Erie Indemnity (ERIE) 10-Q 29 Oct 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 16, 2015
Entity Registrant Name	ERIE INDEMNITY CO
Entity Central Index Key	922,621
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
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		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues
Premiums earned	$ 1,472	$ 1,355	$ 4,308	$ 3,962
Net investment income	120	115	360	335
Net realized investment (losses) gains	(292)	(85)	(243)	104
Net impairment losses recognized in earnings	(4)	(1)	(8)	(1)
Equity in earnings of limited partnerships	43	34	143	111
Other income	7	8	23	24
Total revenues	1,346	1,426	4,583	4,535
Benefits and expenses
Insurance losses and loss expenses	939	935	2,975	3,095
Policy acquisition and underwriting expenses	367	341	1,076	987
Total benefits and expenses	1,306	1,276	4,051	4,082
Income (loss) from operations before income taxes and noncontrolling interest	40	150	532	453
Provision for income taxes	7	42	166	133
Net income (loss)	33	108	366	320
Less: Net (loss) income attributable to noncontrolling interest in consolidated entity – Exchange	(17)	61	221	178
Net income attributable to Indemnity	50	47	145	142
Indemnity
Revenues
Net investment income	4	4	13	12
Net realized investment (losses) gains	0	0	0	1
Equity in earnings of limited partnerships	4	4	17	13
Benefits and expenses
Income (loss) from operations before income taxes and noncontrolling interest	75	70	220	214
Provision for income taxes	25	23	75	72
Net income (loss)			145
Net income attributable to Indemnity	$ 50	$ 47	$ 145	$ 142
Class A | Indemnity
Net income attributable to Indemnity per share
Common stock - basic (in dollars per share)	$ 1.06	$ 1.01	$ 3.10	$ 3.05
Common stock - diluted (in dollars per share)	$ 0.94	$ 0.90	$ 2.75	$ 2.71
Weighted average shares outstanding attributable to Indemnity - Basic
Common stock - basic (in shares)	46,189,068	46,189,068	46,189,068	46,267,694
Weighted average shares outstanding attributable to Indemnity - Diluted
Common stock - diluted (in shares)	52,602,083	52,387,164	52,599,783	52,465,790
Dividends declared per share
Common stock (in dollars per share)	$ 0.6810	$ 0.6350	$ 2.0430	$ 1.9050
Class B | Indemnity
Net income attributable to Indemnity per share
Common stock - basic (in dollars per share)	160	151	466	458
Common stock - diluted (in dollars per share)	$ 159	$ 151	$ 465	$ 457
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	$ 306.4500	$ 285.7500

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 33	$ 108	$ 366	$ 320
Other comprehensive (loss) income
Change in unrealized holding (losses) gains on available-for-sale securities, net of tax benefit (expense) of $22, $32, $66 and $(48), respectively	(40)	(59)	(123)	89
Reclassification adjustment for gross losses (gains) included in net income, net of tax (expense) benefit of $0, $1, $4 and $8, respectively	1	(4)	(6)	(15)
Other comprehensive (loss) income	(39)	(63)	(129)	74
Comprehensive (loss) income	(6)	45	237	394
Less: Comprehensive (loss) income attributable to noncontrolling interest in consolidated entity – Exchange	(55)	(1)	95	249
Total comprehensive income – Indemnity	$ 49	$ 46	$ 142	$ 145

CONSOLIDATED STATEMENTS OF COM4

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
Change in unrealized holding (losses) gains on available-for-sale securities, tax benefit (expense)	$ 22	$ 32	$ 66	$ (48)
Reclassification adjustment for gross losses (gains) included in net income, tax (expense) benefit	$ 0	$ 1	$ 4	$ 8

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Available-for-sale securities, at fair value:
Fixed maturities	$ 9,980	$ 9,571
Equity securities	740	875
Trading securities, at fair value	2,981	3,223
Limited partnerships	927	979
Other invested assets	22	21
Total investments	14,650	14,669
Cash and cash equivalents	618	514
Premiums receivable from policyholders	1,417	1,281
Reinsurance recoverable	162	161
Deferred income taxes	51	37
Deferred acquisition costs	656	595
Other assets	561	501
Total assets	18,115	17,758
Liabilities
Losses and loss expense reserves	3,923	3,853
Life policy and deposit contract reserves	1,848	1,812
Unearned premiums	3,109	2,834
Deferred income taxes	283	490
Total liabilities	9,990	9,775
Indemnity shareholders' equity
Total Indemnity shareholders' equity	750	703
Noncontrolling interest in consolidated entity - Exchange	7,375	7,280
Total equity	8,125	7,983
Total liabilities, shareholders' equity, and noncontrolling interest	18,115	17,758
Indemnity
Available-for-sale securities, at fair value:
Fixed maturities	588	564
Equity securities	20	25
Limited partnerships	95	113
Other invested assets	1	1
Total investments	704	703
Cash and cash equivalents	122	92
Deferred income taxes	51	37
Other assets	110	127
Total assets	1,397	1,319
Liabilities
Other liabilities	644	611
Total liabilities	647	616
Indemnity shareholders' equity
Additional paid-in-capital	16	16
Accumulated other comprehensive loss	(121)	(118)
Retained earnings	1,999	1,949
Total contributed capital and retained earnings	1,896	1,849
Treasury stock, at cost, 22,110,132 shares held	(1,146)	(1,146)
Total Indemnity shareholders' equity	750	703
Total equity	750	703
Total liabilities, shareholders' equity, and noncontrolling interest	1,397	1,319
Exchange
Available-for-sale securities, at fair value:
Fixed maturities	9,392	9,007
Equity securities	720	850
Trading securities, at fair value	2,981	3,223
Limited partnerships	832	866
Other invested assets	21	20
Total investments	13,946	13,966
Cash and cash equivalents	496	422
Premiums receivable from policyholders	1,417	1,281
Reinsurance recoverable	162	161
Deferred acquisition costs	656	595
Other assets	451	374
Total assets	17,128	16,799
Liabilities
Losses and loss expense reserves	3,923	3,853
Life policy and deposit contract reserves	1,848	1,812
Unearned premiums	3,109	2,834
Deferred income taxes	283	490
Other liabilities	183	175
Total liabilities	9,753	9,519
Indemnity shareholders' equity
Noncontrolling interest in consolidated entity - Exchange	7,375	7,280
Total equity	7,375	7,280
Total liabilities, shareholders' equity, and noncontrolling interest	17,128	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	Sep. 30, 2015	Dec. 31, 2014
Fixed maturities, amortized cost	$ 9,687
Cash and cash equivalents	618	$ 514
Other assets	561	501
Indemnity
Fixed maturities, amortized cost	581	555
Equity securities, cost	20	24
Limited partnerships, cost	77	89
Cash and cash equivalents	122	92
Other assets	$ 110	$ 127
Treasury stock (in shares)	22,110,132	22,110,132
Exchange
Fixed maturities, amortized cost	$ 9,106	$ 8,540
Equity securities, cost	681	788
Trading securities, cost	2,483	2,289
Limited partnerships, cost	649	694
Cash and cash equivalents	496	422
Other assets	$ 451	$ 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	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities
Premiums collected	$ 4,446	$ 4,106
Net investment income received	397	362
Limited partnership distributions	115	95
Service agreement fee received	23	23
Commissions and bonuses paid to agents	(633)	(576)
Losses paid	(2,428)	(2,438)
Loss expenses paid	(393)	(378)
Other underwriting and acquisition costs paid	(518)	(519)
Income taxes paid	(346)	(126)
Net cash provided by (used in) operating activities	663	549
Purchase of investments:
Fixed maturities	(2,201)	(1,825)
Preferred stock	(170)	(382)
Common stock	(897)	(766)
Limited partnerships	(101)	(82)
Sales/maturities of investments:
Fixed maturity sales	859	490
Fixed maturity calls/maturities	742	685
Preferred stock	250	331
Common stock	912	944
Sale of and returns on limited partnerships	176	100
Net purchase of property and equipment	(45)	(29)
Net collections on agent loans	1	2
Net distributions on life policy loans	(1)	(1)
Net cash provided by (used in) investing activities	(475)	(533)
Cash flows from financing activities
Annuity deposits and interest	58	66
Annuity surrenders and withdrawals	(64)	(62)
Universal life deposits and interest	27	25
Universal life surrenders	(10)	(9)
Purchase of treasury stock	0	(20)
Dividends paid to shareholders	(95)	(89)
Net cash provided by (used in) financing activities	(84)	(89)
Net increase (decrease) in cash and cash equivalents	104	(73)
Cash and cash equivalents at beginning of period	514	452
Cash and cash equivalents at end of period	$ 618	$ 379

Nature of Operations

Nature of Operations	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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 nine months ended September 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. This guidance changed the conditions to be met in determining if a reporting entity has a variable interest in a legal entity. In accordance with the new accounting guidance, Indemnity is not deemed to have a variable interest in the Exchange as the fees paid for services provided to the Exchange no longer represent a variable interest. The compensation received from Indemnity’s attorney-in-fact fee arrangement with the subscribers is for services provided by Indemnity acting in its role as attorney-in-fact and is commensurate with the level of effort required to perform those services. Under the previously issued accounting guidance, Indemnity was deemed to have a variable interest and was the primary beneficiary of the Exchange and the Exchange’s financial position and operating results were consolidated with Indemnity. Following adoption of the new accounting guidance, the Exchange’s results are no longer required to be consolidated with Indemnity. Indemnity will adopt the amended guidance on a retrospective basis effective with our Form 10-K for the annual period ending December 31, 2015. Given the materiality of the Exchange’s operations, no longer consolidating the Exchange’s financial statements with Indemnity’s will materially change our reporting entity’s assets, liabilities, revenues, expenses, related footnote disclosures and the overall presentation of management’s discussion and analysis. As the Exchange’s equity is currently shown as a noncontrolling interest, the net income and equity attributable to the shareholders will be unchanged by this presentation. 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 will implement these amended disclosure requirements at December 31, 2015. In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers" . ASU 2014-09 clarifies the principles for recognizing revenue and provides a common revenue standard for GAAP. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Insurance contracts are not within the scope of this guidance. In August 2015, ASU 2015-14, "Revenue from Contracts with Customers", deferred the effective date of ASU 2014-09 to annual and interim reporting periods beginning after December 15, 2017. Earlier application is permitted only as of annual and interim reporting periods beginning after December 15, 2016. We do not expect the adoption of ASU 2014-09 related to the management fee and service agreement revenue to have a material impact on our consolidated financial statements.

Indemnity Earnings Per Share

Indemnity Earnings Per Share	9 Months Ended
	Sep. 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 September 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 $ 50 46,189,068 $ 1.06 $ 47 46,189,068 $ 1.01 Dilutive effect of stock-based awards 0 312,215 — 0 97,296 — 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 $ 50 52,602,083 $ 0.94 $ 47 52,387,164 $ 0.90 Class B – Basic EPS: Income available to Class B stockholders $ 1 2,542 $ 160 $ 0 2,542 $ 151 Class B – Diluted EPS: Income available to Class B stockholders $ 1 2,542 $ 159 $ 0 2,542 $ 151 Indemnity Shareholder Interest (dollars in millions, except per share data) Nine months ended September 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 $ 144 46,189,068 $ 3.10 $ 141 46,267,694 $ 3.05 Dilutive effect of stock-based awards 0 309,915 — 0 97,296 — 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 $ 145 52,599,783 $ 2.75 $ 142 52,465,790 $ 2.71 Class B – Basic EPS: Income available to Class B stockholders $ 1 2,542 $ 466 $ 1 2,542 $ 458 Class B – Diluted EPS: Income available to Class B stockholders $ 1 2,542 $ 465 $ 1 2,542 $ 457

Variable Interest Entity

Variable Interest Entity	9 Months Ended
	Sep. 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 September 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. See discussion of recently issued accounting standards in Note 2, "Significant Accounting Policies" for the impact of the updated consolidation guidance (ASU 2015-02) on our reporting entity.

Segment Information

Segment Information	9 Months Ended
	Sep. 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 third quarters of 2015 and 2014 , investment activities on life insurance related assets generated revenues of $24 million and $26 million , respectively, resulting in EFL reporting income before income taxes of $11 million and $10 million , respectively, before intercompany eliminations. For the nine months ended September 30, 2015 and 2014 , investment activities on life insurance related assets generated revenues of $74 million and $79 million , respectively, resulting in EFL reporting income before income taxes of $34 million and $33 million , respectively, 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 September 30, 2015 Management operations Property and casualty insurance operations Life insurance operations Investment operations Eliminations Consolidated Premiums earned/life policy revenue $ 1,447 $ 25 $ 0 $ 1,472 Net investment income $ 123 (3 ) 120 Net realized investment losses (292 ) (292 ) Net impairment losses recognized in earnings (4 ) (4 ) Equity in earnings of limited partnerships 43 43 Management fee revenue $ 389 (389 ) — Service agreement and other revenue 7 0 7 Total revenues 396 1,447 25 (130 ) (392 ) 1,346 Cost of management operations 328 (328 ) — Insurance losses and loss expenses 912 28 (1 ) 939 Policy acquisition and underwriting expenses 420 10 (63 ) 367 Total benefits and expenses 328 1,332 38 — (392 ) 1,306 Income (loss) before income taxes 68 115 (13 ) (130 ) — 40 Provision for income taxes 24 40 (5 ) (52 ) — 7 Net income (loss) $ 44 $ 75 $ (8 ) $ (78 ) $ — $ 33 Erie Insurance Group (in millions) Three months ended September 30, 2014 Management operations Property and casualty insurance operations Life insurance operations Investment operations Eliminations Consolidated Premiums earned/life policy revenue $ 1,333 $ 22 $ 0 $ 1,355 Net investment income $ 118 (3 ) 115 Net realized investment losses (85 ) (85 ) Net impairment losses recognized in earnings (1 ) (1 ) Equity in earnings of limited partnerships 34 34 Management fee revenue $ 362 (362 ) — Service agreement and other revenue 8 0 8 Total revenues 370 1,333 22 66 (365 ) 1,426 Cost of management operations 308 (308 ) — Insurance losses and loss expenses 908 28 (1 ) 935 Policy acquisition and underwriting expenses 387 10 (56 ) 341 Total benefits and expenses 308 1,295 38 — (365 ) 1,276 Income (loss) before income taxes 62 38 (16 ) 66 — 150 Provision for income taxes 22 13 (5 ) 12 — 42 Net income (loss) $ 40 $ 25 $ (11 ) $ 54 $ — $ 108 Erie Insurance Group (in millions) Nine months ended September 30, 2015 Management operations Property and casualty insurance operations Life insurance operations Investment operations Eliminations Consolidated Premiums earned/life policy revenue $ 4,239 $ 69 $ 0 $ 4,308 Net investment income $ 369 (9 ) 360 Net realized investment losses (243 ) (243 ) Net impairment losses recognized in earnings (8 ) (8 ) Equity in earnings of limited partnerships 143 143 Management fee revenue $ 1,127 (1,127 ) — Service agreement and other revenue 22 1 23 Total revenues 1,149 4,239 70 261 (1,136 ) 4,583 Cost of management operations 958 (958 ) — Insurance losses and loss expenses 2,897 81 (3 ) 2,975 Policy acquisition and underwriting expenses 1,222 29 (175 ) 1,076 Total benefits and expenses 958 4,119 110 — (1,136 ) 4,051 Income (loss) before income taxes 191 120 (40 ) 261 — 532 Provision for income taxes 67 42 (14 ) 71 — 166 Net income (loss) $ 124 $ 78 $ (26 ) $ 190 $ — $ 366 Erie Insurance Group (in millions) Nine months ended September 30, 2014 Management operations Property and casualty insurance operations Life insurance operations Investment operations Eliminations Consolidated Premiums earned/life policy revenue $ 3,899 $ 64 $ (1 ) $ 3,962 Net investment income $ 346 (11 ) 335 Net realized investment gains 104 104 Net impairment losses recognized in earnings (1 ) (1 ) Equity in earnings of limited partnerships 111 111 Management fee revenue $ 1,047 (1,047 ) — Service agreement and other revenue 23 1 24 Total revenues 1,070 3,899 65 560 (1,059 ) 4,535 Cost of management operations 882 (882 ) — Insurance losses and loss expenses 3,016 83 (4 ) 3,095 Policy acquisition and underwriting expenses 1,132 28 (173 ) 987 Total benefits and expenses 882 4,148 111 — (1,059 ) 4,082 Income (loss) before income taxes 188 (249 ) (46 ) 560 — 453 Provision for income taxes 66 (87 ) (16 ) 170 — 133 Net income (loss) $ 122 $ (162 ) $ (30 ) $ 390 $ — $ 320

