Erie Indemnity (ERIE) 10-K 25 Feb 21 2020 FY Annual report Financial data

Cover

Cover - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2020	Feb. 19, 2021	Jun. 30, 2020
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2020
Document Transition Report	false
Entity File Number	0-24000
Entry Registrant Name	ERIE INDEMNITY COMPANY
Entity Central Index Key	0000922621
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	25-0466020
Entity Address, Address Line One	100 Erie Insurance Place,
Entity Address, City or Town	Erie,
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	16530
City Area Code	814
Local Phone Number	870-2000
Title of 12(b) Security	Class A common stock,
Trading Symbol	ERIE
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Public Float			$ 4.8
Documents Incorporated by Reference	Portions of Part III of this Form 10-K (Items 10, 11, 12, 13, and 14) are incorporated by reference to the information statement on Schedule 14C to be filed with the Securities and Exchange Commission no later than 120 days after December 31, 2020.
Class A common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		46,189,068
Class B common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		2,542

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating revenue
Operating revenue	$ 2,536,489	$ 2,477,298	$ 2,382,212
Operating expenses
Operating expenses	2,198,332	2,119,959	2,037,869
Operating income	338,157	357,339	344,343
Investment income
Net investment income	29,753	34,059	29,387
Net realized investment gains (losses)	6,392	6,103	(2,010)
Net impairment losses recognized in earnings	(3,278)	(195)	(1,581)
Total investment income	32,867	39,967	25,796
Interest expense, net	731	856	2,460
Other (expense) income	(1,778)	255	3,641
Income before income taxes	368,515	396,705	371,320
Income tax expense	75,211	79,884	83,096
Net income	$ 293,304	$ 316,821	$ 288,224
Class A common stock
Net income per share
Class A common stock - basic (in dollars per share)	$ 6.30	$ 6.80	$ 6.19
Class A common stock - diluted (in dollars per share)	$ 5.61	$ 6.06	$ 5.51
Weighted average shares outstanding – Basic
Common stock - basic (in shares)	46,188,659	46,188,836	46,188,637
Weighted average shares outstanding – Diluted
Common stock - diluted (in shares)	52,313,360	52,319,860	52,315,213
Class B common stock
Net income per share
Class A common stock - basic (in dollars per share)	$ 945	$ 1,020	$ 928
Class A common stock - diluted (in dollars per share)	945	1,020	928
Class B common stock - basic and diluted (in dollars per share)	$ 945	$ 1,020	$ 928
Weighted average shares outstanding – Basic
Common stock - basic (in shares)	2,542	2,542	2,542
Weighted average shares outstanding – Diluted
Common stock - diluted (in shares)	2,542	2,542	2,542
Management fee revenue - policy issuance and renewal services, net
Operating revenue
Operating revenue	$ 1,841,794	$ 1,810,457	$ 1,719,567
Operating expenses
Operating expenses	1,588,897	1,537,949	1,457,533
Management fee revenue - administrative services, net
Operating revenue
Operating revenue	59,463	57,204	53,632
Administrative services reimbursement revenue
Operating revenue
Operating revenue	609,435	582,010	580,336
Operating expenses
Operating expenses	609,435	582,010	580,336
Service agreement revenue
Operating revenue
Operating revenue	$ 25,797	$ 27,627	$ 28,677

STATEMENTS OF COMPREHENSIVE INC

STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 293,304	$ 316,821	$ 288,224
Other comprehensive income, net of tax
Change in unrealized holding gains (losses) on available-for-sale securities	18,738	11,718	(9,937)
Pension and other postretirement plans	19,987	1,698	35,712
Total other comprehensive income, net of tax	38,725	13,416	25,775
Comprehensive income	$ 332,029	$ 330,237	$ 313,999

STATEMENTS OF FINANCIAL POSITIO

STATEMENTS OF FINANCIAL POSITION $ in Thousands	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Current assets:
Cash and cash equivalents	$ 161,240	$ 336,739
Available-for-sale securities	17,697	32,810
Equity securities	19	2,381
Receivables from Erie Insurance Exchange and affiliates, net	494,637	468,636
Prepaid expenses and other current assets	49,897	44,943
Federal income taxes recoverable	2,664	462
Accrued investment income	6,146	5,433
Total current assets	732,300	891,404
Available-for-sale securities, net	910,539	697,891
Equity securities	94,071	64,752
Fixed assets, net	265,341	221,379
Agent loans, net	62,449	60,978
Deferred income taxes, net	12,341	17,186
Other assets	40,081	62,650
Total assets	2,117,122	2,016,240
Current liabilities:
Commissions payable	262,338	262,963
Agent bonuses	110,158	96,053
Accounts payable and accrued liabilities	150,706	134,957
Dividends payable	48,200	44,940
Contract liability	36,917	35,938
Deferred executive compensation	17,319	10,882
Current portion of long-term borrowings	2,031	1,979
Total current liabilities	627,669	587,712
Defined benefit pension plans	164,346	145,659
Long-term borrowings	93,833	95,842
Contract liability	18,878	18,435
Deferred executive compensation	14,904	13,734
Other long-term liabilities	9,444	21,605
Total liabilities	929,074	882,987
Shareholders' equity
Additional paid-in-capital	16,487	16,483
Accumulated other comprehensive loss	(78,143)	(116,868)
Retained earnings	2,393,624	2,377,558
Total contributed capital and retained earnings	2,334,138	2,279,343
Treasury stock, at cost; 22,110,132 shares held	(1,163,670)	(1,158,910)
Deferred compensation	17,580	12,820
Total shareholders' equity	1,188,048	1,133,253
Total liabilities and shareholders' equity	2,117,122	2,016,240
Class A common stock
Shareholders' equity
Common stock	1,992	1,992
Class B common stock
Shareholders' equity
Common stock	$ 178	$ 178
Ratio for converting shares of Class B common stock into shares of Class A common stock	2,400	2,400

STATEMENTS OF FINANCIAL POSIT_2

STATEMENTS OF FINANCIAL POSITION (Parenthetical)	Dec. 31, 2020$ / sharesshares	Dec. 31, 2019$ / sharesshares
Treasury stock (in shares)	22,110,132	22,110,132
Class A common stock
Common stock, stated value per share (in dollars per share) | $ / shares	$ 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 common stock
Common stock, stated value per share (in dollars per share) | $ / shares	$ 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
Ratio for converting shares of Class B common stock into shares of Class A common stock	2,400	2,400

STATEMENTS OF SHAREHOLDERS' EQU

STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands		Total	Cumulative Effect, Period of Adoption, Adjustment	[1]	Class A common stock	Class B common stock	Common stockClass A common stock	Common stockClass B common stock	Additional paid-in-capital	Accumulated other comprehensive income (loss)	Retained earnings	Retained earningsCumulative Effect, Period of Adoption, Adjustment	[1]	Retained earningsClass A common stock	Retained earningsClass B common stock	Treasury stock		Deferred compensation
Balance, beginning of year at Dec. 31, 2017		$ 857,344	$ (38,392)				$ 1,992	$ 178	$ 16,470	$ (156,059)	$ 2,140,853	$ (38,392)				$ (1,155,668)		$ 9,578
Increase (Decrease) in Shareholders' Equity
Accounting standards update		us-gaap:AccountingStandardsUpdate201409Member
Net income		$ 288,224									288,224
Other comprehensive income		25,775								25,775
Dividends declared					$ (157,964)	$ (1,304)								$ (157,964)	$ (1,304)
Net purchase of treasury stock	[2]	(11)							(11)
Deferred compensation		0														(2,566)		2,566
Rabbi trust distribution		0														609	[3]	(609)	[3]
Balance, end of year at Dec. 31, 2018		973,672					1,992	178	16,459	(130,284)	2,231,417					(1,157,625)		11,535
Increase (Decrease) in Shareholders' Equity
Net income		316,821									316,821
Other comprehensive income		13,416								13,416
Dividends declared					(169,283)	(1,397)								(169,283)	(1,397)
Net purchase of treasury stock	[2]	24							24
Deferred compensation		0														(2,208)		2,208
Rabbi trust distribution		0														923	[3]	(923)	[3]
Balance, end of year at Dec. 31, 2019		$ 1,133,253	$ (1,075)				1,992	178	16,483	(116,868)	2,377,558	$ (1,075)				(1,158,910)		12,820
Increase (Decrease) in Shareholders' Equity
Accounting standards update		us-gaap:AccountingStandardsUpdate201613Member
Net income		$ 293,304									293,304
Other comprehensive income		38,725								38,725
Dividends declared					$ (273,902)	$ (2,261)								$ (273,902)	$ (2,261)
Net purchase of treasury stock	[2]	4							4
Deferred compensation		0														(5,465)		5,465
Rabbi trust distribution		0														705	[3]	(705)	[3]
Balance, end of year at Dec. 31, 2020		$ 1,188,048					$ 1,992	$ 178	$ 16,487	$ (78,143)	$ 2,393,624					$ (1,163,670)		$ 17,580
[1]	(1) Cumulative effect adjustments in 2018 are primarily related to the implementation of new revenue recognition guidance effective January 1, 2018. The Cumulative effect adjustment in 2020 is related to the implementation of new credit loss allowance accounting guidance effective January 1, 2020. See Note 2, "Significant Accounting Policies."
[2]	(2) Net purchases of treasury stock in 2018, 2019 and 2020 includes the repurchase of our Class A common stock in the open market that were subsequently distributed to satisfy stock based compensation awards. See Note 11, "Incentive and Deferred Compensation Plans".
[3]	(3) Distributions of our Class A shares were made from the rabbi trust to a retired director and an incentive compensation deferral plan participant in 2018, 2019 and 2020. See Note 11, "Incentive and Deferred Compensation Plans".

STATEMENTS OF SHAREHOLDERS' E_2

STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Class A common stock
Dividends declared (in dollars per share)	$ 5.93	$ 3.665	$ 3.42
Class B common stock
Dividends declared (in dollars per share)	$ 889.50	$ 549.75	$ 513

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities
Management fee received	$ 1,887,537	$ 1,845,075	$ 1,751,247
Administrative services reimbursements received	587,347	588,255	574,698
Service agreement fee received	25,797	27,627	28,677
Net investment income received	35,740	36,442	44,662
Commissions paid to agents	(928,864)	(895,563)	(853,758)
Agents bonuses paid	(108,227)	(115,795)	(134,314)
Salaries and wages paid	(188,070)	(186,460)	(182,537)
Pension contributions and employee benefits paid	(33,098)	(42,728)	(115,525)
General operating expenses paid	(253,545)	(236,128)	(208,036)
Administrative services expenses paid	(598,753)	(582,528)	(580,338)
Income taxes paid	(82,576)	(72,817)	(58,814)
Interest paid	(693)	(853)	(2,377)
Net cash provided by operating activities	342,595	364,527	263,585
Purchase of investments:
Available-for-sale securities	(396,014)	(956,818)	(392,895)
Equity securities	(79,518)	(66,760)	(4,087)
Other investments	(1,142)	(1,080)	(243)
Proceeds from investments:
Available-for-sale securities sales	101,718	687,347	235,323
Available-for-sale securities maturities/calls	118,852	303,798	134,396
Equity securities	70,405	16,109	4,162
Other investments	613	3,722	3,387
Purchase of fixed assets	(55,528)	(102,039)	(56,297)
Proceeds from disposal of fixed assets	15	777	6,014
Loans to agents	(10,098)	(17,611)	(42,594)
Collections on agent loans	7,472	7,921	6,436
Repayment of note receivable from Erie Family Life Insurance	0	0	25,000
Net cash used in investing activities	(243,225)	(124,634)	(81,398)
Cash flows from financing activities
Dividends paid to shareholders	(272,902)	(167,651)	(156,474)
Net (payments) proceeds from long-term borrowings	(1,967)	(1,920)	24,983
Net cash used in financing activities	(274,869)	(169,571)	(131,491)
Net (decrease) increase in cash and cash equivalents	(175,499)	70,322	50,696
Cash and cash equivalents, beginning of year	336,739	266,417	215,721
Cash and cash equivalents, end of year	161,240	336,739	266,417
Supplemental disclosure of noncash transactions
Transfer of investments from other investments to equity securities	13,041	3,310	0
Liability incurred to purchase fixed assets	14,214	6,800	8,453
Operating lease assets obtained in exchange for new operating lease liabilities	$ 4,943	$ 35,483	$ 0

