note 16. Subsequent Events No items were identified in the period subsequent to the financial statement date that required adjustment or disclosure.

Significant Accounting Polici24

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) and include the accounts of Indemnity together with its affiliate companies in which Indemnity holds a majority voting or economic interest.
Use of estimates	Use of estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of our financial position, results of operations, and cash flows for the interim periods have been included. Operating results for the six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ended December 31, 2015 . The accompanying consolidated financial statements and notes should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2014 as filed with the Securities and Exchange Commission on February 26, 2015 .
Principles of consolidation	Principles of consolidation We consolidate the Exchange as a variable interest entity for which Indemnity is the primary beneficiary under Accounting Standards Codification ("ASC 810"), Consolidation which was adopted January 1, 2010. All intercompany accounts and transactions have been eliminated in consolidation. The required presentation of noncontrolling interests is reflected in the consolidated financial statements. Noncontrolling interests represent the ownership interests of the Exchange, all of which are held by parties other than Indemnity (i.e. the Exchange’s subscribers (policyholders)). Noncontrolling interests also include the Exchange subscribers’ ownership interest in EFL. Presentation of assets and liabilities – While the assets of the Exchange are presented separately in the Consolidated Statements of Financial Position, the Exchange’s assets can only be used to satisfy the Exchange’s liabilities or for other unrestricted activities. ASC 810 does not require separate presentation of the Exchange’s assets; however, because the shareholders of Indemnity have no rights to the assets of the Exchange and, conversely, the Exchange has no rights to the assets of Indemnity, we have presented the invested assets of the Exchange separately on the Consolidated Statements of Financial Position along with the remaining consolidated assets reflecting the Exchange’s portion parenthetically. Liabilities are required under ASC 810 , to be presented separately for the Exchange on the Consolidated Statements of Financial Position as the Exchange’s creditors do not have recourse to the general credit of Indemnity. Rights of shareholders of Indemnity and subscribers (policyholders) of the Exchange – The shareholders of Indemnity, through the management fee, have a controlling financial interest as defined in ASC 810 in the Exchange; however, they have no other rights to or obligations arising from assets and liabilities of the Exchange. The shareholders of Indemnity own its equity but have no rights or interest in the Exchange’s (noncontrolling interest) income or equity. The noncontrolling interest equity represents the Exchange’s equity held for the interest of its subscribers (policyholders), who have no rights or interest in the Indemnity shareholder interest income or equity. All intercompany assets, liabilities, revenues, and expenses between Indemnity and the Exchange have been eliminated in the Consolidated Financial Statements.
New accounting standards	Recently issued accounting standards In February 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-02, "Consolidation" , which changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. ASU 2015-02 modifies the evaluation of whether limited partnerships are variable interest entities and the consolidation analysis of reporting entities that are involved in variable interest entities, particularly those that have fee arrangements and related party relationships. All legal entities are subject to reevaluation under this revised consolidation model. ASU 2015-02 is effective for interim and annual periods beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. We are currently evaluating this new guidance and we will determine its impact on our consolidated financial statements by the end of the year. It is possible that Indemnity would no longer be required to consolidate the results of the Exchange upon adoption of the new guidance. In May 2015, the FASB issued ASU 2015-07, "Fair Value Measurement" , which removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient and limits the disclosure requirements. ASU 2015-07 is effective for annual and interim periods beginning after December 15, 2015. Early adoption is permitted. We expect to implement these amended disclosure requirements at December 31, 2015. In May 2015, the FASB issued ASU 2015-09, "Financial Services - Insurance" , which requires additional disclosures about the liability for losses and loss adjustment expenses, including incurred and paid claims development activity and reconciliations of that information to the financial statements. ASU 2015-09 is effective for annual periods beginning after December 15, 2015, and interim periods beginning after December 15, 2016. Early adoption is permitted. We expect to include the applicable disclosures as required.
Earnings per share	Class A and Class B basic earnings per share and Class B diluted earnings per share are calculated under the two-class method. The two-class method allocates earnings to each class of stock based upon its dividend rights. Class B shares are convertible into Class A shares at a conversion ratio of 2,400 to 1. See Note 11. “Indemnity Capital Stock”. Class A diluted earnings per share are calculated under the if-converted method, which reflects the conversion of Class B shares to Class A shares. Diluted earnings per share calculations include the dilutive effect of assumed issuance of stock-based awards under compensation plans using the treasury stock method.
Consolidation of variable interest entity	Erie Insurance Exchange The Exchange is a reciprocal insurance exchange domiciled in Pennsylvania, for which Indemnity serves as attorney-in-fact. Indemnity holds a variable interest in the Exchange due to the absence of decision-making capabilities by the equity owners (subscribers/policyholders) of the Exchange and due to the significance of the management fee the Exchange pays to Indemnity as its decision maker. Therefore as defined in ASC 810, Indemnity is deemed to have a controlling financial interest in the Exchange and is considered to be its primary beneficiary. Under ASC 810, consolidation of the Exchange’s financial results is required given the significance of the management fee to the Exchange and because Indemnity has the power to direct the activities of the Exchange that most significantly impact the Exchange’s economic performance. The Exchange’s anticipated economic performance is the product of its underwriting results combined with its investment results. The fees paid to Indemnity under the subscriber’s agreement impact the anticipated economic performance attributable to the Exchange’s results. Indemnity earns a management fee from the Exchange for the services it provides as attorney-in-fact. Indemnity’s management fee revenues are based upon all premiums written or assumed by the Exchange. Indemnity’s Board of Directors determines the management fee rate to be paid by the Exchange to Indemnity. This rate cannot exceed 25% of the direct and assumed written premiums of the Exchange, as defined by the subscriber’s agreement signed by each policyholder. Management fee revenues and management fee expenses are eliminated upon consolidation. The shareholders of Indemnity have no rights to the assets of the Exchange and no obligations arising from the liabilities of the Exchange. Indemnity has no obligation related to any underwriting and/or investment losses experienced by the Exchange. Indemnity would, however, be adversely impacted if the Exchange incurred significant underwriting and/or investment losses. If the surplus of the Exchange were to decline significantly from its current level, its financial strength ratings could be reduced and, as a consequence, the Exchange could find it more difficult to retain its existing business and attract new business. A decline in the business of the Exchange would have an adverse effect on the amount of the management fees Indemnity receives. In addition, a decline in the surplus of the Exchange from its current level may impact the management fee rate received by Indemnity. Indemnity also has an exposure to a concentration of credit risk related to the unsecured receivables due from the Exchange for its management fee. If any of these events occurred, Indemnity’s financial position, financial performance, and/or cash flows could be adversely impacted. All property and casualty and life insurance operations are owned by the Exchange, and Indemnity functions solely as the management company. Indemnity has not provided financial or other support to the Exchange for any of the reporting periods presented. At June 30, 2015 , there are no explicit or implicit arrangements that would require Indemnity to provide future financial support to the Exchange. Indemnity is not liable if the Exchange was to be in violation of its debt covenants or was unable to meet its obligation for unfunded commitments to limited partnerships.
Fair value of financial instruments	Our available-for-sale and trading securities are recorded at fair value, which is the price that would be received to sell the asset in an orderly transaction between willing market participants as of the measurement date. Valuation techniques used to derive the fair value of our available-for-sale and trading securities are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources. Unobservable inputs reflect our own assumptions regarding fair market value for these securities. Although the majority of our prices are obtained from third party sources, we also perform an internal pricing review for securities with low trading volumes under current market conditions. Financial instruments are categorized based upon the following characteristics or inputs to the valuation techniques: • Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date. • Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. • Level 3 – Unobservable inputs for the asset or liability. Estimates of fair values for our investment portfolio are obtained primarily from a nationally recognized pricing service. Our Level 1 category includes those securities valued using an exchange traded price provided by the pricing service. The methodologies used by the pricing service that support a Level 2 classification of a financial instrument include multiple verifiable, observable inputs including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data. Pricing service valuations for Level 3 securities are based upon proprietary models and are used when observable inputs are not available or in illiquid markets. In limited circumstances we adjust the price received from the pricing service when, in our judgment, a better reflection of fair value is available based upon corroborating information and our knowledge and monitoring of market conditions such as a disparity in price of comparable securities and/or non-binding broker quotes. In other circumstances, certain securities are internally priced because prices are not provided by the pricing service. We perform continuous reviews of the prices obtained from the pricing service. This includes evaluating the methodology and inputs used by the pricing service to ensure that we determine the proper classification level of the financial instrument. Price variances, including large periodic changes, are investigated and corroborated by market data. We have reviewed the pricing methodologies of our pricing service as well as other observable inputs, such as data, and transaction volumes and believe that their prices adequately consider market activity in determining fair value. Our review process continues to evolve based upon accounting guidance and requirements. When a price from the pricing service is not available, values are determined by obtaining broker/dealer quotes and/or market comparables. When available, we obtain multiple quotes for the same security. The ultimate value for these securities is determined based upon our best estimate of fair value using corroborating market information. Our evaluation includes the consideration of benchmark yields, reported trades, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data. For certain securities in an illiquid market, there may be no prices available from a pricing service and no comparable market quotes available. In these situations, we value the security using an internally-developed, risk-adjusted discounted cash flow model.
Fair value of financial instruments, transfers between levels	We review the fair value hierarchy classifications each reporting period. Transfers between hierarchy levels may occur due to changes in the available market observable inputs. Transfers in and out of level classifications are reported as having occurred at the beginning of the quarter in which the transfers occurred.
Investments - Limited partnerships	Limited partnership investments, excluding certain real estate limited partnerships recorded at fair value, are generally reported on a one-quarter lag, therefore our year-to-date limited partnership results through June 30, 2015 are comprised of partnership financial results for the fourth quarter of 2014 and the first quarter of 2015 . Given the lag in reporting, our limited partnership results do not reflect the market conditions of the second quarter of 2015 . Cash contributions made to and distributions received from the partnerships are recorded in the period in which the transaction occurs.
Commitments and contingencies	We are involved in litigation arising in the ordinary course of conducting business. In accordance with current accounting standards for loss contingencies and based upon information currently known to us, we establish reserves for litigation when it is probable that a loss associated with a claim or proceeding has been incurred and the amount of the loss or range of loss can be reasonably estimated. When no amount within the range of loss is a better estimate than any other amount, we accrue the minimum amount of the estimable loss. To the extent that such litigation against us may have an exposure to a loss in excess of the amount we have accrued, we believe that such excess would not be material to our consolidated financial condition, results of operations, or cash flows. Legal fees are expensed as incurred. We believe that our accruals for legal proceedings are appropriate and, individually and in the aggregate, are not expected to be material to our consolidated financial condition, operations, or cash flows. We review all litigation on an ongoing basis when making accrual and disclosure decisions. For certain legal proceedings, we cannot reasonably estimate losses or a range of loss, if any, particularly for proceedings that are in their early stages of development or where the plaintiffs seek indeterminate damages. Various factors, including, but not limited to, the outcome of potentially lengthy discovery and the resolution of important factual questions, may need to be determined before probability can be established or before a loss or range of loss can be reasonably estimated. If the loss contingency in question is not both probable and reasonably estimable, we do not establish an accrual and the matter will continue to be monitored for any developments that would make the loss contingency both probable and reasonably estimable. In the event that a legal proceeding results in a substantial judgment against, or settlement by, us, there can be no assurance that any resulting liability or financial commitment would not have a material adverse effect on the financial condition, results of operations, or cash flows of the Indemnity shareholder interest or the consolidated financial statements of Erie Indemnity Company.

Indemnity Earnings Per Share (T

Indemnity Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Schedule of reconciliation of the numerators and denominators used in the basic and diluted per-share computations	A reconciliation of the numerators and denominators used in the basic and diluted per-share computations is presented as follows for each class of Indemnity common stock: Indemnity Shareholder Interest (dollars in millions, except per share data) Three months ended June 30, 2015 2014 Allocated net income (numerator) Weighted shares (denominator) Per-share amount Allocated net income (numerator) Weighted shares (denominator) Per-share amount Class A – Basic EPS: Income available to Class A stockholders $ 56 46,189,068 $ 1.21 $ 49 46,214,153 $ 1.05 Dilutive effect of stock-based awards 0 272,646 — 0 96,461 — Assumed conversion of Class B shares 0 6,100,800 — 0 6,100,800 — Class A – Diluted EPS: Income available to Class A stockholders on Class A equivalent shares $ 56 52,562,514 $ 1.07 $ 49 52,411,414 $ 0.94 Class B – Basic EPS: Income available to Class B stockholders $ 0 2,542 $ 181 $ 0 2,542 $ 158 Class B – Diluted EPS: Income available to Class B stockholders $ 0 2,542 $ 180 $ 0 2,542 $ 158 Indemnity Shareholder Interest (dollars in millions, except per share data) Six months ended June 30, 2015 2014 Allocated net income (numerator) Weighted shares (denominator) Per-share amount Allocated net income (numerator) Weighted shares (denominator) Per-share amount Class A – Basic EPS: Income available to Class A stockholders $ 94 46,189,068 $ 2.04 $ 94 46,307,659 $ 2.04 Dilutive effect of stock-based awards 0 308,765 — 0 96,461 — Assumed conversion of Class B shares 1 6,100,800 — 1 6,100,800 — Class A – Diluted EPS: Income available to Class A stockholders on Class A equivalent shares $ 95 52,598,633 $ 1.81 $ 95 52,504,920 $ 1.82 Class B – Basic EPS: Income available to Class B stockholders $ 1 2,542 $ 306 $ 1 2,542 $ 307 Class B – Diluted EPS: Income available to Class B stockholders $ 1 2,542 $ 305 $ 1 2,542 $ 307

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Schedule of components of the Consolidated Statements of Operations by reportable business segment	The following tables summarize the components of the Consolidated Statements of Operations by reportable business segment: Erie Insurance Group (in millions) Three months ended June 30, 2015 Management operations Property and casualty insurance operations Life insurance operations Investment operations Eliminations Consolidated Premiums earned/life policy revenue $ 1,412 $ 22 $ 0 $ 1,434 Net investment income $ 130 (3 ) 127 Net realized investment losses (7 ) (7 ) Net impairment losses recognized in earnings (2 ) (2 ) Equity in earnings of limited partnerships 72 72 Management fee revenue $ 395 (395 ) — Service agreement and other revenue 7 1 8 Total revenues 402 1,412 23 193 (398 ) 1,632 Cost of management operations 332 (332 ) — Insurance losses and loss expenses 952 25 (1 ) 976 Policy acquisition and underwriting expenses 416 10 (65 ) 361 Total benefits and expenses 332 1,368 35 — (398 ) 1,337 Income (loss) before income taxes 70 44 (12 ) 193 — 295 Provision for income taxes 24 16 (4 ) 62 — 98 Net income (loss) $ 46 $ 28 $ (8 ) $ 131 $ — $ 197 Erie Insurance Group (in millions) Three months ended June 30, 2014 Management operations Property and casualty insurance operations Life insurance operations Investment operations Eliminations Consolidated Premiums earned/life policy revenue $ 1,298 $ 22 $ (1 ) $ 1,319 Net investment income $ 116 (5 ) 111 Net realized investment gains 133 133 Net impairment losses recognized in earnings 0 0 Equity in earnings of limited partnerships 27 27 Management fee revenue $ 366 (366 ) — Service agreement and other revenue 8 0 8 Total revenues 374 1,298 22 276 (372 ) 1,598 Cost of management operations 306 (306 ) — Insurance losses and loss expenses 1,101 27 (2 ) 1,126 Policy acquisition and underwriting expenses 380 9 (64 ) 325 Total benefits and expenses 306 1,481 36 — (372 ) 1,451 Income (loss) before income taxes 68 (183 ) (14 ) 276 — 147 Provision for income taxes 24 (64 ) (5 ) 89 — 44 Net income (loss) $ 44 $ (119 ) $ (9 ) $ 187 $ — $ 103 Erie Insurance Group (in millions) Six months ended June 30, 2015 Management operations Property and casualty insurance operations Life insurance operations Investment operations Eliminations Consolidated Premiums earned/life policy revenue $ 2,792 $ 44 $ 0 $ 2,836 Net investment income $ 246 (6 ) 240 Net realized investment gains 49 49 Net impairment losses recognized in earnings (4 ) (4 ) Equity in earnings of limited partnerships 100 100 Management fee revenue $ 738 (738 ) — Service agreement and other revenue 15 1 16 Total revenues 753 2,792 45 391 (744 ) 3,237 Cost of management operations 630 (630 ) — Insurance losses and loss expenses 1,985 53 (2 ) 2,036 Policy acquisition and underwriting expenses 802 19 (112 ) 709 Total benefits and expenses 630 2,787 72 — (744 ) 2,745 Income (loss) before income taxes 123 5 (27 ) 391 — 492 Provision for income taxes 43 2 (9 ) 123 — 159 Net income (loss) $ 80 $ 3 $ (18 ) $ 268 $ — $ 333 Erie Insurance Group (in millions) Six months ended June 30, 2014 Management operations Property and casualty insurance operations Life insurance operations Investment operations Eliminations Consolidated Premiums earned/life policy revenue $ 2,566 $ 42 $ (1 ) $ 2,607 Net investment income $ 228 (8 ) 220 Net realized investment gains 189 189 Net impairment losses recognized in earnings 0 0 Equity in earnings of limited partnerships 77 77 Management fee revenue $ 685 (685 ) — Service agreement and other revenue 15 1 16 Total revenues 700 2,566 43 494 (694 ) 3,109 Cost of management operations 574 (574 ) — Insurance losses and loss expenses 2,108 55 (3 ) 2,160 Policy acquisition and underwriting expenses 745 18 (117 ) 646 Total benefits and expenses 574 2,853 73 — (694 ) 2,806 Income (loss) before income taxes 126 (287 ) (30 ) 494 — 303 Provision for income taxes 44 (100 ) (11 ) 158 — 91 Net income (loss) $ 82 $ (187 ) $ (19 ) $ 336 $ — $ 212