Fair Value

Fair Value	9 Months Ended
	Sep. 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 September 30, 2015 : Erie Insurance Group September 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 $ 237 $ 0 $ 237 $ 0 Corporate debt securities 245 0 245 0 Residential mortgage-backed securities 11 0 11 0 Commercial mortgage-backed securities 44 0 44 0 Collateralized debt obligations 46 0 41 5 Other debt securities 5 0 5 0 Total fixed maturities 588 0 583 5 Nonredeemable preferred stock 8 1 7 0 Common stock 12 12 0 0 Total available-for-sale securities 608 13 590 5 Other investments (1) 5 0 0 5 Total – Indemnity $ 613 $ 13 $ 590 $ 10 Exchange Available-for-sale securities: U.S. treasury $ 8 $ 0 $ 8 $ 0 Government sponsored enterprises 4 0 4 0 States & political subdivisions 1,476 0 1,476 0 Foreign government securities 86 0 86 0 Corporate debt securities 7,657 0 7,544 113 Residential mortgage-backed securities 30 0 30 0 Commercial mortgage-backed securities 29 0 29 0 Collateralized debt obligations 11 0 11 0 Other debt securities 91 0 80 11 Total fixed maturities 9,392 0 9,268 124 Nonredeemable preferred stock 623 310 307 6 Common stock 97 97 0 0 Total available-for-sale securities 10,112 407 9,575 130 Trading securities: Common stock 2,981 2,968 0 13 Total trading securities 2,981 2,968 0 13 Other investments (1) 48 0 0 48 Total – Exchange $ 13,141 $ 3,375 $ 9,575 $ 191 Total – Erie Insurance Group $ 13,754 $ 3,388 $ 10,165 $ 201 % of total assets at fair value 100.0 % 24.6 % 73.9 % 1.5 % (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 September 30, 2015 . During the nine months ended September 30, 2015 , Indemnity made no contributions and received distributions totaling $3.1 million , and the Exchange made no contributions and received distributions totaling $28.4 million for these investments. As of September 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 June 30, 2015 Included in earnings (1) Included income Purchases Sales Transfers Level 3 Ending balance at September 30, 2015 Indemnity Available-for-sale securities: Corporate debt securities $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Collateralized debt obligations 1 0 0 4 0 0 5 Total fixed maturities 1 0 0 4 0 0 5 Total available-for-sale securities 1 0 0 4 0 0 5 Other investments 6 1 0 0 (2 ) 0 5 Total Level 3 assets – Indemnity $ 7 $ 1 $ 0 $ 4 $ (2 ) $ 0 $ 10 Exchange Available-for-sale securities: Corporate debt securities $ 74 $ 0 $ (2 ) $ 41 $ (1 ) $ 1 $ 113 Other debt securities 11 0 0 0 0 0 11 Total fixed maturities 85 0 (2 ) 41 (1 ) 1 124 Nonredeemable preferred stock 1 0 0 0 0 5 6 Total available-for-sale securities 86 0 (2 ) 41 (1 ) 6 130 Trading securities: Common stock 13 0 0 0 0 0 13 Total trading securities 13 0 0 0 0 0 13 Other investments 53 2 0 0 (7 ) 0 48 Total Level 3 assets – Exchange $ 152 $ 2 $ (2 ) $ 41 $ (8 ) $ 6 $ 191 Total Level 3 assets – Erie Insurance Group $ 159 $ 3 $ (2 ) $ 45 $ (10 ) $ 6 $ 201 (1) These amounts are reported in the Consolidated Statement of Operations. There is $3 million included in equity in earnings of limited partnerships for the three months ended September 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 3 to Level 2 for the three months ended September 30, 2015 . Level 2 to Level 3 transfers totaled $0.1 million for one fixed maturity holding due to the use of unobservable inputs to determine the fair value at September 30, 2015 . For the Exchange, there were no transfers between Level 1 and Level 2 or from Level 3 to Level 2 for the three months ended September 30, 2015 . Level 2 to Level 3 transfers totaled $6 million for two fixed maturity holdings and one preferred stock holding due to the use of unobservable inputs to determine the fair value at September 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 September 30, 2015 Indemnity Available-for-sale securities: Corporate debt securities $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Collateralized debt obligations 0 0 0 5 0 0 5 Total fixed maturities 0 0 0 5 0 0 5 Total available-for-sale securities 0 0 0 5 0 0 5 Other investments 8 0 0 0 (3 ) 0 5 Total Level 3 assets – Indemnity $ 8 $ 0 $ 0 $ 5 $ (3 ) $ 0 $ 10 Exchange Available-for-sale securities: Corporate debt securities $ 87 $ 0 $ (7 ) $ 68 $ (3 ) $ (32 ) $ 113 Other debt securities 12 0 0 0 0 (1 ) 11 Total fixed maturities 99 0 (7 ) 68 (3 ) (33 ) 124 Nonredeemable preferred stock 1 0 0 0 0 5 6 Total available-for-sale securities 100 0 (7 ) 68 (3 ) (28 ) 130 Trading securities: Common stock 15 (2 ) 0 0 0 0 13 Total trading securities 15 (2 ) 0 0 0 0 13 Other investments 71 5 0 0 (28 ) 0 48 Total Level 3 assets – Exchange $ 186 $ 3 $ (7 ) $ 68 $ (31 ) $ (28 ) $ 191 Total Level 3 assets – Erie Insurance Group $ 194 $ 3 $ (7 ) $ 73 $ (34 ) $ (28 ) $ 201 (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 $5 million included in equity in earnings of limited partnerships for the nine months ended September 30, 2015 on Level 3 securities. For Indemnity, there were no transfers between Level 1 and Level 2 for the nine months ended September 30, 2015 . Level 2 to Level 3 transfers totaled $0.1 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 $0.1 million for one fixed maturity holding as a result of using observable market data to determine the fair value at September 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 nine months ended September 30, 2015 . Level 2 to Level 3 transfers totaled $8 million for five fixed maturity holdings and one preferred stock holding 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 market data to determine the fair value at September 30, 2015 . Level 3 Assets – Quarterly Change: Erie Insurance Group (in millions) Beginning balance at June 30, 2014 Included in earnings (1) Included in other comprehensive income Purchases Sales Transfers Level 3 Ending balance at September 30, 2014 Indemnity Available-for-sale securities: Corporate debt securities $ 1 $ 0 $ 0 $ 0 $ 0 $ 0 $ 1 Commercial mortgage-backed securities 0 0 0 3 0 0 3 Collateralized debt obligations 0 0 0 0 0 0 0 Total fixed maturities 1 0 0 3 0 0 4 Total available-for-sale securities 1 0 0 3 0 0 4 Other investments 18 1 0 0 0 0 19 Total Level 3 assets – Indemnity $ 19 $ 1 $ 0 $ 3 $ 0 $ 0 $ 23 Exchange Available-for-sale securities: Corporate debt securities $ 25 $ 0 $ (1 ) $ 25 $ (1 ) $ 23 $ 71 Collateralized debt obligations 0 0 0 0 0 0 0 Other debt securities 0 0 0 0 0 2 2 Total fixed maturities 25 0 (1 ) 25 (1 ) 25 73 Nonredeemable preferred stock 1 0 0 0 0 7 8 Total available-for-sale securities 26 0 (1 ) 25 (1 ) 32 81 Trading securities: Common stock 15 0 0 0 0 0 15 Total trading securities 15 0 0 0 0 0 15 Other investments 102 4 0 0 (3 ) 0 103 Total Level 3 assets – Exchange $ 143 $ 4 $ (1 ) $ 25 $ (4 ) $ 32 $ 199 Total Level 3 assets – Erie Insurance Group $ 162 $ 5 $ (1 ) $ 28 $ (4 ) $ 32 $ 222 (1) These amounts are reported in the Consolidated Statement of Operations. There is $5 million included in equity in earnings of limited partnerships for the three months ended September 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 September 30, 2014 . For the Exchange, there were no Level 1 to Level 2 transfers, and Level 2 to Level 1 transfers totaled $25 million due to trading activity levels for three preferred stock holdings for the three months ended September 30, 2014 . Level 2 to Level 3 transfers totaled $43 million for seven fixed maturity holdings and one preferred stock holding due to the use of unobservable inputs to determine the fair value. Level 3 to Level 2 transfers totaled $11 million for one fixed maturity holding due to the use of observable market data to determine the fair value at September 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 September 30, 2014 Indemnity Available-for-sale securities: Corporate debt securities $ 1 $ 0 $ 0 $ 0 $ 0 $ 0 $ 1 Commercial mortgage-backed securities 0 0 0 3 0 0 3 Collateralized debt obligations 1 0 0 0 (1 ) 0 0 Total fixed maturities 2 0 0 3 (1 ) 0 4 Total available-for-sale securities 2 0 0 3 (1 ) 0 4 Other investments 18 3 0 0 (2 ) 0 19 Total Level 3 assets – Indemnity $ 20 $ 3 $ 0 $ 3 $ (3 ) $ 0 $ 23 Exchange Available-for-sale securities: Corporate debt securities $ 26 $ 0 $ (1 ) $ 25 $ (2 ) $ 23 $ 71 Collateralized debt obligations 5 1 (1 ) 0 (3 ) (2 ) 0 Other debt securities 0 0 0 0 0 2 2 Total fixed maturities 31 1 (2 ) 25 (5 ) 23 73 Nonredeemable preferred stock 0 0 0 1 0 7 8 Total available-for-sale securities 31 1 (2 ) 26 (5 ) 30 81 Trading securities: Common stock 15 0 0 0 0 0 15 Total trading securities 15 0 0 0 0 0 15 Other investments 98 15 0 0 (10 ) 0 103 Total Level 3 assets – Exchange $ 144 $ 16 $ (2 ) $ 26 $ (15 ) $ 30 $ 199 Total Level 3 assets – Erie Insurance Group $ 164 $ 19 $ (2 ) $ 29 $ (18 ) $ 30 $ 222 (1) These amounts are reported in the Consolidated Statement of Operations. There is $1 million included in net realized investment gains (losses) and $18 million included in equity in earnings of limited partnerships for the nine months ended September 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 nine months ended September 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 Level 2 to Level 1 transfers totaled $25 million due to trading activity levels for three preferred stock holdings for the nine months ended September 30, 2014 . Level 2 to Level 3 transfers totaled $43 million for seven fixed maturity holdings and one preferred stock holding due to the use of unobservable inputs to determine the fair value. Level 3 to Level 2 transfers totaled $13 million for two fixed maturity holdings due to the use of observable market data to determine the fair value at September 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 $5 million for Indemnity and $122 million for the Exchange at September 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 $5 million for Indemnity and $48 million for the Exchange at September 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 September 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 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 September 30, 2015 : Erie Insurance Group (in millions) September 30, 2015 Total Level 1 Level 2 Level 3 Indemnity Fixed maturities: Priced via pricing services $ 580 $ 0 $ 580 $ 0 Priced via market comparables/broker quotes (1) 8 0 3 5 Total fixed maturities 588 0 583 5 Nonredeemable preferred stock: Priced via pricing services 8 1 7 0 Total nonredeemable preferred stock 8 1 7 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) 5 0 0 5 Total other investments 5 0 0 5 Total – Indemnity $ 613 $ 13 $ 590 $ 10 Exchange Fixed maturities: Priced via pricing services (1) $ 9,237 $ 0 $ 9,226 $ 11 Priced via market comparables/broker quotes (1) 148 0 42 106 Priced via internal modeling 7 0 0 7 Total fixed maturities 9,392 0 9,268 124 Nonredeemable preferred stock: Priced via pricing services 617 310 307 0 Priced via market comparables/broker quotes (1) 5 0 0 5 Priced via internal modeling 1 0 0 1 Total nonredeemable preferred stock 623 310 307 6 Common stock: Priced via pricing services 3,065 3,065 0 0 Priced via internal modeling 13 0 0 13 Total common stock 3,078 3,065 0 13 Other investments: Priced via unobservable inputs (2) 48 0 0 48 Total other investments 48 0 0 48 Total – Exchange $ 13,141 $ 3,375 $ 9,575 $ 191 Total – Erie Insurance Group $ 13,754 $ 3,388 $ 10,165 $ 201 (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 nine months ended September 30, 2015 .