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of presentation The accompanying financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("GAAP"). 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. Recently adopted accounting standards We adopted Accounting Standards Update ("ASU") 2016-13, "Financial Instruments-Credit Losses" which applies to our receivable from Erie Insurance Exchange and affiliates, agent loans, and investments, on January 1, 2020. The guidance requires financial assets measured at amortized cost to be presented at the net amount expected to be collected through the use of a new forward-looking current expected credit loss model and credit losses relating to available-for-sale debt securities to be recognized through an allowance for credit losses. For assets measured at amortized cost for which a current expected credit loss allowance was required, we adopted the guidance using the modified-retrospective approach. At January 1, 2020, we recorded current expected credit loss allowances related to agent loans of $0.8 million and receivables from Erie Insurance Exchange and affiliates of $0.6 million. This resulted in the recording of a cumulative effect adjustment, net of taxes, to retained earnings of $1.1 million. Our available-for-sale investments are not measured at amortized cost, and therefore do not require the use of a current expected credit loss model. Any credit losses, however, are required to be recorded as an allowance for credit losses rather than a reduction of the carrying value of the asset. For available-for-sale securities, we adopted the guidance using the prospective approach and recorded an initial allowance for credit losses of $0.6 million at March 31, 2020. We adopted Accounting Standards Codification ("ASC") 842, "Leases" on January 1, 2019 using the optional transition method, which permits entities to apply the new guidance prospectively with certain practical expedients available. We elected the package of practical expedients which among other things allowed us to carry forward the historical lease classifications. We did not elect the hindsight practical expedient in determining the lease term for existing leases. The adoption of the new standard resulted in the recognition of operating lease assets of $32.7 million and operating lease liabilities of $32.1 million on the Statement of Financial Position at January 1, 2019. The adoption of this standard did not have a material impact on our Statement of Operations and had no impact on our net cash flows. We adopted ASC 606, "Revenue from Contracts with Customers" on January 1, 2018, using the modified retrospective method applied to all contracts. Under ASC 606, we determined that we have two performance obligations under the subscriber’s agreement. The first performance obligation is providing policy issuance and renewal services. The second performance obligation is acting as the attorney-in-fact on behalf of the Exchange, as well as the service provider for its insurance subsidiaries, with respect to all administrative services. Upon adoption of ASC 606, the management fee earned per the subscriber’s agreement, currently 25% of all direct and affiliated assumed premiums written by the Exchange, is allocated between the two performance obligations. Prior to the adoption of ASC 606, the entire management fee was allocated to the policy issuance and renewal services. Additionally, the expenses we incur and related reimbursements we receive related to the administrative services are presented gross in our Statement of Operations effective January 1, 2018. On January 1, 2018, we established a contract liability of $48.5 million representing the portion of revenue not yet earned related to the administrative services to be provided in subsequent years. We recorded a related deferred tax asset of $10.2 million and a cumulative effect adjustment that reduced retained earnings by $38.3 million. The adoption of ASC 606 changed the presentation of our Statement of Cash Flows, but had no net impact to our cash flows. Cash and cash equivalents – Cash, money market accounts and other short-term, highly liquid investments with a maturity of three months or less at the date of purchase, are considered cash and cash equivalents. Investments Available-for-sale securities – Fixed maturity debt securities and redeemable preferred stock are classified as available-for-sale and reported at fair value with unrealized investment gains and losses, net of income taxes, recognized in other comprehensive income. Available-for-sale securities with a remaining maturity of 12 months or less and any security that we intend to sell as of the reporting date are classified as current assets. Available-for-sale securities in an unrealized loss position are evaluated to determine whether the impairment is a result of credit loss or other factors. If we have the intent to sell or it's more likely than not that we would be required to sell the security before recovery of the amortized cost basis, the entire impairment is recognized in earnings. Securities that have experienced a decline in fair value that we do not intend to sell, and that we will not be required to sell before recovery, are evaluated to determine if the decline in fair value is credit related. Impairment resulting from a credit loss is recognized in earnings with a corresponding allowance on the balance sheet. Future recoveries of credit loss result in an adjustment to the allowance and earnings in the period the credit conditions improve. Factors considered in the evaluation of credit loss include the extent to which fair value is less than cost and fundamental factors specific to the issuer such as financial condition, changes in credit ratings, near and long-term business prospects and other factors, as well as the likelihood of recovery of the amortized cost of the security. If the qualitative review indicates credit impairment, the allowance for credit loss is measured as the amount that the security’s amortized cost exceeds the present value of cash flows expected to be collected and is limited to the amount that fair value is below amortized cost. Equity securities – Non-redeemable preferred and common stocks are classified as equity securities and reported at fair value with changes in fair value recognized in net realized investment gains (losses). Securities that we intend to sell as of the reporting date are classified as current assets. Realized gains and losses and investment income – Realized gains and losses on sales of available-for-sale and equity securities are recognized in income based upon the specific identification method and reported as net realized investment gains (losses). Interest income is recognized as earned and includes amortization of premium and accretion of discount. Income is recognized based on the constant effective yield method, which includes periodically updated prepayment assumptions obtained from third party data sources on our prepaying securities. The effective yield for prepaying securities is recalculated on a retrospective basis. Dividend income is recognized at the ex-dividend date. Interest and dividend income and the results of our limited partnership investments are reported as net investment income. We do not record an allowance for credit losses on accrued investment income as any amount deemed uncollectible is reversed from interest income in the period the expected payment defaults. Deferred taxes Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and the reported amounts in the financial statements, using the statutory tax rates in effect for the year in which the differences are expected to settle or be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date under the law. The need for valuation allowances on deferred tax assets are estimated based upon our assessment of the realizability of such amounts. Fixed assets Fixed assets are stated at cost less accumulated depreciation and amortization. Fixed assets are primarily comprised of software, which includes internally used capitalized software and development costs, as well as building and building improvements, equipment, furniture and fixtures, and leasehold improvements. Assets in use are depreciated using the straight-line method over the estimated useful life except for leasehold improvements, which are depreciated over the shorter of their economic useful life or the lease term. Software is depreciated over periods ranging from 3-7 years, buildings and building improvements are depreciated over 20-45 years, equipment is depreciated over 3-10 years, and furniture and fixtures are depreciated over 7 years. We review long-lived assets for impairment whenever events or changes indicate that the carrying value may not be recoverable. Under these circumstances, if the fair value were less than the carrying amount of the asset, we would recognize a loss for the difference. We capitalize applicable interest charges incurred during the construction period of significant long-term building projects as part of the historical cost of the asset. Agent loans Agent loans, the majority of which are senior secured, are carried at unpaid principal balance with interest recorded in investment income as earned. The current portion of agent loans is recorded in prepaid expenses and other current assets. The adoption of ASU 2016-13 on January 1, 2020 requires the recording of a current expected credit loss allowance on these loans. The allowance is estimated using available loss history and/or external loss rates based on comparable loan losses and considers current conditions and forecasted information. When establishing the expected credit loss allowance upon implementation of ASU 2016-13, a cumulative effect adjustment was recorded to beginning retained earnings. Future changes to the allowance will be recognized in earnings as adjustments to net impairment losses. Prior to the adoption of ASU 2016-13, we did not record an allowance for credit losses as the majority of these loans are senior secured and have had insignificant default amounts. Other assets Other assets include operating lease assets, other investments, and other long-term prepaid assets. The determination of whether an arrangement is a lease and the related lease classification is made at inception of a contract. Our leases are classified as operating leases. Operating lease assets and liabilities are recorded at inception based on the present value of the future minimum lease payments over the lease term at commencement date. When an implicit rate for the lease is not available, we use our incremental borrowing rate based on the information available at commencement date to determine the present value of future payments. Lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Most of our lease contracts contain lease and non-lease components. Non-lease components are expensed as incurred. Operating lease assets are included in other assets, and the current and noncurrent portions of the operating lease liabilities are included in accounts payable and accrued expenses and other long-term liabilities, respectively. Agent bonus estimates Our more significant agent bonus plan is based upon an individual agency's property and casualty underwriting profitability and also includes a component for growth in agency property and casualty premiums if the agency's underwriting profitability targets for the book of business are met. The estimate for this agent bonus plan is based upon the performance over 36 months, and is modeled on a monthly basis using actual underwriting results for the two Recognition of management fee revenue We earn management fees from the Exchange under the subscriber’s agreement for services provided. Pursuant to the subscriber’s agreement, we may retain up to 25% of all direct and affiliated assumed premiums written by the Exchange. The management fee rate is set at least annually by our Board of Directors. The management fee revenue is calculated by multiplying the management fee rate by the direct and affiliated assumed premiums written by the Exchange and is allocated between the two performance obligations we have under the subscriber's agreement. The first performance obligation is to provide policy issuance and renewal services. The second performance obligation is acting as the attorney-in-fact with respect to the administrative services. Management fee revenue allocated to the policy issuance and renewal services is recognized at the time of policy issuance or renewal, because it is at the time of policy issuance or renewal when the economic benefit of the service we provide (the substantially completed policy issuance or renewal service) and the control of the promised asset (the executed insurance policy) transfers to the customer. Management fee revenue allocated to the second performance obligation relates to us acting as the attorney-in-fact on behalf of the Exchange, as well as the service provider for its insurance subsidiaries, with respect to the administrative services and is recognized over a four-year period representing the time over which the economic benefit of the services provided (i.e. management of the administrative services) transfers to the customer. Administrative services By virtue of its legal structure as a reciprocal insurer, the Exchange does not have any employees or officers. Therefore, it enters into contractual relationships by and through an attorney-in-fact. Indemnity serves as the attorney-in-fact on behalf of the Exchange with respect to its administrative services in accordance with the subscriber's agreement. The Exchange's insurance subsidiaries also utilize Indemnity for these services in accordance with the service agreements between each of the subsidiaries and Indemnity. Claims handling services include costs incurred in the claims process, including the adjustment, investigation, defense, recording and payment functions. Life insurance management services include costs incurred in the management and processing of life insurance business. Investment management services are related to investment trading activity, accounting and all other functions attributable to the investment of funds. Included in these expenses are allocations of costs for departments that support these administrative functions. Common overhead expenses and certain service department costs incurred by us on behalf of the Exchange and its insurance subsidiaries are reimbursed by the proper entity based upon appropriate utilization statistics (employee count, square footage, vehicle count, project hours, etc.) specifically measured to accomplish proportional allocations, which we believe are reasonable. The expenses we incur and related reimbursements we receive for administrative services are presented gross in our Statement of Operations. Reimbursements are settled on a monthly basis. The amounts incurred for these services are reimbursed to Indemnity at cost in accordance with the subscriber's agreement and the service agreements. State insurance regulations require that intercompany service agreements and any material amendments be approved in advance by the state insurance department. Recognition of service agreement revenue Service agreement revenue consists of service charges we collect from policyholders for providing multiple payment plans on policies written by the Exchange and its property and casualty subsidiaries. Service charges, which are flat dollar charges for each installment billed beyond the first installment, are recognized as revenue when bills are rendered to the policyholder. Service agreement revenue also includes late payment and policy reinstatement fees, which are also recognized as revenue when bills are rendered to the policyholder. Reclassifications Certain amounts previously reported in the 2019 and 2018 financial statements have been reclassified for comparative purposes to conform to the current period’s presentation. “Limited partnership investments” has now been combined within “Other assets” in the Statements of Financial Position and “Equity in earnings (losses) of limited partnerships” is now included in “Net investment income” in the Statements of Operations. The reclassifications had no effect on previously reported net income.