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Schedule of consolidated fair value measurements on a recurring basis by asset class and level of input	The following table represents our consolidated fair value measurements on a recurring basis by asset class and level of input at June 30, 2015 : Erie Insurance Group June 30, 2015 Fair value measurements using: (in millions) Total Quoted prices in Level 1 Observable inputs Level 2 Unobservable inputs Level 3 Indemnity Available-for-sale securities: States & political subdivisions $ 225 $ 0 $ 225 $ 0 Corporate debt securities 235 0 235 0 Residential mortgage-backed securities 9 0 9 0 Commercial mortgage-backed securities 49 0 49 0 Collateralized debt obligations 38 0 37 1 Other debt securities 5 0 5 0 Total fixed maturities 561 0 560 1 Nonredeemable preferred stock 10 1 9 0 Common stock 12 12 0 0 Total available-for-sale securities 583 13 569 1 Other investments (1) 6 0 0 6 Total – Indemnity $ 589 $ 13 $ 569 $ 7 Exchange Available-for-sale securities: U.S. treasury $ 7 $ 0 $ 7 $ 0 Government sponsored enterprises 4 0 4 0 States & political subdivisions 1,492 0 1,492 0 Foreign government securities 83 0 83 0 Corporate debt securities 7,622 0 7,548 74 Residential mortgage-backed securities 34 0 34 0 Commercial mortgage-backed securities 29 0 29 0 Collateralized debt obligations 11 0 11 0 Other debt securities 90 0 79 11 Total fixed maturities 9,372 0 9,287 85 Nonredeemable preferred stock 721 359 361 1 Common stock 96 96 0 0 Total available-for-sale securities 10,189 455 9,648 86 Trading securities: Common stock 3,144 3,131 0 13 Total trading securities 3,144 3,131 0 13 Other investments (1) 53 0 0 53 Total – Exchange $ 13,386 $ 3,586 $ 9,648 $ 152 Total – Erie Insurance Group $ 13,975 $ 3,599 $ 10,217 $ 159 % of total assets at fair value 100.0 % 25.8 % 73.1 % 1.1 % (1) Other investments measured at fair value represent four real estate funds included on the balance sheet as limited partnership investments that are reported under the fair value option. These investments can never be redeemed with the funds. Instead, distributions are received when liquidation of the underlying assets of the funds occur. It is estimated that the underlying assets will generally be liquidated between 5 and 10 years from the inception of the funds. The fair value of these investments is based on the net asset value (NAV) information provided by the general partner. Fair value is based on our proportionate share of the NAV based on the most recent partners' capital statements received from the general partners, which is generally one quarter prior to our balance sheet date. These values are then analyzed to determine if the NAV represents fair value at our balance sheet date, with adjustment being made where appropriate. We consider observable market data and perform a review validating the appropriateness of the NAV at each balance sheet date. It is likely that all of the investments will be redeemed at a future date for an amount different than the NAV of our ownership interest in partners' capital as of June 30, 2015 . During the six months ended June 30, 2015 , Indemnity made no contributions and received distributions totaling $0.9 million , and the Exchange made no contributions and received distributions totaling $21.2 million for these investments. As of June 30, 2015 , the amount of unfunded commitments related to the investments was $0.6 million for Indemnity and $1.7 million for the Exchange. The following table represents our consolidated fair value measurements on a recurring basis by asset class and level of input at December 31, 2014 : Erie Insurance Group December 31, 2014 Fair value measurements using: (in millions) Total Quoted prices in active markets for identical assets Level 1 Observable inputs Level 2 Unobservable inputs Level 3 Indemnity Available-for-sale securities: States & political subdivisions $ 231 $ 0 $ 231 $ 0 Corporate debt securities 234 0 234 0 Residential mortgage-backed securities 8 0 8 0 Commercial mortgage-backed securities 51 0 51 0 Collateralized debt obligations 33 0 33 0 Other debt securities 7 0 7 0 Total fixed maturities 564 0 564 0 Nonredeemable preferred stock 12 2 10 0 Common stock 13 13 0 0 Total available-for-sale securities 589 15 574 0 Other investments (1) 8 0 0 8 Total – Indemnity $ 597 $ 15 $ 574 $ 8 Exchange Available-for-sale securities: U.S. treasury $ 6 $ 0 $ 6 $ 0 Government sponsored enterprises 4 0 4 0 States & political subdivisions 1,477 0 1,477 0 Foreign government securities 10 0 10 0 Corporate debt securities 7,289 0 7,202 87 Residential mortgage-backed securities 111 0 111 0 Commercial mortgage-backed securities 30 0 30 0 Collateralized debt obligations 11 0 11 0 Other debt securities 69 0 57 12 Total fixed maturities 9,007 0 8,908 99 Nonredeemable preferred stock 710 328 381 1 Common stock 140 140 0 0 Total available-for-sale securities 9,857 468 9,289 100 Trading securities: Common stock 3,223 3,208 0 15 Total trading securities 3,223 3,208 0 15 Other investments (1) 71 0 0 71 Total – Exchange $ 13,151 $ 3,676 $ 9,289 $ 186 Total – Erie Insurance Group $ 13,748 $ 3,691 $ 9,863 $ 194 % of total assets at fair value 100.0 % 26.9 % 71.7 % 1.4 % (1) Other investments measured at fair value represent four real estate funds included on the balance sheet as limited partnership investments that are reported under the fair value option. These investments can never be redeemed with the funds. Instead, distributions are received when liquidation of the underlying assets of the funds occur. It is estimated that the underlying assets will generally be liquidated between 5 and 10 years from the inception of the funds. The fair value of these investments is based on the net asset value (NAV) information provided by the general partner. Fair value is based on our proportionate share of the NAV based on the most recent partners' capital statements received from the general partners, which is generally one quarter prior to our balance sheet date. These values are then analyzed to determine if the NAV represents fair value at our balance sheet date, with adjustment being made where appropriate. We consider observable market data and perform a review validating the appropriateness of the NAV at each balance sheet date. It is likely that all of the investments will be redeemed at a future date for an amount different than the NAV of our ownership interest in partners' capital as of December 31, 2014 . During the year ended December 31, 2014 , Indemnity made no contributions and received distributions totaling $12.9 million , and the Exchange made no contributions and received distributions totaling $41.5 million for these investments. As of December 31, 2014 , the amount of unfunded commitments related to the investments was $0.6 million for Indemnity and $1.7 million for the Exchange.
Schedule of roll forward of consolidated Level 3 fair value measurements on a recurring basis	Level 3 Assets – Quarterly Change: Erie Insurance Group (in millions) Beginning balance at March 31, 2014 Included in earnings (1) Included in other comprehensive income Purchases Sales Transfers Level 3 Ending balance at June 30, 2014 Indemnity Available-for-sale securities: Corporate debt securities $ 1 $ 0 $ 0 $ 0 $ 0 $ 0 $ 1 Collateralized debt obligations 0 0 0 0 0 0 0 Total fixed maturities 1 0 0 0 0 0 1 Total available-for-sale securities 1 0 0 0 0 0 1 Other investments 18 1 0 0 (1 ) 0 18 Total Level 3 assets – Indemnity $ 19 $ 1 $ 0 $ 0 $ (1 ) $ 0 $ 19 Exchange Available-for-sale securities: Corporate debt securities $ 26 $ 0 $ 0 $ 0 $ (1 ) $ 0 $ 25 Collateralized debt obligations 0 0 0 0 0 0 0 Total fixed maturities 26 0 0 0 (1 ) 0 25 Nonredeemable preferred stock 1 0 0 0 0 0 1 Total available-for-sale securities 27 0 0 0 (1 ) 0 26 Trading securities: Common stock 15 0 0 0 0 0 15 Total trading securities 15 0 0 0 0 0 15 Other investments 98 6 0 0 (2 ) 0 102 Total Level 3 assets – Exchange $ 140 $ 6 $ 0 $ 0 $ (3 ) $ 0 $ 143 Total Level 3 assets – Erie Insurance Group $ 159 $ 7 $ 0 $ 0 $ (4 ) $ 0 $ 162 (1) These amounts are reported in the Consolidated Statement of Operations. There is $7 million included in equity in earnings of limited partnerships for the three months ended June 30, 2014 on Level 3 securities. Level 3 Assets – Quarterly Change: Erie Insurance Group (in millions) Beginning balance at March 31, 2015 Included in earnings (1) Included income Purchases Sales Transfers Level 3 Ending balance at June 30, 2015 Indemnity Available-for-sale securities: Corporate debt securities $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Collateralized debt obligations 0 0 0 1 0 0 1 Total fixed maturities 0 0 0 1 0 0 1 Total available-for-sale securities 0 0 0 1 0 0 1 Other investments 7 (1 ) 0 0 0 0 6 Total Level 3 assets – Indemnity $ 7 $ (1 ) $ 0 $ 1 $ 0 $ 0 $ 7 Exchange Available-for-sale securities: Corporate debt securities $ 80 $ 0 $ (6 ) $ 24 $ 0 $ (24 ) $ 74 Other debt securities 9 0 0 0 0 2 11 Total fixed maturities 89 0 (6 ) 24 0 (22 ) 85 Nonredeemable preferred stock 1 0 0 0 0 0 1 Total available-for-sale securities 90 0 (6 ) 24 0 (22 ) 86 Trading securities: Common stock 15 (2 ) 0 0 0 0 13 Total trading securities 15 (2 ) 0 0 0 0 13 Other investments 51 2 0 0 0 0 53 Total Level 3 assets – Exchange $ 156 $ 0 $ (6 ) $ 24 $ 0 $ (22 ) $ 152 Total Level 3 assets – Erie Insurance Group $ 163 $ (1 ) $ (6 ) $ 25 $ 0 $ (22 ) $ 159 (1) These amounts are reported in the Consolidated Statement of Operations. There is $2 million of net realized losses included in net realized investment (losses) gains and $1 million included in equity in earnings of limited partnerships for the three months ended June 30, 2015 on Level 3 securities. Level 3 Assets – Year-to-Date Change: Erie Insurance Group (in millions) Beginning balance at December 31, 2014 Included in earnings (1) Included income Purchases Sales Transfers Level 3 Ending balance at June 30, 2015 Indemnity Available-for-sale securities: Corporate debt securities $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Collateralized debt obligations 0 0 0 1 0 0 1 Total fixed maturities 0 0 0 1 0 0 1 Total available-for-sale securities 0 0 0 1 0 0 1 Other investments 8 (1 ) 0 0 (1 ) 0 6 Total Level 3 assets – Indemnity $ 8 $ (1 ) $ 0 $ 1 $ (1 ) $ 0 $ 7 Exchange Available-for-sale securities: Corporate debt securities $ 87 $ 0 $ (5 ) $ 27 $ (2 ) $ (33 ) $ 74 Other debt securities 12 0 0 0 0 (1 ) 11 Total fixed maturities 99 0 (5 ) 27 (2 ) (34 ) 85 Nonredeemable preferred stock 1 0 0 0 0 0 1 Total available-for-sale securities 100 0 (5 ) 27 (2 ) (34 ) 86 Trading securities: Common stock 15 (2 ) 0 0 0 0 13 Total trading securities 15 (2 ) 0 0 0 0 13 Other investments 71 3 0 0 (21 ) 0 53 Total Level 3 assets – Exchange $ 186 $ 1 $ (5 ) $ 27 $ (23 ) $ (34 ) $ 152 Total Level 3 assets – Erie Insurance Group $ 194 $ 0 $ (5 ) $ 28 $ (24 ) $ (34 ) $ 159 (1) These amounts are reported in the Consolidated Statement of Operations. There is $2 million of losses included in net realized investment (losses) gains and $2 million included in equity in earnings of limited partnerships for the six months ended June 30, 2015 on Level 3 securities. Level 3 Assets – Year-to-Date Change: Erie Insurance Group (in millions) Beginning balance at December 31, 2013 Included in earnings (1) Included in other comprehensive income Purchases Sales Transfers Level 3 Ending balance at June 30, 2014 Indemnity Available-for-sale securities: Corporate debt securities $ 1 $ 0 $ 0 $ 0 $ 0 $ 0 $ 1 Collateralized debt obligations 1 0 0 0 (1 ) 0 0 Total fixed maturities 2 0 0 0 (1 ) 0 1 Total available-for-sale securities 2 0 0 0 (1 ) 0 1 Other investments 18 2 0 0 (2 ) 0 18 Total Level 3 assets – Indemnity $ 20 $ 2 $ 0 $ 0 $ (3 ) $ 0 $ 19 Exchange Available-for-sale securities: Corporate debt securities $ 26 $ 0 $ 0 $ 0 $ (1 ) $ 0 $ 25 Collateralized debt obligations 5 1 (1 ) 0 (3 ) (2 ) 0 Total fixed maturities 31 1 (1 ) 0 (4 ) (2 ) 25 Nonredeemable preferred stock 0 0 0 1 0 0 1 Total available-for-sale securities 31 1 (1 ) 1 (4 ) (2 ) 26 Trading securities: Common stock 15 0 0 0 0 0 15 Total trading securities 15 0 0 0 0 0 15 Other investments 98 11 0 0 (7 ) 0 102 Total Level 3 assets – Exchange $ 144 $ 12 $ (1 ) $ 1 $ (11 ) $ (2 ) $ 143 Total Level 3 assets – Erie Insurance Group $ 164 $ 14 $ (1 ) $ 1 $ (14 ) $ (2 ) $ 162 (1) These amounts are reported in the Consolidated Statement of Operations. There is $1 million included in net realized investment gains (losses) and $13 million included in equity in earnings of limited partnerships for the six months ended June 30, 2014 on Level 3 securities.
Schedule of Quantitative and Qualitative Disclosures about Unobservable Inputs	Quantitative and Qualitative Disclosures about Unobservable Inputs Erie Insurance Group June 30, 2015 (dollars in millions) Fair value Valuation techniques Unobservable input Range Weighted average Exchange Corporate debt securities (1) $ 7 Market approach Comparable transaction EBITDA multiples 8.0x 8.0x Comparable security yield 6% 6% Nonredeemable preferred stock (2) 1 Market approach Held at cost Common stock (1) 13 Market approach Comparable transaction EBITDA multiples 8.0x 8.0x Discount for lack of marketability 10% 10% December 31, 2014 (dollars in millions) Fair value Valuation techniques Unobservable input Range Weighted average Exchange Corporate debt securities (1) $ 7 Market approach Comparable transaction EBITDA multiples 8.0x 8.0x Comparable security yield 6% 6% Nonredeemable preferred stock (2) 1 Market approach Held at cost Common stock (1) 15 Market approach Comparable transaction EBITDA multiples 8.0x 8.0x Discount for lack of marketability 10% 10% (1) Common stock investments and Corporate debt securities – The unobservable inputs used in the fair value measurement of direct private equity common stock investments and certain corporate debt securities are comparable private transaction earnings before interest, taxes, depreciation, and amortization (“EBITDA”) multiples, the average EBITDA multiple for comparable publicly traded companies and the amount of discount applied to the price due to the illiquidity of the securities being valued. Significant changes in any of those inputs in isolation could result in a significantly higher or lower fair value measurement. (2) Nonredeemable preferred stock - Represents a private security where cost was determined to be the best estimate of fair value.
Schedule of consolidated fair value measurements on a recurring basis by pricing source	The following table presents our consolidated fair value measurements on a recurring basis by pricing source at June 30, 2015 : Erie Insurance Group (in millions) June 30, 2015 Total Level 1 Level 2 Level 3 Indemnity Fixed maturities: Priced via pricing services $ 560 $ 0 $ 560 $ 0 Priced via market comparables/broker quotes (1) 1 0 0 1 Total fixed maturities 561 0 560 1 Nonredeemable preferred stock: Priced via pricing services 8 1 7 0 Priced via market comparables/broker quotes (1) 2 0 2 0 Total nonredeemable preferred stock 10 1 9 0 Common stock: Priced via pricing services 12 12 0 0 Total common stock 12 12 0 0 Other investments: Priced via unobservable inputs (2) 6 0 0 6 Total other investments 6 0 0 6 Total – Indemnity $ 589 $ 13 $ 569 $ 7 Exchange Fixed maturities: Priced via pricing services $ 9,273 $ 0 $ 9,262 $ 11 Priced via market comparables/broker quotes (1) 92 0 25 67 Priced via internal modeling 7 0 0 7 Total fixed maturities 9,372 0 9,287 85 Nonredeemable preferred stock: Priced via pricing services 711 359 352 0 Priced via market comparables/broker quotes (1) 9 0 9 0 Priced via internal modeling 1 0 0 1 Total nonredeemable preferred stock 721 359 361 1 Common stock: Priced via pricing services 3,227 3,227 0 0 Priced via internal modeling 13 0 0 13 Total common stock 3,240 3,227 0 13 Other investments: Priced via unobservable inputs (2) 53 0 0 53 Total other investments 53 0 0 53 Total – Exchange $ 13,386 $ 3,586 $ 9,648 $ 152 Total – Erie Insurance Group $ 13,975 $ 3,599 $ 10,217 $ 159 (1) When a non-binding broker quote was the only price available, the security was classified as Level 3. (2) Other investments measured at fair value represent real estate funds included on the balance sheet as limited partnership investments that are reported under the fair value option. The fair value of these investments is based on the net asset value (NAV) information provided by the general partner.