Investments

Investments	9 Months Ended
	Sep. 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 September 30, 2015 : Erie Insurance Group September 30, 2015 (in millions) Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Indemnity Available-for-sale securities: States & political subdivisions $ 226 $ 11 $ 0 $ 237 Corporate debt securities 248 1 4 245 Residential mortgage-backed securities 11 0 0 11 Commercial mortgage-backed securities 45 0 1 44 Collateralized debt obligations 46 0 0 46 Other debt securities 5 0 0 5 Total fixed maturities 581 12 5 588 Nonredeemable preferred stock 7 1 0 8 Common stock 13 0 1 12 Total available-for-sale securities – Indemnity $ 601 $ 13 $ 6 $ 608 Exchange Available-for-sale securities: U.S. treasury $ 8 $ 0 $ 0 $ 8 Government sponsored enterprises 3 1 0 4 States & political subdivisions 1,402 75 1 1,476 Foreign government securities 91 0 5 86 Corporate debt securities 7,450 314 107 7,657 Residential mortgage-backed securities 30 0 0 30 Commercial mortgage-backed securities 28 1 0 29 Collateralized debt obligations 6 5 0 11 Other debt securities 88 3 0 91 Total fixed maturities 9,106 399 113 9,392 Nonredeemable preferred stock 585 43 5 623 Common stock 96 2 1 97 Total available-for-sale securities – Exchange $ 9,787 $ 444 $ 119 $ 10,112 Total available-for-sale securities – Erie Insurance Group $ 10,388 $ 457 $ 125 $ 10,720 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 September 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 September 30, 2015 (in millions) Amortized Estimated cost fair value Indemnity Due in one year or less $ 68 $ 68 Due after one year through five years 261 261 Due after five years through ten years 161 165 Due after ten years 91 94 Total fixed maturities – Indemnity $ 581 $ 588 Exchange Due in one year or less $ 432 $ 438 Due after one year through five years 3,364 3,524 Due after five years through ten years 3,849 3,909 Due after ten years 1,461 1,521 Total fixed maturities – Exchange $ 9,106 $ 9,392 Total fixed maturities – Erie Insurance Group $ 9,687 $ 9,980 Available-for-sale securities in a gross unrealized loss position at September 30, 2015 are as follows. Data is provided by length of time for securities in a gross unrealized loss position. Erie Insurance Group September 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 $ 4 $ 0 $ 0 $ 0 $ 4 $ 0 2 Corporate debt securities 134 1 17 3 151 4 292 Residential mortgage-backed securities 2 0 1 0 3 0 4 Commercial mortgage-backed securities 16 0 23 1 39 1 26 Collateralized debt obligations 22 0 7 0 29 0 15 Other debt securities 5 0 0 0 5 0 3 Total fixed maturities 183 1 48 4 231 5 342 Nonredeemable preferred stock 3 0 0 0 3 0 2 Common stock 13 1 0 0 13 1 1 Total available-for-sale securities – Indemnity $ 199 $ 2 $ 48 $ 4 $ 247 $ 6 345 Quality breakdown of fixed maturities: Investment grade $ 131 $ 0 $ 35 $ 1 $ 166 $ 1 80 Non-investment grade 52 1 13 3 65 4 262 Total fixed maturities – Indemnity $ 183 $ 1 $ 48 $ 4 $ 231 $ 5 342 Exchange Available-for-sale securities: U.S. treasury $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 1 States & political subdivisions 75 1 5 0 80 1 20 Foreign government securities 77 5 0 0 77 5 51 Corporate debt securities 1,951 84 151 23 2,102 107 987 Residential mortgage-backed securities 0 0 13 0 13 0 3 Other debt securities 6 0 7 0 13 0 4 Total fixed maturities 2,109 90 176 23 2,285 113 1,066 Nonredeemable preferred stock 146 4 24 1 170 5 29 Common stock 31 1 0 0 31 1 1 Total available-for-sale securities – Exchange $ 2,286 $ 95 $ 200 $ 24 $ 2,486 $ 119 1,096 Quality breakdown of fixed maturities: Investment grade $ 1,521 $ 62 $ 109 $ 9 $ 1,630 $ 71 434 Non-investment grade 588 28 67 14 655 42 632 Total fixed maturities – Exchange $ 2,109 $ 90 $ 176 $ 23 $ 2,285 $ 113 1,066 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 September 30, Nine months ended September 30, 2015 2014 2015 2014 Indemnity Fixed maturities $ 4 $ 4 $ 12 $ 10 Equity securities 1 0 1 1 Cash equivalents and other 0 0 1 1 Total investment income 5 4 14 12 Less: investment expenses 1 0 1 0 Investment income, net of expenses – Indemnity $ 4 $ 4 $ 13 $ 12 Exchange Fixed maturities $ 97 $ 90 $ 287 $ 261 Equity securities 29 30 91 89 Cash equivalents and other 1 0 2 1 Total investment income 127 120 380 351 Less: investment expenses 11 9 33 28 Investment income, net of expenses – Exchange $ 116 $ 111 $ 347 $ 323 Investment income, net of expenses – Erie Insurance Group $ 120 $ 115 $ 360 $ 335 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 September 30, Nine months ended September 30, 2015 2014 2015 2014 Indemnity Available-for-sale securities: Fixed maturities: Gross realized gains $ 0 $ 0 $ 0 $ 0 Gross realized losses (1 ) 0 (1 ) 0 Net realized (losses) gains (1 ) 0 (1 ) 0 Equity securities: Gross realized gains 1 0 1 1 Gross realized losses 0 0 0 0 Net realized gains 1 0 1 1 Net realized investment gains – Indemnity $ 0 $ 0 $ 0 $ 1 Exchange Available-for-sale securities: Fixed maturities: Gross realized gains $ 4 $ 8 $ 17 $ 18 Gross realized losses (9 ) (2 ) (17 ) (3 ) Net realized (losses) gains (5 ) 6 0 15 Equity securities: Gross realized gains 7 0 18 10 Gross realized losses 0 0 (1 ) (2 ) Net realized gains 7 0 17 8 Trading securities: Common stock: Gross realized gains 52 89 218 211 Gross realized losses (19 ) (5 ) (42 ) (15 ) (Decreases) increases in fair value (1) (327 ) (175 ) (436 ) (116 ) Net realized (losses) gains (294 ) (91 ) (260 ) 80 Net realized investment (losses) gains – Exchange $ (292 ) $ (85 ) $ (243 ) $ 103 Net realized investment (losses) gains – Erie Insurance Group $ (292 ) $ (85 ) $ (243 ) $ 104 (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 $0.5 million for the third quarter, and $0.6 million for the nine months ended September 30, 2015, compared to less than $0.1 million for the third quarter and $0.1 million for the nine months ended September 30, 2014. Net impairment losses recorded in earnings for the Exchange were $3 million for the third quarter, and $7 million for the nine months ended September 30, 2015, compared to $1 million for both the third quarter and the nine months ended September 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 September 30, 2015 are comprised of partnership financial results for the fourth quarter of 2014 and the first two quarters of 2015 . Given the lag in reporting, our limited partnership results do not reflect the market conditions of the third 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: Erie Insurance Group (in millions) Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Indemnity Equity in earnings of limited partnerships accounted for under the equity method $ 3 $ 3 $ 17 $ 10 Change in fair value of limited partnerships accounted for under the fair value option 1 1 0 3 Equity in earnings of limited partnerships – Indemnity $ 4 $ 4 $ 17 $ 13 Exchange Equity in earnings of limited partnerships accounted for under the equity method $ 37 $ 26 $ 121 $ 83 Change in fair value of limited partnerships accounted for under the fair value option 2 4 5 15 Equity in earnings of limited partnerships – Exchange $ 39 $ 30 $ 126 $ 98 Equity in earnings of limited partnerships – Erie Insurance Group $ 43 $ 34 $ 143 $ 111 We have provided summarized financial information in the following tables for the nine months ended September 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 September 30, 2015 include partnership financial results for the fourth quarter of 2014 and the first two quarters of 2015 . Erie Insurance Group As of and for the nine months ended September 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 $ 23 $ (2 ) $ 2 Greater than or equal to 10% but less than 50% 3 28 11 2 Total private equity 27 51 9 4 Mezzanine debt: Less than 10% 10 8 0 1 Greater than or equal to 10% but less than 50% 3 5 0 1 Greater than 50% 1 0 0 0 Total mezzanine debt 14 13 0 2 Real estate: Less than 10% 11 21 (11 ) 11 Greater than or equal to 10% but less than 50% 2 4 (6 ) 6 Greater than 50% 2 6 2 0 Total real estate 15 31 (15 ) 17 Total limited partnerships – Indemnity 56 $ 95 $ (6 ) $ 23 Exchange Private equity: Less than 10% 43 $ 306 $ 5 $ 32 Greater than or equal to 10% but less than 50% 3 112 45 8 Total private equity 46 418 50 40 Mezzanine debt: Less than 10% 21 115 (4 ) 13 Greater than or equal to 10% but less than 50% 4 24 1 2 Greater than 50% 3 27 1 2 Total mezzanine debt 28 166 (2 ) 17 Real estate: Less than 10% 27 178 (25 ) 34 Greater than or equal to 10% but less than 50% 4 45 (16 ) 19 Greater than 50% 2 25 8 1 Total real estate 33 248 (33 ) 54 Total limited partnerships – Exchange 107 $ 832 $ 15 $ 111 Total limited partnerships – Erie Insurance Group $ 927 $ 9 $ 134 Per the limited partnership financial statements, total partnership assets were $41 billion and total partnership liabilities were $4 billion at September 30, 2015 (as recorded in the June 30, 2015 limited partnership financial statements). For the nine month period comparable to that presented in the preceding table (fourth quarter of 2014 and first two quarters of 2015), total partnership valuation adjustment gains were $0.5 billion and total partnership net income was $5 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	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Bank Line of Credit	Note 8. Bank Line of Credit As of September 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 September 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 September 30, 2015 . Bonds with a fair value of $111 million were pledged as collateral on the line at September 30, 2015 . On October 28, 2015, Indemnity extended the maturity date of the revolving credit facility to November 3, 2020 . As of September 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 September 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 September 30, 2015 . Bonds with a fair value of $326 million were pledged as collateral on the line at September 30, 2015 . On October 28, 2015, the Exchange amended the bank revolving line of credit to $400 million and extended the maturity date to October 28, 2020 . The increase in the line of credit to $400 million was driven by both favorable credit market conditions and increased need based on Exchange's growth in business. 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 September 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 September 30, 2015 .

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Note 9. Income Taxes At September 30, 2015 , we recorded a net deferred tax liability of $232 million on our Consolidated Statements of Financial Position. Of this amount, $51 million is a net deferred tax asset attributable to Indemnity and $283 million is a net deferred tax liability attributable to the Exchange. There was no deferred tax valuation allowance recorded at September 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	9 Months Ended
	Sep. 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 57% 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 September 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 September 30, Nine months ended September 30, 2015 2014 2015 2014 Service cost for benefits earned $ 8 $ 6 $ 23 $ 17 Interest cost on benefits obligation 8 7 23 21 Expected return on plan assets (9 ) (8 ) (27 ) (24 ) Prior service cost amortization 0 0 1 1 Net actuarial loss amortization 3 2 10 5 Pension plan cost (1) $ 10 $ 7 $ 30 $ 20 (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	9 Months Ended
	Sep. 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 nine months ended September 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 September 30, 2015 .

Indemnity Accumulated Other Com

Indemnity Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 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 nine months ended September 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 ) 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 (3 ) 0 (3 ) 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 (3 ) 0 (3 ) Balance at September 30, 2015 $ 4 $ (125 ) $ (121 ) (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 September 30, Nine months ended September 30, (in millions) 2015 2014 2015 2014 Unrealized holding gains (losses) on available-for-sale securities: Net realized investment gains $ 2 $ 6 $ 17 $ 24 Net impairment losses recognized in earnings (4 ) (1 ) (8 ) (1 ) (Loss) income from operations before income taxes and noncontrolling interest (2 ) 5 9 23 Provision for income taxes (1 ) 1 3 8 Net (loss) income (1 ) 4 6 15 Less: Net (loss) income attributable to noncontrolling interest in consolidated entity – Exchange (1 ) 4 6 14 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	9 Months Ended
	Sep. 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 nine months ended September 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 145 221 366 Change in accumulated other comprehensive income (loss), net of tax (3 ) (126 ) (129 ) Dividends declared: Class A $2.043 per share (94 ) — (94 ) Class B $306.45 per share (1 ) — (1 ) Balance at September 30, 2015 $ 750 $ 7,375 $ 8,125

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 14. Commitments and Contingencies Indemnity has contractual commitments to invest up to $20 million related to its limited partnership investments at September 30, 2015 . These commitments are split among private equity securities of $8 million , mezzanine debt securities of $8 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 September 30, 2015 . These commitments are split among private equity securities of $124 million , mezzanine debt securities of $208 million , and real estate activities of $195 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	9 Months Ended
	Sep. 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 September 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 $ 588 $ 9,392 $ — $ 9,980 Equity securities 20 720 — 740 Trading securities, at fair value — 2,981 — 2,981 Limited partnerships 95 832 — 927 Other invested assets 1 21 — 22 Total investments 704 13,946 — 14,650 Cash and cash equivalents 122 496 — 618 Premiums receivable from policyholders — 1,417 — 1,417 Reinsurance recoverable — 162 — 162 Deferred income tax asset 51 — — 51 Deferred acquisition costs — 656 — 656 Other assets 110 451 — 561 Receivables from the Exchange and other affiliates 385 — (385 ) — Note receivable from EFL 25 — (25 ) — Total assets $ 1,397 $ 17,128 $ (410 ) $ 18,115 Liabilities Losses and loss expense reserves $ — $ 3,923 $ — $ 3,923 Life policy and deposit contract reserves — 1,848 — 1,848 Unearned premiums — 3,109 — 3,109 Deferred income tax liability — 283 — 283 Other liabilities 647 590 (410 ) 827 Total liabilities 647 9,753 (410 ) 9,990 Shareholders’ equity and noncontrolling interest Total Indemnity shareholders’ equity 750 — — 750 Noncontrolling interest in consolidated entity – Exchange — 7,375 — 7,375 Total equity 750 7,375 — 8,125 Total liabilities, shareholders’ equity, and noncontrolling interest $ 1,397 $ 17,128 $ (410 ) $ 18,115 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 $381 million and $331 million at September 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 September 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 nine months ended September 30, 2015 and 2014 , Indemnity recognized interest income on the note of $1.3 million . Income attributable to Indemnity shareholder interest Indemnity Shareholder Interest ( in millions) Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Management operations: Management fee revenue, net $ 389 $ 362 $ 1,127 $ 1,047 Service agreement revenue 7 8 22 23 Total revenue from management operations 396 370 1,149 1,070 Cost of management operations 328 308 958 882 Income from management operations before taxes 68 62 191 188 Investment operations: Net investment income 4 4 13 12 Net realized investment gains 0 0 0 1 Net impairment losses recognized in earnings (1 ) 0 (1 ) 0 Equity in earnings of limited partnerships 4 4 17 13 Income from investment operations before taxes 7 8 29 26 Income from operations before income taxes 75 70 220 214 Provision for income taxes 25 23 75 72 Net income attributable to Indemnity $ 50 $ 47 $ 145 $ 142 Indemnity’s components of direct cash flows as included in the Consolidated Statements of Cash Flows Indemnity Shareholder Interest (in millions) Nine months ended September 30, 2015 2014 Management fee received $ 1,094 $ 1,011 Service agreement fee received 23 23 Net investment income received 19 16 Limited partnership distributions 12 12 Decrease in reimbursements collected from affiliates (17 ) (7 ) Commissions and bonuses paid to agents (633 ) (576 ) Salaries and wages paid (115 ) (116 ) Pension contribution and employee benefits paid (34 ) (42 ) General operating expenses paid (144 ) (140 ) Income taxes paid (74 ) (70 ) Net cash provided by operating activities 131 111 Net cash used in investing activities (6 ) (6 ) Net cash used in financing activities (95 ) (109 ) Net increase (decrease) in cash and cash equivalents 30 (4 ) Cash and cash equivalents at beginning of period 92 49 Cash and cash equivalents at end of period $ 122 $ 45

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	Note 16. Subsequent Events Other than Indemnity and the Exchange amending their respective bank revolving lines of credit on October 28, 2015, as discussed in Note 8. "Bank Line of Credit," no items were identified in this period subsequent to the financial statement date that required adjustment or additional disclosure.

Significant Accounting Polici24

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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 nine months ended September 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.
Recently issued 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. This guidance changed the conditions to be met in determining if a reporting entity has a variable interest in a legal entity. In accordance with the new accounting guidance, Indemnity is not deemed to have a variable interest in the Exchange as the fees paid for services provided to the Exchange no longer represent a variable interest. The compensation received from Indemnity’s attorney-in-fact fee arrangement with the subscribers is for services provided by Indemnity acting in its role as attorney-in-fact and is commensurate with the level of effort required to perform those services. Under the previously issued accounting guidance, Indemnity was deemed to have a variable interest and was the primary beneficiary of the Exchange and the Exchange’s financial position and operating results were consolidated with Indemnity. Following adoption of the new accounting guidance, the Exchange’s results are no longer required to be consolidated with Indemnity. Indemnity will adopt the amended guidance on a retrospective basis effective with our Form 10-K for the annual period ending December 31, 2015. Given the materiality of the Exchange’s operations, no longer consolidating the Exchange’s financial statements with Indemnity’s will materially change our reporting entity’s assets, liabilities, revenues, expenses, related footnote disclosures and the overall presentation of management’s discussion and analysis. As the Exchange’s equity is currently shown as a noncontrolling interest, the net income and equity attributable to the shareholders will be unchanged by this presentation. 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 will implement these amended disclosure requirements at December 31, 2015. In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers" . ASU 2014-09 clarifies the principles for recognizing revenue and provides a common revenue standard for GAAP. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Insurance contracts are not within the scope of this guidance. In August 2015, ASU 2015-14, "Revenue from Contracts with Customers", deferred the effective date of ASU 2014-09 to annual and interim reporting periods beginning after December 15, 2017. Earlier application is permitted only as of annual and interim reporting periods beginning after December 15, 2016. We do not expect the adoption of ASU 2014-09 related to the management fee and service agreement revenue to have a material impact on our consolidated financial statements.
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 September 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. See discussion of recently issued accounting standards in Note 2, "Significant Accounting Policies" for the impact of the updated consolidation guidance (ASU 2015-02) on our reporting entity.
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 September 30, 2015 are comprised of partnership financial results for the fourth quarter of 2014 and the first two quarters of 2015 . Given the lag in reporting, our limited partnership results do not reflect the market conditions of the third 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)	9 Months Ended
	Sep. 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 September 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 $ 50 46,189,068 $ 1.06 $ 47 46,189,068 $ 1.01 Dilutive effect of stock-based awards 0 312,215 — 0 97,296 — 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 $ 50 52,602,083 $ 0.94 $ 47 52,387,164 $ 0.90 Class B – Basic EPS: Income available to Class B stockholders $ 1 2,542 $ 160 $ 0 2,542 $ 151 Class B – Diluted EPS: Income available to Class B stockholders $ 1 2,542 $ 159 $ 0 2,542 $ 151 Indemnity Shareholder Interest (dollars in millions, except per share data) Nine months ended September 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 $ 144 46,189,068 $ 3.10 $ 141 46,267,694 $ 3.05 Dilutive effect of stock-based awards 0 309,915 — 0 97,296 — 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 $ 145 52,599,783 $ 2.75 $ 142 52,465,790 $ 2.71 Class B – Basic EPS: Income available to Class B stockholders $ 1 2,542 $ 466 $ 1 2,542 $ 458 Class B – Diluted EPS: Income available to Class B stockholders $ 1 2,542 $ 465 $ 1 2,542 $ 457