Nature of Operations

Nature of Operations	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of Operations Erie Indemnity Company ("Indemnity", "we", "us", "our") 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. Our primary function as attorney-in-fact is to perform policy issuance and renewal services on behalf of the subscribers at the Exchange. We also act as attorney-in-fact on behalf of the Exchange with respect to all claims handling and investment management services, as well as the service provider for all claims handling, life insurance, and investment management services for its insurance subsidiaries, collectively referred to as "administrative services". Acting as attorney-in-fact in these two capacities is done in accordance with a subscriber's agreement (a limited power of attorney) executed individually by each subscriber (policyholder), which appoints us as their common attorney-in-fact to transact certain business on their behalf. Pursuant to the subscriber's agreement for acting as attorney-in-fact in these two capacities, we earn a management fee calculated as a percentage of the direct and affiliated assumed premiums written by the Exchange. The policy issuance and renewal services we provide to the Exchange are related to the sales, underwriting and issuance of policies. The sales related services we provide include agent compensation and certain sales and advertising support services. Agent compensation includes scheduled commissions to agents based upon premiums written as well as additional commissions and bonuses to agents, which are earned by achieving targeted measures. Agent compensation comprised approximately 66% of our 2020 policy issuance and renewal expenses. The underwriting services we provide include underwriting and policy processing and comprised approximately 10% of our 2020 policy issuance and renewal expenses. The remaining services we provide include customer service and administrative support. We also provide information technology services that support all the functions listed above that comprised approximately 11% of our 2020 policy issuance and renewal expenses. Included in these expenses are allocations of costs for departments that support these policy issuance and renewal functions. By virtue of its legal structure as a reciprocal insurer, the Exchange does not have any employees or officers. Therefore, it enters into contractual relationships by and through an attorney-in-fact. Indemnity serves as the attorney-in-fact on behalf of the Exchange with respect to its administrative services. The Exchange's insurance subsidiaries also utilize Indemnity for these services in accordance with the service agreements between each of the subsidiaries and Indemnity. Claims handling services include costs incurred in the claims process, including the adjustment, investigation, defense, recording and payment functions. Life insurance management services include costs incurred in the management and processing of life insurance business. Investment management services are related to investment trading activity, accounting and all other functions attributable to the investment of funds. Included in these expenses are allocations of costs for departments that support these administrative functions. The amounts incurred for these services are reimbursed to Indemnity at cost in accordance with the subscriber's agreement and the service agreements. State insurance regulations require that intercompany service agreements and any material amendments be approved in advance by the state insurance department. Our results of operations are tied to the growth and financial condition of the Exchange. If any events occurred that impaired the Exchange’s ability to grow or sustain its financial condition, including but not limited to reduced financial strength ratings, disruption in the independent agency relationships, significant catastrophe losses, or products not meeting customer demands, the Exchange could find it more difficult to retain its existing business and attract new business. A decline in the business of the Exchange almost certainly would have as a consequence a decline in the total premiums paid and a correspondingly adverse effect on the amount of the management fees we receive. We also have an exposure to a concentration of credit risk related to the unsecured receivables due from the Exchange for its management fee and cost reimbursements. See Note 16, "Concentrations of Credit Risk". Coronavirus ("COVID-19") pandemic On March 11, 2020, the outbreak of the coronavirus ("COVID-19") was declared a global pandemic. The significant volatility in the financial markets, economic disruption and uncertainty resulting from the COVID-19 pandemic that began in the first quarter of 2020 continues to evolve and the pandemic’s ultimate impact and duration remain highly uncertain at this time. The Exchange’s previously announced rate reductions that became effective in the second half of 2020, coupled with the uncertain economic conditions, will likely continue to constrain the Exchange’s premium growth which will impact our management fee revenue. The Exchange’s underwriting profitability has improved largely due to declines in claims frequency. The extent and duration of changes in consumer behavior and driving patterns and the resulting impact to the Exchange’s growth and financial condition remain uncertain. The economic conditions resulting from the COVID-19 pandemic may negatively impact the collectability of the Exchange’s premiums receivable, however no significant impact has been noted through the date of this report. While our investment portfolio was negatively impacted by the volatility in the financial markets in the first quarter of 2020, markets substantially recovered through the remainder of 2020. We are unable to predict the duration or extent of the business disruption or the financial impact given the ongoing development of the pandemic and its impacts on the economy and financial markets.

Revenue

Revenue	12 Months Ended
	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The majority of our revenue is derived from the subscriber’s agreement between us and the subscribers (policyholders) at the Exchange. Pursuant to the subscriber’s agreement, we earn a management fee calculated as a percentage, not to exceed 25%, of all direct and affiliated assumed written premiums of the Exchange. We allocate a portion of our management fee revenue, currently 25% of the direct and affiliated assumed written premiums of the Exchange, between the two performance obligations we have under the subscriber’s agreement. The first performance obligation is to provide policy issuance and renewal services to the subscribers (policyholders) at the Exchange, and the second is to act as attorney-in-fact on behalf of the Exchange, as well as the service provider for its insurance subsidiaries, with respect to all administrative services. The transaction price, including management fee revenue and administrative service reimbursement revenue, is allocated based on the estimated standalone selling prices developed using industry information and other available information for similar services. We update the transaction price allocation annually based upon the most recent information available or more frequently if there have been significant changes in any components considered in the transaction price. In 2020, we reviewed the transaction price allocation quarterly to consider the most current economic conditions related to the COVID-19 pandemic. The reviews resulted in no material change to the allocation. The first performance obligation is to provide policy issuance and renewal services that result in executed insurance policies between the Exchange or one of its insurance subsidiaries and the subscriber (policyholder). The subscriber (policyholder), receives economic benefits when substantially all the policy issuance or renewal services are complete and an insurance policy is issued or renewed by the Exchange or one of its insurance subsidiaries. It is at the time of policy issuance or renewal that the allocated portion of revenue is recognized. The Exchange, by virtue of its legal structure as a reciprocal insurer, does not have any employees or officers. Therefore, it enters into contractual relationships by and through an attorney-in-fact. Indemnity serves as the attorney-in-fact on behalf of the Exchange with respect to its administrative services in accordance with the subscriber's agreement. The Exchange's insurance subsidiaries also utilize Indemnity for these services in accordance with the service agreements between each of the subsidiaries and Indemnity. Collectively, these services represent a second performance obligation under the subscriber’s agreement and the service agreements. The revenue allocated to this performance obligation is recognized over time as these services are provided. The portion of revenue not yet earned is recorded as a contract liability in the Statements of Financial Position. The administrative services expenses we incur and the related reimbursements we receive are recorded gross in the Statements of Operations. Indemnity records a receivable from the Exchange for management fee revenue when the premium is written or assumed from affiliates by the Exchange. Indemnity collects the management fee from the Exchange when the Exchange collects the premiums from the subscribers (policyholders). As the Exchange issues policies with annual terms only, cash collections generally occur within one year. The amount of management fee revenue we receive can vary due to the potential of mid-term cancellations. Management fees are returned to the Exchange when policyholders cancel their insurance coverage mid-term and unearned premiums are refunded to them. We maintain an estimated allowance to reduce the management fee to its estimated net realizable value to account for the potential of mid-term policy cancellations based on historical cancellation rates. In 2020, our historical cancellation rates were adjusted to include the potential for increased cancellations given the current economic conditions related to the COVID-19 pandemic. This estimated allowance has been allocated between the two performance obligations consistent with the revenue allocation proportions. The following table disaggregates revenue by our two performance obligations for the years ended December 31: (in thousands) 2020 2019 2018 Management fee revenue - policy issuance and renewal services, net $ 1,841,794 $ 1,810,457 $ 1,719,567 Management fee revenue - administrative services, net 59,463 57,204 53,632 Administrative services reimbursement revenue 609,435 582,010 580,336 Total administrative services $ 668,898 $ 639,214 $ 633,968

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Earnings Per Share	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 13, "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 that have the option to be paid in stock using the treasury stock method. See Note 11, "Incentive and Deferred Compensation Plans". A reconciliation of the numerators and denominators used in the basic and diluted per-share computations is presented as follows for each class of common stock: (dollars in thousands, except per share data) For the years ended December 31, 2020 2019 2018 Allocated net income (numerator) Weighted shares (denominator) Per- share amount 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 $ 290,902 46,188,659 $ 6.30 $ 314,227 46,188,836 $ 6.80 $ 285,864 46,188,637 $ 6.19 Dilutive effect of stock-based awards 0 23,901 — 0 30,224 — 0 25,776 — Assumed conversion of Class B shares 2,402 6,100,800 — 2,594 6,100,800 — 2,360 6,100,800 — Class A – Diluted EPS: Income available to Class A stockholders on Class A equivalent shares $ 293,304 52,313,360 $ 5.61 $ 316,821 52,319,860 $ 6.06 $ 288,224 52,315,213 $ 5.51 Class B – Basic EPS: Income available to Class B stockholders $ 2,402 2,542 $ 945 $ 2,594 2,542 $ 1,020 $ 2,360 2,542 $ 928 Class B – Diluted EPS: Income available to Class B stockholders $ 2,401 2,542 $ 945 $ 2,593 2,542 $ 1,020 $ 2,359 2,542 $ 928

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value	Fair Value Financial instruments carried at fair value Our available-for-sale and equity 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 equity 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. 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 securities are valued using an exchange traded price provided by the pricing service. Pricing service valuations for Level 2 securities 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. Although virtually all of our prices are obtained from third party sources, we also perform internal pricing reviews, including evaluating the methodology and inputs used to ensure that we determine the proper classification level of the financial instrument and reviewing securities with price changes that vary significantly from current market conditions or independent price sources. Price variances are investigated and corroborated by market data and transaction volumes. We have reviewed the pricing methodologies of our pricing service as well as other observable inputs and believe that the prices adequately consider market activity in determining fair value. 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. 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. As of December 31, 2020, nearly all of our available-for-sale and equity securities were priced using a third party pricing service. The following tables present our fair value measurements on a recurring basis by asset class and level of input as of: December 31, 2020 (in thousands) Total Level 1 Level 2 Level 3 Available-for-sale securities: Corporate debt securities $ 566,425 $ 1,281 $ 559,319 $ 5,825 Residential mortgage-backed securities 112,179 0 111,242 937 Commercial mortgage-backed securities 120,201 0 100,739 19,462 Collateralized debt obligations 110,447 0 110,447 0 Other debt securities 18,984 0 18,984 0 Total available-for-sale securities 928,236 1,281 900,731 26,224 Equity securities - nonredeemable preferred and common stock: Financial services sector 76,575 24,981 51,594 0 Utilities sector 8,742 3,957 4,785 0 Consumer sector 3,068 576 2,492 0 Communications sector 2,699 2,699 0 0 Energy sector 2,206 676 1,530 0 Industrial sector 800 800 0 0 Total equity securities 94,090 33,689 60,401 0 Total $ 1,022,326 $ 34,970 $ 961,132 $ 26,224 December 31, 2019 (in thousands) Total Level 1 Level 2 Level 3 Available-for-sale securities: Corporate debt securities $ 454,880 $ 2,683 $ 443,873 $ 8,324 Residential mortgage-backed securities 125,343 0 125,343 0 Commercial mortgage-backed securities 67,541 0 64,220 3,321 Collateralized debt obligations 77,856 0 77,856 0 Other debt securities 5,081 0 5,081 0 Total available-for-sale securities 730,701 2,683 716,373 11,645 Equity securities - nonredeemable preferred and common stock: Financial services sector 53,513 14,927 38,586 0 Utilities sector 6,818 3,190 3,628 0 Communications sector 3,433 3,433 0 0 Energy sector 1,881 0 1,881 0 Industrial sector 980 0 980 0 Consumer sector 508 0 508 0 Total equity securities 67,133 21,550 45,583 0 Total $ 797,834 $ 24,233 $ 761,956 $ 11,645 We review the fair value hierarchy classifications each reporting period. Transfers between hierarchy levels may occur due to changes in available market observable inputs. Level 3 Assets – Year-to-Date Change: (in thousands) Beginning balance at December 31, 2019 Included in earnings (1) Included Purchases Sales Transfers into Level 3 (2) Transfers out of Level 3 (2) Ending balance at December 31, 2020 Available-for-sale securities: Corporate debt securities $ 8,324 $ (2) $ (156) $ 7,180 $ (1,405) $ 10,526 $ (18,642) $ 5,825 Residential mortgage-backed securities 0 (19) (48) 287 (1,539) 11,496 (9,240) 937 Commercial mortgage-backed securities 3,321 (183) 913 12,281 (2,334) 39,591 (34,127) 19,462 Collateralized debt obligations 0 0 3 247 0 0 (250) 0 Total available-for-sale securities 11,645 (204) 712 19,995 (5,278) 61,613 (62,259) 26,224 Nonredeemable preferred stock 0 151 0 2,836 0 0 (2,987) 0 Total Level 3 securities $ 11,645 $ (53) $ 712 $ 22,831 $ (5,278) $ 61,613 $ (65,246) $ 26,224 Level 3 Assets – Year-to-Date Change: (in thousands) Beginning balance at December 31, 2018 Included in (1) Included Purchases Sales Transfers into Level 3 (2) Transfers out of Level 3 (2) Ending balance at December 31, 2019 Available-for-sale securities: Corporate debt securities $ 12,577 $ 10 $ 146 $ 2,020 $ (7,415) $ 11,542 $ (10,556) $ 8,324 Residential mortgage-backed securities 0 4 15 921 (32) 0 (908) 0 Commercial mortgage-backed securities 0 (9) (21) 478 (1,068) 7,281 (3,340) 3,321 Collateralized debt obligations 0 0 1 2,300 0 0 (2,301) 0 Total Level 3 available-for-sale securities $ 12,577 $ 5 $ 141 $ 5,719 $ (8,515) $ 18,823 $ (17,105) $ 11,645 (1) These amounts are reported as net investment income and net realized investment gains (losses) for each of the periods presented above. (2) Transfers into and/or (out) of Level 3 are primarily attributable to the availability of market observable information and the re-evaluation of the observability of pricing inputs. Financial instruments not carried at fair value The following table presents the carrying values and fair values of financial instruments categorized as Level 3 in the fair value hierarchy that are recorded at carrying value as of: December 31, 2020 December 31, 2019 (in thousands) Carrying Value Fair Value Carrying Value Fair Value Agent loans (1) $ 69,212 $ 73,854 $ 67,696 $ 71,602 Long-term borrowings (2) 96,113 113,054 98,080 101,888 (1) The discount rate used to calculate fair value at December 31, 2020 is reflective of an increase in the BB+ financial yield curve due to the market volatility resulting from the COVID-19 pandemic. (2) The discount rate used to calculate fair value at December 31, 2020 is reflective of a decline in U.S. Treasury bond yields due to the market volatility resulting from the COVID-19 pandemic.