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2015
Investments [Abstract]
Schedule of reconciliation of cost to fair value of available-for-sale securities	The following table summarizes the cost and fair value of our available-for-sale securities at June 30, 2015 : Erie Insurance Group June 30, 2015 (in millions) Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Indemnity Available-for-sale securities: States & political subdivisions $ 215 $ 10 $ 0 $ 225 Corporate debt securities 236 1 2 235 Residential mortgage-backed securities 9 0 0 9 Commercial mortgage-backed securities 50 0 1 49 Collateralized debt obligations 38 0 0 38 Other debt securities 5 0 0 5 Total fixed maturities 553 11 3 561 Nonredeemable preferred stock 9 1 0 10 Common stock 13 0 1 12 Total available-for-sale securities – Indemnity $ 575 $ 12 $ 4 $ 583 Exchange Available-for-sale securities: U.S. treasury $ 7 $ 0 $ 0 $ 7 Government sponsored enterprises 3 1 0 4 States & political subdivisions 1,427 67 2 1,492 Foreign government securities 85 0 2 83 Corporate debt securities 7,362 322 62 7,622 Residential mortgage-backed securities 34 1 1 34 Commercial mortgage-backed securities 28 1 0 29 Collateralized debt obligations 6 5 0 11 Other debt securities 88 2 0 90 Total fixed maturities 9,040 399 67 9,372 Nonredeemable preferred stock 670 54 3 721 Common stock 96 1 1 96 Total available-for-sale securities – Exchange $ 9,806 $ 454 $ 71 $ 10,189 Total available-for-sale securities – Erie Insurance Group $ 10,381 $ 466 $ 75 $ 10,772 The following table summarizes the cost and fair value of our available-for-sale securities at December 31, 2014 : Erie Insurance Group December 31, 2014 (in millions) Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Indemnity Available-for-sale securities: States & political subdivisions $ 219 $ 12 $ 0 $ 231 Corporate debt securities 236 1 3 234 Residential mortgage-backed securities 8 0 0 8 Commercial mortgage-backed securities 52 0 1 51 Collateralized debt obligations 33 0 0 33 Other debt securities 7 0 0 7 Total fixed maturities 555 13 4 564 Nonredeemable preferred stock 11 1 0 12 Common stock 13 0 0 13 Total available-for-sale securities – Indemnity $ 579 $ 14 $ 4 $ 589 Exchange Available-for-sale securities: U.S. treasury $ 6 $ 0 $ 0 $ 6 Government sponsored enterprises 3 1 0 4 States & political subdivisions 1,394 84 1 1,477 Foreign government securities 10 0 0 10 Corporate debt securities 6,918 405 34 7,289 Residential mortgage-backed securities 109 3 1 111 Commercial mortgage-backed securities 28 2 0 30 Collateralized debt obligations 6 5 0 11 Other debt securities 66 3 0 69 Total fixed maturities 8,540 503 36 9,007 Nonredeemable preferred stock 650 64 4 710 Common stock 138 3 1 140 Total available-for-sale securities – Exchange $ 9,328 $ 570 $ 41 $ 9,857 Total available-for-sale securities – Erie Insurance Group $ 9,907 $ 584 $ 45 $ 10,446
Schedule of amortized cost and estimated fair value of fixed maturities by remaining contractual term to maturity	The amortized cost and estimated fair value of fixed maturities at June 30, 2015 are shown below by remaining contractual term to maturity. Mortgage-backed securities are allocated based upon their stated maturity dates. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Erie Insurance Group June 30, 2015 (in millions) Amortized Estimated cost fair value Indemnity Due in one year or less $ 70 $ 70 Due after one year through five years 236 237 Due after five years through ten years 150 154 Due after ten years 97 100 Total fixed maturities – Indemnity $ 553 $ 561 Exchange Due in one year or less $ 425 $ 432 Due after one year through five years 3,270 3,437 Due after five years through ten years 3,842 3,932 Due after ten years 1,503 1,571 Total fixed maturities – Exchange $ 9,040 $ 9,372 Total fixed maturities – Erie Insurance Group $ 9,593 $ 9,933
Schedule of available-for-sale securities in a gross unrealized loss position by length of time for securities in a gross unrealized loss position	Available-for-sale securities in a gross unrealized loss position at June 30, 2015 are as follows. Data is provided by length of time for securities in a gross unrealized loss position. Erie Insurance Group June 30, 2015 (dollars in millions) Less than 12 months 12 months or longer Total Indemnity Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses No. of holdings Available-for-sale securities: States & political subdivisions $ 17 $ 0 $ 0 $ 0 $ 17 $ 0 8 Corporate debt securities 123 1 16 1 139 2 248 Residential mortgage-backed securities 4 0 0 0 4 0 4 Commercial mortgage-backed securities 35 1 0 0 35 1 23 Collateralized debt obligations 16 0 0 0 16 0 8 Other debt securities 3 0 0 0 3 0 2 Total fixed maturities 198 2 16 1 214 3 293 Nonredeemable preferred stock 4 0 0 0 4 0 2 Common stock 12 1 0 0 12 1 1 Total available-for-sale securities – Indemnity $ 214 $ 3 $ 16 $ 1 $ 230 $ 4 296 Quality breakdown of fixed maturities: Investment grade $ 153 $ 1 $ 0 $ 0 $ 153 $ 1 71 Non-investment grade 45 1 16 1 61 2 222 Total fixed maturities – Indemnity $ 198 $ 2 $ 16 $ 1 $ 214 $ 3 293 Exchange Available-for-sale securities: U.S. treasury $ 2 $ 0 $ 0 $ 0 $ 2 $ 0 4 States & political subdivisions 202 2 12 0 214 2 59 Foreign government securities 56 2 0 0 56 2 34 Corporate debt securities 2,042 55 100 7 2,142 62 855 Residential mortgage-backed securities 4 0 10 1 14 1 4 Commercial mortgage-backed securities 0 0 1 0 1 0 1 Other debt securities 33 0 7 0 40 0 7 Total fixed maturities 2,339 59 130 8 2,469 67 964 Nonredeemable preferred stock 122 2 22 1 144 3 25 Common stock 31 1 0 0 31 1 1 Total available-for-sale securities – Exchange $ 2,492 $ 62 $ 152 $ 9 $ 2,644 $ 71 990 Quality breakdown of fixed maturities: Investment grade $ 1,893 $ 45 $ 66 $ 2 $ 1,959 $ 47 487 Non-investment grade 446 14 64 6 510 20 477 Total fixed maturities – Exchange $ 2,339 $ 59 $ 130 $ 8 $ 2,469 $ 67 964 Available-for-sale securities in a gross unrealized loss position at December 31, 2014 are as follows. Data is provided by length of time for securities in a gross unrealized loss position. Erie Insurance Group December 31, 2014 (dollars in millions) Less than 12 months 12 months or longer Total Indemnity Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses No. of holdings Available-for-sale securities: States & political subdivisions $ 6 $ 0 $ 2 $ 0 $ 8 $ 0 4 Corporate debt securities 121 3 0 0 121 3 250 Residential mortgage-backed securities 6 0 0 0 6 0 4 Commercial mortgage-backed securities 41 1 0 0 41 1 24 Collateralized debt obligations 21 0 0 0 21 0 9 Other debt securities 7 0 0 0 7 0 3 Total fixed maturities 202 4 2 0 204 4 294 Common stock 0 0 13 0 13 0 1 Total available-for-sale securities – Indemnity $ 202 $ 4 $ 15 $ 0 $ 217 $ 4 295 Quality breakdown of fixed maturities: Investment grade $ 146 $ 1 $ 2 $ 0 $ 148 $ 1 58 Non-investment grade 56 3 0 0 56 3 236 Total fixed maturities – Indemnity $ 202 $ 4 $ 2 $ 0 $ 204 $ 4 294 Exchange Available-for-sale securities: U.S. treasury $ 1 $ 0 $ 0 $ 0 $ 1 $ 0 2 States & political subdivisions 47 0 47 1 94 1 24 Corporate debt securities 980 29 181 5 1,161 34 656 Residential mortgage-backed securities 6 0 27 1 33 1 8 Commercial mortgage-backed securities 1 0 0 0 1 0 1 Other debt securities 13 0 7 0 20 0 4 Total fixed maturities 1,048 29 262 7 1,310 36 695 Nonredeemable preferred stock 86 3 25 1 111 4 16 Common stock 0 0 73 1 73 1 2 Total available-for-sale securities – Exchange $ 1,134 $ 32 $ 360 $ 9 $ 1,494 $ 41 713 Quality breakdown of fixed maturities: Investment grade $ 606 $ 10 $ 253 $ 5 $ 859 $ 15 172 Non-investment grade 442 19 9 2 451 21 523 Total fixed maturities – Exchange $ 1,048 $ 29 $ 262 $ 7 $ 1,310 $ 36 695
Schedule of investment income, net of expenses, from portfolios	Interest and dividend income are recognized as earned and recorded to net investment income. Investment income, net of expenses, was generated from the following portfolios: Erie Insurance Group (in millions) Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Indemnity Fixed maturities $ 4 $ 3 $ 8 $ 6 Equity securities 0 0 0 1 Cash equivalents and other 1 1 1 1 Total investment income 5 4 9 8 Less: investment expenses 0 0 0 0 Investment income, net of expenses – Indemnity $ 5 $ 4 $ 9 $ 8 Exchange Fixed maturities $ 96 $ 85 $ 190 $ 171 Equity securities 36 30 62 59 Cash equivalents and other 0 1 1 1 Total investment income 132 116 253 231 Less: investment expenses 10 9 22 19 Investment income, net of expenses – Exchange $ 122 $ 107 $ 231 $ 212 Investment income, net of expenses – Erie Insurance Group $ 127 $ 111 $ 240 $ 220
Schedule of realized gains (losses) on investments recognized in income	Realized gains and losses on sales of securities are recognized in income based upon the specific identification method. Realized gains (losses) on investments were as follows: Erie Insurance Group (in millions) Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Indemnity Available-for-sale securities: Fixed maturities: Gross realized gains $ 0 $ 0 $ 0 $ 0 Gross realized losses 0 0 0 0 Net realized gains 0 0 0 0 Equity securities: Gross realized gains 0 0 0 1 Gross realized losses 0 0 0 0 Net realized gains 0 0 0 1 Net realized investment gains – Indemnity $ 0 $ 0 $ 0 $ 1 Exchange Available-for-sale securities: Fixed maturities: Gross realized gains $ 7 $ 4 $ 13 $ 10 Gross realized losses (4 ) 0 (8 ) (1 ) Net realized gains 3 4 5 9 Equity securities: Gross realized gains 6 2 11 10 Gross realized losses (1 ) (1 ) (1 ) (2 ) Net realized gains 5 1 10 8 Trading securities: Common stock: Gross realized gains 49 52 166 122 Gross realized losses (11 ) (7 ) (23 ) (10 ) (Decreases) increases in fair value (1) (53 ) 83 (109 ) 59 Net realized (losses) gains (15 ) 128 34 171 Net realized investment (losses) gains – Exchange $ (7 ) $ 133 $ 49 $ 188 Net realized investment (losses) gains – Erie Insurance Group $ (7 ) $ 133 $ 49 $ 189 (1) The fair value on our common stock portfolio is based upon exchange traded prices provided by a nationally recognized pricing service.
Schedule of limited partnership results, generally reported on a one-quarter lag	As these investments are generally reported on a one-quarter lag, our limited partnership results through December 31, 2014 include partnership financial results for the fourth quarter of 2013 and the first three quarters of 2014 . Erie Insurance Group As of and for the year ended December 31, 2014 (dollars in millions) Investment percentage in limited partnerships Number of partnerships Asset recorded Income (loss) recognized due to valuation adjustments by the partnerships Income (1oss) recorded Indemnity Private equity: Less than 10% 24 $ 34 $ (7 ) $ 7 Greater than or equal to 10% but less than 50% 3 18 3 1 Total private equity 27 52 (4 ) 8 Mezzanine debt: Less than 10% 11 10 0 2 Greater than or equal to 10% but less than 50% 3 4 0 0 Greater than 50% 1 0 0 0 Total mezzanine debt 15 14 0 2 Real estate: Less than 10% 11 36 5 (2 ) Greater than or equal to 10% but less than 50% 3 4 1 0 Greater than 50% 2 7 0 1 Total real estate 16 47 6 (1 ) Total limited partnerships – Indemnity 58 $ 113 $ 2 $ 9 Exchange Private equity: Less than 10% 42 $ 344 $ (12 ) $ 43 Greater than or equal to 10% but less than 50% 3 74 13 3 Total private equity 45 418 1 46 Mezzanine debt: Less than 10% 21 120 0 16 Greater than or equal to 10% but less than 50% 4 23 (3 ) 3 Greater than 50% 3 27 0 3 Total mezzanine debt 28 170 (3 ) 22 Real estate: Less than 10% 22 207 18 7 Greater than or equal to 10% but less than 50% 5 44 6 2 Greater than 50% 2 27 (17 ) 20 Total real estate 29 278 7 29 Total limited partnerships – Exchange 102 $ 866 $ 5 $ 97 Total limited partnerships – Erie Insurance Group $ 979 $ 7 $ 106 Amounts included in equity in earnings of limited partnerships by method of accounting are included below: (in millions) Erie Insurance Group Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Indemnity Equity in earnings of limited partnerships accounted for under the equity method $ 12 $ 2 $ 14 $ 7 Change in fair value of limited partnerships accounted for under the fair value option (1 ) 1 (1 ) 2 Equity in earnings of limited partnerships – Indemnity $ 11 $ 3 $ 13 $ 9 Exchange Equity in earnings of limited partnerships accounted for under the equity method $ 59 $ 18 $ 84 $ 57 Change in fair value of limited partnerships accounted for under the fair value option 2 6 3 11 Equity in earnings of limited partnerships – Exchange $ 61 $ 24 $ 87 $ 68 Equity in earnings of limited partnerships – Erie Insurance Group $ 72 $ 27 $ 100 $ 77 As these investments are generally reported on a one-quarter lag, our limited partnership results through June 30, 2015 include partnership financial results for the fourth quarter of 2014 and the first quarter of 2015 . Erie Insurance Group As of and for the six months ended June 30, 2015 (dollars in millions) Investment percentage in limited partnerships Number of partnerships Asset recorded Income (loss) recognized due to valuation adjustments by the partnerships Income (1oss) recorded Indemnity Private equity: Less than 10% 24 $ 29 $ (1 ) $ 1 Greater than or equal to 10% but less than 50% 3 25 9 1 Total private equity 27 54 8 2 Mezzanine debt: Less than 10% 11 8 0 1 Greater than or equal to 10% but less than 50% 3 5 0 0 Greater than 50% 1 0 0 0 Total mezzanine debt 15 13 0 1 Real estate: Less than 10% 11 23 (11 ) 11 Greater than or equal to 10% but less than 50% 2 4 (6 ) 6 Greater than 50% 2 7 2 0 Total real estate 15 34 (15 ) 17 Total limited partnerships – Indemnity 57 $ 101 $ (7 ) $ 20 Exchange Private equity: Less than 10% 43 $ 333 $ 0 $ 22 Greater than or equal to 10% but less than 50% 3 104 37 3 Total private equity 46 437 37 25 Mezzanine debt: Less than 10% 22 114 (4 ) 10 Greater than or equal to 10% but less than 50% 4 25 0 2 Greater than 50% 3 27 1 1 Total mezzanine debt 29 166 (3 ) 13 Real estate: Less than 10% 26 169 (29 ) 32 Greater than or equal to 10% but less than 50% 4 45 (16 ) 18 Greater than 50% 2 25 10 0 Total real estate 32 239 (35 ) 50 Total limited partnerships – Exchange 107 $ 842 $ (1 ) $ 88 Total limited partnerships – Erie Insurance Group $ 943 $ (8 ) $ 108

Postretirement Benefits (Tables

Postretirement Benefits (Tables)	6 Months Ended
	Jun. 30, 2015
Compensation and Retirement Disclosure [Abstract]
Schedule of cost of pension plans	The cost of our pension plans are as follows: Erie Insurance Group (in millions) Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Service cost for benefits earned $ 7 $ 5 $ 15 $ 11 Interest cost on benefits obligation 7 7 15 14 Expected return on plan assets (9 ) (8 ) (18 ) (16 ) Prior service cost amortization 1 1 1 1 Net actuarial loss amortization 4 1 7 3 Pension plan cost (1) $ 10 $ 6 $ 20 $ 13 (1) Pension plan costs represent the total cost for the Erie Insurance Group before reimbursements to Indemnity from the Exchange and EFL.

Indemnity Accumulated Other C30

Indemnity Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of changes in Indemnity's accumulated other comprehensive loss by component attributable to the Indemnity shareholder interest	Changes in Indemnity's accumulated other comprehensive loss by component attributable to the Indemnity shareholder interest is presented as follows for the year ended December 31, 2014 and for the six months ended June 30, 2015 : Indemnity Shareholder Interest (in millions) Unrealized holding gains (losses) on available-for-sale securities Postretirement plans (2) Total Balance at December 31, 2013 $ 6 $ (65 ) $ (59 ) Other comprehensive income (loss) before reclassifications, net of tax 2 (65 ) (63 ) Amounts reclassified from accumulated other comprehensive income (loss), net of tax (1) (1 ) 5 4 Net current period other comprehensive income (loss), net of tax 1 (60 ) (59 ) Balance at December 31, 2014 $ 7 $ (125 ) $ (118 ) Other comprehensive income (loss) before reclassifications, net of tax (2 ) 0 (2 ) Amounts reclassified from accumulated other comprehensive income (loss), net of tax (1) 0 0 0 Net current period other comprehensive income (loss), net of tax (2 ) 0 (2 ) Balance at June 30, 2015 $ 5 $ (125 ) $ (120 ) (1) See the following table for details about these reclassifications. (2) There are no amounts reclassified out of accumulated other comprehensive loss related to postretirement plan items during interim periods.
Schedule of amounts reclassified out of accumulated other comprehensive income (loss) and the related affected line item in the Consolidated Statements of Operations where net income is presented	Amounts reclassified out of accumulated other comprehensive income (loss) and the related affected line item in the Consolidated Statements of Operations where net income is presented are as follows: Erie Insurance Group Amounts reclassified from accumulated other comprehensive income (loss) (1) Three months ended June 30, Six months ended June 30, (in millions) 2015 2014 2015 2014 Unrealized holding gains (losses) on available-for-sale securities: Net realized investment gains $ 8 $ 5 $ 15 $ 18 Net impairment losses recognized in earnings (2 ) 0 (4 ) 0 Income from operations before income taxes and noncontrolling interest 6 5 11 18 Provision for income taxes 2 2 4 7 Net income 4 3 7 11 Less: Net income attributable to noncontrolling interest in consolidated entity – Exchange 4 3 7 10 Net income attributable to Indemnity $ 0 $ 0 $ 0 $ 1 (1) Positive amounts indicate net income, while negative amounts indicate net loss.