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 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 September 30, 2015 Management operations Property and casualty insurance operations Life insurance operations Investment operations Eliminations Consolidated Premiums earned/life policy revenue $ 1,447 $ 25 $ 0 $ 1,472 Net investment income $ 123 (3 ) 120 Net realized investment losses (292 ) (292 ) Net impairment losses recognized in earnings (4 ) (4 ) Equity in earnings of limited partnerships 43 43 Management fee revenue $ 389 (389 ) — Service agreement and other revenue 7 0 7 Total revenues 396 1,447 25 (130 ) (392 ) 1,346 Cost of management operations 328 (328 ) — Insurance losses and loss expenses 912 28 (1 ) 939 Policy acquisition and underwriting expenses 420 10 (63 ) 367 Total benefits and expenses 328 1,332 38 — (392 ) 1,306 Income (loss) before income taxes 68 115 (13 ) (130 ) — 40 Provision for income taxes 24 40 (5 ) (52 ) — 7 Net income (loss) $ 44 $ 75 $ (8 ) $ (78 ) $ — $ 33 Erie Insurance Group (in millions) Three months ended September 30, 2014 Management operations Property and casualty insurance operations Life insurance operations Investment operations Eliminations Consolidated Premiums earned/life policy revenue $ 1,333 $ 22 $ 0 $ 1,355 Net investment income $ 118 (3 ) 115 Net realized investment losses (85 ) (85 ) Net impairment losses recognized in earnings (1 ) (1 ) Equity in earnings of limited partnerships 34 34 Management fee revenue $ 362 (362 ) — Service agreement and other revenue 8 0 8 Total revenues 370 1,333 22 66 (365 ) 1,426 Cost of management operations 308 (308 ) — Insurance losses and loss expenses 908 28 (1 ) 935 Policy acquisition and underwriting expenses 387 10 (56 ) 341 Total benefits and expenses 308 1,295 38 — (365 ) 1,276 Income (loss) before income taxes 62 38 (16 ) 66 — 150 Provision for income taxes 22 13 (5 ) 12 — 42 Net income (loss) $ 40 $ 25 $ (11 ) $ 54 $ — $ 108 Erie Insurance Group (in millions) Nine months ended September 30, 2015 Management operations Property and casualty insurance operations Life insurance operations Investment operations Eliminations Consolidated Premiums earned/life policy revenue $ 4,239 $ 69 $ 0 $ 4,308 Net investment income $ 369 (9 ) 360 Net realized investment losses (243 ) (243 ) Net impairment losses recognized in earnings (8 ) (8 ) Equity in earnings of limited partnerships 143 143 Management fee revenue $ 1,127 (1,127 ) — Service agreement and other revenue 22 1 23 Total revenues 1,149 4,239 70 261 (1,136 ) 4,583 Cost of management operations 958 (958 ) — Insurance losses and loss expenses 2,897 81 (3 ) 2,975 Policy acquisition and underwriting expenses 1,222 29 (175 ) 1,076 Total benefits and expenses 958 4,119 110 — (1,136 ) 4,051 Income (loss) before income taxes 191 120 (40 ) 261 — 532 Provision for income taxes 67 42 (14 ) 71 — 166 Net income (loss) $ 124 $ 78 $ (26 ) $ 190 $ — $ 366 Erie Insurance Group (in millions) Nine months ended September 30, 2014 Management operations Property and casualty insurance operations Life insurance operations Investment operations Eliminations Consolidated Premiums earned/life policy revenue $ 3,899 $ 64 $ (1 ) $ 3,962 Net investment income $ 346 (11 ) 335 Net realized investment gains 104 104 Net impairment losses recognized in earnings (1 ) (1 ) Equity in earnings of limited partnerships 111 111 Management fee revenue $ 1,047 (1,047 ) — Service agreement and other revenue 23 1 24 Total revenues 1,070 3,899 65 560 (1,059 ) 4,535 Cost of management operations 882 (882 ) — Insurance losses and loss expenses 3,016 83 (4 ) 3,095 Policy acquisition and underwriting expenses 1,132 28 (173 ) 987 Total benefits and expenses 882 4,148 111 — (1,059 ) 4,082 Income (loss) before income taxes 188 (249 ) (46 ) 560 — 453 Provision for income taxes 66 (87 ) (16 ) 170 — 133 Net income (loss) $ 122 $ (162 ) $ (30 ) $ 390 $ — $ 320

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 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 September 30, 2015 : Erie Insurance Group September 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 $ 237 $ 0 $ 237 $ 0 Corporate debt securities 245 0 245 0 Residential mortgage-backed securities 11 0 11 0 Commercial mortgage-backed securities 44 0 44 0 Collateralized debt obligations 46 0 41 5 Other debt securities 5 0 5 0 Total fixed maturities 588 0 583 5 Nonredeemable preferred stock 8 1 7 0 Common stock 12 12 0 0 Total available-for-sale securities 608 13 590 5 Other investments (1) 5 0 0 5 Total – Indemnity $ 613 $ 13 $ 590 $ 10 Exchange Available-for-sale securities: U.S. treasury $ 8 $ 0 $ 8 $ 0 Government sponsored enterprises 4 0 4 0 States & political subdivisions 1,476 0 1,476 0 Foreign government securities 86 0 86 0 Corporate debt securities 7,657 0 7,544 113 Residential mortgage-backed securities 30 0 30 0 Commercial mortgage-backed securities 29 0 29 0 Collateralized debt obligations 11 0 11 0 Other debt securities 91 0 80 11 Total fixed maturities 9,392 0 9,268 124 Nonredeemable preferred stock 623 310 307 6 Common stock 97 97 0 0 Total available-for-sale securities 10,112 407 9,575 130 Trading securities: Common stock 2,981 2,968 0 13 Total trading securities 2,981 2,968 0 13 Other investments (1) 48 0 0 48 Total – Exchange $ 13,141 $ 3,375 $ 9,575 $ 191 Total – Erie Insurance Group $ 13,754 $ 3,388 $ 10,165 $ 201 % of total assets at fair value 100.0 % 24.6 % 73.9 % 1.5 % (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 September 30, 2015 . During the nine months ended September 30, 2015 , Indemnity made no contributions and received distributions totaling $3.1 million , and the Exchange made no contributions and received distributions totaling $28.4 million for these investments. As of September 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 June 30, 2014 Included in earnings (1) Included in other comprehensive income Purchases Sales Transfers Level 3 Ending balance at September 30, 2014 Indemnity Available-for-sale securities: Corporate debt securities $ 1 $ 0 $ 0 $ 0 $ 0 $ 0 $ 1 Commercial mortgage-backed securities 0 0 0 3 0 0 3 Collateralized debt obligations 0 0 0 0 0 0 0 Total fixed maturities 1 0 0 3 0 0 4 Total available-for-sale securities 1 0 0 3 0 0 4 Other investments 18 1 0 0 0 0 19 Total Level 3 assets – Indemnity $ 19 $ 1 $ 0 $ 3 $ 0 $ 0 $ 23 Exchange Available-for-sale securities: Corporate debt securities $ 25 $ 0 $ (1 ) $ 25 $ (1 ) $ 23 $ 71 Collateralized debt obligations 0 0 0 0 0 0 0 Other debt securities 0 0 0 0 0 2 2 Total fixed maturities 25 0 (1 ) 25 (1 ) 25 73 Nonredeemable preferred stock 1 0 0 0 0 7 8 Total available-for-sale securities 26 0 (1 ) 25 (1 ) 32 81 Trading securities: Common stock 15 0 0 0 0 0 15 Total trading securities 15 0 0 0 0 0 15 Other investments 102 4 0 0 (3 ) 0 103 Total Level 3 assets – Exchange $ 143 $ 4 $ (1 ) $ 25 $ (4 ) $ 32 $ 199 Total Level 3 assets – Erie Insurance Group $ 162 $ 5 $ (1 ) $ 28 $ (4 ) $ 32 $ 222 (1) These amounts are reported in the Consolidated Statement of Operations. There is $5 million included in equity in earnings of limited partnerships for the three months ended September 30, 2014 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 September 30, 2014 Indemnity Available-for-sale securities: Corporate debt securities $ 1 $ 0 $ 0 $ 0 $ 0 $ 0 $ 1 Commercial mortgage-backed securities 0 0 0 3 0 0 3 Collateralized debt obligations 1 0 0 0 (1 ) 0 0 Total fixed maturities 2 0 0 3 (1 ) 0 4 Total available-for-sale securities 2 0 0 3 (1 ) 0 4 Other investments 18 3 0 0 (2 ) 0 19 Total Level 3 assets – Indemnity $ 20 $ 3 $ 0 $ 3 $ (3 ) $ 0 $ 23 Exchange Available-for-sale securities: Corporate debt securities $ 26 $ 0 $ (1 ) $ 25 $ (2 ) $ 23 $ 71 Collateralized debt obligations 5 1 (1 ) 0 (3 ) (2 ) 0 Other debt securities 0 0 0 0 0 2 2 Total fixed maturities 31 1 (2 ) 25 (5 ) 23 73 Nonredeemable preferred stock 0 0 0 1 0 7 8 Total available-for-sale securities 31 1 (2 ) 26 (5 ) 30 81 Trading securities: Common stock 15 0 0 0 0 0 15 Total trading securities 15 0 0 0 0 0 15 Other investments 98 15 0 0 (10 ) 0 103 Total Level 3 assets – Exchange $ 144 $ 16 $ (2 ) $ 26 $ (15 ) $ 30 $ 199 Total Level 3 assets – Erie Insurance Group $ 164 $ 19 $ (2 ) $ 29 $ (18 ) $ 30 $ 222 (1) These amounts are reported in the Consolidated Statement of Operations. There is $1 million included in net realized investment gains (losses) and $18 million included in equity in earnings of limited partnerships for the nine months ended September 30, 2014 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 September 30, 2015 Indemnity Available-for-sale securities: Corporate debt securities $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Collateralized debt obligations 0 0 0 5 0 0 5 Total fixed maturities 0 0 0 5 0 0 5 Total available-for-sale securities 0 0 0 5 0 0 5 Other investments 8 0 0 0 (3 ) 0 5 Total Level 3 assets – Indemnity $ 8 $ 0 $ 0 $ 5 $ (3 ) $ 0 $ 10 Exchange Available-for-sale securities: Corporate debt securities $ 87 $ 0 $ (7 ) $ 68 $ (3 ) $ (32 ) $ 113 Other debt securities 12 0 0 0 0 (1 ) 11 Total fixed maturities 99 0 (7 ) 68 (3 ) (33 ) 124 Nonredeemable preferred stock 1 0 0 0 0 5 6 Total available-for-sale securities 100 0 (7 ) 68 (3 ) (28 ) 130 Trading securities: Common stock 15 (2 ) 0 0 0 0 13 Total trading securities 15 (2 ) 0 0 0 0 13 Other investments 71 5 0 0 (28 ) 0 48 Total Level 3 assets – Exchange $ 186 $ 3 $ (7 ) $ 68 $ (31 ) $ (28 ) $ 191 Total Level 3 assets – Erie Insurance Group $ 194 $ 3 $ (7 ) $ 73 $ (34 ) $ (28 ) $ 201 (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 $5 million included in equity in earnings of limited partnerships for the nine months ended September 30, 2015 on Level 3 securities. Level 3 Assets – Quarterly Change: Erie Insurance Group (in millions) Beginning balance at June 30, 2015 Included in earnings (1) Included income Purchases Sales Transfers Level 3 Ending balance at September 30, 2015 Indemnity Available-for-sale securities: Corporate debt securities $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Collateralized debt obligations 1 0 0 4 0 0 5 Total fixed maturities 1 0 0 4 0 0 5 Total available-for-sale securities 1 0 0 4 0 0 5 Other investments 6 1 0 0 (2 ) 0 5 Total Level 3 assets – Indemnity $ 7 $ 1 $ 0 $ 4 $ (2 ) $ 0 $ 10 Exchange Available-for-sale securities: Corporate debt securities $ 74 $ 0 $ (2 ) $ 41 $ (1 ) $ 1 $ 113 Other debt securities 11 0 0 0 0 0 11 Total fixed maturities 85 0 (2 ) 41 (1 ) 1 124 Nonredeemable preferred stock 1 0 0 0 0 5 6 Total available-for-sale securities 86 0 (2 ) 41 (1 ) 6 130 Trading securities: Common stock 13 0 0 0 0 0 13 Total trading securities 13 0 0 0 0 0 13 Other investments 53 2 0 0 (7 ) 0 48 Total Level 3 assets – Exchange $ 152 $ 2 $ (2 ) $ 41 $ (8 ) $ 6 $ 191 Total Level 3 assets – Erie Insurance Group $ 159 $ 3 $ (2 ) $ 45 $ (10 ) $ 6 $ 201 (1) These amounts are reported in the Consolidated Statement of Operations. There is $3 million included in equity in earnings of limited partnerships for the three months ended September 30, 2015 on Level 3 securities.
Schedule of Quantitative and Qualitative Disclosures about Unobservable Inputs	Quantitative and Qualitative Disclosures about Unobservable Inputs Erie Insurance Group September 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 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 September 30, 2015 : Erie Insurance Group (in millions) September 30, 2015 Total Level 1 Level 2 Level 3 Indemnity Fixed maturities: Priced via pricing services $ 580 $ 0 $ 580 $ 0 Priced via market comparables/broker quotes (1) 8 0 3 5 Total fixed maturities 588 0 583 5 Nonredeemable preferred stock: Priced via pricing services 8 1 7 0 Total nonredeemable preferred stock 8 1 7 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) 5 0 0 5 Total other investments 5 0 0 5 Total – Indemnity $ 613 $ 13 $ 590 $ 10 Exchange Fixed maturities: Priced via pricing services (1) $ 9,237 $ 0 $ 9,226 $ 11 Priced via market comparables/broker quotes (1) 148 0 42 106 Priced via internal modeling 7 0 0 7 Total fixed maturities 9,392 0 9,268 124 Nonredeemable preferred stock: Priced via pricing services 617 310 307 0 Priced via market comparables/broker quotes (1) 5 0 0 5 Priced via internal modeling 1 0 0 1 Total nonredeemable preferred stock 623 310 307 6 Common stock: Priced via pricing services 3,065 3,065 0 0 Priced via internal modeling 13 0 0 13 Total common stock 3,078 3,065 0 13 Other investments: Priced via unobservable inputs (2) 48 0 0 48 Total other investments 48 0 0 48 Total – Exchange $ 13,141 $ 3,375 $ 9,575 $ 191 Total – Erie Insurance Group $ 13,754 $ 3,388 $ 10,165 $ 201 (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)	9 Months Ended
	Sep. 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 September 30, 2015 : Erie Insurance Group September 30, 2015 (in millions) Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Indemnity Available-for-sale securities: States & political subdivisions $ 226 $ 11 $ 0 $ 237 Corporate debt securities 248 1 4 245 Residential mortgage-backed securities 11 0 0 11 Commercial mortgage-backed securities 45 0 1 44 Collateralized debt obligations 46 0 0 46 Other debt securities 5 0 0 5 Total fixed maturities 581 12 5 588 Nonredeemable preferred stock 7 1 0 8 Common stock 13 0 1 12 Total available-for-sale securities – Indemnity $ 601 $ 13 $ 6 $ 608 Exchange Available-for-sale securities: U.S. treasury $ 8 $ 0 $ 0 $ 8 Government sponsored enterprises 3 1 0 4 States & political subdivisions 1,402 75 1 1,476 Foreign government securities 91 0 5 86 Corporate debt securities 7,450 314 107 7,657 Residential mortgage-backed securities 30 0 0 30 Commercial mortgage-backed securities 28 1 0 29 Collateralized debt obligations 6 5 0 11 Other debt securities 88 3 0 91 Total fixed maturities 9,106 399 113 9,392 Nonredeemable preferred stock 585 43 5 623 Common stock 96 2 1 97 Total available-for-sale securities – Exchange $ 9,787 $ 444 $ 119 $ 10,112 Total available-for-sale securities – Erie Insurance Group $ 10,388 $ 457 $ 125 $ 10,720 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 September 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 September 30, 2015 (in millions) Amortized Estimated cost fair value Indemnity Due in one year or less $ 68 $ 68 Due after one year through five years 261 261 Due after five years through ten years 161 165 Due after ten years 91 94 Total fixed maturities – Indemnity $ 581 $ 588 Exchange Due in one year or less $ 432 $ 438 Due after one year through five years 3,364 3,524 Due after five years through ten years 3,849 3,909 Due after ten years 1,461 1,521 Total fixed maturities – Exchange $ 9,106 $ 9,392 Total fixed maturities – Erie Insurance Group $ 9,687 $ 9,980
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 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 Available-for-sale securities in a gross unrealized loss position at September 30, 2015 are as follows. Data is provided by length of time for securities in a gross unrealized loss position. Erie Insurance Group September 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 $ 4 $ 0 $ 0 $ 0 $ 4 $ 0 2 Corporate debt securities 134 1 17 3 151 4 292 Residential mortgage-backed securities 2 0 1 0 3 0 4 Commercial mortgage-backed securities 16 0 23 1 39 1 26 Collateralized debt obligations 22 0 7 0 29 0 15 Other debt securities 5 0 0 0 5 0 3 Total fixed maturities 183 1 48 4 231 5 342 Nonredeemable preferred stock 3 0 0 0 3 0 2 Common stock 13 1 0 0 13 1 1 Total available-for-sale securities – Indemnity $ 199 $ 2 $ 48 $ 4 $ 247 $ 6 345 Quality breakdown of fixed maturities: Investment grade $ 131 $ 0 $ 35 $ 1 $ 166 $ 1 80 Non-investment grade 52 1 13 3 65 4 262 Total fixed maturities – Indemnity $ 183 $ 1 $ 48 $ 4 $ 231 $ 5 342 Exchange Available-for-sale securities: U.S. treasury $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 1 States & political subdivisions 75 1 5 0 80 1 20 Foreign government securities 77 5 0 0 77 5 51 Corporate debt securities 1,951 84 151 23 2,102 107 987 Residential mortgage-backed securities 0 0 13 0 13 0 3 Other debt securities 6 0 7 0 13 0 4 Total fixed maturities 2,109 90 176 23 2,285 113 1,066 Nonredeemable preferred stock 146 4 24 1 170 5 29 Common stock 31 1 0 0 31 1 1 Total available-for-sale securities – Exchange $ 2,286 $ 95 $ 200 $ 24 $ 2,486 $ 119 1,096 Quality breakdown of fixed maturities: Investment grade $ 1,521 $ 62 $ 109 $ 9 $ 1,630 $ 71 434 Non-investment grade 588 28 67 14 655 42 632 Total fixed maturities – Exchange $ 2,109 $ 90 $ 176 $ 23 $ 2,285 $ 113 1,066
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 September 30, Nine months ended September 30, 2015 2014 2015 2014 Indemnity Fixed maturities $ 4 $ 4 $ 12 $ 10 Equity securities 1 0 1 1 Cash equivalents and other 0 0 1 1 Total investment income 5 4 14 12 Less: investment expenses 1 0 1 0 Investment income, net of expenses – Indemnity $ 4 $ 4 $ 13 $ 12 Exchange Fixed maturities $ 97 $ 90 $ 287 $ 261 Equity securities 29 30 91 89 Cash equivalents and other 1 0 2 1 Total investment income 127 120 380 351 Less: investment expenses 11 9 33 28 Investment income, net of expenses – Exchange $ 116 $ 111 $ 347 $ 323 Investment income, net of expenses – Erie Insurance Group $ 120 $ 115 $ 360 $ 335
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 September 30, Nine months ended September 30, 2015 2014 2015 2014 Indemnity Available-for-sale securities: Fixed maturities: Gross realized gains $ 0 $ 0 $ 0 $ 0 Gross realized losses (1 ) 0 (1 ) 0 Net realized (losses) gains (1 ) 0 (1 ) 0 Equity securities: Gross realized gains 1 0 1 1 Gross realized losses 0 0 0 0 Net realized gains 1 0 1 1 Net realized investment gains – Indemnity $ 0 $ 0 $ 0 $ 1 Exchange Available-for-sale securities: Fixed maturities: Gross realized gains $ 4 $ 8 $ 17 $ 18 Gross realized losses (9 ) (2 ) (17 ) (3 ) Net realized (losses) gains (5 ) 6 0 15 Equity securities: Gross realized gains 7 0 18 10 Gross realized losses 0 0 (1 ) (2 ) Net realized gains 7 0 17 8 Trading securities: Common stock: Gross realized gains 52 89 218 211 Gross realized losses (19 ) (5 ) (42 ) (15 ) (Decreases) increases in fair value (1) (327 ) (175 ) (436 ) (116 ) Net realized (losses) gains (294 ) (91 ) (260 ) 80 Net realized investment (losses) gains – Exchange $ (292 ) $ (85 ) $ (243 ) $ 103 Net realized investment (losses) gains – Erie Insurance Group $ (292 ) $ (85 ) $ (243 ) $ 104 (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 September 30, 2015 include partnership financial results for the fourth quarter of 2014 and the first two quarters of 2015 . Erie Insurance Group As of and for the nine months ended September 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 $ 23 $ (2 ) $ 2 Greater than or equal to 10% but less than 50% 3 28 11 2 Total private equity 27 51 9 4 Mezzanine debt: Less than 10% 10 8 0 1 Greater than or equal to 10% but less than 50% 3 5 0 1 Greater than 50% 1 0 0 0 Total mezzanine debt 14 13 0 2 Real estate: Less than 10% 11 21 (11 ) 11 Greater than or equal to 10% but less than 50% 2 4 (6 ) 6 Greater than 50% 2 6 2 0 Total real estate 15 31 (15 ) 17 Total limited partnerships – Indemnity 56 $ 95 $ (6 ) $ 23 Exchange Private equity: Less than 10% 43 $ 306 $ 5 $ 32 Greater than or equal to 10% but less than 50% 3 112 45 8 Total private equity 46 418 50 40 Mezzanine debt: Less than 10% 21 115 (4 ) 13 Greater than or equal to 10% but less than 50% 4 24 1 2 Greater than 50% 3 27 1 2 Total mezzanine debt 28 166 (2 ) 17 Real estate: Less than 10% 27 178 (25 ) 34 Greater than or equal to 10% but less than 50% 4 45 (16 ) 19 Greater than 50% 2 25 8 1 Total real estate 33 248 (33 ) 54 Total limited partnerships – Exchange 107 $ 832 $ 15 $ 111 Total limited partnerships – Erie Insurance Group $ 927 $ 9 $ 134 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: Erie Insurance Group (in millions) Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Indemnity Equity in earnings of limited partnerships accounted for under the equity method $ 3 $ 3 $ 17 $ 10 Change in fair value of limited partnerships accounted for under the fair value option 1 1 0 3 Equity in earnings of limited partnerships – Indemnity $ 4 $ 4 $ 17 $ 13 Exchange Equity in earnings of limited partnerships accounted for under the equity method $ 37 $ 26 $ 121 $ 83 Change in fair value of limited partnerships accounted for under the fair value option 2 4 5 15 Equity in earnings of limited partnerships – Exchange $ 39 $ 30 $ 126 $ 98 Equity in earnings of limited partnerships – Erie Insurance Group $ 43 $ 34 $ 143 $ 111