Investments

Investments	12 Months Ended
	Dec. 31, 2020
Investments [Abstract]
Investments	Investments Available-for-sale securities See Note 5, "Fair Value" for additional fair value disclosures. The following tables summarize the cost and fair value, net of credit loss allowance, of our available-for-sale securities as of: December 31, 2020 (in thousands) Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Corporate debt securities $ 546,096 $ 21,843 $ 1,514 $ 566,425 Residential mortgage-backed securities 108,840 3,373 34 112,179 Commercial mortgage-backed securities 115,346 5,090 235 120,201 Collateralized debt obligations 110,121 657 331 110,447 Other debt securities 18,387 606 9 18,984 Total available-for-sale securities, net $ 898,790 $ 31,569 $ 2,123 $ 928,236 December 31, 2019 (in thousands) Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Corporate debt securities $ 450,295 $ 6,289 $ 1,704 $ 454,880 Residential mortgage-backed securities 124,337 1,056 50 125,343 Commercial mortgage-backed securities 67,210 479 148 67,541 Collateralized debt obligations 78,059 44 247 77,856 Other debt securities 5,049 71 39 5,081 Total available-for-sale securities, net $ 724,950 $ 7,939 $ 2,188 $ 730,701 The amortized cost and estimated fair value of available-for-sale securities at December 31, 2020, are shown below by remaining contractual term to maturity. 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. December 31, 2020 Amortized Estimated (in thousands) cost fair value Due in one year or less $ 17,393 $ 17,553 Due after one year through five years 419,019 435,504 Due after five years through ten years 185,849 189,711 Due after ten years 276,529 285,468 Total available-for-sale securities (1) $ 898,790 $ 928,236 (1) The contractual maturities of our available-for-sale securities are included in the table. However, given our intent to sell certain impaired securities, these securities are classified as current assets in our Statements of Financial Position at December 31, 2020. The below securities have been evaluated and determined to be temporary declines in fair value for which we expect to recover our entire principal plus interest. The following tables present available-for-sale securities based on length of time in a gross unrealized loss position as of: December 31, 2020 Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized No. of (dollars in thousands) value losses value losses value losses holdings Corporate debt securities $ 39,693 $ 644 $ 7,952 $ 870 $ 47,645 $ 1,514 257 Residential mortgage-backed securities 8,163 34 0 0 8,163 34 13 Commercial mortgage-backed securities 16,582 235 0 0 16,582 235 31 Collateralized debt obligations 50,036 232 10,899 99 60,935 331 65 Other debt securities 1,019 9 0 0 1,019 9 4 Total available-for-sale securities $ 115,493 $ 1,154 $ 18,851 $ 969 $ 134,344 $ 2,123 370 Quality breakdown of available-for-sale securities: Investment grade $ 86,807 $ 561 $ 10,899 $ 99 $ 97,706 $ 660 119 Non-investment grade 28,686 593 7,952 870 36,638 1,463 251 Total available-for-sale securities $ 115,493 $ 1,154 $ 18,851 $ 969 $ 134,344 $ 2,123 370 December 31, 2019 Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized No. of (dollars in thousands) value losses value losses value losses holdings Corporate debt securities $ 25,804 $ 342 $ 15,699 $ 1,362 $ 41,503 $ 1,704 158 Residential mortgage-backed securities 16,712 50 0 0 16,712 50 7 Commercial mortgage-backed securities 21,981 147 372 1 22,353 148 30 Collateralized debt obligations 20,889 33 41,010 214 61,899 247 49 Other debt securities 2,350 39 0 0 2,350 39 2 Total available-for-sale securities $ 87,736 $ 611 $ 57,081 $ 1,577 $ 144,817 $ 2,188 246 Quality breakdown of available-for-sale securities: Investment grade $ 76,315 $ 287 $ 46,390 $ 218 $ 122,705 $ 505 100 Non-investment grade 11,421 324 10,691 1,359 22,112 1,683 146 Total available-for-sale securities $ 87,736 $ 611 $ 57,081 $ 1,577 $ 144,817 $ 2,188 246 Credit loss allowance on investments As of December 31, 2020, the current expected credit loss allowance on agent loans is $1.1 million and the credit loss allowance on available-for-sale securities is $0.2 million. Net investment income Investment income, net of expenses, was generated from the following portfolios for the years ended December 31: (in thousands) 2020 2019 2018 Available-for-sale securities (1) $ 22,631 $ 22,496 $ 24,978 Equity securities 4,147 1,418 628 Cash equivalents and other 4,436 11,206 4,806 Total investment income 31,214 35,120 30,412 Less: investment expenses 1,461 1,061 1,025 Investment income, net of expenses $ 29,753 $ 34,059 $ 29,387 (1) Includes interest earned on note receivable from EFL of $1.6 million in 2018. The note was repaid in full in 2018. Realized investment gains (losses) Realized gains (losses) on investments were as follows for the years ended December 31: (in thousands) 2020 2019 2018 Available-for-sale securities: Gross realized gains $ 3,920 $ 6,258 $ 1,892 Gross realized losses (2,585) (1,639) (3,189) Net realized gains (losses) on available-for-sale securities 1,335 4,619 (1,297) Equity securities 5,056 1,484 (819) Miscellaneous 1 0 106 Net realized investment gains (losses) $ 6,392 $ 6,103 $ (2,010) The portion of net unrealized gains and losses recognized during the reporting period related to equity securities held at the reporting date is calculated as follows for the years ended December 31: (in thousands) 2020 2019 2018 Equity securities: Net gains (losses) recognized during the period $ 5,056 $ 1,484 $ (819) Less: net (losses) gains recognized on securities sold (469) 360 (86) Net unrealized gains (losses) recognized on securities held at reporting date $ 5,525 $ 1,124 $ (733) Net impairment losses recognized in earnings Upon adoption of ASU 2016-13 on January 1, 2020, impairments on available-for-sale securities that are deemed to be credit related are recognized in earnings with a corresponding available-for-sale security allowance. All unrealized losses related to factors other than credit are recorded in other comprehensive income. Prior to January 1, 2020, we had the intent to sell all credit-impaired available-for-sale securities; therefore, the entire amount of the impairment charges was included in earnings and no impairments were recognized in other comprehensive income. See also Note 2, "Significant Accounting Policies". Impairments on available-for-sale securities and agent loans were as follows for the years ended December 31: (in thousands) 2020 2019 2018 Available-for-sale securities: Intent to sell $ 2,274 $ 195 $ 1,581 Credit impaired 707 — — Total available-for-sale securities 2,981 195 1,581 Agent loans - expected credit losses 297 — — Net impairment losses recognized in earnings $ 3,278 $ 195 $ 1,581

Fixed Assets

Fixed Assets	12 Months Ended
	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Fixed Assets	Fixed Assets The following table summarizes our fixed assets by category as of December 31: (in thousands) 2020 2019 Software $ 196,139 $ 191,709 Land, buildings, and building improvements 121,332 5,068 Equipment 37,426 14,546 Furniture and fixtures 20,998 1,934 Leasehold improvements 1,313 1,313 Projects in progress 47,277 22,992 Construction in progress — 122,801 Total fixed assets, gross 424,485 360,363 Less: Accumulated depreciation and amortization (159,144) (138,984) Fixed assets, net $ 265,341 $ 221,379 Land, buildings, and building improvements, equipment, and furniture and fixtures increased due to the completion of a new office building serving as part of our principal headquarters in the fourth quarter of 2020. The building was financed using a senior secured draw term loan credit facility. See Note 9, "Borrowing Arrangements". Interest capitalized during construction was $3.5 million, $3.4 million, and $1.5 million for the years ended December 31, 2020, 2019 and 2018, respectively. Projects in progress include certain computer software and software developments costs for internal use that are not yet subject to amortization. Depreciation and amortization of fixed assets totaled $21.2 million, $16.8 million and $13.4 million for the years ended December 31, 2020, 2019 and 2018, respectively, and is included in cost of operations - policy issuance and renewal services.

Leases

Leases	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Leases	Leases The following table summarizes our lease assets and liabilities as of December 31: (in thousands) 2020 2019 Operating lease assets $ 14,381 $ 22,401 Operating lease liabilities - current $ 10,713 $ 11,289 Operating lease liabilities - long-term 3,643 10,665 Total operating lease liabilities $ 14,356 $ 21,954 We currently have leases for real estate, technology equipment, copiers, and vehicles. Our largest operating lease asset at December 31, 2020 of $6.3 million is for office space leased from the Exchange, including the home office. Under this lease, rent is based on rental rates of like property and all operating expenses are the responsibility of the tenant (Indemnity). The lease agreement expires December 31, 2021. See Note 15, "Related Party". Operating lease costs for the years ended December 31, 2020 and 2019 totaled $13.1 million and $14.0 million, respectively. Of this amount, the Exchange and its subsidiaries reimbursed us $5.3 million and $6.0 million for the years ended December 31, 2020 and 2019, respectively, which represents the allocated share of lease costs supporting administrative services activities.

Borrowing Arrangements

Borrowing Arrangements	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Borrowing Arrangements	Borrowing Arrangements Bank Line of Credit As of December 31, 2020, we have access to a $100 million bank revolving line of credit with a $25 million letter of credit sublimit that expires on October 30, 2023. As of December 31, 2020, a total of $99.1 million remains available under the facility due to $0.9 million outstanding letters of credit, which reduces the availability for letters of credit to $24.1 million. We had no borrowings outstanding on our line of credit as of December 31, 2020. Investments with a fair value of $124.9 million were pledged as collateral on the line at December 31, 2020. The securities pledged as collateral have no trading restrictions and are reported as available-for-sale securities and cash and cash equivalents as of December 31, 2020. The banks require compliance with certain covenants, which include leverage ratios and debt restrictions, for our line of credit. We are in compliance with all covenants at December 31, 2020. Term Loan Credit Facility In 2016, we entered into a credit agreement for a $100 million senior secured draw term loan credit facility ("Credit Facility") for the acquisition of real property and construction of an office building to serve as part of our principal headquarters. On January 1, 2019, the Credit Facility converted to a fully-amortized term loan with monthly payments of principal and interest at a fixed rate of 4.35% over a period of 28 years. Investments with a fair value of $126.5 million were pledged as collateral for the facility and are reported as available-for-sale securities and cash and cash equivalents as of December 31, 2020. The bank requires compliance with certain covenants, which include leverage ratios, debt restrictions and minimum net worth, for our Credit Facility. We are in compliance with all covenants at December 31, 2020. The remaining unpaid balance from the Credit Facility is reported at carrying value, net of unamortized loan origination and commitment fees as long-term borrowings. See Note 5, "Fair Value" for the estimated fair value of these borrowings. Annual principal payments The following table sets forth future principal payments: (in thousands) Year Principal payments 2021 $ 2,031 2022 2,109 2023 2,226 2024 2,302 2025 2,449 Thereafter 84,996