Indemnity Shareholders' Equit31

Indemnity Shareholders' Equity and Noncontrolling Interest (Tables)	6 Months Ended
	Jun. 30, 2015
Stockholders' Equity Note [Abstract]
Schedule of reconciliation of the beginning and ending balances of Indemnity's shareholders' equity and the noncontrolling interest	A reconciliation of the beginning and ending balances of Indemnity's shareholders’ equity and the noncontrolling interest is presented as follows for the year ended December 31, 2014 and for the six months ended June 30, 2015 : Erie Insurance Group (in millions, except per share data) Indemnity shareholder interest Exchange noncontrolling interest Erie Insurance Group Balance at December 31, 2013 $ 734 $ 6,816 $ 7,550 Net income 168 405 573 Change in accumulated other comprehensive income (loss), net of tax (59 ) 59 0 Net purchase of treasury stock (19 ) — (19 ) Dividends declared: Class A $2.586 per share (120 ) — (120 ) Class B $387.90 per share (1 ) — (1 ) Balance at December 31, 2014 $ 703 $ 7,280 $ 7,983 Net income 95 238 333 Change in accumulated other comprehensive income (loss), net of tax (2 ) (88 ) (90 ) Dividends declared: Class A $1.362 per share (63 ) — (63 ) Class B $204.30 per share (1 ) — (1 ) Balance at June 30, 2015 $ 732 $ 7,430 $ 8,162

Indemnity Supplemental Inform32

Indemnity Supplemental Information (Tables)	6 Months Ended
	Jun. 30, 2015
Condensed financial statements
Schedule of Consolidating Statement of Financial Position	Consolidating Statement of Financial Position Erie Insurance Group At June 30, 2015 (in millions) Indemnity shareholder interest Exchange noncontrolling interest Reclassifications and eliminations Erie Insurance Group Assets Investments Available-for-sale securities, at fair value: Fixed maturities $ 561 $ 9,372 $ — $ 9,933 Equity securities 22 817 — 839 Trading securities, at fair value — 3,144 — 3,144 Limited partnerships 101 842 — 943 Other invested assets 1 21 — 22 Total investments 685 14,196 — 14,881 Cash and cash equivalents 77 344 — 421 Premiums receivable from policyholders — 1,384 — 1,384 Reinsurance recoverable — 162 — 162 Deferred income tax asset 44 — — 44 Deferred acquisition costs — 635 — 635 Other assets 123 419 — 542 Receivables from the Exchange and other affiliates 369 — (369 ) — Note receivable from EFL 25 — (25 ) — Total assets $ 1,323 $ 17,140 $ (394 ) $ 18,069 Liabilities Losses and loss expense reserves $ — $ 3,963 $ — $ 3,963 Life policy and deposit contract reserves — 1,837 — 1,837 Unearned premiums — 3,007 — 3,007 Deferred income tax liability — 413 — 413 Other liabilities 591 490 (394 ) 687 Total liabilities 591 9,710 (394 ) 9,907 Shareholders’ equity and noncontrolling interest Total Indemnity shareholders’ equity 732 — — 732 Noncontrolling interest in consolidated entity – Exchange — 7,430 — 7,430 Total equity 732 7,430 — 8,162 Total liabilities, shareholders’ equity, and noncontrolling interest $ 1,323 $ 17,140 $ (394 ) $ 18,069 Consolidating Statement of Financial Position Erie Insurance Group At December 31, 2014 (in millions) Indemnity shareholder interest Exchange noncontrolling interest Reclassifications and eliminations Erie Insurance Group Assets Investments Available-for-sale securities, at fair value: Fixed maturities $ 564 $ 9,007 $ — $ 9,571 Equity securities 25 850 — 875 Trading securities, at fair value — 3,223 — 3,223 Limited partnerships 113 866 — 979 Other invested assets 1 20 — 21 Total investments 703 13,966 — 14,669 Cash and cash equivalents 92 422 — 514 Premiums receivable from policyholders — 1,281 — 1,281 Reinsurance recoverable — 161 — 161 Deferred income tax asset 37 — — 37 Deferred acquisition costs — 595 — 595 Other assets 127 374 — 501 Receivables from the Exchange and other affiliates 335 — (335 ) — Note receivable from EFL 25 — (25 ) — Total assets $ 1,319 $ 16,799 $ (360 ) $ 17,758 Liabilities Losses and loss expense reserves $ — $ 3,853 $ — $ 3,853 Life policy and deposit contract reserves — 1,812 — 1,812 Unearned premiums — 2,834 — 2,834 Deferred income tax liability — 490 — 490 Other liabilities 616 530 (360 ) 786 Total liabilities 616 9,519 (360 ) 9,775 Shareholders’ equity and noncontrolling interest Total Indemnity shareholders’ equity 703 — — 703 Noncontrolling interest in consolidated entity – Exchange — 7,280 — 7,280 Total equity 703 7,280 — 7,983 Total liabilities, shareholders’ equity, and noncontrolling interest $ 1,319 $ 16,799 $ (360 ) $ 17,758
Indemnity
Condensed financial statements
Schedule of Income attributable to Indemnity shareholder interest	Income attributable to Indemnity shareholder interest Indemnity Shareholder Interest ( in millions) Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Management operations: Management fee revenue, net $ 395 $ 366 $ 738 $ 685 Service agreement revenue 7 8 15 15 Total revenue from management operations 402 374 753 700 Cost of management operations 332 306 630 574 Income from management operations before taxes 70 68 123 126 Investment operations: Net investment income 5 4 9 8 Net realized investment gains 0 0 0 1 Net impairment losses recognized in earnings 0 0 0 0 Equity in earnings of limited partnerships 11 3 13 9 Income from investment operations before taxes 16 7 22 18 Income from operations before income taxes 86 75 145 144 Provision for income taxes 30 26 50 49 Net income attributable to Indemnity $ 56 $ 49 $ 95 $ 95
Schedule of Indemnity's components of direct cash flows as included in the Consolidated Statements of Cash Flows	Indemnity’s components of direct cash flows as included in the Consolidated Statements of Cash Flows Indemnity Shareholder Interest (in millions) Six months ended June 30, 2015 2014 Management fee received $ 714 $ 659 Service agreement fee received 15 15 Net investment income received 13 11 Limited partnership distributions 9 8 Decrease in reimbursements collected from affiliates (10 ) (13 ) Commissions and bonuses paid to agents (436 ) (397 ) Salaries and wages paid (78 ) (80 ) Pension contribution and employee benefits paid (28 ) (29 ) General operating expenses paid (111 ) (94 ) Income taxes paid (46 ) (44 ) Net cash provided by operating activities 42 36 Net cash provided by investing activities 6 57 Net cash used in financing activities (63 ) (79 ) Net (decrease) increase in cash and cash equivalents (15 ) 14 Cash and cash equivalents at beginning of period 92 49 Cash and cash equivalents at end of period $ 77 $ 63

Nature of Operations (Details)

Nature of Operations (Details)	Jun. 30, 2015States
Property and casualty insurance operations
Product information
Number of states in which the Property and Casualty Group operates	12

Indemnity Earnings Per Share (D

Indemnity Earnings Per Share (Details) - Indemnity - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Class A
Income available to stockholders (Basic EPS:)
Allocated net income (numerator) (in dollars)	$ 56	$ 49	$ 94	$ 94
Weighted shares (denominator) (in shares)	46,189,068	46,214,153	46,189,068	46,307,659
Per-share amount (in dollars per share)	$ 1.21	$ 1.05	$ 2.04	$ 2.04
Dilutive effect of stock-based awards
Allocated net income (numerator) (in dollars)	$ 0	$ 0	$ 0	$ 0
Weighted shares (denominator) (in shares)	272,646	96,461	308,765	96,461
Assumed conversion of Class B shares
Allocated net income (numerator) (in dollars)	$ 0	$ 0	$ 1	$ 1
Weighted shares (denominator) (in shares)	6,100,800	6,100,800	6,100,800	6,100,800
Income available to stockholders on equivalent shares (Diluted EPS:)
Allocated net income (numerator) (in dollars)	$ 56	$ 49	$ 95	$ 95
Weighted shares (denominator) (in shares)	52,562,514	52,411,414	52,598,633	52,504,920
Per-share amount (in dollars per share)	$ 1.07	$ 0.94	$ 1.81	$ 1.82
Class B
Reconciliation of the numerators and denominators used in the basic and diluted per-share computations
Ratio for converting shares of Class B common stock into shares of Class A common stock (as a percent)	2400.00%		2400.00%		2400.00%
Income available to stockholders (Basic EPS:)
Allocated net income (numerator) (in dollars)	$ 0	$ 0	$ 1	$ 1
Weighted shares (denominator) (in shares)	2,542	2,542	2,542	2,542
Per-share amount (in dollars per share)	$ 181	$ 158	$ 306	$ 307
Income available to stockholders on equivalent shares (Diluted EPS:)
Allocated net income (numerator) (in dollars)	$ 0	$ 0	$ 1	$ 1
Weighted shares (denominator) (in shares)	2,542	2,542	2,542	2,542
Per-share amount (in dollars per share)	$ 180	$ 158	$ 305	$ 307

Variable Interest Entity (Detai

Variable Interest Entity (Details)	6 Months Ended
	Jun. 30, 2015
Indemnity | Management operations
Variable Interest Entity disclosures
Indemnity's maximum management fee rate as a percent of premiums written and assumed by the Exchange (as a percent)	25.00%

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Revenues
Premiums earned/life policy revenue	$ 1,434	$ 1,319	$ 2,836	$ 2,607
Net investment income	127	111	240	220
Net realized investment (losses) gains	(7)	133	49	189
Net impairment losses recognized in earnings	(2)	0	(4)	0
Equity in earnings of limited partnerships	72	27	100	77
Service agreement and other revenue	8	8	16	16
Total revenues	1,632	1,598	3,237	3,109
Benefits and expenses
Insurance losses and loss expenses	976	1,126	2,036	2,160
Policy acquisition and underwriting expenses	361	325	709	646
Total benefits and expenses	1,337	1,451	2,745	2,806
Income (loss) from operations before income taxes and noncontrolling interest	295	147	492	303
Provision for income taxes	98	44	159	91
Net income (loss)	197	103	333	212	$ 573
Indemnity
Revenues
Net investment income	5	4	9	8
Net realized investment (losses) gains	0	0	0	1
Equity in earnings of limited partnerships	11	3	13	9
Benefits and expenses
Income (loss) from operations before income taxes and noncontrolling interest	86	75	145	144
Provision for income taxes	30	26	50	49
Net income (loss)			95		168
Exchange
Revenues
Net investment income	122	107	231	212
Net realized investment (losses) gains	(7)	133	49	188
Equity in earnings of limited partnerships	61	24	87	68
Benefits and expenses
Net income (loss)			$ 238		$ 405
Management operations | Indemnity
Segment information
Indemnity's maximum management fee rate as a percent of premiums written and assumed by the Exchange (as a percent)			25.00%
Revenues
Management fee revenue	395	366	$ 738	685
Service agreement and other revenue	7	8	15	15
Total revenues	402	374	753	700
Benefits and expenses
Cost of management operations	332	306	630	574
Income (loss) from operations before income taxes and noncontrolling interest	70	68	123	126
Investment operations | Indemnity
Revenues
Net investment income	5	4	9	8
Net realized investment (losses) gains	0	0	0	1
Net impairment losses recognized in earnings	0	0	0	0
Equity in earnings of limited partnerships	11	3	13	9
Benefits and expenses
Income (loss) from operations before income taxes and noncontrolling interest	16	7	22	18
Operating segment | Management operations
Revenues
Management fee revenue	395	366	738	685
Service agreement and other revenue	7	8	15	15
Total revenues	402	374	753	700
Benefits and expenses
Cost of management operations	332	306	630	574
Total benefits and expenses	332	306	630	574
Income (loss) from operations before income taxes and noncontrolling interest	70	68	123	126
Provision for income taxes	24	24	43	44
Net income (loss)	46	44	$ 80	82
Operating segment | Management operations | Indemnity
Segment information
Indemnity's maximum management fee rate as a percent of premiums written and assumed by the Exchange (as a percent)			25.00%
Operating segment | Property and casualty insurance operations
Revenues
Premiums earned/life policy revenue	1,412	1,298	$ 2,792	2,566
Total revenues	1,412	1,298	2,792	2,566
Benefits and expenses
Insurance losses and loss expenses	952	1,101	1,985	2,108
Policy acquisition and underwriting expenses	416	380	802	745
Total benefits and expenses	1,368	1,481	2,787	2,853
Income (loss) from operations before income taxes and noncontrolling interest	44	(183)	5	(287)
Provision for income taxes	16	(64)	2	(100)
Net income (loss)	28	(119)	3	(187)
Operating segment | Life insurance operations
Revenues
Premiums earned/life policy revenue	22	22	44	42
Service agreement and other revenue	1	0	1	1
Total revenues	23	22	45	43
Benefits and expenses
Insurance losses and loss expenses	25	27	53	55
Policy acquisition and underwriting expenses	10	9	19	18
Total benefits and expenses	35	36	72	73
Income (loss) from operations before income taxes and noncontrolling interest	(12)	(14)	(27)	(30)
Provision for income taxes	(4)	(5)	(9)	(11)
Net income (loss)	(8)	(9)	(18)	(19)
Operating segment | Life insurance operations | Erie Family Life Insurance Company (EFL)
Segment information
Total investment revenues	25	24	50	53
Benefits and expenses
Income (loss) from operations before income taxes and noncontrolling interest	13	10	23	23
Operating segment | Investment operations
Revenues
Net investment income	130	116	246	228
Net realized investment (losses) gains	(7)	133	49	189
Net impairment losses recognized in earnings	(2)	0	(4)	0
Equity in earnings of limited partnerships	72	27	100	77
Total revenues	193	276	391	494
Benefits and expenses
Income (loss) from operations before income taxes and noncontrolling interest	193	276	391	494
Provision for income taxes	62	89	123	158
Net income (loss)	131	187	268	336
Eliminations
Revenues
Premiums earned/life policy revenue	0	(1)	0	(1)
Net investment income	(3)	(5)	(6)	(8)
Management fee revenue	(395)	(366)	(738)	(685)
Total revenues	(398)	(372)	(744)	(694)
Benefits and expenses
Cost of management operations	(332)	(306)	(630)	(574)
Insurance losses and loss expenses	(1)	(2)	(2)	(3)
Policy acquisition and underwriting expenses	(65)	(64)	(112)	(117)
Total benefits and expenses	$ (398)	$ (372)	$ (744)	$ (694)

Fair Value (Details)

Fair Value (Details) $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2015USD ($)fund	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)fund
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	$ 10,772		$ 10,446
Other investments:
Contributions made to the funds	63	$ 46
Distributions received from the funds	118	$ 70
Fair value measurements on a recurring basis
Fair value measurements on a recurring basis by asset class and level of input
Total	$ 13,975		$ 13,748
% of total assets at fair value	100.00%		100.00%
Fair value measurements on a recurring basis | Level 1
Fair value measurements on a recurring basis by asset class and level of input
Total	$ 3,599		$ 3,691
% of total assets at fair value	25.80%		26.90%
Fair value measurements on a recurring basis | Level 2
Fair value measurements on a recurring basis by asset class and level of input
Total	$ 10,217		$ 9,863
% of total assets at fair value	73.10%		71.70%
Fair value measurements on a recurring basis | Level 3
Fair value measurements on a recurring basis by asset class and level of input
Total	$ 159		$ 194
% of total assets at fair value	1.10%		1.40%
Fair value measurements on a recurring basis | Level 3 | Real estate
Other investments:
Number of real estate funds reported under fair value option | fund	4		4
Indemnity
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	$ 583		$ 589
Indemnity | Fair value measurements on a recurring basis
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	583		589
Total	589		597
Indemnity | Fair value measurements on a recurring basis | Fixed maturities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	561		564
Indemnity | Fair value measurements on a recurring basis | States & political subdivisions
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	225		231
Indemnity | Fair value measurements on a recurring basis | Corporate debt securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	235		234
Indemnity | Fair value measurements on a recurring basis | Residential mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	9		8
Indemnity | Fair value measurements on a recurring basis | Commercial mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	49		51
Indemnity | Fair value measurements on a recurring basis | Collateralized debt obligations
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	38		33
Indemnity | Fair value measurements on a recurring basis | Other debt securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	5		7
Indemnity | Fair value measurements on a recurring basis | Nonredeemable preferred stock
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	10		12
Indemnity | Fair value measurements on a recurring basis | Common stock
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	12		13
Indemnity | Fair value measurements on a recurring basis | Real estate
Fair value measurements on a recurring basis by asset class and level of input
Other investments	6		8
Indemnity | Fair value measurements on a recurring basis | Level 1
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	13		15
Total	13		15
Indemnity | Fair value measurements on a recurring basis | Level 1 | Fixed maturities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	0		0
Indemnity | Fair value measurements on a recurring basis | Level 1 | States & political subdivisions
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	0		0
Indemnity | Fair value measurements on a recurring basis | Level 1 | Corporate debt securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	0		0
Indemnity | Fair value measurements on a recurring basis | Level 1 | Residential mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	0		0
Indemnity | Fair value measurements on a recurring basis | Level 1 | Commercial mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	0		0
Indemnity | Fair value measurements on a recurring basis | Level 1 | Collateralized debt obligations
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	0		0
Indemnity | Fair value measurements on a recurring basis | Level 1 | Other debt securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	0		0
Indemnity | Fair value measurements on a recurring basis | Level 1 | Nonredeemable preferred stock
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	1		2
Indemnity | Fair value measurements on a recurring basis | Level 1 | Common stock
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	12		13
Indemnity | Fair value measurements on a recurring basis | Level 1 | Real estate
Fair value measurements on a recurring basis by asset class and level of input
Other investments	0		0
Indemnity | Fair value measurements on a recurring basis | Level 2
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	569		574
Total	569		574
Indemnity | Fair value measurements on a recurring basis | Level 2 | Fixed maturities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	560		564
Indemnity | Fair value measurements on a recurring basis | Level 2 | States & political subdivisions
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	225		231
Indemnity | Fair value measurements on a recurring basis | Level 2 | Corporate debt securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	235		234
Indemnity | Fair value measurements on a recurring basis | Level 2 | Residential mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	9		8
Indemnity | Fair value measurements on a recurring basis | Level 2 | Commercial mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	49		51
Indemnity | Fair value measurements on a recurring basis | Level 2 | Collateralized debt obligations
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	37		33
Indemnity | Fair value measurements on a recurring basis | Level 2 | Other debt securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	5		7
Indemnity | Fair value measurements on a recurring basis | Level 2 | Nonredeemable preferred stock
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	9		10
Indemnity | Fair value measurements on a recurring basis | Level 2 | Common stock
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	0		0
Indemnity | Fair value measurements on a recurring basis | Level 2 | Real estate
Fair value measurements on a recurring basis by asset class and level of input
Other investments	0		0
Indemnity | Fair value measurements on a recurring basis | Level 3
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	1		0
Total	7		8
Indemnity | Fair value measurements on a recurring basis | Level 3 | Fixed maturities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	1		0
Indemnity | Fair value measurements on a recurring basis | Level 3 | States & political subdivisions
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	0		0
Indemnity | Fair value measurements on a recurring basis | Level 3 | Corporate debt securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	0		0
Indemnity | Fair value measurements on a recurring basis | Level 3 | Residential mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	0		0
Indemnity | Fair value measurements on a recurring basis | Level 3 | Commercial mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	0		0
Indemnity | Fair value measurements on a recurring basis | Level 3 | Collateralized debt obligations
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	1		0
Indemnity | Fair value measurements on a recurring basis | Level 3 | Other debt securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	0		0
Indemnity | Fair value measurements on a recurring basis | Level 3 | Nonredeemable preferred stock
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	0		0
Indemnity | Fair value measurements on a recurring basis | Level 3 | Common stock
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	0		0
Indemnity | Fair value measurements on a recurring basis | Level 3 | Real estate
Fair value measurements on a recurring basis by asset class and level of input
Other investments	6		8
Other investments:
Contributions made to the funds	0		0
Distributions received from the funds	0.9		12.9
Unfunded commitments	0.6		0.6
Exchange
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	10,189		9,857
Exchange | Fair value measurements on a recurring basis
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	10,189		9,857
Trading securities	3,144		3,223
Total	13,386		13,151
Exchange | Fair value measurements on a recurring basis | Fixed maturities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	9,372		9,007
Exchange | Fair value measurements on a recurring basis | U.S. treasury
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	7		6
Exchange | Fair value measurements on a recurring basis | Government sponsored enterprises
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	4		4
Exchange | Fair value measurements on a recurring basis | States & political subdivisions
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	1,492		1,477
Exchange | Fair value measurements on a recurring basis | Foreign government securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	83		10
Exchange | Fair value measurements on a recurring basis | Corporate debt securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	7,622		7,289
Exchange | Fair value measurements on a recurring basis | Residential mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	34		111
Exchange | Fair value measurements on a recurring basis | Commercial mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	29		30
Exchange | Fair value measurements on a recurring basis | Collateralized debt obligations
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	11		11
Exchange | Fair value measurements on a recurring basis | Other debt securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	90		69
Exchange | Fair value measurements on a recurring basis | Nonredeemable preferred stock
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	721		710
Exchange | Fair value measurements on a recurring basis | Common stock
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	96		140
Trading securities	3,144		3,223
Exchange | Fair value measurements on a recurring basis | Real estate
Fair value measurements on a recurring basis by asset class and level of input
Other investments	53		71
Exchange | Fair value measurements on a recurring basis | Level 1
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	455		468
Trading securities	3,131		3,208
Total	3,586		3,676
Exchange | Fair value measurements on a recurring basis | Level 1 | Fixed maturities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	0		0
Exchange | Fair value measurements on a recurring basis | Level 1 | U.S. treasury
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	0		0
Exchange | Fair value measurements on a recurring basis | Level 1 | Government sponsored enterprises
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	0		0
Exchange | Fair value measurements on a recurring basis | Level 1 | States & political subdivisions
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	0		0
Exchange | Fair value measurements on a recurring basis | Level 1 | Foreign government securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	0		0
Exchange | Fair value measurements on a recurring basis | Level 1 | Corporate debt securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	0		0
Exchange | Fair value measurements on a recurring basis | Level 1 | Residential mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	0		0
Exchange | Fair value measurements on a recurring basis | Level 1 | Commercial mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	0		0
Exchange | Fair value measurements on a recurring basis | Level 1 | Collateralized debt obligations
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	0		0
Exchange | Fair value measurements on a recurring basis | Level 1 | Other debt securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	0		0
Exchange | Fair value measurements on a recurring basis | Level 1 | Nonredeemable preferred stock
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	359		328
Exchange | Fair value measurements on a recurring basis | Level 1 | Common stock
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	96		140
Trading securities	3,131		3,208
Exchange | Fair value measurements on a recurring basis | Level 1 | Real estate
Fair value measurements on a recurring basis by asset class and level of input
Other investments	0		0
Exchange | Fair value measurements on a recurring basis | Level 2
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	9,648		9,289
Trading securities	0		0
Total	9,648		9,289
Exchange | Fair value measurements on a recurring basis | Level 2 | Fixed maturities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	9,287		8,908
Exchange | Fair value measurements on a recurring basis | Level 2 | U.S. treasury
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	7		6
Exchange | Fair value measurements on a recurring basis | Level 2 | Government sponsored enterprises
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	4		4
Exchange | Fair value measurements on a recurring basis | Level 2 | States & political subdivisions
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	1,492		1,477
Exchange | Fair value measurements on a recurring basis | Level 2 | Foreign government securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	83		10
Exchange | Fair value measurements on a recurring basis | Level 2 | Corporate debt securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	7,548		7,202
Exchange | Fair value measurements on a recurring basis | Level 2 | Residential mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	34		111
Exchange | Fair value measurements on a recurring basis | Level 2 | Commercial mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	29		30
Exchange | Fair value measurements on a recurring basis | Level 2 | Collateralized debt obligations
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	11		11
Exchange | Fair value measurements on a recurring basis | Level 2 | Other debt securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	79		57
Exchange | Fair value measurements on a recurring basis | Level 2 | Nonredeemable preferred stock
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	361		381
Exchange | Fair value measurements on a recurring basis | Level 2 | Common stock
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	0		0
Trading securities	0		0
Exchange | Fair value measurements on a recurring basis | Level 2 | Real estate
Fair value measurements on a recurring basis by asset class and level of input
Other investments	0		0
Exchange | Fair value measurements on a recurring basis | Level 3
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	86		100
Trading securities	13		15
Total	152		186
Exchange | Fair value measurements on a recurring basis | Level 3 | Fixed maturities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	85		99
Exchange | Fair value measurements on a recurring basis | Level 3 | U.S. treasury
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	0		0
Exchange | Fair value measurements on a recurring basis | Level 3 | Government sponsored enterprises
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	0		0
Exchange | Fair value measurements on a recurring basis | Level 3 | States & political subdivisions
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	0		0
Exchange | Fair value measurements on a recurring basis | Level 3 | Foreign government securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	0		0
Exchange | Fair value measurements on a recurring basis | Level 3 | Corporate debt securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	74		87
Exchange | Fair value measurements on a recurring basis | Level 3 | Residential mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	0		0
Exchange | Fair value measurements on a recurring basis | Level 3 | Commercial mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	0		0
Exchange | Fair value measurements on a recurring basis | Level 3 | Collateralized debt obligations
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	0		0
Exchange | Fair value measurements on a recurring basis | Level 3 | Other debt securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	11		12
Exchange | Fair value measurements on a recurring basis | Level 3 | Nonredeemable preferred stock
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	1		1
Exchange | Fair value measurements on a recurring basis | Level 3 | Common stock
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	0		0
Trading securities	13		15
Exchange | Fair value measurements on a recurring basis | Level 3 | Real estate
Fair value measurements on a recurring basis by asset class and level of input
Other investments	53		71
Other investments:
Contributions made to the funds	0		0
Distributions received from the funds	21.2		41.5
Unfunded commitments	$ 1.7		$ 1.7
Minimum | Fair value measurements on a recurring basis | Level 3 | Real estate
Other investments:
Underlying assets, liquidation period from inception of fund (in years)	5 years		5 years
Maximum | Fair value measurements on a recurring basis | Level 3 | Real estate
Other investments:
Underlying assets, liquidation period from inception of fund (in years)	10 years		10 years