Postretirement Benefits (Tables

Postretirement Benefits (Tables)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2015 2014 2015 2014 Service cost for benefits earned $ 8 $ 6 $ 23 $ 17 Interest cost on benefits obligation 8 7 23 21 Expected return on plan assets (9 ) (8 ) (27 ) (24 ) Prior service cost amortization 0 0 1 1 Net actuarial loss amortization 3 2 10 5 Pension plan cost (1) $ 10 $ 7 $ 30 $ 20 (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)	9 Months Ended
	Sep. 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 nine months ended September 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 ) 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 (3 ) 0 (3 ) 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 (3 ) 0 (3 ) Balance at September 30, 2015 $ 4 $ (125 ) $ (121 ) (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 September 30, Nine months ended September 30, (in millions) 2015 2014 2015 2014 Unrealized holding gains (losses) on available-for-sale securities: Net realized investment gains $ 2 $ 6 $ 17 $ 24 Net impairment losses recognized in earnings (4 ) (1 ) (8 ) (1 ) (Loss) income from operations before income taxes and noncontrolling interest (2 ) 5 9 23 Provision for income taxes (1 ) 1 3 8 Net (loss) income (1 ) 4 6 15 Less: Net (loss) income attributable to noncontrolling interest in consolidated entity – Exchange (1 ) 4 6 14 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)	9 Months Ended
	Sep. 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 nine months ended September 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 145 221 366 Change in accumulated other comprehensive income (loss), net of tax (3 ) (126 ) (129 ) Dividends declared: Class A $2.043 per share (94 ) — (94 ) Class B $306.45 per share (1 ) — (1 ) Balance at September 30, 2015 $ 750 $ 7,375 $ 8,125

Indemnity Supplemental Inform32

Indemnity Supplemental Information (Tables)	9 Months Ended
	Sep. 30, 2015
Condensed financial statements
Schedule of Consolidating Statement of Financial Position	Consolidating Statement of Financial Position Erie Insurance Group At September 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 $ 588 $ 9,392 $ — $ 9,980 Equity securities 20 720 — 740 Trading securities, at fair value — 2,981 — 2,981 Limited partnerships 95 832 — 927 Other invested assets 1 21 — 22 Total investments 704 13,946 — 14,650 Cash and cash equivalents 122 496 — 618 Premiums receivable from policyholders — 1,417 — 1,417 Reinsurance recoverable — 162 — 162 Deferred income tax asset 51 — — 51 Deferred acquisition costs — 656 — 656 Other assets 110 451 — 561 Receivables from the Exchange and other affiliates 385 — (385 ) — Note receivable from EFL 25 — (25 ) — Total assets $ 1,397 $ 17,128 $ (410 ) $ 18,115 Liabilities Losses and loss expense reserves $ — $ 3,923 $ — $ 3,923 Life policy and deposit contract reserves — 1,848 — 1,848 Unearned premiums — 3,109 — 3,109 Deferred income tax liability — 283 — 283 Other liabilities 647 590 (410 ) 827 Total liabilities 647 9,753 (410 ) 9,990 Shareholders’ equity and noncontrolling interest Total Indemnity shareholders’ equity 750 — — 750 Noncontrolling interest in consolidated entity – Exchange — 7,375 — 7,375 Total equity 750 7,375 — 8,125 Total liabilities, shareholders’ equity, and noncontrolling interest $ 1,397 $ 17,128 $ (410 ) $ 18,115 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 September 30, Nine months ended September 30, 2015 2014 2015 2014 Management operations: Management fee revenue, net $ 389 $ 362 $ 1,127 $ 1,047 Service agreement revenue 7 8 22 23 Total revenue from management operations 396 370 1,149 1,070 Cost of management operations 328 308 958 882 Income from management operations before taxes 68 62 191 188 Investment operations: Net investment income 4 4 13 12 Net realized investment gains 0 0 0 1 Net impairment losses recognized in earnings (1 ) 0 (1 ) 0 Equity in earnings of limited partnerships 4 4 17 13 Income from investment operations before taxes 7 8 29 26 Income from operations before income taxes 75 70 220 214 Provision for income taxes 25 23 75 72 Net income attributable to Indemnity $ 50 $ 47 $ 145 $ 142
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) Nine months ended September 30, 2015 2014 Management fee received $ 1,094 $ 1,011 Service agreement fee received 23 23 Net investment income received 19 16 Limited partnership distributions 12 12 Decrease in reimbursements collected from affiliates (17 ) (7 ) Commissions and bonuses paid to agents (633 ) (576 ) Salaries and wages paid (115 ) (116 ) Pension contribution and employee benefits paid (34 ) (42 ) General operating expenses paid (144 ) (140 ) Income taxes paid (74 ) (70 ) Net cash provided by operating activities 131 111 Net cash used in investing activities (6 ) (6 ) Net cash used in financing activities (95 ) (109 ) Net increase (decrease) in cash and cash equivalents 30 (4 ) Cash and cash equivalents at beginning of period 92 49 Cash and cash equivalents at end of period $ 122 $ 45

Nature of Operations (Details)

Nature of Operations (Details)	Sep. 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		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Class A
Income available to stockholders (Basic EPS:)
Allocated net income (numerator) (in dollars)	$ 50	$ 47	$ 144	$ 141
Weighted shares (denominator) (in shares)	46,189,068	46,189,068	46,189,068	46,267,694
Per-share amount (in dollars per share)	$ 1.06	$ 1.01	$ 3.10	$ 3.05
Dilutive effect of stock-based awards
Allocated net income (numerator) (in dollars)	$ 0	$ 0	$ 0	$ 0
Weighted shares (denominator) (in shares)	312,215	97,296	309,915	97,296
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)	$ 50	$ 47	$ 145	$ 142
Weighted shares (denominator) (in shares)	52,602,083	52,387,164	52,599,783	52,465,790
Per-share amount (in dollars per share)	$ 0.94	$ 0.90	$ 2.75	$ 2.71
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)	$ 1	$ 0	$ 1	$ 1
Weighted shares (denominator) (in shares)	2,542	2,542	2,542	2,542
Per-share amount (in dollars per share)	$ 160	$ 151	$ 466	$ 458
Income available to stockholders on equivalent shares (Diluted EPS:)
Allocated net income (numerator) (in dollars)	$ 1	$ 0	$ 1	$ 1
Weighted shares (denominator) (in shares)	2,542	2,542	2,542	2,542
Per-share amount (in dollars per share)	$ 159	$ 151	$ 465	$ 457