Postretirement Benefits

Postretirement Benefits	12 Months Ended
	Dec. 31, 2020
Retirement Benefits [Abstract]
Postretirement Benefits	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 ("SERP") for certain members of executive and senior management. The pension plans provide benefits to covered individuals satisfying certain age and service requirements. The defined benefit pension plan and SERP each provide benefits through a final average earnings formula. Although we are the sponsor of these postretirement plans and record the funded status of these plans, the Exchange and its subsidiaries reimburse us for approximately 59% of the annual benefit expense of these plans, which represents pension benefits for employees performing administrative services and their allocated share of costs for employees in departments that support the administrative functions. For our funded pension plan, amounts are settled in cash for the portion of pension costs allocated to the Exchange and its subsidiaries. For our unfunded plans, we pay the obligations when due and amounts are settled in cash between entities when there is a payout. Cost of pension plans Pension plan cost includes the following components: (in thousands) 2020 2019 2018 Service cost for benefits earned $ 43,492 $ 33,854 $ 38,052 Interest cost on benefit obligation 37,578 39,306 35,382 Expected return on plan assets (49,411) (47,484) (51,260) Prior service cost amortization 1,343 1,394 1,353 Net actuarial loss amortization 12,125 5,113 12,809 Pension plan cost (1) $ 45,127 $ 32,183 $ 36,336 (1) Pension plan costs represent the total cost before reimbursements to Indemnity from the Exchange and its subsidiaries. Actuarial assumptions The following table describes the assumptions at December 31 used to measure the year-end obligations and the net periodic benefit costs for the subsequent year: 2020 2019 2018 2017 Employee pension plan: Discount rate 2.96 % 3.59 % 4.47 % 3.73 % Expected return on assets 6.00 6.00 6.75 6.75 Compensation increases (1) 3.21 3.21 3.32 3.32 SERP: Discount rate – pre-retirement/post-retirement (2) 2.86 3.59/3.09 4.47/3.97 3.73/3.23 Rate of compensation increase 5.00 5.00 5.00 5.00 (1) The rate of compensation increase for the employee plan is age-graded. An equivalent single compensation increase rate of 3.21% in 2020 and 2019 and 3.32% in 2018 would produce similar results. (2) In 2020, the SERP discount rate methodology was revised to utilize SERP specific cash outflows independent of the employee pension plan discount rate, eliminating a difference between pre-retirement and post-retirement rates. The economic assumptions that have the most impact on the postretirement benefits expense are the discount rate and the long-term rate of return on plan assets. The discount rate assumption used to determine the benefit obligation for all periods presented was based upon a yield curve developed from corporate bond yield information. The pension plan's expected long-term rate of return represents the average rate of return to be earned on plan assets over the period the benefits included in the benefit obligation are to be paid. To determine the expected long-term rate of return assumption, we utilized models based upon rigorous historical analysis and forward-looking views of the financial markets based upon key factors such as historical returns for the asset class' applicable indices, the correlations of the asset classes under various market conditions and consensus views on future real economic growth and inflation. The expected future return for each asset class is then combined by considering correlations between asset classes and the volatilities of each asset class to produce a reasonable range of asset return results within which our expected long-term rate of return assumption falls. Funding policy/funded status In 2018, we made accelerated pension contributions totaling $80 million. Following our 2018 contributions, we would not expect to make a subsequent contribution until the sum of the target normal costs for plan years beginning on and after December 31, 2017 exceeds $80 million, or earlier if a contribution is necessary to fund the plan to 100%. At that time, our funding policy will again generally be to contribute an amount equal to the greater of the target normal cost for the plan year, or the amount necessary to fund the plan to 100%. Additional contributions may be necessary or desirable due to future plan changes, our particular business or investment strategy, or pending law changes. The following table sets forth the funded status of the pension plans and the amounts recognized in the Statements of Financial Position at December 31: (in thousands) 2020 2019 Funded status at end of year $ (165,098) $ (146,842) Pension liabilities – due within one year (1) $ (752) $ (1,183) Pension liabilities – due after one year (164,346) (145,659) Net amount recognized $ (165,098) $ (146,842) (1) The current portion of pension liabilities is included in accounts payable and accrued liabilities. Benefit obligations Benefit obligations are described in the following tables. Accumulated and projected benefit obligations represent the obligations of a pension plan for past service as of the measurement date. The accumulated benefit obligation is the present value of pension benefits earned as of the measurement date based on employee service and compensation prior to that date. It differs from the projected benefit obligation in that the accumulated benefit obligation includes no assumptions to reflect expected future compensation. The following table sets forth a reconciliation of beginning and ending balances of the projected benefit obligation, as well as the accumulated benefit obligation at December 31: (in thousands) 2020 2019 Projected benefit obligation, beginning of year $ 1,054,467 $ 886,165 Service cost for benefits earned 43,492 33,854 Interest cost on benefit obligation 37,578 39,306 Plan amendments 0 452 Actuarial loss 134,470 138,144 Benefits paid (23,848) (43,454) Projected benefit obligation, end of year $ 1,246,159 $ 1,054,467 Accumulated benefit obligation, end of year $ 1,006,884 $ 858,209 Projected benefit obligations increased $191.7 million at December 31, 2020 compared to December 31, 2019 due primarily to actuarial losses resulting from the lower discount rate used to measure the future benefit obligations. The discount rate decreased to 2.96% in 2020 from 3.59% in 2019. The decrease in benefits paid of $19.6 million in 2020 compared to 2019 was primarily due to a pension plan amendment made in 2019 offering a one-time lump sum payment to former vested employees. Both the defined benefit plan and the SERP had projected benefit obligations in excess of plan assets at December 31: (in thousands) Projected Benefit Obligation in Excess of Plan Assets 2020 2019 Projected benefit obligation $ 1,246,159 $ 1,054,467 Plan assets 1,081,061 907,625 The SERP had accumulated benefit obligations in excess of plan assets at December 31: (in thousands) Accumulated Benefit Obligation in Excess of Plan Assets 2020 2019 Accumulated benefit obligation $ 26,462 $ 23,411 Plan assets — — Pension assets The following table sets forth a reconciliation of beginning and ending balances of the fair value of plan assets at December 31: (in thousands) 2020 2019 Fair value of plan assets, beginning of year $ 907,625 $ 767,569 Actual gain on plan assets 195,713 182,002 Employer contributions 1,571 1,508 Benefits paid (23,848) (43,454) Fair value of plan assets, end of year $ 1,081,061 $ 907,625 Accumulated other comprehensive loss Net actuarial loss and prior service cost included in accumulated other comprehensive loss that were not yet recognized as components of net benefit costs were as follows: (in thousands) 2020 2019 Net actuarial loss $ 118,721 $ 142,678 Prior service cost 9,570 10,913 Net amount not yet recognized $ 128,291 $ 153,591 Other comprehensive income Amounts recognized in other comprehensive income for pension plans were as follows: (in thousands) 2020 2019 Net actuarial (gain) loss arising during the year $ (11,832) $ 3,626 Amortization of net actuarial loss (12,125) (5,113) Amortization of prior service cost (1,343) (1,394) Amendments (1) 0 452 Total recognized in other comprehensive income $ (25,300) $ (2,429) (1) In 2019, there was one new SERP participant. Asset allocation The employee pension plan utilizes a return seeking and a liability asset matching allocation strategy. It is based upon the understanding that 1) equity investments are expected to outperform debt investments over the long-term, 2) the potential volatility of short-term returns from equities is acceptable in exchange for the larger expected long-term returns, and 3) a portfolio structured across investment styles and markets (both domestic and foreign) reduces volatility. As a result, the employee pension plan's investment portfolio utilizes a broadly diversified asset allocation across domestic and foreign equity and debt markets. The investment portfolio is composed of commingled pools and a separate account that are dedicated exclusively to the management of employee benefit plan assets. The target and actual asset allocations for the portfolio are as follows for the years ended December 31: Target asset Target asset Actual asset Actual asset Asset allocation: 2020 2019 2020 2019 Equity securities: U.S. equity securities 27 % (1) 27 % 28 % 28 % Non-U.S. equity securities 18 (2) 18 18 18 Total equity securities 45 45 46 46 Debt securities 54 (3) 54 53 53 Other 1 (4) 1 1 1 Total 100 % 100 % 100 % 100 % (1) U.S. equity securities – 23% seek to achieve excess returns relative to the Russell 2000 Index. The remaining 77% of the allocation to U.S. equity securities are comprised of equity index funds that track the S&P 500. (2) Non-U.S. equity securities – 11% are allocated to international small cap investments, while another 21% are allocated to international emerging market investments. The remaining 68% of the Non-U.S. equity securities are allocated to investments seeking to achieve excess returns relative to an international market index. (3) Debt securities – 33% are allocated to long U.S. Treasury Strips, 67% are allocated to U.S. corporate bonds with an emphasis on long duration bonds rated A or better. (4) Institutional money market fund. The following tables present fair value measurements for the pension plan assets by major category and level of input as of: December 31, 2020 Fair value measurements of plan assets using: (in thousands) Total Level 1 Level 2 Level 3 Equity securities: U.S. equity securities $ 296,624 $ 0 $ 296,624 $ 0 Non-U.S. equity securities 196,971 134,841 62,130 0 Total equity securities 493,595 134,841 358,754 0 Debt securities 574,910 0 574,910 0 Other 12,556 12,556 0 0 Total $ 1,081,061 $ 147,397 $ 933,664 $ 0 December 31, 2019 Fair value measurements of plan assets using: (in thousands) Total Level 1 Level 2 Level 3 Equity securities: U.S. equity securities $ 248,585 $ 0 $ 248,585 $ 0 Non-U.S. equity securities 165,752 0 165,752 0 Total equity securities 414,337 0 414,337 0 Debt securities 482,497 0 482,497 0 Other 10,791 10,791 0 0 Total $ 907,625 $ 10,791 $ 896,834 $ 0 Estimates of fair values of the pension plan assets are obtained primarily from the trustee and custodian of our pension plan. Our Level 1 category includes a money market mutual fund and a separate account for which the fair value is determined using an exchange traded price provided by the trustee and custodian. Our Level 2 category includes commingled pools. Estimates of fair values for securities held by our commingled pools are obtained primarily from the trustee and custodian. Trustee and custodian valuation methodologies for Level 2 securities include multiple verifiable, observable inputs including benchmark yields, reported trades, broker/dealer quotes, issuers spreads, two-sided markets, benchmark securities, bids, offers, and reference data. Estimated future benefit payments The following table sets forth amounts of benefits expected to be paid over the next 10 years from our pension plans as of: (in thousands) Year ending Expected future 2021 $ 25,940 2022 29,162 2023 33,450 2024 36,643 2025 40,136 2026 - 2030 248,536