Fair Value (Details 2)

Fair Value (Details 2) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)Holdings	Jun. 30, 2014USD ($)Holdings	Jun. 30, 2015USD ($)Holdings	Jun. 30, 2014USD ($)Holdings
Level 3
Roll forward of consolidated level 3 fair value measurements on a recurring basis
Beginning balance	$ 163	$ 159	$ 194	$ 164
Included in earnings	(1)	7	0	14
Included in other comprehensive income	(6)	0	(5)	(1)
Purchases	25	0	28	1
Sales	0	(4)	(24)	(14)
Transfers in and (out) of Level 3	(22)	0	(34)	(2)
Ending balance	159	162	159	162
Level 3 | Net realized investment gains (losses)
Roll forward of consolidated level 3 fair value measurements on a recurring basis
Included in earnings	(2)		(2)	1
Level 3 | Equity in earnings of limited partnerships
Roll forward of consolidated level 3 fair value measurements on a recurring basis
Included in earnings	1	7	2	13
Indemnity
Fair value transfers due to changes in available market observable inputs
Transfers from level 1 to level 2	0	0	0	0
Transfers from level 2 to level 1	0	0	0	0
Transfers from level 2 to level 3	0	0	0	0
Transfers from level 3 to level 2	$ 0.1	0	$ 0.1	0
Indemnity | Fixed maturities
Fair value transfers due to changes in available market observable inputs
No. of securities transferred between Level 3 and Level 2 | Holdings	1		1
Indemnity | Level 3
Roll forward of consolidated level 3 fair value measurements on a recurring basis
Beginning balance	$ 7	19	$ 8	20
Included in earnings	(1)	1	(1)	2
Included in other comprehensive income	0	0	0	0
Purchases	1	0	1	0
Sales	0	(1)	(1)	(3)
Transfers in and (out) of Level 3	0	0	0	0
Ending balance	7	19	7	19
Indemnity | Level 3 | Available-for-sale securities
Roll forward of consolidated level 3 fair value measurements on a recurring basis
Beginning balance	0	1	0	2
Included in earnings	0	0	0	0
Included in other comprehensive income	0	0	0	0
Purchases	1	0	1	0
Sales	0	0	0	(1)
Transfers in and (out) of Level 3	0	0	0	0
Ending balance	1	1	1	1
Indemnity | Level 3 | Fixed maturities | Available-for-sale securities
Roll forward of consolidated level 3 fair value measurements on a recurring basis
Beginning balance	0	1	0	2
Included in earnings	0	0	0	0
Included in other comprehensive income	0	0	0	0
Purchases	1	0	1	0
Sales	0	0	0	(1)
Transfers in and (out) of Level 3	0	0	0	0
Ending balance	1	1	1	1
Indemnity | Level 3 | Corporate debt securities | Available-for-sale securities
Roll forward of consolidated level 3 fair value measurements on a recurring basis
Beginning balance	0	1	0	1
Included in earnings	0	0	0	0
Included in other comprehensive income	0	0	0	0
Purchases	0	0	0	0
Sales	0	0	0	0
Transfers in and (out) of Level 3	0	0	0	0
Ending balance	0	1	0	1
Indemnity | Level 3 | Collateralized debt obligations | Available-for-sale securities
Roll forward of consolidated level 3 fair value measurements on a recurring basis
Beginning balance	0	0	0	1
Included in earnings	0	0	0	0
Included in other comprehensive income	0	0	0	0
Purchases	1	0	1	0
Sales	0	0	0	(1)
Transfers in and (out) of Level 3	0	0	0	0
Ending balance	1	0	1	0
Indemnity | Level 3 | Real estate | Limited partnerships
Roll forward of consolidated level 3 fair value measurements on a recurring basis
Beginning balance	7	18	8	18
Included in earnings	(1)	1	(1)	2
Included in other comprehensive income	0	0	0	0
Purchases	0	0	0	0
Sales	0	(1)	(1)	(2)
Transfers in and (out) of Level 3	0	0	0	0
Ending balance	6	18	6	18
Exchange
Fair value transfers due to changes in available market observable inputs
Transfers from level 1 to level 2	0	11	0	14
Transfers from level 2 to level 1	0	0	22	0
Transfers from level 2 to level 3	2	0	2	0
Transfers from level 3 to level 2	$ 24	$ 0	$ 36	$ 2
Exchange | Fixed maturities
Fair value transfers due to changes in available market observable inputs
No. of securities transferred between Level 2 and Level 3 | Holdings	1		3
No. of securities transferred between Level 3 and Level 2 | Holdings	5		7	1
Exchange | Nonredeemable preferred stock
Fair value transfers due to changes in available market observable inputs
No. of securities transferred between Level 1 and Level 2 | Holdings		1		2
No. of securities transferred between Level 2 and Level 1 | Holdings			2
Exchange | Level 3
Roll forward of consolidated level 3 fair value measurements on a recurring basis
Beginning balance	$ 156	$ 140	$ 186	$ 144
Included in earnings	0	6	1	12
Included in other comprehensive income	(6)	0	(5)	(1)
Purchases	24	0	27	1
Sales	0	(3)	(23)	(11)
Transfers in and (out) of Level 3	(22)	0	(34)	(2)
Ending balance	152	143	152	143
Exchange | Level 3 | Available-for-sale securities
Roll forward of consolidated level 3 fair value measurements on a recurring basis
Beginning balance	90	27	100	31
Included in earnings	0	0	0	1
Included in other comprehensive income	(6)	0	(5)	(1)
Purchases	24	0	27	1
Sales	0	(1)	(2)	(4)
Transfers in and (out) of Level 3	(22)	0	(34)	(2)
Ending balance	86	26	86	26
Exchange | Level 3 | Trading securities
Roll forward of consolidated level 3 fair value measurements on a recurring basis
Beginning balance	15	15	15	15
Included in earnings	(2)	0	(2)	0
Included in other comprehensive income	0	0	0	0
Purchases	0	0	0	0
Sales	0	0	0	0
Transfers in and (out) of Level 3	0	0	0	0
Ending balance	13	15	13	15
Exchange | Level 3 | Fixed maturities | Available-for-sale securities
Roll forward of consolidated level 3 fair value measurements on a recurring basis
Beginning balance	89	26	99	31
Included in earnings	0	0	0	1
Included in other comprehensive income	(6)	0	(5)	(1)
Purchases	24	0	27	0
Sales	0	(1)	(2)	(4)
Transfers in and (out) of Level 3	(22)	0	(34)	(2)
Ending balance	85	25	85	25
Exchange | Level 3 | Corporate debt securities | Available-for-sale securities
Roll forward of consolidated level 3 fair value measurements on a recurring basis
Beginning balance	80	26	87	26
Included in earnings	0	0	0	0
Included in other comprehensive income	(6)	0	(5)	0
Purchases	24	0	27	0
Sales	0	(1)	(2)	(1)
Transfers in and (out) of Level 3	(24)	0	(33)	0
Ending balance	74	25	74	25
Exchange | Level 3 | Collateralized debt obligations | Available-for-sale securities
Roll forward of consolidated level 3 fair value measurements on a recurring basis
Beginning balance		0		5
Included in earnings		0		1
Included in other comprehensive income		0		(1)
Purchases		0		0
Sales		0		(3)
Transfers in and (out) of Level 3		0		(2)
Ending balance		0		0
Exchange | Level 3 | Other debt securities | Available-for-sale securities
Roll forward of consolidated level 3 fair value measurements on a recurring basis
Beginning balance	9		12
Included in earnings	0		0
Included in other comprehensive income	0		0
Purchases	0		0
Sales	0		0
Transfers in and (out) of Level 3	2		(1)
Ending balance	11		11
Exchange | Level 3 | Nonredeemable preferred stock | Available-for-sale securities
Roll forward of consolidated level 3 fair value measurements on a recurring basis
Beginning balance	1	1	1	0
Included in earnings	0	0	0	0
Included in other comprehensive income	0	0	0	0
Purchases	0	0	0	1
Sales	0	0	0	0
Transfers in and (out) of Level 3	0	0	0	0
Ending balance	1	1	1	1
Exchange | Level 3 | Common stock | Trading securities
Roll forward of consolidated level 3 fair value measurements on a recurring basis
Beginning balance	15	15	15	15
Included in earnings	(2)	0	(2)	0
Included in other comprehensive income	0	0	0	0
Purchases	0	0	0	0
Sales	0	0	0	0
Transfers in and (out) of Level 3	0	0	0	0
Ending balance	13	15	13	15
Exchange | Level 3 | Real estate | Limited partnerships
Roll forward of consolidated level 3 fair value measurements on a recurring basis
Beginning balance	51	98	71	98
Included in earnings	2	6	3	11
Included in other comprehensive income	0	0	0	0
Purchases	0	0	0	0
Sales	0	(2)	(21)	(7)
Transfers in and (out) of Level 3	0	0	0	0
Ending balance	53	$ 102	53	$ 102
Fair value measurements on a recurring basis | Indemnity | Real estate
Roll forward of consolidated level 3 fair value measurements on a recurring basis
Beginning balance			8
Ending balance	6		6
Fair value measurements on a recurring basis | Exchange | Real estate
Roll forward of consolidated level 3 fair value measurements on a recurring basis
Beginning balance			71
Ending balance	$ 53		$ 53

Fair Value (Details 3)

Fair Value (Details 3) - Investments by Secondary Categorization [Domain] - Fair value measurements on a recurring basis - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Indemnity | Real estate
Fair value inputs assets quantitative information
Fair value (in dollars)	$ 6	$ 8
Indemnity | Available-for-sale securities
Fair value inputs assets quantitative information
Fair value (in dollars)	1
Exchange | Corporate debt securities | Market approach
Fair value inputs assets quantitative information
Fair value (in dollars)	$ 7	$ 7
Unobservable input
Comparable transaction EBITDA multiples (as a multiple)	8	8
Comparable security yield (as a percent)	6.00%	6.00%
Exchange | Corporate debt securities | Market approach | Weighted average
Unobservable input
Comparable transaction EBITDA multiples (as a multiple)	8	8
Comparable security yield (as a percent)	6.00%	6.00%
Exchange | Nonredeemable preferred stock | Market approach
Fair value inputs assets quantitative information
Fair value (in dollars)	$ 1	$ 1
Exchange | Common stock | Market approach
Fair value inputs assets quantitative information
Fair value (in dollars)	$ 13	$ 15
Unobservable input
Comparable transaction EBITDA multiples (as a multiple)	8	8
Discount for lack of marketability (as a percent)	10.00%	10.00%
Exchange | Common stock | Market approach | Weighted average
Unobservable input
Comparable transaction EBITDA multiples (as a multiple)	8	8
Discount for lack of marketability (as a percent)	10.00%	10.00%
Exchange | Real estate
Fair value inputs assets quantitative information
Fair value (in dollars)	$ 53	$ 71
Exchange | Available-for-sale securities
Fair value inputs assets quantitative information
Fair value (in dollars)	$ 78	$ 92

Fair Value (Details 4)