Variable Interest Entity (Detai

Variable Interest Entity (Details)	9 Months Ended
	Sep. 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		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Revenues
Premiums earned/life policy revenue	$ 1,472	$ 1,355	$ 4,308	$ 3,962
Net investment income	120	115	360	335
Net realized investment (losses) gains	(292)	(85)	(243)	104
Net impairment losses recognized in earnings	(4)	(1)	(8)	(1)
Equity in earnings of limited partnerships	43	34	143	111
Service agreement and other revenue	7	8	23	24
Total revenues	1,346	1,426	4,583	4,535
Benefits and expenses
Insurance losses and loss expenses	939	935	2,975	3,095
Policy acquisition and underwriting expenses	367	341	1,076	987
Total benefits and expenses	1,306	1,276	4,051	4,082
Income (loss) from operations before income taxes and noncontrolling interest	40	150	532	453
Provision for income taxes	7	42	166	133
Net income (loss)	33	108	366	320	$ 573
Indemnity
Revenues
Net investment income	4	4	13	12
Net realized investment (losses) gains	0	0	0	1
Equity in earnings of limited partnerships	4	4	17	13
Benefits and expenses
Income (loss) from operations before income taxes and noncontrolling interest	75	70	220	214
Provision for income taxes	25	23	75	72
Net income (loss)			145		168
Exchange
Revenues
Net investment income	116	111	347	323
Net realized investment (losses) gains	(292)	(85)	(243)	103
Equity in earnings of limited partnerships	39	30	126	98
Benefits and expenses
Net income (loss)			$ 221		$ 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	389	362	$ 1,127	1,047
Service agreement and other revenue	7	8	22	23
Total revenues	396	370	1,149	1,070
Benefits and expenses
Cost of management operations	328	308	958	882
Income (loss) from operations before income taxes and noncontrolling interest	68	62	191	188
Investment operations | Indemnity
Revenues
Net investment income	4	4	13	12
Net realized investment (losses) gains	0	0	0	1
Net impairment losses recognized in earnings	(1)	0	(1)	0
Equity in earnings of limited partnerships	4	4	17	13
Benefits and expenses
Income (loss) from operations before income taxes and noncontrolling interest	7	8	29	26
Operating segment | Management operations
Revenues
Management fee revenue	389	362	1,127	1,047
Service agreement and other revenue	7	8	22	23
Total revenues	396	370	1,149	1,070
Benefits and expenses
Cost of management operations	328	308	958	882
Total benefits and expenses	328	308	958	882
Income (loss) from operations before income taxes and noncontrolling interest	68	62	191	188
Provision for income taxes	24	22	67	66
Net income (loss)	44	40	$ 124	122
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	1,447	1,333	$ 4,239	3,899
Total revenues	1,447	1,333	4,239	3,899
Benefits and expenses
Insurance losses and loss expenses	912	908	2,897	3,016
Policy acquisition and underwriting expenses	420	387	1,222	1,132
Total benefits and expenses	1,332	1,295	4,119	4,148
Income (loss) from operations before income taxes and noncontrolling interest	115	38	120	(249)
Provision for income taxes	40	13	42	(87)
Net income (loss)	75	25	78	(162)
Operating segment | Life insurance operations
Revenues
Premiums earned/life policy revenue	25	22	69	64
Service agreement and other revenue	0	0	1	1
Total revenues	25	22	70	65
Benefits and expenses
Insurance losses and loss expenses	28	28	81	83
Policy acquisition and underwriting expenses	10	10	29	28
Total benefits and expenses	38	38	110	111
Income (loss) from operations before income taxes and noncontrolling interest	(13)	(16)	(40)	(46)
Provision for income taxes	(5)	(5)	(14)	(16)
Net income (loss)	(8)	(11)	(26)	(30)
Operating segment | Life insurance operations | Erie Family Life Insurance Company (EFL)
Segment information
Total investment revenues	24	26	74	79
Benefits and expenses
Income (loss) from operations before income taxes and noncontrolling interest	11	10	34	33
Operating segment | Investment operations
Revenues
Net investment income	123	118	369	346
Net realized investment (losses) gains	(292)	(85)	(243)	104
Net impairment losses recognized in earnings	(4)	(1)	(8)	(1)
Equity in earnings of limited partnerships	43	34	143	111
Total revenues	(130)	66	261	560
Benefits and expenses
Income (loss) from operations before income taxes and noncontrolling interest	(130)	66	261	560
Provision for income taxes	(52)	12	71	170
Net income (loss)	(78)	54	190	390
Eliminations
Revenues
Premiums earned/life policy revenue	0	0	0	(1)
Net investment income	(3)	(3)	(9)	(11)
Management fee revenue	(389)	(362)	(1,127)	(1,047)
Total revenues	(392)	(365)	(1,136)	(1,059)
Benefits and expenses
Cost of management operations	(328)	(308)	(958)	(882)
Insurance losses and loss expenses	(1)	(1)	(3)	(4)
Policy acquisition and underwriting expenses	(63)	(56)	(175)	(173)
Total benefits and expenses	$ (392)	$ (365)	$ (1,136)	$ (1,059)

Fair Value (Details)

Fair Value (Details) $ in Millions	9 Months Ended		12 Months Ended
	Sep. 30, 2015USD ($)fund	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)fund
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	$ 10,720		$ 10,446
Other investments:
Contributions made to the funds	101	$ 82
Distributions received from the funds	176	$ 100
Fair value measurements on a recurring basis
Fair value measurements on a recurring basis by asset class and level of input
Total	$ 13,754		$ 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	$ 3,388		$ 3,691
% of total assets at fair value	24.60%		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	$ 10,165		$ 9,863
% of total assets at fair value	73.90%		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	$ 201		$ 194
% of total assets at fair value	1.50%		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	$ 608		$ 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	608		589
Total	613		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	588		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	237		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	245		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	11		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	44		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	46		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	8		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	5		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	590		574
Total	590		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	583		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	237		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	245		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	11		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	44		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	41		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	7		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	5		0
Total	10		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	5		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	5		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	5		8
Other investments:
Contributions made to the funds	0		0
Distributions received from the funds	3.1		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	10,112		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	10,112		9,857
Trading securities	2,981		3,223
Total	13,141		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	9,392		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	8		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	1,476		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	86		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	7,657		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	30		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	91		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	623		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	97		140
Trading securities	2,981		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	48		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	407		468
Trading securities	2,968		3,208
Total	3,375		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	310		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	97		140
Trading securities	2,968		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	9,575		9,289
Trading securities	0		0
Total	9,575		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	9,268		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	8		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	1,476		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	86		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	7,544		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	30		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	80		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	307		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	130		100
Trading securities	13		15
Total	191		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	124		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	113		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	6		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	48		71
Other investments:
Contributions made to the funds	0		0
Distributions received from the funds	28.4		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		9 Months Ended
	Sep. 30, 2015USD ($)Holdings	Sep. 30, 2014USD ($)Holdings	Sep. 30, 2015USD ($)Holdings	Sep. 30, 2014USD ($)Holdings
Level 3
Roll forward of consolidated level 3 fair value measurements on a recurring basis
Beginning balance	$ 159	$ 162	$ 194	$ 164
Included in earnings	3	5	3	19
Included in other comprehensive income	(2)	(1)	(7)	(2)
Purchases	45	28	73	29
Sales	(10)	(4)	(34)	(18)
Transfers in and (out) of Level 3	6	32	(28)	30
Ending balance	201	222	201	222
Level 3 | Net realized investment gains (losses)
Roll forward of consolidated level 3 fair value measurements on a recurring basis
Included in earnings			(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	3	5	5	18
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	0.1	0	0.1	0
Transfers from level 3 to level 2	$ 0	0	$ 0.1	0
Indemnity | 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		1
No. of securities transferred between Level 3 and Level 2 | Holdings			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	0	3
Included in other comprehensive income	0	0	0	0
Purchases	4	3	5	3
Sales	(2)	0	(3)	(3)
Transfers in and (out) of Level 3	0	0	0	0
Ending balance	10	23	10	23
Indemnity | Level 3 | Available-for-sale securities
Roll forward of consolidated level 3 fair value measurements on a recurring basis
Beginning balance	1	1	0	2
Included in earnings	0	0	0	0
Included in other comprehensive income	0	0	0	0
Purchases	4	3	5	3
Sales	0	0	0	(1)
Transfers in and (out) of Level 3	0	0	0	0
Ending balance	5	4	5	4
Indemnity | Level 3 | Fixed maturities | Available-for-sale securities
Roll forward of consolidated level 3 fair value measurements on a recurring basis
Beginning balance	1	1	0	2
Included in earnings	0	0	0	0
Included in other comprehensive income	0	0	0	0
Purchases	4	3	5	3
Sales	0	0	0	(1)
Transfers in and (out) of Level 3	0	0	0	0
Ending balance	5	4	5	4
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 | Commercial mortgage-backed securities | Available-for-sale securities
Roll forward of consolidated level 3 fair value measurements on a recurring basis
Beginning balance		0		0
Included in earnings		0		0
Included in other comprehensive income		0		0
Purchases		3		3
Sales		0		0
Transfers in and (out) of Level 3		0		0
Ending balance		3		3
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	1	0	0	1
Included in earnings	0	0	0	0
Included in other comprehensive income	0	0	0	0
Purchases	4	0	5	0
Sales	0	0	0	(1)
Transfers in and (out) of Level 3	0	0	0	0
Ending balance	5	0	5	0
Indemnity | Level 3 | Real estate | Limited partnerships
Roll forward of consolidated level 3 fair value measurements on a recurring basis
Beginning balance	6	18	8	18
Included in earnings	1	1	0	3
Included in other comprehensive income	0	0	0	0
Purchases	0	0	0	0
Sales	(2)	0	(3)	(2)
Transfers in and (out) of Level 3	0	0	0	0
Ending balance	5	19	5	19
Exchange
Fair value transfers due to changes in available market observable inputs
Transfers from level 1 to level 2	0	0	0	14
Transfers from level 2 to level 1	0	25	22	25
Transfers from level 2 to level 3	6	43	8	43
Transfers from level 3 to level 2	$ 0	$ 11	$ 36	$ 13
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	2	7	5	7
No. of securities transferred between Level 3 and Level 2 | Holdings		1	7	2
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				2
No. of securities transferred between Level 2 and Level 1 | Holdings		3	2	3
No. of securities transferred between Level 2 and Level 3 | Holdings	1	1	1	1
Exchange | Level 3
Roll forward of consolidated level 3 fair value measurements on a recurring basis
Beginning balance	$ 152	$ 143	$ 186	$ 144
Included in earnings	2	4	3	16
Included in other comprehensive income	(2)	(1)	(7)	(2)
Purchases	41	25	68	26
Sales	(8)	(4)	(31)	(15)
Transfers in and (out) of Level 3	6	32	(28)	30
Ending balance	191	199	191	199
Exchange | Level 3 | Available-for-sale securities
Roll forward of consolidated level 3 fair value measurements on a recurring basis
Beginning balance	86	26	100	31
Included in earnings	0	0	0	1
Included in other comprehensive income	(2)	(1)	(7)	(2)
Purchases	41	25	68	26
Sales	(1)	(1)	(3)	(5)
Transfers in and (out) of Level 3	6	32	(28)	30
Ending balance	130	81	130	81
Exchange | Level 3 | Trading securities
Roll forward of consolidated level 3 fair value measurements on a recurring basis
Beginning balance	13	15	15	15
Included in earnings	0	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	85	25	99	31
Included in earnings	0	0	0	1
Included in other comprehensive income	(2)	(1)	(7)	(2)
Purchases	41	25	68	25
Sales	(1)	(1)	(3)	(5)
Transfers in and (out) of Level 3	1	25	(33)	23
Ending balance	124	73	124	73
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	74	25	87	26
Included in earnings	0	0	0	0
Included in other comprehensive income	(2)	(1)	(7)	(1)
Purchases	41	25	68	25
Sales	(1)	(1)	(3)	(2)
Transfers in and (out) of Level 3	1	23	(32)	23
Ending balance	113	71	113	71
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	11	0	12	0
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	2	(1)	2
Ending balance	11	2	11	2
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	5	7	5	7
Ending balance	6	8	6	8
Exchange | Level 3 | Common stock | Trading securities
Roll forward of consolidated level 3 fair value measurements on a recurring basis
Beginning balance	13	15	15	15
Included in earnings	0	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	53	102	71	98
Included in earnings	2	4	5	15
Included in other comprehensive income	0	0	0	0
Purchases	0	0	0	0
Sales	(7)	(3)	(28)	(10)
Transfers in and (out) of Level 3	0	0	0	0
Ending balance	48	$ 103	48	$ 103
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	5		5
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	$ 48		$ 48

Fair Value (Details 3)

Fair Value (Details 3) - Fair value measurements on a recurring basis - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Indemnity | Real estate
Fair value inputs assets quantitative information
Fair value (in dollars)	$ 5	$ 8
Indemnity | Available-for-sale securities
Fair value inputs assets quantitative information
Fair value (in dollars)	5
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%
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%
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)	$ 48	$ 71
Exchange | Available-for-sale securities
Fair value inputs assets quantitative information
Fair value (in dollars)	$ 122	$ 92

Fair Value (Details 4)

Fair Value (Details 4) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Fair value by pricing source
Available-for-sale securities	$ 10,720	$ 10,446
Indemnity
Fair value by pricing source
Available-for-sale securities	608	589
Exchange
Fair value by pricing source
Available-for-sale securities	10,112	9,857
Fair value measurements on a recurring basis
Fair value by pricing source
Total	13,754	13,748
Fair value measurements on a recurring basis | Indemnity
Fair value by pricing source
Available-for-sale securities	608	589
Total	613	597
Fair value measurements on a recurring basis | Indemnity | Fixed maturities
Fair value by pricing source
Available-for-sale securities	588	564
Fair value measurements on a recurring basis | Indemnity | Fixed maturities | Priced via pricing services
Fair value by pricing source
Available-for-sale securities	580
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	8
Fair value measurements on a recurring basis | Indemnity | Nonredeemable preferred stock
Fair value by pricing source
Available-for-sale securities	8	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 | 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	5	8
Fair value measurements on a recurring basis | Indemnity | Real estate | Priced via unobservable inputs
Fair value by pricing source
Other investments	5
Fair value measurements on a recurring basis | Exchange
Fair value by pricing source
Available-for-sale securities	10,112	9,857
Total	13,141	13,151
Fair value measurements on a recurring basis | Exchange | Fixed maturities
Fair value by pricing source
Available-for-sale securities	9,392	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	9,237
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	148
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	623	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	617
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	5
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	97	140
Trading and available-for-sale securities	3,078
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	3,065
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	48	71
Fair value measurements on a recurring basis | Exchange | Real estate | Priced via unobservable inputs
Fair value by pricing source
Other investments	48
Fair value measurements on a recurring basis | Level 1
Fair value by pricing source
Total	3,388	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 | 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	407	468
Total	3,375	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	310	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	310
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	97	140
Trading and available-for-sale securities	3,065
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	3,065
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	10,165	9,863
Fair value measurements on a recurring basis | Level 2 | Indemnity
Fair value by pricing source
Available-for-sale securities	590	574
Total	590	574
Fair value measurements on a recurring basis | Level 2 | Indemnity | Fixed maturities
Fair value by pricing source
Available-for-sale securities	583	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	580
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	3
Fair value measurements on a recurring basis | Level 2 | Indemnity | Nonredeemable preferred stock
Fair value by pricing source
Available-for-sale securities	7	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 | 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	9,575	9,289
Total	9,575	9,289
Fair value measurements on a recurring basis | Level 2 | Exchange | Fixed maturities
Fair value by pricing source
Available-for-sale securities	9,268	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	9,226
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	42
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	307	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	307
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	0
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	201	194
Fair value measurements on a recurring basis | Level 3 | Indemnity
Fair value by pricing source
Available-for-sale securities	5	0
Total	10	8
Fair value measurements on a recurring basis | Level 3 | Indemnity | Fixed maturities
Fair value by pricing source
Available-for-sale securities	5	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	5
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 | 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	5	8
Fair value measurements on a recurring basis | Level 3 | Indemnity | Real estate | Priced via unobservable inputs
Fair value by pricing source
Other investments	5
Fair value measurements on a recurring basis | Level 3 | Exchange
Fair value by pricing source
Available-for-sale securities	130	100
Total	191	186
Fair value measurements on a recurring basis | Level 3 | Exchange | Fixed maturities
Fair value by pricing source
Available-for-sale securities	124	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	106
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	6	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	5
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	48	$ 71
Fair value measurements on a recurring basis | Level 3 | Exchange | Real estate | Priced via unobservable inputs
Fair value by pricing source
Other investments	48
Fair value measurements on a nonrecurring basis
Fair value by pricing source
Total	$ 0

Investments (Details)