Incentive and Deferred Compensa

Incentive and Deferred Compensation Plans	12 Months Ended
	Dec. 31, 2020
Compensation Related Costs [Abstract]
Incentive and Deferred Compensation Plans	Incentive and Deferred Compensation Plans We have two incentive plans and two deferred compensation plans for our executives, senior vice presidents and other selected officers, and two deferred compensation plans for our outside directors. Annual incentive plan Our annual incentive plan ("AIP") is a bonus plan that pays cash to our executives, senior vice presidents and other selected officers annually. Participants can elect to defer up to 100% of the award under either the deferred compensation plan or the incentive compensation deferral plan. If the funding qualifier is met, plan participants are eligible to receive the incentive based upon attainment of corporate and individual performance measures, which can include various financial measures. The measures are established at the beginning of each year by the Executive Compensation and Development Committee of our Board of Directors ("ECDC"), with ultimate approval by the full Board of Directors. The corporate performance measures included the growth in direct written premium and statutory combined ratio of the Exchange and its property and casualty subsidiaries for all periods presented. Long-term incentive plan Our long-term incentive plan ("LTIP") is a performance based incentive plan designed to reward executives, senior vice presidents and other selected officers who can have a significant impact on our long-term performance and to further align the interests of such employees with those of our shareholders. The LTIP permits grants of performance shares or units, or phantom shares to be satisfied with shares of our Class A common stock or cash payment as determined by the ECDC. Participants can elect to defer up to 100% of the award under the incentive compensation deferral plan. The ECDC determines the form of the award to be granted at the beginning of each performance period, which is generally a three-year period. The number of shares of the Company's common stock authorized for grant under the LTIP is 1.5 million shares, with no one person able to receive more than 250,000 shares or the equivalent of $5 million during any one performance period. We repurchase our Class A common stock on the open market to settle stock awards under the plan. We do not issue new shares of common stock to settle stock awards. LTIP awards are considered vested at the end of each applicable performance period. The LTIP provides the recipient the right to earn performance shares or units, or phantom stock based on the level of achievement of performance goals as defined by us. Performance measures and a peer group of property and casualty companies to be used for comparison are determined by the ECDC. The performance measures for all periods presented were the reported growth in direct written premium and statutory combined ratio of the Exchange and its property and casualty subsidiaries and return on invested assets over a three-year performance period as compared to the results of the peer group over the same period. Because the award is based upon a comparison to results of a peer group over a three-year period, the award accrual is based upon estimates of probable results for the remaining performance period. This estimate is subject to variability if our results or the results of the peer group are substantially different than the results we project. The fair value of LTIP awards is measured at each reporting date at the current share price of our Class A common stock. A liability is recorded and compensation expense is recognized ratably over the performance period. At December 31, 2020, the plan awards for the 2018-2020 performance period, which will be granted as a cash award were fully vested. Distributions will be made in 2021 once peer group financial information becomes available. The estimated plan award based upon the peer group information as of September 30, 2020 is $11.2 million. At December 31, 2019, the fully vested cash awards for the 2017-2019 performance period that were not deferred totaled $7.4 million and were paid to participants in June 2020. At December 31, 2018, the awards paid in cash for the 2016-2018 performance period were fully vested and resulted in a $8.2 million payment to plan participants in June 2019. At December 31, 2017, the awards for the 2015-2017 performance period were fully vested and resulted in a $8.3 million payment to plan participants in June 2018. The ECDC has determined that the plan awards for the 2019-2021 and 2020-2022 performance periods will be paid in cash. The Exchange and its subsidiaries reimburse us for compensation costs of employees performing administrative services. Earned compensation costs are allocated to these entities and reimbursed to us in cash once the payout is made. The total compensation cost charged to operations related to these LTIP awards was $12.0 million in 2020, $7.3 million in 2019, and $6.3 million in 2018. The related tax benefits recognized in income were $2.5 million in 2020, $1.5 million in 2019, and $1.3 million in 2018. The Exchange and its subsidiaries reimburse us for approximately 48% of the annual compensation cost of these plans. At December 31, 2020, there was $6.8 million of total unrecognized compensation cost for non-vested LTIP awards related to open performance periods. Unrecognized compensation is expected to be recognized over a period of two years. Deferred compensation plan Our deferred compensation plan allows executives, senior vice presidents and other selected officers to elect to defer receipt of a portion of their compensation and AIP cash awards until a later date. Employer 401(k) matching contributions that are in excess of the annual contribution or compensation limits are also credited to the participant accounts for those who elected to defer receipt of some portion of their base salary. Participants select hypothetical investment funds for their deferrals which are credited with the hypothetical returns generated. Incentive compensation deferral plan We have an unfunded, non-qualified incentive compensation deferral plan for participants of the AIP and LTIP. Participants can elect to defer up to 100% of their annual AIP award and/or up to 100% of their LTIP award for each performance period. Deferred awards will be credited to a deferred stock account as credits denominated in Class A shares of the Company stock until retirement or other separation from service from the Company. Participants are 100% vested at date of deferral. The shares are held in a rabbi trust, which was established to hold the shares earned under both the incentive compensation deferral plan and the deferred stock compensation plan for outside directors. The rabbi trust is classified and accounted for as equity in a manner consistent with the accounting for treasury stock. Dividends received on the shares in the rabbi trust are used to purchase additional shares. Vested share credits will be paid to participants from the rabbi trust upon separation from service in approximate equal annual installments of Class A shares for a period of three years. In 2020, the rabbi trust purchased 3,934 shares of our common stock in the open market at an average price of $155.92 for $0.6 million to satisfy the liability for the 2019 AIP awards and 18,126 shares at an average price of $185.31 for $3.4 million to satisfy the liability for the 2017-2019 LTIP performance period awards deferred under the incentive compensation deferral plan. In 2019, the rabbi trust purchased 4,387 shares of our common stock in the open market at an average price of $176.34 for $0.8 million to satisfy the liability for the 2018 AIP awards deferred under the incentive compensation deferral plan. In 2018, the rabbi trust purchased 12,005 shares of our common stock in the open market at an average price of $119.28 for $1.4 million to satisfy the liability for the 2017 AIP awards deferred under the incentive compensation deferral plan. Deferred compensation plans for outside directors We have a deferred compensation plan for our outside directors that allows participants to defer receipt of a portion of their annual compensation until a later date. Participants select hypothetical investment funds for their deferrals which are credited with the hypothetical returns generated. We also have a deferred stock compensation plan for our outside directors to further align the interests of directors with those of our shareholders that provides for a portion of the directors' annual compensation in shares of our Class A common stock. Each director vests in the grant 25% every three months over the course of a year. Dividends paid by us are credited to each director's account which vest immediately. We do not issue new shares of common stock to directors. Our practice is to repurchase shares of our Class A common stock in the open market to satisfy these awards, which are held in the rabbi trust. The rabbi trust purchased 7,401 shares of our common stock on the open market at an average price of $201.78 for $1.5 million in 2020, 7,370 shares at an average price of $194.62 for $1.4 million in 2019, and 9,285 shares at an average price of $122.19 for $1.1 million in 2018 to satisfy the liability of the stock compensation plan for outside directors. The shares are distributed to the outside director from the rabbi trust upon ending board service. The total compensation charged to operations related to these awards totaled $0.9 million, $1.1 million and $0.8 million in 2020, 2019 and 2018, respectively. The following table sets forth a reconciliation of beginning and ending balances of our deferred executive compensation liability as of December 31: (in thousands) 2020 2019 2018 Deferred executive compensation, beginning of the year $ 24,616 $ 26,182 $ 30,057 Annual incentive plan awards 5,619 2,745 4,751 Long-term incentive plan awards 12,381 7,267 6,331 Employer match and hypothetical earnings on deferred compensation 2,962 2,700 1,484 Total plan awards and earnings 20,962 12,712 12,566 Total plan awards paid (10,121) (12,852) (14,482) Compensation deferred 4,668 1,579 1,928 Distributions from the deferred compensation plans (2,081) (797) (1,321) Forfeitures (1) (356) — — Funding of rabbi trust for deferred stock compensation plan for outside directors (1,493) (1,434) (1,165) Funding of rabbi trust for incentive compensation deferral plan (3,972) (774) (1,401) Deferred executive compensation, end of the year $ 32,223 $ 24,616 $ 26,182 (1) Forfeitures are the result of a plan participant who separated from service with the Company. Equity compensation plan We also have an equity compensation plan ("ECP") which is designed to reward key employees, as determined by the ECDC or the chief executive officer, who can have a significant impact on our long-term performance and to further align the interests of such employees with those of our shareholders. The ECP permits grants of restricted shares, restricted share units and other share based awards, to be satisfied with shares of our Class A common stock or cash. The ECDC determines the form of the award to be granted at the beginning of each performance period. The number of shares of the Company's Class A common stock authorized for grant under the ECP is 100,000 shares, with no one person able to receive more than 5,000 shares in a calendar year. We do not issue new shares of common stock to satisfy plan awards. Share awards are settled through the repurchase of our Class A common stock on the open market. Restricted share awards may be entitled to receive dividends payable during the performance period, or, if subject to performance goals, to receive dividend equivalents payable upon vesting. Dividend equivalents may provide for the crediting of interest or hypothetical reinvestment experience payable after expiration of the performance period. Vesting conditions are determined at the time the award is granted and may include continuation of employment for a specific period, satisfaction of performance goals and the defined performance period, and the satisfaction of any other terms and conditions as determined to be appropriate. The plan is to remain in effect until December 31, 2022, unless earlier amended or terminated by our Board of Directors. To date, all awards have been satisfied with shares of our Class A common stock. In 2020, we purchased 1,787 Class A shares with an average share price of $165.82 and a market value of $0.3 million to satisfy the liability for the 2017 plan year. In 2019, we purchased 3,246 Class A shares with an average share price of $132.35 and a market value of $0.4 million to satisfy the liability for the 2016 plan year. In 2018, we purchased 5,830 shares with an average share price of $117.39 and a market value of $0.7 million to satisfy the liability for the 2015 plan year and remainder of the 2014 plan year awards. The total compensation charged to operations related to these ECP awards was $0.7 million in 2020, $0.5 million in 2019, and $0.4 million in 2018. The Exchange and its subsidiaries reimburse us for earned compensation costs of employees performing administrative services, which can fluctuate each year based on the plan participants. The Exchange and its subsidiaries reimbursed us for approximately 59%, 49%, and 68% of the awards paid in 2020, 2019, and 2018 respectively. Unearned compensation expense of $0.6 million is expected to be recognized over a period of three years.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The provision for income taxes consists of the following for the years ended December 31: (in thousands) 2020 2019 2018 Current income tax expense $ 80,373 $ 76,535 $ 84,454 Deferred income tax (benefit) expense (5,162) 3,349 (1,358) Income tax expense $ 75,211 $ 79,884 $ 83,096 A reconciliation of the provision for income taxes, with amounts determined by applying the statutory federal income tax rate to pre-tax income, is as follows for the years ended December 31: (in thousands) 2020 2019 2018 Income tax at statutory rate $ 77,388 $ 83,308 $ 77,977 Tax-exempt interest — (123) (1,305) (Decrease) increase in unrecognized tax benefits — (3,088) 3,088 Other, net (2,177) (213) 3,336 Income tax expense $ 75,211 $ 79,884 $ 83,096 Temporary differences and carry-forwards, which give rise to deferred tax assets and liabilities, are as follows as of December 31: (in thousands) 2020 2019 Deferred tax assets: Pension and other postretirement benefits $ 29,065 $ 25,720 Other employee benefits 14,544 11,835 Deferred revenue 3,872 3,755 Allowance for management fee returned on cancelled policies 3,515 3,421 Unrealized losses on investments 1,083 — Other 2,692 1,663 Total deferred tax assets 54,771 46,394 Deferred tax liabilities: Depreciation 29,978 19,454 Unrealized gains on investments 7,540 4,181 Prepaid expenses 3,800 4,890 Commissions 884 545 Other 228 138 Total deferred tax liabilities 42,430 29,208 Net deferred tax asset $ 12,341 $ 17,186 If we determine that any of our deferred tax assets will not result in future tax benefits, a valuation allowance must be established for the portion of the assets that are not expected to be realized. We had no valuation allowance recorded at December 31, 2020 or 2019. A reconciliation of unrecognized tax benefits for the years ended December 31 is as follows: (in thousands) 2020 2019 2018 Balance at the beginning of the year $ 0 $ 3,088 $ 0 Additions for current year tax positions — — 7,719 Reductions for current year tax positions — — (4,631) Additions for prior year tax positions — 4,631 — Reductions for prior year tax positions — (7,719) — Balance at the end of the year $ 0 $ 0 $ 3,088 The uncertain tax position including $3.1 million of tax expense and $0.9 million of interest expense recorded in 2018 was settled during 2019. This settlement reduced our effective tax rate by 1.0% in 2019. The amounts recorded in 2018 resulted from the difference in measuring the tax liability at the previous tax rate and the current enacted tax rate. The recording of the uncertain tax position and related interest expense increased our 2018 effective tax rate by 1.0%. Tax years ending December 31, 2019, 2018 and 2017 remain open to IRS examination. We are not currently under IRS audit, nor have we been notified of an upcoming IRS audit. We are the attorney-in-fact for the subscribers (policyholders) at the Exchange, a reciprocal insurance exchange. In that capacity, we provide all services and facilities necessary to conduct the Exchange's insurance business. Indemnity and the Exchange together constitute a single insurance business. Consequently, we are not subject to state corporate income or franchise taxes in states where the Exchange conducts its business and the states collect premium tax in lieu of corporate income or franchise tax, as a result of the Exchange's remittance of premium taxes in those states.

Capital Stock

Capital Stock	12 Months Ended
	Dec. 31, 2020
Class of Stock Disclosures [Abstract]
Capital Stock	Capital Stock Class A and B common stock We have two classes of common stock: Class A which has a dividend preference and Class B which has voting power and a conversion right. Each share of Class A common stock outstanding at the time of the declaration of any dividend upon shares of Class B common stock shall be entitled to a dividend payable at the same time, at the same record date, and in an amount at least equal to 2/3 of 1.0% of any dividend declared on each share of Class B common stock. We may declare and pay a dividend in respect to Class A common stock without any requirement that any dividend be declared and paid in respect to Class B common stock. Sole shareholder voting power is vested in Class B common stock except insofar as any applicable law shall permit Class A common shareholders to vote as a class in regards to any changes in the rights, preferences, and privileges attaching to Class A 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 in 2020, 2019 or 2018. Stock repurchases Our Board of Directors authorized a stock repurchase program effective January 1, 1999 allowing the repurchase of our outstanding Class A nonvoting common stock. In 2011, our Board of Directors approved a continuation of the current stock repurchase program for a total of $150 million, with no time limitation. Treasury shares are recorded in the Statements of Financial Position at total cost based upon trade date. There were no shares repurchased under this program during 2020, 2019 or 2018. We had approximately $17.8 million of repurchase authority remaining under this program at December 31, 2020, based upon trade date.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	12 Months Ended
	Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income ("AOCI") (loss) by component, including amounts reclassified to other comprehensive income ("OCI") (loss) and the related line item in the Statements of Operations where net income is presented, are as follows for the year ended December 31: (in thousands) 2020 2019 2018 Before Tax Income Tax Net Before Tax Income Tax Net Before Tax Income Tax Net Investment securities: AOCI (loss), beginning of year $ 5,664 $ 1,189 $ 4,475 $ (9,169) $ (1,926) $ (7,243) $ 3,410 $ 716 $ 2,694 OCI (loss) before reclassifications 22,074 4,636 17,438 19,257 4,044 15,213 (15,372) (3,228) (12,144) Realized investment (gains) losses (1,335) (280) (1,055) (4,619) (970) (3,649) 1,297 272 1,025 Impairment losses 2,981 626 2,355 195 41 154 1,581 332 1,249 Cumulative effect of adopting ASU 2016-01 (1) — — — — — — (85) (18) (67) OCI (loss) 23,720 4,982 18,738 14,833 3,115 11,718 (12,579) (2,642) (9,937) AOCI (loss), end of year $ 29,384 $ 6,171 $ 23,213 $ 5,664 $ 1,189 $ 4,475 $ (9,169) $ (1,926) $ (7,243) Pension and other postretirement plans: AOCI (loss), beginning of year $ (153,600) $ (32,257) $ (121,343) $ (155,749) $ (32,708) $ (123,041) $ (200,954) $ (42,201) $ (158,753) OCI (loss) before reclassifications 11,832 2,485 9,347 (4,085) (858) (3,227) 31,401 6,594 24,807 Amortization of prior service costs (2) 1,343 282 1,061 1,394 293 1,101 1,353 284 1,069 Amortization of net actuarial loss (2) 12,125 2,546 9,579 4,840 1,016 3,824 12,451 2,615 9,836 OCI 25,300 5,313 19,987 2,149 451 1,698 45,205 9,493 35,712 AOCI (loss), end of year $ (128,300) $ (26,944) $ (101,356) $ (153,600) $ (32,257) $ (121,343) $ (155,749) $ (32,708) $ (123,041) Total AOCI (loss), beginning of year $ (147,936) $ (31,068) $ (116,868) $ (164,918) $ (34,634) $ (130,284) $ (197,544) $ (41,485) $ (156,059) Investment securities 23,720 4,982 18,738 14,833 3,115 11,718 (12,579) (2,642) (9,937) Pension and other postretirement plans 25,300 5,313 19,987 2,149 451 1,698 45,205 9,493 35,712 OCI 49,020 10,295 38,725 16,982 3,566 13,416 32,626 6,851 25,775 AOCI (loss), end of year $ (98,916) $ (20,773) $ (78,143) $ (147,936) $ (31,068) $ (116,868) $ (164,918) $ (34,634) $ (130,284) (1) A reclassification of unrealized losses of equity securities from AOCI (loss) to retained earnings was required at January 1, 2018 as a result of new accounting guidance. (2) These components of AOCI (loss) are included in the computation of net periodic pension cost. See Note 10, "Postretirement Benefits", for additional information.