Fair Value (Details 4) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Fair value by pricing source
Available-for-sale securities	$ 10,772	$ 10,446
Indemnity
Fair value by pricing source
Available-for-sale securities	583	589
Exchange
Fair value by pricing source
Available-for-sale securities	10,189	9,857
Fair value measurements on a recurring basis
Fair value by pricing source
Total	13,975	13,748
Fair value measurements on a recurring basis | Indemnity
Fair value by pricing source
Available-for-sale securities	583	589
Total	589	597
Fair value measurements on a recurring basis | Indemnity | Fixed maturities
Fair value by pricing source
Available-for-sale securities	561	564
Fair value measurements on a recurring basis | Indemnity | Fixed maturities | Priced via pricing services
Fair value by pricing source
Available-for-sale securities	560
Fair value measurements on a recurring basis | Indemnity | Fixed maturities | Priced via market comparables/broker quotes
Fair value by pricing source
Available-for-sale securities	1
Fair value measurements on a recurring basis | Indemnity | Nonredeemable preferred stock
Fair value by pricing source
Available-for-sale securities	10	12
Fair value measurements on a recurring basis | Indemnity | Nonredeemable preferred stock | Priced via pricing services
Fair value by pricing source
Available-for-sale securities	8
Fair value measurements on a recurring basis | Indemnity | Nonredeemable preferred stock | Priced via market comparables/broker quotes
Fair value by pricing source
Available-for-sale securities	2
Fair value measurements on a recurring basis | Indemnity | Common stock
Fair value by pricing source
Available-for-sale securities	12	13
Fair value measurements on a recurring basis | Indemnity | Common stock | Priced via pricing services
Fair value by pricing source
Available-for-sale securities	12
Fair value measurements on a recurring basis | Indemnity | Real estate
Fair value by pricing source
Other investments	6	8
Fair value measurements on a recurring basis | Indemnity | Real estate | Priced via unobservable inputs
Fair value by pricing source
Other investments	6
Fair value measurements on a recurring basis | Exchange
Fair value by pricing source
Available-for-sale securities	10,189	9,857
Total	13,386	13,151
Fair value measurements on a recurring basis | Exchange | Fixed maturities
Fair value by pricing source
Available-for-sale securities	9,372	9,007
Fair value measurements on a recurring basis | Exchange | Fixed maturities | Priced via pricing services
Fair value by pricing source
Available-for-sale securities	9,273
Fair value measurements on a recurring basis | Exchange | Fixed maturities | Priced via market comparables/broker quotes
Fair value by pricing source
Available-for-sale securities	92
Fair value measurements on a recurring basis | Exchange | Fixed maturities | Priced via internal modeling
Fair value by pricing source
Available-for-sale securities	7
Fair value measurements on a recurring basis | Exchange | Nonredeemable preferred stock
Fair value by pricing source
Available-for-sale securities	721	710
Fair value measurements on a recurring basis | Exchange | Nonredeemable preferred stock | Priced via pricing services
Fair value by pricing source
Available-for-sale securities	711
Fair value measurements on a recurring basis | Exchange | Nonredeemable preferred stock | Priced via market comparables/broker quotes
Fair value by pricing source
Available-for-sale securities	9
Fair value measurements on a recurring basis | Exchange | Nonredeemable preferred stock | Priced via internal modeling
Fair value by pricing source
Available-for-sale securities	1
Fair value measurements on a recurring basis | Exchange | Common stock
Fair value by pricing source
Available-for-sale securities	96	140
Trading and available-for-sale securities	3,240
Fair value measurements on a recurring basis | Exchange | Common stock | Priced via pricing services
Fair value by pricing source
Trading and available-for-sale securities	3,227
Fair value measurements on a recurring basis | Exchange | Common stock | Priced via internal modeling
Fair value by pricing source
Trading and available-for-sale securities	13
Fair value measurements on a recurring basis | Exchange | Real estate
Fair value by pricing source
Other investments	53	71
Fair value measurements on a recurring basis | Exchange | Real estate | Priced via unobservable inputs
Fair value by pricing source
Other investments	53
Fair value measurements on a recurring basis | Level 1
Fair value by pricing source
Total	3,599	3,691
Fair value measurements on a recurring basis | Level 1 | Indemnity
Fair value by pricing source
Available-for-sale securities	13	15
Total	13	15
Fair value measurements on a recurring basis | Level 1 | Indemnity | Fixed maturities
Fair value by pricing source
Available-for-sale securities	0	0
Fair value measurements on a recurring basis | Level 1 | Indemnity | Fixed maturities | Priced via pricing services
Fair value by pricing source
Available-for-sale securities	0
Fair value measurements on a recurring basis | Level 1 | Indemnity | Fixed maturities | Priced via market comparables/broker quotes
Fair value by pricing source
Available-for-sale securities	0
Fair value measurements on a recurring basis | Level 1 | Indemnity | Nonredeemable preferred stock
Fair value by pricing source
Available-for-sale securities	1	2
Fair value measurements on a recurring basis | Level 1 | Indemnity | Nonredeemable preferred stock | Priced via pricing services
Fair value by pricing source
Available-for-sale securities	1
Fair value measurements on a recurring basis | Level 1 | Indemnity | Nonredeemable preferred stock | Priced via market comparables/broker quotes
Fair value by pricing source
Available-for-sale securities	0
Fair value measurements on a recurring basis | Level 1 | Indemnity | Common stock
Fair value by pricing source
Available-for-sale securities	12	13
Fair value measurements on a recurring basis | Level 1 | Indemnity | Common stock | Priced via pricing services
Fair value by pricing source
Available-for-sale securities	12
Fair value measurements on a recurring basis | Level 1 | Indemnity | Real estate
Fair value by pricing source
Other investments	0	0
Fair value measurements on a recurring basis | Level 1 | Indemnity | Real estate | Priced via unobservable inputs
Fair value by pricing source
Other investments	0
Fair value measurements on a recurring basis | Level 1 | Exchange
Fair value by pricing source
Available-for-sale securities	455	468
Total	3,586	3,676
Fair value measurements on a recurring basis | Level 1 | Exchange | Fixed maturities
Fair value by pricing source
Available-for-sale securities	0	0
Fair value measurements on a recurring basis | Level 1 | Exchange | Fixed maturities | Priced via pricing services
Fair value by pricing source
Available-for-sale securities	0
Fair value measurements on a recurring basis | Level 1 | Exchange | Fixed maturities | Priced via market comparables/broker quotes
Fair value by pricing source
Available-for-sale securities	0
Fair value measurements on a recurring basis | Level 1 | Exchange | Fixed maturities | Priced via internal modeling
Fair value by pricing source
Available-for-sale securities	0
Fair value measurements on a recurring basis | Level 1 | Exchange | Nonredeemable preferred stock
Fair value by pricing source
Available-for-sale securities	359	328
Fair value measurements on a recurring basis | Level 1 | Exchange | Nonredeemable preferred stock | Priced via pricing services
Fair value by pricing source
Available-for-sale securities	359
Fair value measurements on a recurring basis | Level 1 | Exchange | Nonredeemable preferred stock | Priced via market comparables/broker quotes
Fair value by pricing source
Available-for-sale securities	0
Fair value measurements on a recurring basis | Level 1 | Exchange | Nonredeemable preferred stock | Priced via internal modeling
Fair value by pricing source
Available-for-sale securities	0
Fair value measurements on a recurring basis | Level 1 | Exchange | Common stock
Fair value by pricing source
Available-for-sale securities	96	140
Trading and available-for-sale securities	3,227
Fair value measurements on a recurring basis | Level 1 | Exchange | Common stock | Priced via pricing services
Fair value by pricing source
Trading and available-for-sale securities	3,227
Fair value measurements on a recurring basis | Level 1 | Exchange | Common stock | Priced via internal modeling
Fair value by pricing source
Trading and available-for-sale securities	0
Fair value measurements on a recurring basis | Level 1 | Exchange | Real estate
Fair value by pricing source
Other investments	0	0
Fair value measurements on a recurring basis | Level 1 | Exchange | Real estate | Priced via unobservable inputs
Fair value by pricing source
Other investments	0
Fair value measurements on a recurring basis | Level 2
Fair value by pricing source
Total	10,217	9,863
Fair value measurements on a recurring basis | Level 2 | Indemnity
Fair value by pricing source
Available-for-sale securities	569	574
Total	569	574
Fair value measurements on a recurring basis | Level 2 | Indemnity | Fixed maturities
Fair value by pricing source
Available-for-sale securities	560	564
Fair value measurements on a recurring basis | Level 2 | Indemnity | Fixed maturities | Priced via pricing services
Fair value by pricing source
Available-for-sale securities	560
Fair value measurements on a recurring basis | Level 2 | Indemnity | Fixed maturities | Priced via market comparables/broker quotes
Fair value by pricing source
Available-for-sale securities	0
Fair value measurements on a recurring basis | Level 2 | Indemnity | Nonredeemable preferred stock
Fair value by pricing source
Available-for-sale securities	9	10
Fair value measurements on a recurring basis | Level 2 | Indemnity | Nonredeemable preferred stock | Priced via pricing services
Fair value by pricing source
Available-for-sale securities	7
Fair value measurements on a recurring basis | Level 2 | Indemnity | Nonredeemable preferred stock | Priced via market comparables/broker quotes
Fair value by pricing source
Available-for-sale securities	2
Fair value measurements on a recurring basis | Level 2 | Indemnity | Common stock
Fair value by pricing source
Available-for-sale securities	0	0
Fair value measurements on a recurring basis | Level 2 | Indemnity | Common stock | Priced via pricing services
Fair value by pricing source
Available-for-sale securities	0
Fair value measurements on a recurring basis | Level 2 | Indemnity | Real estate
Fair value by pricing source
Other investments	0	0
Fair value measurements on a recurring basis | Level 2 | Indemnity | Real estate | Priced via unobservable inputs
Fair value by pricing source
Other investments	0
Fair value measurements on a recurring basis | Level 2 | Exchange
Fair value by pricing source
Available-for-sale securities	9,648	9,289
Total	9,648	9,289
Fair value measurements on a recurring basis | Level 2 | Exchange | Fixed maturities
Fair value by pricing source
Available-for-sale securities	9,287	8,908
Fair value measurements on a recurring basis | Level 2 | Exchange | Fixed maturities | Priced via pricing services
Fair value by pricing source
Available-for-sale securities	9,262
Fair value measurements on a recurring basis | Level 2 | Exchange | Fixed maturities | Priced via market comparables/broker quotes
Fair value by pricing source
Available-for-sale securities	25
Fair value measurements on a recurring basis | Level 2 | Exchange | Fixed maturities | Priced via internal modeling
Fair value by pricing source
Available-for-sale securities	0
Fair value measurements on a recurring basis | Level 2 | Exchange | Nonredeemable preferred stock
Fair value by pricing source
Available-for-sale securities	361	381
Fair value measurements on a recurring basis | Level 2 | Exchange | Nonredeemable preferred stock | Priced via pricing services
Fair value by pricing source
Available-for-sale securities	352
Fair value measurements on a recurring basis | Level 2 | Exchange | Nonredeemable preferred stock | Priced via market comparables/broker quotes
Fair value by pricing source
Available-for-sale securities	9
Fair value measurements on a recurring basis | Level 2 | Exchange | Nonredeemable preferred stock | Priced via internal modeling
Fair value by pricing source
Available-for-sale securities	0
Fair value measurements on a recurring basis | Level 2 | Exchange | Common stock
Fair value by pricing source
Available-for-sale securities	0	0
Trading and available-for-sale securities	0
Fair value measurements on a recurring basis | Level 2 | Exchange | Common stock | Priced via pricing services
Fair value by pricing source
Trading and available-for-sale securities	0
Fair value measurements on a recurring basis | Level 2 | Exchange | Common stock | Priced via internal modeling
Fair value by pricing source
Trading and available-for-sale securities	0
Fair value measurements on a recurring basis | Level 2 | Exchange | Real estate
Fair value by pricing source
Other investments	0	0
Fair value measurements on a recurring basis | Level 2 | Exchange | Real estate | Priced via unobservable inputs
Fair value by pricing source
Other investments	0
Fair value measurements on a recurring basis | Level 3
Fair value by pricing source
Total	159	194
Fair value measurements on a recurring basis | Level 3 | Indemnity
Fair value by pricing source
Available-for-sale securities	1	0
Total	7	8
Fair value measurements on a recurring basis | Level 3 | Indemnity | Fixed maturities
Fair value by pricing source
Available-for-sale securities	1	0
Fair value measurements on a recurring basis | Level 3 | Indemnity | Fixed maturities | Priced via pricing services
Fair value by pricing source
Available-for-sale securities	0
Fair value measurements on a recurring basis | Level 3 | Indemnity | Fixed maturities | Priced via market comparables/broker quotes
Fair value by pricing source
Available-for-sale securities	1
Fair value measurements on a recurring basis | Level 3 | Indemnity | Nonredeemable preferred stock
Fair value by pricing source
Available-for-sale securities	0	0
Fair value measurements on a recurring basis | Level 3 | Indemnity | Nonredeemable preferred stock | Priced via pricing services
Fair value by pricing source
Available-for-sale securities	0
Fair value measurements on a recurring basis | Level 3 | Indemnity | Nonredeemable preferred stock | Priced via market comparables/broker quotes
Fair value by pricing source
Available-for-sale securities	0
Fair value measurements on a recurring basis | Level 3 | Indemnity | Common stock
Fair value by pricing source
Available-for-sale securities	0	0
Fair value measurements on a recurring basis | Level 3 | Indemnity | Common stock | Priced via pricing services
Fair value by pricing source
Available-for-sale securities	0
Fair value measurements on a recurring basis | Level 3 | Indemnity | Real estate
Fair value by pricing source
Other investments	6	8
Fair value measurements on a recurring basis | Level 3 | Indemnity | Real estate | Priced via unobservable inputs
Fair value by pricing source
Other investments	6
Fair value measurements on a recurring basis | Level 3 | Exchange
Fair value by pricing source
Available-for-sale securities	86	100
Total	152	186
Fair value measurements on a recurring basis | Level 3 | Exchange | Fixed maturities
Fair value by pricing source
Available-for-sale securities	85	99
Fair value measurements on a recurring basis | Level 3 | Exchange | Fixed maturities | Priced via pricing services
Fair value by pricing source
Available-for-sale securities	11
Fair value measurements on a recurring basis | Level 3 | Exchange | Fixed maturities | Priced via market comparables/broker quotes
Fair value by pricing source
Available-for-sale securities	67
Fair value measurements on a recurring basis | Level 3 | Exchange | Fixed maturities | Priced via internal modeling
Fair value by pricing source
Available-for-sale securities	7
Fair value measurements on a recurring basis | Level 3 | Exchange | Nonredeemable preferred stock
Fair value by pricing source
Available-for-sale securities	1	1
Fair value measurements on a recurring basis | Level 3 | Exchange | Nonredeemable preferred stock | Priced via pricing services
Fair value by pricing source
Available-for-sale securities	0
Fair value measurements on a recurring basis | Level 3 | Exchange | Nonredeemable preferred stock | Priced via market comparables/broker quotes
Fair value by pricing source
Available-for-sale securities	0
Fair value measurements on a recurring basis | Level 3 | Exchange | Nonredeemable preferred stock | Priced via internal modeling
Fair value by pricing source
Available-for-sale securities	1
Fair value measurements on a recurring basis | Level 3 | Exchange | Common stock
Fair value by pricing source
Available-for-sale securities	0	0
Trading and available-for-sale securities	13
Fair value measurements on a recurring basis | Level 3 | Exchange | Common stock | Priced via pricing services
Fair value by pricing source
Trading and available-for-sale securities	0
Fair value measurements on a recurring basis | Level 3 | Exchange | Common stock | Priced via internal modeling
Fair value by pricing source
Trading and available-for-sale securities	13
Fair value measurements on a recurring basis | Level 3 | Exchange | Real estate
Fair value by pricing source
Other investments	53	$ 71
Fair value measurements on a recurring basis | Level 3 | Exchange | Real estate | Priced via unobservable inputs
Fair value by pricing source
Other investments	53
Fair value measurements on a nonrecurring basis
Fair value by pricing source
Total	$ 0

Investments (Details)

Investments (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Available-for-sale securities
Amortized cost, fixed maturities	$ 9,593
Amortized cost	10,381	$ 9,907
Gross unrealized gains	466	584
Gross unrealized losses	75	45
Estimated fair value, fixed maturities	9,933	9,571
Estimated fair value, equity securities	839	875
Estimated fair value	10,772	10,446
Indemnity
Available-for-sale securities
Amortized cost, fixed maturities	553	555
Amortized cost, equity securities	22	24
Amortized cost	575	579
Gross unrealized gains	12	14
Gross unrealized losses	4	4
Estimated fair value, fixed maturities	561	564
Estimated fair value, equity securities	22	25
Estimated fair value	583	589
Indemnity | Fixed maturities
Available-for-sale securities
Amortized cost, fixed maturities	553	555
Gross unrealized gains, fixed maturities	11	13
Gross unrealized losses, fixed maturities	3	4
Estimated fair value, fixed maturities	561	564
Indemnity | States & political subdivisions
Available-for-sale securities
Amortized cost, fixed maturities	215	219
Gross unrealized gains, fixed maturities	10	12
Gross unrealized losses, fixed maturities	0	0
Estimated fair value, fixed maturities	225	231
Indemnity | Corporate debt securities
Available-for-sale securities
Amortized cost, fixed maturities	236	236
Gross unrealized gains, fixed maturities	1	1
Gross unrealized losses, fixed maturities	2	3
Estimated fair value, fixed maturities	235	234
Indemnity | Residential mortgage-backed securities
Available-for-sale securities
Amortized cost, fixed maturities	9	8
Gross unrealized gains, fixed maturities	0	0
Gross unrealized losses, fixed maturities	0	0
Estimated fair value, fixed maturities	9	8
Indemnity | Commercial mortgage-backed securities
Available-for-sale securities
Amortized cost, fixed maturities	50	52
Gross unrealized gains, fixed maturities	0	0
Gross unrealized losses, fixed maturities	1	1
Estimated fair value, fixed maturities	49	51
Indemnity | Collateralized debt obligations
Available-for-sale securities
Amortized cost, fixed maturities	38	33
Gross unrealized gains, fixed maturities	0	0
Gross unrealized losses, fixed maturities	0	0
Estimated fair value, fixed maturities	38	33
Indemnity | Other debt securities
Available-for-sale securities
Amortized cost, fixed maturities	5	7
Gross unrealized gains, fixed maturities	0	0
Gross unrealized losses, fixed maturities	0	0
Estimated fair value, fixed maturities	5	7
Indemnity | Nonredeemable preferred stock
Available-for-sale securities
Amortized cost, equity securities	9	11
Gross unrealized gains, equity securities	1	1
Gross unrealized losses, equity securities	0	0
Estimated fair value, equity securities	10	12
Indemnity | Common stock
Available-for-sale securities
Amortized cost, equity securities	13	13
Gross unrealized gains, equity securities	0	0
Gross unrealized losses, equity securities	1	0
Estimated fair value, equity securities	12	13
Exchange
Available-for-sale securities
Amortized cost, fixed maturities	9,040	8,540
Amortized cost, equity securities	766	788
Amortized cost	9,806	9,328
Gross unrealized gains	454	570
Gross unrealized losses	71	41
Estimated fair value, fixed maturities	9,372	9,007
Estimated fair value, equity securities	817	850
Estimated fair value	10,189	9,857
Exchange | Fixed maturities
Available-for-sale securities
Amortized cost, fixed maturities	9,040	8,540
Gross unrealized gains, fixed maturities	399	503
Gross unrealized losses, fixed maturities	67	36
Estimated fair value, fixed maturities	9,372	9,007
Exchange | U.S. treasury
Available-for-sale securities
Amortized cost, fixed maturities	7	6
Gross unrealized gains, fixed maturities	0	0
Gross unrealized losses, fixed maturities	0	0
Estimated fair value, fixed maturities	7	6
Exchange | Government sponsored enterprises
Available-for-sale securities
Amortized cost, fixed maturities	3	3
Gross unrealized gains, fixed maturities	1	1
Gross unrealized losses, fixed maturities	0	0
Estimated fair value, fixed maturities	4	4
Exchange | States & political subdivisions
Available-for-sale securities
Amortized cost, fixed maturities	1,427	1,394
Gross unrealized gains, fixed maturities	67	84
Gross unrealized losses, fixed maturities	2	1
Estimated fair value, fixed maturities	1,492	1,477
Exchange | Foreign government securities
Available-for-sale securities
Amortized cost, fixed maturities	85	10
Gross unrealized gains, fixed maturities	0	0
Gross unrealized losses, fixed maturities	2	0
Estimated fair value, fixed maturities	83	10
Exchange | Corporate debt securities
Available-for-sale securities
Amortized cost, fixed maturities	7,362	6,918
Gross unrealized gains, fixed maturities	322	405
Gross unrealized losses, fixed maturities	62	34
Estimated fair value, fixed maturities	7,622	7,289
Exchange | Residential mortgage-backed securities
Available-for-sale securities
Amortized cost, fixed maturities	34	109
Gross unrealized gains, fixed maturities	1	3
Gross unrealized losses, fixed maturities	1	1
Estimated fair value, fixed maturities	34	111
Exchange | Commercial mortgage-backed securities
Available-for-sale securities
Amortized cost, fixed maturities	28	28
Gross unrealized gains, fixed maturities	1	2
Gross unrealized losses, fixed maturities	0	0
Estimated fair value, fixed maturities	29	30
Exchange | Collateralized debt obligations
Available-for-sale securities
Amortized cost, fixed maturities	6	6
Gross unrealized gains, fixed maturities	5	5
Gross unrealized losses, fixed maturities	0	0
Estimated fair value, fixed maturities	11	11
Exchange | Other debt securities
Available-for-sale securities
Amortized cost, fixed maturities	88	66
Gross unrealized gains, fixed maturities	2	3
Gross unrealized losses, fixed maturities	0	0
Estimated fair value, fixed maturities	90	69
Exchange | Nonredeemable preferred stock
Available-for-sale securities
Amortized cost, equity securities	670	650
Gross unrealized gains, equity securities	54	64
Gross unrealized losses, equity securities	3	4
Estimated fair value, equity securities	721	710
Exchange | Common stock
Available-for-sale securities
Amortized cost, equity securities	96	138
Gross unrealized gains, equity securities	1	3
Gross unrealized losses, equity securities	1	1
Estimated fair value, equity securities	$ 96	$ 140