Investments (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Available-for-sale securities
Amortized cost, fixed maturities	$ 9,687
Amortized cost	10,388	$ 9,907
Gross unrealized gains	457	584
Gross unrealized losses	125	45
Estimated fair value, fixed maturities	9,980	9,571
Estimated fair value, equity securities	740	875
Estimated fair value	10,720	10,446
Indemnity
Available-for-sale securities
Amortized cost, fixed maturities	581	555
Amortized cost, equity securities	20	24
Amortized cost	601	579
Gross unrealized gains	13	14
Gross unrealized losses	6	4
Estimated fair value, fixed maturities	588	564
Estimated fair value, equity securities	20	25
Estimated fair value	608	589
Indemnity | Fixed maturities
Available-for-sale securities
Amortized cost, fixed maturities	581	555
Gross unrealized gains, fixed maturities	12	13
Gross unrealized losses, fixed maturities	5	4
Estimated fair value, fixed maturities	588	564
Indemnity | States & political subdivisions
Available-for-sale securities
Amortized cost, fixed maturities	226	219
Gross unrealized gains, fixed maturities	11	12
Gross unrealized losses, fixed maturities	0	0
Estimated fair value, fixed maturities	237	231
Indemnity | Corporate debt securities
Available-for-sale securities
Amortized cost, fixed maturities	248	236
Gross unrealized gains, fixed maturities	1	1
Gross unrealized losses, fixed maturities	4	3
Estimated fair value, fixed maturities	245	234
Indemnity | Residential mortgage-backed securities
Available-for-sale securities
Amortized cost, fixed maturities	11	8
Gross unrealized gains, fixed maturities	0	0
Gross unrealized losses, fixed maturities	0	0
Estimated fair value, fixed maturities	11	8
Indemnity | Commercial mortgage-backed securities
Available-for-sale securities
Amortized cost, fixed maturities	45	52
Gross unrealized gains, fixed maturities	0	0
Gross unrealized losses, fixed maturities	1	1
Estimated fair value, fixed maturities	44	51
Indemnity | Collateralized debt obligations
Available-for-sale securities
Amortized cost, fixed maturities	46	33
Gross unrealized gains, fixed maturities	0	0
Gross unrealized losses, fixed maturities	0	0
Estimated fair value, fixed maturities	46	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	7	11
Gross unrealized gains, equity securities	1	1
Gross unrealized losses, equity securities	0	0
Estimated fair value, equity securities	8	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	9,106	8,540
Amortized cost, equity securities	681	788
Amortized cost	9,787	9,328
Gross unrealized gains	444	570
Gross unrealized losses	119	41
Estimated fair value, fixed maturities	9,392	9,007
Estimated fair value, equity securities	720	850
Estimated fair value	10,112	9,857
Exchange | Fixed maturities
Available-for-sale securities
Amortized cost, fixed maturities	9,106	8,540
Gross unrealized gains, fixed maturities	399	503
Gross unrealized losses, fixed maturities	113	36
Estimated fair value, fixed maturities	9,392	9,007
Exchange | U.S. treasury
Available-for-sale securities
Amortized cost, fixed maturities	8	6
Gross unrealized gains, fixed maturities	0	0
Gross unrealized losses, fixed maturities	0	0
Estimated fair value, fixed maturities	8	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	1,402	1,394
Gross unrealized gains, fixed maturities	75	84
Gross unrealized losses, fixed maturities	1	1
Estimated fair value, fixed maturities	1,476	1,477
Exchange | Foreign government securities
Available-for-sale securities
Amortized cost, fixed maturities	91	10
Gross unrealized gains, fixed maturities	0	0
Gross unrealized losses, fixed maturities	5	0
Estimated fair value, fixed maturities	86	10
Exchange | Corporate debt securities
Available-for-sale securities
Amortized cost, fixed maturities	7,450	6,918
Gross unrealized gains, fixed maturities	314	405
Gross unrealized losses, fixed maturities	107	34
Estimated fair value, fixed maturities	7,657	7,289
Exchange | Residential mortgage-backed securities
Available-for-sale securities
Amortized cost, fixed maturities	30	109
Gross unrealized gains, fixed maturities	0	3
Gross unrealized losses, fixed maturities	0	1
Estimated fair value, fixed maturities	30	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	3	3
Gross unrealized losses, fixed maturities	0	0
Estimated fair value, fixed maturities	91	69
Exchange | Nonredeemable preferred stock
Available-for-sale securities
Amortized cost, equity securities	585	650
Gross unrealized gains, equity securities	43	64
Gross unrealized losses, equity securities	5	4
Estimated fair value, equity securities	623	710
Exchange | Common stock
Available-for-sale securities
Amortized cost, equity securities	96	138
Gross unrealized gains, equity securities	2	3
Gross unrealized losses, equity securities	1	1
Estimated fair value, equity securities	$ 97	$ 140

Investments (Details 2)

Investments (Details 2) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Amortized cost
Amortized cost, fixed maturities	$ 9,687
Estimated fair value
Estimated fair value, fixed maturities	9,980	$ 9,571
Indemnity
Amortized cost
Due in one year or less	68
Due after one year through five years	261
Due after five years through ten years	161
Due after ten years	91
Amortized cost, fixed maturities	581	555
Estimated fair value
Due in one year or less	68
Due after one year through five years	261
Due after five years through ten years	165
Due after ten years	94
Estimated fair value, fixed maturities	588	564
Exchange
Amortized cost
Due in one year or less	432
Due after one year through five years	3,364
Due after five years through ten years	3,849
Due after ten years	1,461
Amortized cost, fixed maturities	9,106	8,540
Estimated fair value
Due in one year or less	438
Due after one year through five years	3,524
Due after five years through ten years	3,909
Due after ten years	1,521
Estimated fair value, fixed maturities	$ 9,392	$ 9,007

Investments (Details 3)

Investments (Details 3) $ in Millions	Sep. 30, 2015USD ($)Holdings	Dec. 31, 2014USD ($)Holdings
Indemnity
Fair value
Less than 12 months	$ 199	$ 202
12 months or longer	48	15
Total	247	217
Unrealized losses
Less than 12 months	2	4
12 months or longer	4	0
Total	$ 6	$ 4
No. of holdings | Holdings	345	295
Indemnity | Investment grade
Fair value
Less than 12 months	$ 131	$ 146
12 months or longer	35	2
Total	166	148
Unrealized losses
Less than 12 months	0	1
12 months or longer	1	0
Total	$ 1	$ 1
No. of holdings | Holdings	80	58
Indemnity | Non-investment grade
Fair value
Less than 12 months	$ 52	$ 56
12 months or longer	13	0
Total	65	56
Unrealized losses
Less than 12 months	1	3
12 months or longer	3	0
Total	$ 4	$ 3
No. of holdings | Holdings	262	236
Indemnity | Fixed maturities
Fair value
Less than 12 months	$ 183	$ 202
12 months or longer	48	2
Total	231	204
Unrealized losses
Less than 12 months	1	4
12 months or longer	4	0
Total	$ 5	$ 4
No. of holdings | Holdings	342	294
Indemnity | States & political subdivisions
Fair value
Less than 12 months	$ 4	$ 6
12 months or longer	0	2
Total	4	8
Unrealized losses
Less than 12 months	0	0
12 months or longer	0	0
Total	$ 0	$ 0
No. of holdings | Holdings	2	4
Indemnity | Corporate debt securities
Fair value
Less than 12 months	$ 134	$ 121
12 months or longer	17	0
Total	151	121
Unrealized losses
Less than 12 months	1	3
12 months or longer	3	0
Total	$ 4	$ 3
No. of holdings | Holdings	292	250
Indemnity | Residential mortgage-backed securities
Fair value
Less than 12 months	$ 2	$ 6
12 months or longer	1	0
Total	3	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	$ 16	$ 41
12 months or longer	23	0
Total	39	41
Unrealized losses
Less than 12 months	0	1
12 months or longer	1	0
Total	$ 1	$ 1
No. of holdings | Holdings	26	24
Indemnity | Collateralized debt obligations
Fair value
Less than 12 months	$ 22	$ 21
12 months or longer	7	0
Total	29	21
Unrealized losses
Less than 12 months	0	0
12 months or longer	0	0
Total	$ 0	$ 0
No. of holdings | Holdings	15	9
Indemnity | Other debt securities
Fair value
Less than 12 months	$ 5	$ 7
12 months or longer	0	0
Total	5	7
Unrealized losses
Less than 12 months	0	0
12 months or longer	0	0
Total	$ 0	$ 0
No. of holdings | Holdings	3	3
Indemnity | Nonredeemable preferred stock
Fair value
Less than 12 months	$ 3
12 months or longer	0
Total	3
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	$ 13	$ 0
12 months or longer	0	13
Total	13	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	$ 2,286	$ 1,134
12 months or longer	200	360
Total	2,486	1,494
Unrealized losses
Less than 12 months	95	32
12 months or longer	24	9
Total	$ 119	$ 41
No. of holdings | Holdings	1,096	713
Exchange | Investment grade
Fair value
Less than 12 months	$ 1,521	$ 606
12 months or longer	109	253
Total	1,630	859
Unrealized losses
Less than 12 months	62	10
12 months or longer	9	5
Total	$ 71	$ 15
No. of holdings | Holdings	434	172
Exchange | Non-investment grade
Fair value
Less than 12 months	$ 588	$ 442
12 months or longer	67	9
Total	655	451
Unrealized losses
Less than 12 months	28	19
12 months or longer	14	2
Total	$ 42	$ 21
No. of holdings | Holdings	632	523
Exchange | Fixed maturities
Fair value
Less than 12 months	$ 2,109	$ 1,048
12 months or longer	176	262
Total	2,285	1,310
Unrealized losses
Less than 12 months	90	29
12 months or longer	23	7
Total	$ 113	$ 36
No. of holdings | Holdings	1,066	695
Exchange | U.S. treasury
Fair value
Less than 12 months	$ 0	$ 1
12 months or longer	0	0
Total	0	1
Unrealized losses
Less than 12 months	0	0
12 months or longer	0	0
Total	$ 0	$ 0
No. of holdings | Holdings	1	2
Exchange | States & political subdivisions
Fair value
Less than 12 months	$ 75	$ 47
12 months or longer	5	47
Total	80	94
Unrealized losses
Less than 12 months	1	0
12 months or longer	0	1
Total	$ 1	$ 1
No. of holdings | Holdings	20	24
Exchange | Foreign government securities
Fair value
Less than 12 months	$ 77
12 months or longer	0
Total	77
Unrealized losses
Less than 12 months	5
12 months or longer	0
Total	$ 5
No. of holdings | Holdings	51
Exchange | Corporate debt securities
Fair value
Less than 12 months	$ 1,951	$ 980
12 months or longer	151	181
Total	2,102	1,161
Unrealized losses
Less than 12 months	84	29
12 months or longer	23	5
Total	$ 107	$ 34
No. of holdings | Holdings	987	656
Exchange | Residential mortgage-backed securities
Fair value
Less than 12 months	$ 0	$ 6
12 months or longer	13	27
Total	13	33
Unrealized losses
Less than 12 months	0	0
12 months or longer	0	1
Total	$ 0	$ 1
No. of holdings | Holdings	3	8
Exchange | Commercial mortgage-backed securities
Fair value
Less than 12 months		$ 1
12 months or longer		0
Total		1
Unrealized losses
Less than 12 months		0
12 months or longer		0
Total		$ 0
No. of holdings | Holdings		1
Exchange | Other debt securities
Fair value
Less than 12 months	$ 6	$ 13
12 months or longer	7	7
Total	13	20
Unrealized losses
Less than 12 months	0	0
12 months or longer	0	0
Total	$ 0	$ 0
No. of holdings | Holdings	4	4
Exchange | Nonredeemable preferred stock
Fair value
Less than 12 months	$ 146	$ 86
12 months or longer	24	25
Total	170	111
Unrealized losses
Less than 12 months	4	3
12 months or longer	1	1
Total	$ 5	$ 4
No. of holdings | Holdings	29	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		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Investment income from portfolios
Investment income, net of expenses	$ 120	$ 115	$ 360	$ 335
Indemnity
Investment income from portfolios
Total investment income	5	4	14	12
Less: investment expenses	1	0	1	0
Investment income, net of expenses	4	4	13	12
Indemnity | Fixed maturities
Investment income from portfolios
Total investment income	4	4	12	10
Indemnity | Equity securities
Investment income from portfolios
Total investment income	1	0	1	1
Indemnity | Cash equivalents and other
Investment income from portfolios
Total investment income	0	0	1	1
Exchange
Investment income from portfolios
Total investment income	127	120	380	351
Less: investment expenses	11	9	33	28
Investment income, net of expenses	116	111	347	323
Exchange | Fixed maturities
Investment income from portfolios
Total investment income	97	90	287	261
Exchange | Equity securities
Investment income from portfolios
Total investment income	29	30	91	89
Exchange | Cash equivalents and other
Investment income from portfolios
Total investment income	$ 1	$ 0	$ 2	$ 1

Investments (Details 5)

Investments (Details 5) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Realized investment gains (losses)
Net realized investment gains (losses)	$ (292)	$ (85)	$ (243)	$ 104
Other-than-temporary impairments on investments
Net impairment losses recognized in earnings	(4)	(1)	(8)	(1)
Indemnity
Realized investment gains (losses)
Net realized investment gains (losses)	0	0	0	1
Other-than-temporary impairments on investments
Other -than-temporary impairments on investments	(0.5)		(0.6)	(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	(1)	0	(1)	0
Net realized gains (losses)	(1)	0	(1)	0
Indemnity | Equity securities
Available-for-sale securities:
Gross realized gains	1	0	1	1
Gross realized losses	0	0	0	0
Net realized gains (losses)	1	0	1	1
Exchange
Realized investment gains (losses)
Net realized investment gains (losses)	(292)	(85)	(243)	103
Other-than-temporary impairments on investments
Other -than-temporary impairments on investments	(3)	(1)	(7)	(1)
Portion recognized in other comprehensive income	0	0	0	0
Exchange | Fixed maturities
Available-for-sale securities:
Gross realized gains	4	8	17	18
Gross realized losses	(9)	(2)	(17)	(3)
Net realized gains (losses)	(5)	6	0	15
Exchange | Equity securities
Available-for-sale securities:
Gross realized gains	7	0	18	10
Gross realized losses	0	0	(1)	(2)
Net realized gains (losses)	7	0	17	8
Exchange | Common stock
Trading securities:
Gross realized gains	52	89	218	211
Gross realized losses	(19)	(5)	(42)	(15)
Increases (decreases) in fair value	(327)	(175)	(436)	(116)
Net realized gains (losses)	$ (294)	$ (91)	$ (260)	$ 80

Investments Investments (Detail

Investments Investments (Details 6) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Investments in limited partnerships
Equity in earnings of limited partnerships	$ 43	$ 34	$ 143	$ 111
Indemnity
Investments in limited partnerships
Equity in earnings of limited partnerships	4	4	17	13
Indemnity | Equity method of accounting
Investments in limited partnerships
Equity in earnings of limited partnerships	3	3	17	10
Indemnity | Fair value option
Investments in limited partnerships
Equity in earnings of limited partnerships	1	1	0	3
Exchange
Investments in limited partnerships
Equity in earnings of limited partnerships	39	30	126	98
Exchange | Equity method of accounting
Investments in limited partnerships
Equity in earnings of limited partnerships	37	26	121	83
Exchange | Fair value option
Investments in limited partnerships
Equity in earnings of limited partnerships	$ 2	$ 4	$ 5	$ 15

Investments (Details 7)