Related Party

Related Party	12 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
Related Party	Related Party Management fee A management fee is charged to the Exchange for services we provide under the subscriber's agreement with subscribers at the Exchange. The fee is a percentage of direct and affiliated assumed premiums written by the Exchange. This percentage rate is determined at least annually by our Board of Directors but cannot exceed 25%. The management fee rate charged the Exchange was 25% in 2020, 2019 and 2018. The Board of Directors elected to maintain the fee at 25% beginning January 1, 2021. There is no provision in the subscriber's agreement for termination of our appointment as attorney-in-fact by the subscribers at the Exchange and the appointment is not affected by a policyholder's disability or incapacity. Insurance holding company system Most states have enacted legislation that regulates insurance holding company systems, defined as two or more affiliated persons, one or more of which is an insurer. The Exchange has the following wholly owned property and casualty subsidiaries: Erie Insurance Company, Erie Insurance Company of New York, Erie Insurance Property & Casualty Company and Flagship City Insurance Company, and a wholly owned life insurance company, Erie Family Life Insurance Company. Indemnity and the Exchange, and its wholly owned subsidiaries, meet the definition of an insurance holding company system. All transactions within a holding company system affecting the member insurers of the holding company system must be fair and reasonable and any charges or fees for services performed must be reasonable. Approval by the applicable insurance commissioner is required prior to the consummation of transactions affecting the members within a holding company system. Office leases We lease the home office from the Exchange. See Note 8, "Leases". Lease expense totaled $6.1 million in both 2020 and 2019 and $6.0 million in 2018. Operating expenses, including utilities, cleaning, repairs, real estate taxes, and property insurance, totaled $15.7 million, $16.7 million, and $13.5 million in 2020, 2019, and 2018, respectively. The Exchange and its subsidiaries reimburse us for rent costs and related operating expenses of shared facilities used to perform administrative services, which are allocated based upon usage or square footage occupied. Reimbursements related to the use of this space totaled $4.6 million, $4.2 million, and $3.9 million in 2020, 2019, and 2018, respectively. We also had a lease commitment with EFL for a field office until 2018. Annual rentals paid to EFL under this lease totaled $0.4 million in 2018. We previously owned three field offices for which rental costs of shared facilities were allocated based upon usage or square footage occupied. In 2018, we sold the field offices we owned to the Exchange at the current independent appraised value in order to align the ownership interest of these facilities with the functions being performed at these locations, which are claims-related activities. We recognized a gain on the sale of $3.4 million, which is included in "Other (expense) income". Notes receivable from EFL We previously held a $25 million surplus note issued to us by EFL that was payable on demand on or after December 31, 2018. In 2018, EFL, with the appropriate approval from the Pennsylvania Insurance Commissioner, satisfied its obligation and repaid the surplus note. EFL paid related interest to us of $1.6 million in 2018.

Concentrations of Credit Risk

Concentrations of Credit Risk	12 Months Ended
	Dec. 31, 2020
Risks and Uncertainties [Abstract]
Concentrations of Credit Risk	Concentrations of Credit RiskFinancial instruments that could potentially expose us to concentrations of credit risk include our unsecured receivables from the Exchange. A large majority of our revenue and receivables are from the Exchange and its affiliates. See also Note 1, "Nature of Operations". Net management fee amounts and other reimbursements due from the Exchange and its affiliates were $494.6 million and $468.6 million at December 31, 2020 and 2019, respectively. Given the financial strength of the Exchange and historical experience of no credit losses, we previously did not record a credit loss allowance to these receivables. Upon adoption of ASU 2016-13, we recorded an allowance for current expected credit losses of $0.6 million related to the receivables from the Exchange and affiliates. See also Note 2, "Significant Accounting Policies". There was no material change to this allowance as of December 31, 2020.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies In 2020, we entered into an agreement with a bank for the establishment of a loan participation program for agent loans. The maximum amount of loans to be funded through this program is $100 million. We have committed to fund a minimum of 30% of each loan executed through this program. As of December 31, 2020, the total loans executed under this agreement totaled $14.9 million, of which our portion of the loans is $6.4 million. Additionally, we have agreed to guarantee a portion of the funding provided by the other participants in the program in the event of default. As of December 31, 2020, our maximum potential amount of future payments on the guaranteed portion is $1.5 million. All loan payments under the participation program are current as of December 31, 2020. 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 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 financial condition, results of 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 our financial condition, results of operations, or cash flows.

Supplementary Data on Cash Flow

Supplementary Data on Cash Flows	12 Months Ended
	Dec. 31, 2020
Supplemental Cash Flow Information [Abstract]
Supplementary Data on Cash Flows	Supplementary Data on Cash Flows A reconciliation of net income to net cash provided by operating activities as presented in the Statements of Cash Flows is as follows for the years ended December 31: (in thousands) 2020 2019 2018 Cash flows from operating activities: Net income $ 293,304 $ 316,821 $ 288,224 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 21,195 16,813 13,368 Deferred income tax (benefit) expense (5,162) 3,349 (1,358) Lease amortization expense 13,108 13,959 — Realized (gains) losses and impairments on investments (3,114) (5,908) 3,591 (Gain) loss on disposal of fixed assets (15) 75 (3,047) Net investment income 5,878 543 6,423 Increase (decrease) in deferred compensation 7,611 (1,541) (3,886) Increase in receivables from affiliates (26,548) (19,505) (30,804) (Increase) decrease in accrued investment income (713) (170) 1,590 (Increase) decrease in federal income taxes recoverable (2,202) 7,700 21,738 Decrease (increase) in prepaid pension 41,227 28,798 (47,335) (Increase) decrease in prepaid expenses and other assets (2,569) (9,407) 6,446 (Decrease) increase in accounts payable and accrued expenses (14,307) (3,627) 11,039 (Decrease) increase in commissions payable (625) 21,390 13,449 Increase (decrease) in accrued agent bonuses 14,105 (7,409) (19,066) Increase in contract liability 1,422 2,646 3,213 Net cash provided by operating activities $ 342,595 $ 364,527 $ 263,585