Investments (Details 2)

Investments (Details 2) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Amortized cost
Amortized cost, fixed maturities	$ 9,593
Estimated fair value
Estimated fair value, fixed maturities	9,933	$ 9,571
Indemnity
Amortized cost
Due in one year or less	70
Due after one year through five years	236
Due after five years through ten years	150
Due after ten years	97
Amortized cost, fixed maturities	553	555
Estimated fair value
Due in one year or less	70
Due after one year through five years	237
Due after five years through ten years	154
Due after ten years	100
Estimated fair value, fixed maturities	561	564
Exchange
Amortized cost
Due in one year or less	425
Due after one year through five years	3,270
Due after five years through ten years	3,842
Due after ten years	1,503
Amortized cost, fixed maturities	9,040	8,540
Estimated fair value
Due in one year or less	432
Due after one year through five years	3,437
Due after five years through ten years	3,932
Due after ten years	1,571
Estimated fair value, fixed maturities	$ 9,372	$ 9,007

Investments (Details 3)

Investments (Details 3) $ in Millions	Jun. 30, 2015USD ($)Holdings	Dec. 31, 2014USD ($)Holdings
Indemnity
Fair value
Less than 12 months	$ 214	$ 202
12 months or longer	16	15
Total	230	217
Unrealized losses
Less than 12 months	3	4
12 months or longer	1	0
Total	$ 4	$ 4
No. of holdings | Holdings	296	295
Indemnity | Investment grade
Fair value
Less than 12 months	$ 153	$ 146
12 months or longer	0	2
Total	153	148
Unrealized losses
Less than 12 months	1	1
12 months or longer	0	0
Total	$ 1	$ 1
No. of holdings | Holdings	71	58
Indemnity | Non-investment grade
Fair value
Less than 12 months	$ 45	$ 56
12 months or longer	16	0
Total	61	56
Unrealized losses
Less than 12 months	1	3
12 months or longer	1	0
Total	$ 2	$ 3
No. of holdings | Holdings	222	236
Indemnity | Fixed maturities
Fair value
Less than 12 months	$ 198	$ 202
12 months or longer	16	2
Total	214	204
Unrealized losses
Less than 12 months	2	4
12 months or longer	1	0
Total	$ 3	$ 4
No. of holdings | Holdings	293	294
Indemnity | States & political subdivisions
Fair value
Less than 12 months	$ 17	$ 6
12 months or longer	0	2
Total	17	8
Unrealized losses
Less than 12 months	0	0
12 months or longer	0	0
Total	$ 0	$ 0
No. of holdings | Holdings	8	4
Indemnity | Corporate debt securities
Fair value
Less than 12 months	$ 123	$ 121
12 months or longer	16	0
Total	139	121
Unrealized losses
Less than 12 months	1	3
12 months or longer	1	0
Total	$ 2	$ 3
No. of holdings | Holdings	248	250
Indemnity | Residential mortgage-backed securities
Fair value
Less than 12 months	$ 4	$ 6
12 months or longer	0	0
Total	4	6
Unrealized losses
Less than 12 months	0	0
12 months or longer	0	0
Total	$ 0	$ 0
No. of holdings | Holdings	4	4
Indemnity | Commercial mortgage-backed securities
Fair value
Less than 12 months	$ 35	$ 41
12 months or longer	0	0
Total	35	41
Unrealized losses
Less than 12 months	1	1
12 months or longer	0	0
Total	$ 1	$ 1
No. of holdings | Holdings	23	24
Indemnity | Collateralized debt obligations
Fair value
Less than 12 months	$ 16	$ 21
12 months or longer	0	0
Total	16	21
Unrealized losses
Less than 12 months	0	0
12 months or longer	0	0
Total	$ 0	$ 0
No. of holdings | Holdings	8	9
Indemnity | Other debt securities
Fair value
Less than 12 months	$ 3	$ 7
12 months or longer	0	0
Total	3	7
Unrealized losses
Less than 12 months	0	0
12 months or longer	0	0
Total	$ 0	$ 0
No. of holdings | Holdings	2	3
Indemnity | Nonredeemable preferred stock
Fair value
Less than 12 months	$ 4
12 months or longer	0
Total	4
Unrealized losses
Less than 12 months	0
12 months or longer	0
Total	$ 0
No. of holdings | Holdings	2
Indemnity | Common stock
Fair value
Less than 12 months	$ 12	$ 0
12 months or longer	0	13
Total	12	13
Unrealized losses
Less than 12 months	1	0
12 months or longer	0	0
Total	$ 1	$ 0
No. of holdings | Holdings	1	1
Exchange
Fair value
Less than 12 months	$ 2,492	$ 1,134
12 months or longer	152	360
Total	2,644	1,494
Unrealized losses
Less than 12 months	62	32
12 months or longer	9	9
Total	$ 71	$ 41
No. of holdings | Holdings	990	713
Exchange | Investment grade
Fair value
Less than 12 months	$ 1,893	$ 606
12 months or longer	66	253
Total	1,959	859
Unrealized losses
Less than 12 months	45	10
12 months or longer	2	5
Total	$ 47	$ 15
No. of holdings | Holdings	487	172
Exchange | Non-investment grade
Fair value
Less than 12 months	$ 446	$ 442
12 months or longer	64	9
Total	510	451
Unrealized losses
Less than 12 months	14	19
12 months or longer	6	2
Total	$ 20	$ 21
No. of holdings | Holdings	477	523
Exchange | Fixed maturities
Fair value
Less than 12 months	$ 2,339	$ 1,048
12 months or longer	130	262
Total	2,469	1,310
Unrealized losses
Less than 12 months	59	29
12 months or longer	8	7
Total	$ 67	$ 36
No. of holdings | Holdings	964	695
Exchange | U.S. treasury
Fair value
Less than 12 months	$ 2	$ 1
12 months or longer	0	0
Total	2	1
Unrealized losses
Less than 12 months	0	0
12 months or longer	0	0
Total	$ 0	$ 0
No. of holdings | Holdings	4	2
Exchange | States & political subdivisions
Fair value
Less than 12 months	$ 202	$ 47
12 months or longer	12	47
Total	214	94
Unrealized losses
Less than 12 months	2	0
12 months or longer	0	1
Total	$ 2	$ 1
No. of holdings | Holdings	59	24
Exchange | Foreign government securities
Fair value
Less than 12 months	$ 56
12 months or longer	0
Total	56
Unrealized losses
Less than 12 months	2
12 months or longer	0
Total	$ 2
No. of holdings | Holdings	34
Exchange | Corporate debt securities
Fair value
Less than 12 months	$ 2,042	$ 980
12 months or longer	100	181
Total	2,142	1,161
Unrealized losses
Less than 12 months	55	29
12 months or longer	7	5
Total	$ 62	$ 34
No. of holdings | Holdings	855	656
Exchange | Residential mortgage-backed securities
Fair value
Less than 12 months	$ 4	$ 6
12 months or longer	10	27
Total	14	33
Unrealized losses
Less than 12 months	0	0
12 months or longer	1	1
Total	$ 1	$ 1
No. of holdings | Holdings	4	8
Exchange | Commercial mortgage-backed securities
Fair value
Less than 12 months	$ 0	$ 1
12 months or longer	1	0
Total	1	1
Unrealized losses
Less than 12 months	0	0
12 months or longer	0	0
Total	$ 0	$ 0
No. of holdings | Holdings	1	1
Exchange | Other debt securities
Fair value
Less than 12 months	$ 33	$ 13
12 months or longer	7	7
Total	40	20
Unrealized losses
Less than 12 months	0	0
12 months or longer	0	0
Total	$ 0	$ 0
No. of holdings | Holdings	7	4
Exchange | Nonredeemable preferred stock
Fair value
Less than 12 months	$ 122	$ 86
12 months or longer	22	25
Total	144	111
Unrealized losses
Less than 12 months	2	3
12 months or longer	1	1
Total	$ 3	$ 4
No. of holdings | Holdings	25	16
Exchange | Common stock
Fair value
Less than 12 months	$ 31	$ 0
12 months or longer	0	73
Total	31	73
Unrealized losses
Less than 12 months	1	0
12 months or longer	0	1
Total	$ 1	$ 1
No. of holdings | Holdings	1	2

Investments (Details 4)

Investments (Details 4) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Investment income from portfolios
Investment income, net of expenses	$ 127	$ 111	$ 240	$ 220
Indemnity
Investment income from portfolios
Total investment income	5	4	9	8
Less: investment expenses	0	0	0	0
Investment income, net of expenses	5	4	9	8
Indemnity | Fixed maturities
Investment income from portfolios
Total investment income	4	3	8	6
Indemnity | Equity securities
Investment income from portfolios
Total investment income	0	0	0	1
Indemnity | Cash equivalents and other
Investment income from portfolios
Total investment income	1	1	1	1
Exchange
Investment income from portfolios
Total investment income	132	116	253	231
Less: investment expenses	10	9	22	19
Investment income, net of expenses	122	107	231	212
Exchange | Fixed maturities
Investment income from portfolios
Total investment income	96	85	190	171
Exchange | Equity securities
Investment income from portfolios
Total investment income	36	30	62	59
Exchange | Cash equivalents and other
Investment income from portfolios
Total investment income	$ 0	$ 1	$ 1	$ 1

Investments (Details 5)

Investments (Details 5) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Realized gains (losses) on investments
Net realized investment gains (losses)	$ (7)	$ 133	$ 49	$ 189
Other-than-temporary impairments on investments
Net impairment losses recognized in earnings	(2)	0	(4)	0
Indemnity
Realized gains (losses) on investments
Net realized investment gains (losses)	0	0	0	1
Other-than-temporary impairments on investments
Other -than-temporary impairments on investments		(0.1)	(0.2)	(0.1)
Portion recognized in other comprehensive income	0	0	0	0
Indemnity | Maximum
Other-than-temporary impairments on investments
Other -than-temporary impairments on investments	(0.1)
Indemnity | Fixed maturities
Available-for-sale securities:
Gross realized gains	0	0	0	0
Gross realized losses	0	0	0	0
Net realized gains (losses)	0	0	0	0
Indemnity | Equity securities
Available-for-sale securities:
Gross realized gains	0	0	0	1
Gross realized losses	0	0	0	0
Net realized gains (losses)	0	0	0	1
Exchange
Realized gains (losses) on investments
Net realized investment gains (losses)	(7)	133	49	188
Other-than-temporary impairments on investments
Other -than-temporary impairments on investments	(2)	(0.1)	(4)	(0.3)
Portion recognized in other comprehensive income	0	0	0	0
Exchange | Fixed maturities
Available-for-sale securities:
Gross realized gains	7	4	13	10
Gross realized losses	(4)	0	(8)	(1)
Net realized gains (losses)	3	4	5	9
Exchange | Equity securities
Available-for-sale securities:
Gross realized gains	6	2	11	10
Gross realized losses	(1)	(1)	(1)	(2)
Net realized gains (losses)	5	1	10	8
Exchange | Common stock
Trading securities:
Gross realized gains	49	52	166	122
Gross realized losses	(11)	(7)	(23)	(10)
Increases (decreases) in fair value	(53)	83	(109)	59
Net realized gains (losses)	$ (15)	$ 128	$ 34	$ 171

Investments Investments (Detail

Investments Investments (Details 6) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Investments in limited partnerships
Equity in earnings of limited partnerships	$ 72	$ 27	$ 100	$ 77
Indemnity
Investments in limited partnerships
Equity in earnings of limited partnerships	11	3	13	9
Indemnity | Equity method of accounting
Investments in limited partnerships
Equity in earnings of limited partnerships	12	2	14	7
Indemnity | Fair value option
Investments in limited partnerships
Equity in earnings of limited partnerships	(1)	1	(1)	2
Exchange
Investments in limited partnerships
Equity in earnings of limited partnerships	61	24	87	68
Exchange | Equity method of accounting
Investments in limited partnerships
Equity in earnings of limited partnerships	59	18	84	57
Exchange | Fair value option
Investments in limited partnerships
Equity in earnings of limited partnerships	$ 2	$ 6	$ 3	$ 11

Investments (Details 7)

Investments (Details 7) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015USD ($)Partnerships	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)Partnerships	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)Partnerships
Investments in limited partnerships
Equity in earnings of limited partnerships	$ 72	$ 27	$ 100	$ 77
Asset recorded	943		943		$ 979
Income (loss) recognized due to valuation adjustments by the partnerships			(8)		7
Income (loss) recorded			108		106
Per the limited partner financial statements
Total partnership assets	41,000		41,000		45,000
Total partnership liabilities	4,000		4,000		4,000
Total partnership valuation adjustment gains (losses)			(100)		(1,000)
Total partnership net income			3,000		$ 7,000
Indemnity
Investments in limited partnerships
Equity in earnings of limited partnerships	$ 11	3	$ 13	9
Number of partnerships | Partnerships	57		57		58
Asset recorded	$ 101		$ 101		$ 113
Income (loss) recognized due to valuation adjustments by the partnerships			(7)		2
Income (loss) recorded			$ 20		$ 9
Indemnity | Private equity
Investments in limited partnerships
Number of partnerships | Partnerships	27		27		27
Asset recorded	$ 54		$ 54		$ 52
Income (loss) recognized due to valuation adjustments by the partnerships			8		(4)
Income (loss) recorded			$ 2		$ 8
Indemnity | Private equity | Less than 10%
Investments in limited partnerships
Number of partnerships | Partnerships	24		24		24
Asset recorded	$ 29		$ 29		$ 34
Income (loss) recognized due to valuation adjustments by the partnerships			(1)		(7)
Income (loss) recorded			$ 1		$ 7
Indemnity | Private equity | Greater than or equal to 10% but less than 50%
Investments in limited partnerships
Number of partnerships | Partnerships	3		3		3
Asset recorded	$ 25		$ 25		$ 18
Income (loss) recognized due to valuation adjustments by the partnerships			9		3
Income (loss) recorded			$ 1		$ 1
Indemnity | Mezzanine debt
Investments in limited partnerships
Number of partnerships | Partnerships	15		15		15
Asset recorded	$ 13		$ 13		$ 14
Income (loss) recognized due to valuation adjustments by the partnerships			0		0
Income (loss) recorded			$ 1		$ 2
Indemnity | Mezzanine debt | Less than 10%
Investments in limited partnerships
Number of partnerships | Partnerships	11		11		11
Asset recorded	$ 8		$ 8		$ 10
Income (loss) recognized due to valuation adjustments by the partnerships			0		0
Income (loss) recorded			$ 1		$ 2
Indemnity | Mezzanine debt | Greater than or equal to 10% but less than 50%
Investments in limited partnerships
Number of partnerships | Partnerships	3		3		3
Asset recorded	$ 5		$ 5		$ 4
Income (loss) recognized due to valuation adjustments by the partnerships			0		0
Income (loss) recorded			$ 0		$ 0
Indemnity | Mezzanine debt | Greater than 50%
Investments in limited partnerships
Number of partnerships | Partnerships	1		1		1
Asset recorded	$ 0		$ 0		$ 0
Income (loss) recognized due to valuation adjustments by the partnerships			0		0
Income (loss) recorded			$ 0		$ 0
Indemnity | Real estate
Investments in limited partnerships
Number of partnerships | Partnerships	15		15		16
Asset recorded	$ 34		$ 34		$ 47
Income (loss) recognized due to valuation adjustments by the partnerships			(15)		6
Income (loss) recorded			$ 17		$ (1)
Indemnity | Real estate | Less than 10%
Investments in limited partnerships
Number of partnerships | Partnerships	11		11		11
Asset recorded	$ 23		$ 23		$ 36
Income (loss) recognized due to valuation adjustments by the partnerships			(11)		5
Income (loss) recorded			$ 11		$ (2)
Indemnity | Real estate | Greater than or equal to 10% but less than 50%
Investments in limited partnerships
Number of partnerships | Partnerships	2		2		3
Asset recorded	$ 4		$ 4		$ 4
Income (loss) recognized due to valuation adjustments by the partnerships			(6)		1
Income (loss) recorded			$ 6		$ 0
Indemnity | Real estate | Greater than 50%
Investments in limited partnerships
Number of partnerships | Partnerships	2		2		2
Asset recorded	$ 7		$ 7		$ 7
Income (loss) recognized due to valuation adjustments by the partnerships			2		0
Income (loss) recorded			0		$ 1
Exchange
Investments in limited partnerships
Equity in earnings of limited partnerships	$ 61	$ 24	$ 87	$ 68
Number of partnerships | Partnerships	107		107		102
Asset recorded	$ 842		$ 842		$ 866
Income (loss) recognized due to valuation adjustments by the partnerships			(1)		5
Income (loss) recorded			$ 88		$ 97
Exchange | Private equity
Investments in limited partnerships
Number of partnerships | Partnerships	46		46		45
Asset recorded	$ 437		$ 437		$ 418
Income (loss) recognized due to valuation adjustments by the partnerships			37		1
Income (loss) recorded			$ 25		$ 46
Exchange | Private equity | Less than 10%
Investments in limited partnerships
Number of partnerships | Partnerships	43		43		42
Asset recorded	$ 333		$ 333		$ 344
Income (loss) recognized due to valuation adjustments by the partnerships			0		(12)
Income (loss) recorded			$ 22		$ 43
Exchange | Private equity | Greater than or equal to 10% but less than 50%
Investments in limited partnerships
Number of partnerships | Partnerships	3		3		3
Asset recorded	$ 104		$ 104		$ 74
Income (loss) recognized due to valuation adjustments by the partnerships			37		13
Income (loss) recorded			$ 3		$ 3
Exchange | Mezzanine debt
Investments in limited partnerships
Number of partnerships | Partnerships	29		29		28
Asset recorded	$ 166		$ 166		$ 170
Income (loss) recognized due to valuation adjustments by the partnerships			(3)		(3)
Income (loss) recorded			$ 13		$ 22
Exchange | Mezzanine debt | Less than 10%
Investments in limited partnerships
Number of partnerships | Partnerships	22		22		21
Asset recorded	$ 114		$ 114		$ 120
Income (loss) recognized due to valuation adjustments by the partnerships			(4)		0
Income (loss) recorded			$ 10		$ 16
Exchange | Mezzanine debt | Greater than or equal to 10% but less than 50%
Investments in limited partnerships
Number of partnerships | Partnerships	4		4		4
Asset recorded	$ 25		$ 25		$ 23
Income (loss) recognized due to valuation adjustments by the partnerships			0		(3)
Income (loss) recorded			$ 2		$ 3
Exchange | Mezzanine debt | Greater than 50%
Investments in limited partnerships
Number of partnerships | Partnerships	3		3		3
Asset recorded	$ 27		$ 27		$ 27
Income (loss) recognized due to valuation adjustments by the partnerships			1		0
Income (loss) recorded			$ 1		$ 3
Exchange | Real estate
Investments in limited partnerships
Number of partnerships | Partnerships	32		32		29
Asset recorded	$ 239		$ 239		$ 278
Income (loss) recognized due to valuation adjustments by the partnerships			(35)		7
Income (loss) recorded			$ 50		$ 29
Exchange | Real estate | Less than 10%
Investments in limited partnerships
Number of partnerships | Partnerships	26		26		22
Asset recorded	$ 169		$ 169		$ 207
Income (loss) recognized due to valuation adjustments by the partnerships			(29)		18
Income (loss) recorded			$ 32		$ 7
Exchange | Real estate | Greater than or equal to 10% but less than 50%
Investments in limited partnerships
Number of partnerships | Partnerships	4		4		5
Asset recorded	$ 45		$ 45		$ 44
Income (loss) recognized due to valuation adjustments by the partnerships			(16)		6
Income (loss) recorded			$ 18		$ 2
Exchange | Real estate | Greater than 50%
Investments in limited partnerships
Number of partnerships | Partnerships	2		2		2
Asset recorded	$ 25		$ 25		$ 27
Income (loss) recognized due to valuation adjustments by the partnerships			10		(17)
Income (loss) recorded			$ 0		$ 20