Investments (Details 7) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015USD ($)Partnerships	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)Partnerships	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)Partnerships
Investments in limited partnerships
Equity in earnings of limited partnerships	$ 43	$ 34	$ 143	$ 111
Asset recorded	927		927		$ 979
Income (loss) recognized due to valuation adjustments by the partnerships			9		7
Income (loss) recorded			134		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)			500		(1,000)
Total partnership net income			5,000		$ 7,000
Indemnity
Investments in limited partnerships
Equity in earnings of limited partnerships	$ 4	4	$ 17	13
Number of partnerships | Partnerships	56		56		58
Asset recorded	$ 95		$ 95		$ 113
Income (loss) recognized due to valuation adjustments by the partnerships			(6)		2
Income (loss) recorded			$ 23		$ 9
Indemnity | Private equity
Investments in limited partnerships
Number of partnerships | Partnerships	27		27		27
Asset recorded	$ 51		$ 51		$ 52
Income (loss) recognized due to valuation adjustments by the partnerships			9		(4)
Income (loss) recorded			$ 4		$ 8
Indemnity | Private equity | Less than 10%
Investments in limited partnerships
Number of partnerships | Partnerships	24		24		24
Asset recorded	$ 23		$ 23		$ 34
Income (loss) recognized due to valuation adjustments by the partnerships			(2)		(7)
Income (loss) recorded			$ 2		$ 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	$ 28		$ 28		$ 18
Income (loss) recognized due to valuation adjustments by the partnerships			11		3
Income (loss) recorded			$ 2		$ 1
Indemnity | Mezzanine debt
Investments in limited partnerships
Number of partnerships | Partnerships	14		14		15
Asset recorded	$ 13		$ 13		$ 14
Income (loss) recognized due to valuation adjustments by the partnerships			0		0
Income (loss) recorded			$ 2		$ 2
Indemnity | Mezzanine debt | Less than 10%
Investments in limited partnerships
Number of partnerships | Partnerships	10		10		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			$ 1		$ 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	$ 31		$ 31		$ 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	$ 21		$ 21		$ 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	$ 6		$ 6		$ 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	$ 39	$ 30	$ 126	$ 98
Number of partnerships | Partnerships	107		107		102
Asset recorded	$ 832		$ 832		$ 866
Income (loss) recognized due to valuation adjustments by the partnerships			15		5
Income (loss) recorded			$ 111		$ 97
Exchange | Private equity
Investments in limited partnerships
Number of partnerships | Partnerships	46		46		45
Asset recorded	$ 418		$ 418		$ 418
Income (loss) recognized due to valuation adjustments by the partnerships			50		1
Income (loss) recorded			$ 40		$ 46
Exchange | Private equity | Less than 10%
Investments in limited partnerships
Number of partnerships | Partnerships	43		43		42
Asset recorded	$ 306		$ 306		$ 344
Income (loss) recognized due to valuation adjustments by the partnerships			5		(12)
Income (loss) recorded			$ 32		$ 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	$ 112		$ 112		$ 74
Income (loss) recognized due to valuation adjustments by the partnerships			45		13
Income (loss) recorded			$ 8		$ 3
Exchange | Mezzanine debt
Investments in limited partnerships
Number of partnerships | Partnerships	28		28		28
Asset recorded	$ 166		$ 166		$ 170
Income (loss) recognized due to valuation adjustments by the partnerships			(2)		(3)
Income (loss) recorded			$ 17		$ 22
Exchange | Mezzanine debt | Less than 10%
Investments in limited partnerships
Number of partnerships | Partnerships	21		21		21
Asset recorded	$ 115		$ 115		$ 120
Income (loss) recognized due to valuation adjustments by the partnerships			(4)		0
Income (loss) recorded			$ 13		$ 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	$ 24		$ 24		$ 23
Income (loss) recognized due to valuation adjustments by the partnerships			1		(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			$ 2		$ 3
Exchange | Real estate
Investments in limited partnerships
Number of partnerships | Partnerships	33		33		29
Asset recorded	$ 248		$ 248		$ 278
Income (loss) recognized due to valuation adjustments by the partnerships			(33)		7
Income (loss) recorded			$ 54		$ 29
Exchange | Real estate | Less than 10%
Investments in limited partnerships
Number of partnerships | Partnerships	27		27		22
Asset recorded	$ 178		$ 178		$ 207
Income (loss) recognized due to valuation adjustments by the partnerships			(25)		18
Income (loss) recorded			$ 34		$ 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			$ 19		$ 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			8		(17)
Income (loss) recorded			$ 1		$ 20

Bank Line of Credit (Details)

Bank Line of Credit (Details) - Revolving line of credit - USD ($) $ in Millions	1 Months Ended	9 Months Ended
	Oct. 28, 2015	Sep. 30, 2015
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		111
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		$ 326
Subsequent event | Indemnity
Bank Line of Credit
Expiration date of the bank revolving line of credit	Nov. 3, 2020
Subsequent event description	On October 28, 2015, Indemnity extended the maturity date of the revolving credit facility to November 3, 2020.
Subsequent event | Exchange
Bank Line of Credit
Maximum borrowing capacity under the bank revolving line of credit	$ 400
Expiration date of the bank revolving line of credit	Oct. 28, 2020
Subsequent event description	On October 28, 2015, the Exchange amended the bank revolving line of credit to $400 million and extended the maturity date to October 28, 2020. The increase in the line of credit to $400 million was driven by both favorable credit market conditions and increased need based on Exchange's growth in business.

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Income taxes
Net deferred income tax liability, consolidated	$ 232
Net deferred income tax asset	51	$ 37
Net deferred income tax liability	283	490
Deferred tax asset valuation allowance	0
Indemnity
Income taxes
Net deferred income tax asset	$ 51	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	$ 283	$ 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		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Postretirement Benefits
Postretirement annual benefit expense reimbursed to Indemnity from the Exchange and EFL (as a percent)			57.00%
Cost of pension plans
Service cost for benefits earned	$ 8	$ 6	$ 23	$ 17
Interest cost on benefits obligation	8	7	23	21
Expected return on plan assets	(9)	(8)	(27)	(24)
Prior service cost amortization	0	0	1	1
Net actuarial loss amortization	3	2	10	5
Pension plan cost	10	$ 7	30	$ 20
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	9 Months Ended	12 Months Ended
	Sep. 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	Sep. 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) - Indemnity - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Changes in Indemnity's accumulated other comprehensive income (loss) by component attributable to the Indemnity shareholder interest
Balance, beginning of period	$ (118)	$ (59)
Other comprehensive income (loss) before reclassifications, net of tax	(3)	(63)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	0	4
Net current period other comprehensive income (loss), net of tax	(3)	(59)
Balance, end of period	(121)	(118)
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
Other comprehensive income (loss) before reclassifications, net of tax	(3)	2
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	0	(1)
Net current period other comprehensive income (loss), net of tax	(3)	1
Balance, end of period	4	7
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)
Other comprehensive income (loss) before reclassifications, net of tax	0	(65)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	0	5
Net current period other comprehensive income (loss), net of tax	0	(60)
Balance, end of period	$ (125)	$ (125)

Indemnity Accumulated Other C54

Indemnity Accumulated Other Comprehensive Income (Loss) (Details 2) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 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	$ (292)	$ (85)	$ (243)	$ 104
Net impairment losses recognized in earnings	(4)	(1)	(8)	(1)
Income (loss) from operations before income taxes and noncontrolling interest	40	150	532	453
Provision for income taxes	7	42	166	133
Net income (loss)	33	108	366	320	$ 573
Less: Net (loss) income attributable to noncontrolling interest in consolidated entity – Exchange	(17)	61	221	178
Net income attributable to Indemnity	50	47	145	142
Unrealized holding gains (losses) on available-for-sale securities including portion attributable to Exchange noncontrolling interest | 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	2	6	17	24
Net impairment losses recognized in earnings	(4)	(1)	(8)	(1)
Income (loss) from operations before income taxes and noncontrolling interest	(2)	5	9	23
Provision for income taxes	(1)	1	3	8
Net income (loss)	(1)	4	6	15
Unrealized holding gains (losses) on available-for-sale securities attributable to Exchange noncontrolling interest | 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
Less: Net (loss) income attributable to noncontrolling interest in consolidated entity – Exchange	(1)	4	6	14
Unrealized holding gains (losses) on available-for-sale securities attributable to Indemnity shareholder interest | 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 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		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 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	$ 33	$ 108	366	320	573
Change in accumulated other comprehensive income (loss), net of tax	(39)	$ (63)	(129)	74	0
Net purchase of treasury stock					(19)
Dividends declared:
Balance, end of period	8,125		8,125		7,983
Class A
Dividends declared:
Dividends declared			(94)		(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			145		168
Change in accumulated other comprehensive income (loss), net of tax			(3)		(59)
Net purchase of treasury stock					(19)
Dividends declared:
Balance, end of period	$ 750		$ 750		$ 703
Indemnity | Class A
Dividends declared:
Dividends declared (in dollars per share)	$ 0.6810	$ 0.6350	$ 2.0430	$ 1.9050	$ 2.5860
Dividends declared			$ (94)		$ (120)
Indemnity | Class B
Dividends declared:
Dividends declared (in dollars per share)	$ 102.1500	$ 95.2500	$ 306.4500	$ 285.7500	$ 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			221		405
Change in accumulated other comprehensive income (loss), net of tax			(126)		59
Dividends declared:
Balance, end of period	$ 7,375		$ 7,375		$ 7,280

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)
Indemnity
Contractual commitments
Represents the entity's maximum contractual commitments to invest in its limited partnership investments	$ 20
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	$ 8
Indemnity | Mezzanine debt
Contractual commitments
Represents the entity's maximum contractual commitments to invest in its limited partnership investments	8
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	208
Exchange | Real estate
Contractual commitments
Represents the entity's maximum contractual commitments to invest in its limited partnership investments	$ 195

Indemnity Supplemental Inform57

Indemnity Supplemental Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	Dec. 31, 2013
Available-for-sale securities, at fair value:
Fixed maturities	$ 9,980		$ 9,571
Equity securities	740		875
Trading securities, at fair value	2,981		3,223
Limited partnerships	927		979
Other invested assets	22		21
Total investments	14,650		14,669
Cash and cash equivalents	618	$ 379	514	$ 452
Premiums receivable from policyholders	1,417		1,281
Reinsurance recoverable	162		161
Deferred income tax asset	51		37
Deferred acquisition costs	656		595
Other assets	561		501
Total assets	18,115		17,758
Liabilities
Losses and loss expense reserves	3,923		3,853
Life policy and deposit contract reserves	1,848		1,812
Unearned premiums	3,109		2,834
Deferred income tax liability	283		490
Other liabilities, adjusted for consolidation presentation	827		786
Total liabilities	9,990		9,775
Shareholders' equity and noncontrolling interest
Total Indemnity shareholders' equity	750		703
Noncontrolling interest in consolidated entity - Exchange	7,375		7,280
Total equity	8,125		7,983	7,550
Total liabilities, shareholders' equity, and noncontrolling interest	18,115		17,758
Indemnity
Available-for-sale securities, at fair value:
Fixed maturities	588		564
Equity securities	20		25
Limited partnerships	95		113
Other invested assets	1		1
Total investments	704		703
Cash and cash equivalents	122	45	92	49
Deferred income tax asset	51		37
Other assets	110		127
Receivables from the Exchange and other affiliates	385		335
Note receivable from EFL	25		25
Total assets	1,397		1,319
Liabilities
Other liabilities, adjusted for consolidation presentation	647		616
Total liabilities	647		616
Shareholders' equity and noncontrolling interest
Total Indemnity shareholders' equity	750		703
Total equity	750		703	734
Total liabilities, shareholders' equity, and noncontrolling interest	1,397		1,319
Exchange
Available-for-sale securities, at fair value:
Fixed maturities	9,392		9,007
Equity securities	720		850
Trading securities, at fair value	2,981		3,223
Limited partnerships	832		866
Other invested assets	21		20
Total investments	13,946		13,966
Cash and cash equivalents	496		422
Premiums receivable from policyholders	1,417		1,281
Reinsurance recoverable	162		161
Deferred acquisition costs	656		595
Other assets	451		374
Total assets	17,128		16,799
Liabilities
Losses and loss expense reserves	3,923		3,853
Life policy and deposit contract reserves	1,848		1,812
Unearned premiums	3,109		2,834
Deferred income tax liability	283		490
Other liabilities, adjusted for consolidation presentation	590		530
Total liabilities	9,753		9,519
Shareholders' equity and noncontrolling interest
Noncontrolling interest in consolidated entity - Exchange	7,375		7,280
Total equity	7,375		7,280	$ 6,816
Total liabilities, shareholders' equity, and noncontrolling interest	17,128		16,799
Payable to Indemnity	381		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	$ 1.3	$ 1.3
Reclassifications and eliminations
Available-for-sale securities, at fair value:
Receivables from the Exchange and other affiliates	(385)		(335)
Note receivable from EFL	(25)		(25)
Total assets	(410)		(360)
Liabilities
Other liabilities, adjusted for consolidation presentation	(410)		(360)
Total liabilities	(410)		(360)
Shareholders' equity and noncontrolling interest
Total liabilities, shareholders' equity, and noncontrolling interest	$ (410)		$ (360)

Indemnity Supplemental Inform58

Indemnity Supplemental Information (Details 2) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income attributable to Indemnity shareholder interest
Service agreement revenue	$ 7	$ 8	$ 23	$ 24
Total revenues	1,346	1,426	4,583	4,535
Net investment income	120	115	360	335
Net realized investment (losses) gains	(292)	(85)	(243)	104
Net impairment losses recognized in earnings	(4)	(1)	(8)	(1)
Equity in earnings of limited partnerships	43	34	143	111
Income (loss) from operations before income taxes and noncontrolling interest	40	150	532	453
Provision for income taxes	7	42	166	133
Net income attributable to Indemnity	50	47	145	142
Indemnity
Income attributable to Indemnity shareholder interest
Net investment income	4	4	13	12
Net realized investment (losses) gains	0	0	0	1
Equity in earnings of limited partnerships	4	4	17	13
Income (loss) from operations before income taxes and noncontrolling interest	75	70	220	214
Provision for income taxes	25	23	75	72
Net income attributable to Indemnity	50	47	145	142
Indemnity | Management operations
Income attributable to Indemnity shareholder interest
Management fee revenue, net	389	362	1,127	1,047
Service agreement revenue	7	8	22	23
Total revenues	396	370	1,149	1,070
Cost of management operations	328	308	958	882
Income (loss) from operations before income taxes and noncontrolling interest	68	62	191	188
Indemnity | Investment operations
Income attributable to Indemnity shareholder interest
Net investment income	4	4	13	12
Net realized investment (losses) gains	0	0	0	1
Net impairment losses recognized in earnings	(1)	0	(1)	0
Equity in earnings of limited partnerships	4	4	17	13
Income (loss) from operations before income taxes and noncontrolling interest	$ 7	$ 8	$ 29	$ 26

Indemnity Supplemental Inform59

Indemnity Supplemental Information (Details 3) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Indemnity's components of direct cash flows as included in the Consolidated Statements of Cash Flows
Service agreement fee received	$ 23	$ 23
Net investment income received	397	362
Limited partnership distributions	115	95
Commissions and bonuses paid to agents	(633)	(576)
Income taxes paid	(346)	(126)
Net cash provided by (used in) operating activities	663	549
Net cash provided by (used in) investing activities	(475)	(533)
Net cash provided by (used in) financing activities	(84)	(89)
Net increase (decrease) in cash and cash equivalents	104	(73)
Cash and cash equivalents at beginning of period	514	452
Cash and cash equivalents at end of period	618	379
Indemnity
Indemnity's components of direct cash flows as included in the Consolidated Statements of Cash Flows
Management fee received	1,094	1,011
Service agreement fee received	23	23
Net investment income received	19	16
Limited partnership distributions	12	12
Decrease in reimbursements collected from affiliates	(17)	(7)
Commissions and bonuses paid to agents	(633)	(576)
Salaries and wages paid	(115)	(116)
Pension contribution and employee benefits paid	(34)	(42)
General operating expenses paid	(144)	(140)
Income taxes paid	(74)	(70)
Net cash provided by (used in) operating activities	131	111
Net cash provided by (used in) investing activities	(6)	(6)
Net cash provided by (used in) financing activities	(95)	(109)
Net increase (decrease) in cash and cash equivalents	30	(4)
Cash and cash equivalents at beginning of period	92	49
Cash and cash equivalents at end of period	$ 122	$ 45