Bank Line of Credit (Details)

Bank Line of Credit (Details) - Jun. 30, 2015 - Revolving line of credit - USD ($) $ in Millions	Total
Indemnity
Bank Line of Credit
Maximum borrowing capacity under the bank revolving line of credit	$ 100
Maximum letter of credit sublimit under the bank revolving line of credit	$ 25
Expiration date of the bank revolving line of credit	Nov. 3, 2018
Available borrowing capacity under the bank revolving line of credit, due to outstanding letters of credit	$ 98
Outstanding amount of letters of credit under the bank revolving line of credit	2
Available amount of letters of credit under the bank revolving line of credit	23
Borrowings outstanding under the bank revolving line of credit	0
Fair value of bonds pledged as collateral on the bank revolving line of credit	109
Exchange
Bank Line of Credit
Maximum borrowing capacity under the bank revolving line of credit	300
Maximum letter of credit sublimit under the bank revolving line of credit	$ 25
Expiration date of the bank revolving line of credit	Oct. 25, 2018
Available borrowing capacity under the bank revolving line of credit, due to outstanding letters of credit	$ 299
Outstanding amount of letters of credit under the bank revolving line of credit	1
Available amount of letters of credit under the bank revolving line of credit	24
Borrowings outstanding under the bank revolving line of credit	0
Fair value of bonds pledged as collateral on the bank revolving line of credit	$ 321

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Income taxes
Net deferred income tax liability, consolidated	$ 369
Net deferred income tax asset	44	$ 37
Net deferred income tax liability	413	490
Deferred tax asset valuation allowance	0
Indemnity
Income taxes
Net deferred income tax asset	$ 44	37
Effective tax rate when investment related permanent tax differences are excluded (as a percent)	35.00%
Exchange
Income taxes
Net deferred income tax liability	$ 413	$ 490
Effective tax rate when investment related permanent tax differences are excluded (as a percent)	35.00%
Minimum | Indemnity
Income taxes
Percent of total permanent tax differences related to investment revenues (as a percent)	98.00%
Minimum | Exchange
Income taxes
Percent of total permanent tax differences related to investment revenues (as a percent)	98.00%

Postretirement Benefits (Detail

Postretirement Benefits (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Postretirement Benefits
Postretirement annual benefit expense reimbursed to Indemnity from the Exchange and EFL (as a percent)			56.00%
Cost of pension plans
Service cost for benefits earned	$ 7	$ 5	$ 15	$ 11
Interest cost on benefits obligation	7	7	15	14
Expected return on plan assets	(9)	(8)	(18)	(16)
Prior service cost amortization	1	1	1	1
Net actuarial loss amortization	4	1	7	3
Pension plan cost	10	$ 6	20	$ 13
Employee pension plan
Postretirement Benefits
Employer contributions			17
Erie Family Life Insurance Company (EFL) | Employee pension plan
Postretirement Benefits
Contingent liability for amount of nonparticipating annuity contracts the employee pension plan purchased from EFL	$ 23		$ 23

Indemnity Capital Stock (Detail

Indemnity Capital Stock (Details) - Indemnity - shares	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Class A
Common Stock
Class A common stock shares issued upon conversion of Class B common stock shares (in shares)	0	0
Class B
Common Stock
Ratio for converting shares of Class B common stock into shares of Class A common stock (as a percent)	2400.00%	2400.00%
Class B common stock shares converted into Class A common stock shares (in shares)	0	0

Indemnity Capital Stock (Deta52

Indemnity Capital Stock (Details 2) - Indemnity - Class A - Stock repurchase program - USD ($) $ in Millions	Jun. 30, 2015	Oct. 31, 2011
Stock repurchases
Amount of authorized stock repurchases approved for continuation under the current program		$ 150
Approximate amount of repurchase authority remaining under the current stock repurchase program	$ 18

Indemnity Accumulated Other C53

Indemnity Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Changes in Indemnity's accumulated other comprehensive income (loss) by component attributable to the Indemnity shareholder interest
Other comprehensive (loss) income	$ (140)	$ 65	$ (90)	$ 137	$ 0
Indemnity
Changes in Indemnity's accumulated other comprehensive income (loss) by component attributable to the Indemnity shareholder interest
Balance, beginning of period			(118)	(59)	(59)
Other comprehensive income (loss) before reclassifications, net of tax			(2)		(63)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax			0		4
Other comprehensive (loss) income			(2)		(59)
Balance, end of period	(120)		(120)		(118)
Indemnity | Unrealized holding gains (losses) on available-for-sale securities
Changes in Indemnity's accumulated other comprehensive income (loss) by component attributable to the Indemnity shareholder interest
Balance, beginning of period			7	6	6
Other comprehensive income (loss) before reclassifications, net of tax			(2)		2
Amounts reclassified from accumulated other comprehensive income (loss), net of tax			0		(1)
Other comprehensive (loss) income			(2)		1
Balance, end of period	5		5		7
Indemnity | Postretirement plans
Changes in Indemnity's accumulated other comprehensive income (loss) by component attributable to the Indemnity shareholder interest
Balance, beginning of period			(125)	$ (65)	(65)
Other comprehensive income (loss) before reclassifications, net of tax			0		(65)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax			0		5
Other comprehensive (loss) income			0		(60)
Balance, end of period	$ (125)		$ (125)		$ (125)

Indemnity Accumulated Other C54

Indemnity Accumulated Other Comprehensive Income (Loss) (Details 2) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Amounts reclassified out of accumulated other comprehensive income (loss) and the related affected line item in the Consolidated Statements of Operations where net income is presented
Net realized investment (losses) gains	$ (7)	$ 133	$ 49	$ 189
Net impairment losses recognized in earnings	(2)	0	(4)	0
Income (loss) from operations before income taxes and noncontrolling interest	295	147	492	303
Provision for income taxes	98	44	159	91
Net income (loss)	197	103	333	212	$ 573
Less: Net income attributable to noncontrolling interest in consolidated entity – Exchange	141	54	238	117
Net income attributable to Indemnity	56	49	95	95
Unrealized holding gains (losses) on available-for-sale securities | Amounts reclassified from accumulated other comprehensive income (loss)
Amounts reclassified out of accumulated other comprehensive income (loss) and the related affected line item in the Consolidated Statements of Operations where net income is presented
Net realized investment (losses) gains	8	5	15	18
Net impairment losses recognized in earnings	(2)	0	(4)	0
Income (loss) from operations before income taxes and noncontrolling interest	6	5	11	18
Provision for income taxes	2	2	4	7
Net income (loss)	4	3	7	11
Less: Net income attributable to noncontrolling interest in consolidated entity – Exchange	4	3	7	10
Net income attributable to Indemnity	$ 0	$ 0	$ 0	$ 1

Indemnity Shareholders' Equit55

Indemnity Shareholders' Equity and Noncontrolling Interest (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Reconciliation of the beginning and ending balances of Indemnity's shareholders' equity and the noncontrolling interest
Balance, beginning of period			$ 7,983	$ 7,550	$ 7,550
Net income	$ 197	$ 103	333	212	573
Change in accumulated other comprehensive income (loss), net of tax	(140)	$ 65	(90)	137	0
Net purchase of treasury stock					(19)
Dividends declared:
Balance, end of period	8,162		8,162		7,983
Class A
Dividends declared:
Dividends declared			(63)		(120)
Class B
Dividends declared:
Dividends declared			(1)		(1)
Indemnity
Reconciliation of the beginning and ending balances of Indemnity's shareholders' equity and the noncontrolling interest
Balance, beginning of period			703	$ 734	734
Net income			95		168
Change in accumulated other comprehensive income (loss), net of tax			(2)		(59)
Net purchase of treasury stock					(19)
Dividends declared:
Balance, end of period	$ 732		$ 732		$ 703
Indemnity | Class A
Dividends declared:
Dividends declared (in dollars per share)	$ 0.6810	$ 0.6350	$ 1.3620	$ 1.2700	$ 2.5860
Dividends declared			$ (63)		$ (120)
Indemnity | Class B
Dividends declared:
Dividends declared (in dollars per share)	$ 102.1500	$ 95.2500	$ 204.3000	$ 190.5000	$ 387.9000
Dividends declared			$ (1)		$ (1)
Exchange
Reconciliation of the beginning and ending balances of Indemnity's shareholders' equity and the noncontrolling interest
Balance, beginning of period			7,280	$ 6,816	6,816
Net income			238		405
Change in accumulated other comprehensive income (loss), net of tax			(88)		59
Dividends declared:
Balance, end of period	$ 7,430		$ 7,430		$ 7,280

Commitments and Contingencies (

Commitments and Contingencies (Details) - Jun. 30, 2015 - USD ($) $ in Millions	Total
Indemnity
Contractual commitments
Represents the entity's maximum contractual commitments to invest in its limited partnership investments	$ 23
Description of commitment: contractual commitment to invest in limited partnership investments	Contractual commitments to invest in limited partnership investments, consisting of private equity securities, mezzanine debt securities, and real estate activities.
Indemnity | Private equity
Contractual commitments
Represents the entity's maximum contractual commitments to invest in its limited partnership investments	$ 10
Indemnity | Mezzanine debt
Contractual commitments
Represents the entity's maximum contractual commitments to invest in its limited partnership investments	9
Indemnity | Real estate
Contractual commitments
Represents the entity's maximum contractual commitments to invest in its limited partnership investments	4
Exchange
Contractual commitments
Represents the entity's maximum contractual commitments to invest in its limited partnership investments	$ 527
Description of commitment: contractual commitment to invest in limited partnership investments	Contractual commitments to invest in limited partnership investments, consisting of private equity securities, mezzanine debt securities, and real estate activities.
Exchange | Private equity
Contractual commitments
Represents the entity's maximum contractual commitments to invest in its limited partnership investments	$ 124
Exchange | Mezzanine debt
Contractual commitments
Represents the entity's maximum contractual commitments to invest in its limited partnership investments	188
Exchange | Real estate
Contractual commitments
Represents the entity's maximum contractual commitments to invest in its limited partnership investments	$ 215

Indemnity Supplemental Inform57

Indemnity Supplemental Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Dec. 31, 2013
Available-for-sale securities, at fair value:
Fixed maturities	$ 9,933		$ 9,571
Equity securities	839		875
Trading securities, at fair value	3,144		3,223
Limited partnerships	943		979
Other invested assets	22		21
Total investments	14,881		14,669
Cash and cash equivalents	421	$ 300	514	$ 452
Premiums receivable from policyholders	1,384		1,281
Reinsurance recoverable	162		161
Deferred income tax asset	44		37
Deferred acquisition costs	635		595
Other assets	542		501
Total assets	18,069		17,758
Liabilities
Losses and loss expense reserves	3,963		3,853
Life policy and deposit contract reserves	1,837		1,812
Unearned premiums	3,007		2,834
Deferred income tax liability	413		490
Other liabilities, adjusted for consolidation presentation	687		786
Total liabilities	9,907		9,775
Shareholders' equity and noncontrolling interest
Total Indemnity shareholders' equity	732		703
Noncontrolling interest in consolidated entity - Exchange	7,430		7,280
Total equity	8,162		7,983	7,550
Total liabilities, shareholders' equity, and noncontrolling interest	18,069		17,758
Indemnity
Available-for-sale securities, at fair value:
Fixed maturities	561		564
Equity securities	22		25
Limited partnerships	101		113
Other invested assets	1		1
Total investments	685		703
Cash and cash equivalents	77	63	92	49
Deferred income tax asset	44		37
Other assets	123		127
Receivables from the Exchange and other affiliates	369		335
Note receivable from EFL	25		25
Total assets	1,323		1,319
Liabilities
Other liabilities, adjusted for consolidation presentation	591		616
Total liabilities	591		616
Shareholders' equity and noncontrolling interest
Total Indemnity shareholders' equity	732		703
Total equity	732		703	734
Total liabilities, shareholders' equity, and noncontrolling interest	1,323		1,319
Exchange
Available-for-sale securities, at fair value:
Fixed maturities	9,372		9,007
Equity securities	817		850
Trading securities, at fair value	3,144		3,223
Limited partnerships	842		866
Other invested assets	21		20
Total investments	14,196		13,966
Cash and cash equivalents	344		422
Premiums receivable from policyholders	1,384		1,281
Reinsurance recoverable	162		161
Deferred acquisition costs	635		595
Other assets	419		374
Total assets	17,140		16,799
Liabilities
Losses and loss expense reserves	3,963		3,853
Life policy and deposit contract reserves	1,837		1,812
Unearned premiums	3,007		2,834
Deferred income tax liability	413		490
Other liabilities, adjusted for consolidation presentation	490		530
Total liabilities	9,710		9,519
Shareholders' equity and noncontrolling interest
Noncontrolling interest in consolidated entity - Exchange	7,430		7,280
Total equity	7,430		7,280	$ 6,816
Total liabilities, shareholders' equity, and noncontrolling interest	17,140		16,799
Payable to Indemnity	365		331
Erie Family Life Insurance Company (EFL)
Available-for-sale securities, at fair value:
Note receivable from EFL	25
Shareholders' equity and noncontrolling interest
Payable to Indemnity	$ 4		4
Note receivable from EFL, annual interest rate (as a percent)	6.70%
Note receivable from EFL, interest income recognized by Indemnity	$ 0.8	$ 0.8
Reclassifications and eliminations
Available-for-sale securities, at fair value:
Receivables from the Exchange and other affiliates	(369)		(335)
Note receivable from EFL	(25)		(25)
Total assets	(394)		(360)
Liabilities
Other liabilities, adjusted for consolidation presentation	(394)		(360)
Total liabilities	(394)		(360)
Shareholders' equity and noncontrolling interest
Total liabilities, shareholders' equity, and noncontrolling interest	$ (394)		$ (360)

Indemnity Supplemental Inform58

Indemnity Supplemental Information (Details 2) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income attributable to Indemnity shareholder interest
Service agreement revenue	$ 8	$ 8	$ 16	$ 16
Total revenues	1,632	1,598	3,237	3,109
Net investment income	127	111	240	220
Net realized investment (losses) gains	(7)	133	49	189
Net impairment losses recognized in earnings	(2)	0	(4)	0
Equity in earnings of limited partnerships	72	27	100	77
Income (loss) from operations before income taxes and noncontrolling interest	295	147	492	303
Provision for income taxes	98	44	159	91
Net income attributable to Indemnity	56	49	95	95
Indemnity
Income attributable to Indemnity shareholder interest
Net investment income	5	4	9	8
Net realized investment (losses) gains	0	0	0	1
Equity in earnings of limited partnerships	11	3	13	9
Income (loss) from operations before income taxes and noncontrolling interest	86	75	145	144
Provision for income taxes	30	26	50	49
Net income attributable to Indemnity	56	49	95	95
Indemnity | Management operations
Income attributable to Indemnity shareholder interest
Management fee revenue, net	395	366	738	685
Service agreement revenue	7	8	15	15
Total revenues	402	374	753	700
Cost of management operations	332	306	630	574
Income (loss) from operations before income taxes and noncontrolling interest	70	68	123	126
Indemnity | Investment operations
Income attributable to Indemnity shareholder interest
Net investment income	5	4	9	8
Net realized investment (losses) gains	0	0	0	1
Net impairment losses recognized in earnings	0	0	0	0
Equity in earnings of limited partnerships	11	3	13	9
Income (loss) from operations before income taxes and noncontrolling interest	$ 16	$ 7	$ 22	$ 18

Indemnity Supplemental Inform59

Indemnity Supplemental Information (Details 3) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Indemnity's components of direct cash flows as included in the Consolidated Statements of Cash Flows
Service agreement fee received	$ 15	$ 15
Net investment income received	262	235
Limited partnership distributions	74	64
Commissions and bonuses paid to agents	(436)	(397)
Income taxes paid	(248)	(98)
Net cash provided by (used in) operating activities	311	245
Net cash provided by (used in) investing activities	(350)	(332)
Net cash provided by (used in) financing activities	(54)	(65)
Net increase (decrease) in cash and cash equivalents	(93)	(152)
Cash and cash equivalents at beginning of period	514	452
Cash and cash equivalents at end of period	421	300
Indemnity
Indemnity's components of direct cash flows as included in the Consolidated Statements of Cash Flows
Management fee received	714	659
Service agreement fee received	15	15
Net investment income received	13	11
Limited partnership distributions	9	8
Decrease in reimbursements collected from affiliates	(10)	(13)
Commissions and bonuses paid to agents	(436)	(397)
Salaries and wages paid	(78)	(80)
Pension contribution and employee benefits paid	(28)	(29)
General operating expenses paid	(111)	(94)
Income taxes paid	(46)	(44)
Net cash provided by (used in) operating activities	42	36
Net cash provided by (used in) investing activities	6	57
Net cash provided by (used in) financing activities	(63)	(79)
Net increase (decrease) in cash and cash equivalents	(15)	14
Cash and cash equivalents at beginning of period	92	49
Cash and cash equivalents at end of period	$ 77	$ 63