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events No items were identified in this period subsequent to the financial statement date that required adjustment or additional disclosure.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("GAAP").
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.
Recently adopted accounting standards	Recently adopted accounting standards We adopted Accounting Standards Update ("ASU") 2016-13, "Financial Instruments-Credit Losses" which applies to our receivable from Erie Insurance Exchange and affiliates, agent loans, and investments, on January 1, 2020. The guidance requires financial assets measured at amortized cost to be presented at the net amount expected to be collected through the use of a new forward-looking current expected credit loss model and credit losses relating to available-for-sale debt securities to be recognized through an allowance for credit losses. For assets measured at amortized cost for which a current expected credit loss allowance was required, we adopted the guidance using the modified-retrospective approach. At January 1, 2020, we recorded current expected credit loss allowances related to agent loans of $0.8 million and receivables from Erie Insurance Exchange and affiliates of $0.6 million. This resulted in the recording of a cumulative effect adjustment, net of taxes, to retained earnings of $1.1 million. Our available-for-sale investments are not measured at amortized cost, and therefore do not require the use of a current expected credit loss model. Any credit losses, however, are required to be recorded as an allowance for credit losses rather than a reduction of the carrying value of the asset. For available-for-sale securities, we adopted the guidance using the prospective approach and recorded an initial allowance for credit losses of $0.6 million at March 31, 2020. We adopted Accounting Standards Codification ("ASC") 842, "Leases" on January 1, 2019 using the optional transition method, which permits entities to apply the new guidance prospectively with certain practical expedients available. We elected the package of practical expedients which among other things allowed us to carry forward the historical lease classifications. We did not elect the hindsight practical expedient in determining the lease term for existing leases. The adoption of the new standard resulted in the recognition of operating lease assets of $32.7 million and operating lease liabilities of $32.1 million on the Statement of Financial Position at January 1, 2019. The adoption of this standard did not have a material impact on our Statement of Operations and had no impact on our net cash flows. We adopted ASC 606, "Revenue from Contracts with Customers" on January 1, 2018, using the modified retrospective method applied to all contracts. Under ASC 606, we determined that we have two performance obligations under the subscriber’s agreement. The first performance obligation is providing policy issuance and renewal services. The second performance obligation is acting as the attorney-in-fact on behalf of the Exchange, as well as the service provider for its insurance subsidiaries, with respect to all administrative services. Upon adoption of ASC 606, the management fee earned per the subscriber’s agreement, currently 25% of all direct and affiliated assumed premiums written by the Exchange, is allocated between the two performance obligations. Prior to the adoption of ASC 606, the entire management fee was allocated to the policy issuance and renewal services. Additionally, the expenses we incur and related reimbursements we receive related to the administrative services are presented gross in our Statement of Operations effective January 1, 2018. On January 1, 2018, we established a contract liability of $48.5 million representing the portion of revenue not yet earned related to the administrative services to be provided in subsequent years. We recorded a related deferred tax asset of $10.2 million and a cumulative effect adjustment that reduced retained earnings by $38.3 million. The adoption of ASC 606 changed the presentation of our Statement of Cash Flows, but had no net impact to our cash flows.
Cash and cash equivalents	Cash and cash equivalents – Cash, money market accounts and other short-term, highly liquid investments with a maturity of three months or less at the date of purchase, are considered cash and cash equivalents.
Investments	Investments Available-for-sale securities – Fixed maturity debt securities and redeemable preferred stock are classified as available-for-sale and reported at fair value with unrealized investment gains and losses, net of income taxes, recognized in other comprehensive income. Available-for-sale securities with a remaining maturity of 12 months or less and any security that we intend to sell as of the reporting date are classified as current assets. Available-for-sale securities in an unrealized loss position are evaluated to determine whether the impairment is a result of credit loss or other factors. If we have the intent to sell or it's more likely than not that we would be required to sell the security before recovery of the amortized cost basis, the entire impairment is recognized in earnings. Securities that have experienced a decline in fair value that we do not intend to sell, and that we will not be required to sell before recovery, are evaluated to determine if the decline in fair value is credit related. Impairment resulting from a credit loss is recognized in earnings with a corresponding allowance on the balance sheet. Future recoveries of credit loss result in an adjustment to the allowance and earnings in the period the credit conditions improve. Factors considered in the evaluation of credit loss include the extent to which fair value is less than cost and fundamental factors specific to the issuer such as financial condition, changes in credit ratings, near and long-term business prospects and other factors, as well as the likelihood of recovery of the amortized cost of the security. If the qualitative review indicates credit impairment, the allowance for credit loss is measured as the amount that the security’s amortized cost exceeds the present value of cash flows expected to be collected and is limited to the amount that fair value is below amortized cost. Equity securities – Non-redeemable preferred and common stocks are classified as equity securities and reported at fair value with changes in fair value recognized in net realized investment gains (losses). Securities that we intend to sell as of the reporting date are classified as current assets. Realized gains and losses and investment income – Realized gains and losses on sales of available-for-sale and equity securities are recognized in income based upon the specific identification method and reported as net realized investment gains (losses). Interest income is recognized as earned and includes amortization of premium and accretion of discount. Income is recognized based on the constant effective yield method, which includes periodically updated prepayment assumptions obtained from third party data sources on our prepaying securities. The effective yield for prepaying securities is recalculated on a retrospective basis. Dividend income is recognized at the ex-dividend date. Interest and dividend income and the results of our limited partnership investments are reported as net investment income. We do not record an allowance for credit losses on accrued investment income as any amount deemed uncollectible is reversed from interest income in the period the expected payment defaults.
Deferred taxes	Deferred taxes Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and the reported amounts in the financial statements, using the statutory tax rates in effect for the year in which the differences are expected to settle or be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date under the law. The need for valuation allowances on deferred tax assets are estimated based upon our assessment of the realizability of such amounts.
Fixed assets	Fixed assets Fixed assets are stated at cost less accumulated depreciation and amortization. Fixed assets are primarily comprised of software, which includes internally used capitalized software and development costs, as well as building and building improvements, equipment, furniture and fixtures, and leasehold improvements. Assets in use are depreciated using the straight-line method over the estimated useful life except for leasehold improvements, which are depreciated over the shorter of their economic useful life or the lease term. Software is depreciated over periods ranging from 3-7 years, buildings and building improvements are depreciated over 20-45 years, equipment is depreciated over 3-10 years, and furniture and fixtures are depreciated over 7 years. We review long-lived assets for impairment whenever events or changes indicate that the carrying value may not be recoverable. Under these circumstances, if the fair value were less than the carrying amount of the asset, we would recognize a loss for the difference. We capitalize applicable interest charges incurred during the construction period of significant long-term building projects as part of the historical cost of the asset.
Agent loans	Agent loans Agent loans, the majority of which are senior secured, are carried at unpaid principal balance with interest recorded in investment income as earned. The current portion of agent loans is recorded in prepaid expenses and other current assets. The adoption of ASU 2016-13 on January 1, 2020 requires the recording of a current expected credit loss allowance on these loans. The allowance is estimated using available loss history and/or external loss rates based on comparable loan losses and considers current conditions and forecasted information. When establishing the expected credit loss allowance upon implementation of ASU 2016-13, a cumulative effect adjustment was recorded to beginning retained earnings. Future changes to the allowance
Other assets	Other assets Other assets include operating lease assets, other investments, and other long-term prepaid assets. The determination of whether an arrangement is a lease and the related lease classification is made at inception of a contract. Our leases are classified as operating leases. Operating lease assets and liabilities are recorded at inception based on the present value of the future minimum lease payments over the lease term at commencement date. When an implicit rate for the lease is not available, we use our incremental borrowing rate based on the information available at commencement date to determine the present value of future payments. Lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Most of our lease contracts contain lease and non-lease components. Non-lease components are expensed as incurred. Operating lease assets are included in other assets, and the current and noncurrent portions of the operating lease liabilities are included in accounts payable and accrued expenses and other long-term liabilities, respectively.
Agent bonus estimates	Agent bonus estimatesOur more significant agent bonus plan is based upon an individual agency's property and casualty underwriting profitability and also includes a component for growth in agency property and casualty premiums if the agency's underwriting profitability targets for the book of business are met. The estimate for this agent bonus plan is based upon the performance over 36 months, and is modeled on a monthly basis using actual underwriting results for the two
Recognition of management fee revenue and Recognition of service agreement revenue	Recognition of management fee revenue We earn management fees from the Exchange under the subscriber’s agreement for services provided. Pursuant to the subscriber’s agreement, we may retain up to 25% of all direct and affiliated assumed premiums written by the Exchange. The management fee rate is set at least annually by our Board of Directors. The management fee revenue is calculated by multiplying the management fee rate by the direct and affiliated assumed premiums written by the Exchange and is allocated between the two performance obligations we have under the subscriber's agreement. The first performance obligation is to provide policy issuance and renewal services. The second performance obligation is acting as the attorney-in-fact with respect to the administrative services. Management fee revenue allocated to the policy issuance and renewal services is recognized at the time of policy issuance or renewal, because it is at the time of policy issuance or renewal when the economic benefit of the service we provide (the substantially completed policy issuance or renewal service) and the control of the promised asset (the executed insurance policy) transfers to the customer. Management fee revenue allocated to the second performance obligation relates to us acting as the attorney-in-fact on behalf of the Exchange, as well as the service provider for its insurance subsidiaries, with respect to the administrative services and is recognized over a four-year period representing the time over which the economic benefit of the services provided (i.e. management of the administrative services) transfers to the customer. Recognition of service agreement revenue Service agreement revenue consists of service charges we collect from policyholders for providing multiple payment plans on policies written by the Exchange and its property and casualty subsidiaries. Service charges, which are flat dollar charges for each installment billed beyond the first installment, are recognized as revenue when bills are rendered to the policyholder. Service agreement revenue also includes late payment and policy reinstatement fees, which are also recognized as revenue when bills are rendered to the policyholder.
Administrative services	Administrative services By virtue of its legal structure as a reciprocal insurer, the Exchange does not have any employees or officers. Therefore, it enters into contractual relationships by and through an attorney-in-fact. Indemnity serves as the attorney-in-fact on behalf of the Exchange with respect to its administrative services in accordance with the subscriber's agreement. The Exchange's insurance subsidiaries also utilize Indemnity for these services in accordance with the service agreements between each of the subsidiaries and Indemnity. Claims handling services include costs incurred in the claims process, including the adjustment, investigation, defense, recording and payment functions. Life insurance management services include costs incurred in the management and processing of life insurance business. Investment management services are related to investment trading activity, accounting and all other functions attributable to the investment of funds. Included in these expenses are allocations of costs for departments that support these administrative functions. Common overhead expenses and certain service department costs incurred by us on behalf of the Exchange and its insurance subsidiaries are reimbursed by the proper entity based upon appropriate utilization statistics (employee count, square footage, vehicle count, project hours, etc.) specifically measured to accomplish proportional allocations, which we believe are reasonable. The expenses we incur and related reimbursements we receive for administrative services are presented gross in our Statement of Operations. Reimbursements are settled on a monthly basis. The amounts incurred for these services are reimbursed to Indemnity at cost in accordance with the subscriber's
Reclassifications	Reclassifications Certain amounts previously reported in the 2019 and 2018 financial statements have been reclassified for comparative purposes to conform to the current period’s presentation. “Limited partnership investments” has now been combined within “Other assets” in the Statements of Financial Position and “Equity in earnings (losses) of limited partnerships” is now included in “Net investment income” in the Statements of Operations. The reclassifications had no effect on previously reported net income.
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 13, "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 that have the option to be paid in stock using the treasury stock method. See Note 11, "Incentive and Deferred Compensation Plans".
Fair value of financial instruments	Our available-for-sale and equity 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 equity 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. 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 securities are valued using an exchange traded price provided by the pricing service. Pricing service valuations for Level 2 securities 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. Although virtually all of our prices are obtained from third party sources, we also perform internal pricing reviews, including evaluating the methodology and inputs used to ensure that we determine the proper classification level of the financial instrument and reviewing securities with price changes that vary significantly from current market conditions or independent price sources. Price variances are investigated and corroborated by market data and transaction volumes. We have reviewed the pricing methodologies of our pricing service as well as other observable inputs and believe that the prices adequately consider market activity in determining fair value. 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. 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. As of December 31, 2020, nearly all of our available-for-sale and equity securities were priced using a third party pricing service.
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 available market observable inputs.
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 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 financial condition, results of 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 our financial condition, results of operations, or cash flows.

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue by Performance Obligation	The following table disaggregates revenue by our two performance obligations for the years ended December 31: (in thousands) 2020 2019 2018 Management fee revenue - policy issuance and renewal services, net $ 1,841,794 $ 1,810,457 $ 1,719,567 Management fee revenue - administrative services, net 59,463 57,204 53,632 Administrative services reimbursement revenue 609,435 582,010 580,336 Total administrative services $ 668,898 $ 639,214 $ 633,968

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2020
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 common stock: (dollars in thousands, except per share data) For the years ended December 31, 2020 2019 2018 Allocated net income (numerator) Weighted shares (denominator) Per- share amount 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 $ 290,902 46,188,659 $ 6.30 $ 314,227 46,188,836 $ 6.80 $ 285,864 46,188,637 $ 6.19 Dilutive effect of stock-based awards 0 23,901 — 0 30,224 — 0 25,776 — Assumed conversion of Class B shares 2,402 6,100,800 — 2,594 6,100,800 — 2,360 6,100,800 — Class A – Diluted EPS: Income available to Class A stockholders on Class A equivalent shares $ 293,304 52,313,360 $ 5.61 $ 316,821 52,319,860 $ 6.06 $ 288,224 52,315,213 $ 5.51 Class B – Basic EPS: Income available to Class B stockholders $ 2,402 2,542 $ 945 $ 2,594 2,542 $ 1,020 $ 2,360 2,542 $ 928 Class B – Diluted EPS: Income available to Class B stockholders $ 2,401 2,542 $ 945 $ 2,593 2,542 $ 1,020 $ 2,359 2,542 $ 928

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Schedule of Fair Value Measurements on a Recurring Basis by Asset Class and Level of Input	The following tables present our fair value measurements on a recurring basis by asset class and level of input as of: December 31, 2020 (in thousands) Total Level 1 Level 2 Level 3 Available-for-sale securities: Corporate debt securities $ 566,425 $ 1,281 $ 559,319 $ 5,825 Residential mortgage-backed securities 112,179 0 111,242 937 Commercial mortgage-backed securities 120,201 0 100,739 19,462 Collateralized debt obligations 110,447 0 110,447 0 Other debt securities 18,984 0 18,984 0 Total available-for-sale securities 928,236 1,281 900,731 26,224 Equity securities - nonredeemable preferred and common stock: Financial services sector 76,575 24,981 51,594 0 Utilities sector 8,742 3,957 4,785 0 Consumer sector 3,068 576 2,492 0 Communications sector 2,699 2,699 0 0 Energy sector 2,206 676 1,530 0 Industrial sector 800 800 0 0 Total equity securities 94,090 33,689 60,401 0 Total $ 1,022,326 $ 34,970 $ 961,132 $ 26,224 December 31, 2019 (in thousands) Total Level 1 Level 2 Level 3 Available-for-sale securities: Corporate debt securities $ 454,880 $ 2,683 $ 443,873 $ 8,324 Residential mortgage-backed securities 125,343 0 125,343 0 Commercial mortgage-backed securities 67,541 0 64,220 3,321 Collateralized debt obligations 77,856 0 77,856 0 Other debt securities 5,081 0 5,081 0 Total available-for-sale securities 730,701 2,683 716,373 11,645 Equity securities - nonredeemable preferred and common stock: Financial services sector 53,513 14,927 38,586 0 Utilities sector 6,818 3,190 3,628 0 Communications sector 3,433 3,433 0 0 Energy sector 1,881 0 1,881 0 Industrial sector 980 0 980 0 Consumer sector 508 0 508 0 Total equity securities 67,133 21,550 45,583 0 Total $ 797,834 $ 24,233 $ 761,956 $ 11,645
Schedule of Roll Forward of Level 3 Fair Value Measurements on a Recurring Basis	Level 3 Assets – Year-to-Date Change: (in thousands) Beginning balance at December 31, 2019 Included in earnings (1) Included Purchases Sales Transfers into Level 3 (2) Transfers out of Level 3 (2) Ending balance at December 31, 2020 Available-for-sale securities: Corporate debt securities $ 8,324 $ (2) $ (156) $ 7,180 $ (1,405) $ 10,526 $ (18,642) $ 5,825 Residential mortgage-backed securities 0 (19) (48) 287 (1,539) 11,496 (9,240) 937 Commercial mortgage-backed securities 3,321 (183) 913 12,281 (2,334) 39,591 (34,127) 19,462 Collateralized debt obligations 0 0 3 247 0 0 (250) 0 Total available-for-sale securities 11,645 (204) 712 19,995 (5,278) 61,613 (62,259) 26,224 Nonredeemable preferred stock 0 151 0 2,836 0 0 (2,987) 0 Total Level 3 securities $ 11,645 $ (53) $ 712 $ 22,831 $ (5,278) $ 61,613 $ (65,246) $ 26,224 Level 3 Assets – Year-to-Date Change: (in thousands) Beginning balance at December 31, 2018 Included in (1) Included Purchases Sales Transfers into Level 3 (2) Transfers out of Level 3 (2) Ending balance at December 31, 2019 Available-for-sale securities: Corporate debt securities $ 12,577 $ 10 $ 146 $ 2,020 $ (7,415) $ 11,542 $ (10,556) $ 8,324 Residential mortgage-backed securities 0 4 15 921 (32) 0 (908) 0 Commercial mortgage-backed securities 0 (9) (21) 478 (1,068) 7,281 (3,340) 3,321 Collateralized debt obligations 0 0 1 2,300 0 0 (2,301) 0 Total Level 3 available-for-sale securities $ 12,577 $ 5 $ 141 $ 5,719 $ (8,515) $ 18,823 $ (17,105) $ 11,645 (1) These amounts are reported as net investment income and net realized investment gains (losses) for each of the periods presented above. (2) Transfers into and/or (out) of Level 3 are primarily attributable to the availability of market observable information and the re-evaluation of the observability of pricing inputs.
Schedule of Financial Instruments Not Carried at Fair Value	The following table presents the carrying values and fair values of financial instruments categorized as Level 3 in the fair value hierarchy that are recorded at carrying value as of: December 31, 2020 December 31, 2019 (in thousands) Carrying Value Fair Value Carrying Value Fair Value Agent loans (1) $ 69,212 $ 73,854 $ 67,696 $ 71,602 Long-term borrowings (2) 96,113 113,054 98,080 101,888 (1) The discount rate used to calculate fair value at December 31, 2020 is reflective of an increase in the BB+ financial yield curve due to the market volatility resulting from the COVID-19 pandemic. (2) The discount rate used to calculate fair value at December 31, 2020 is reflective of a decline in U.S. Treasury bond yields due to the market volatility resulting from the COVID-19 pandemic.

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2020
Investments [Abstract]
Schedule of Reconciliation of Cost to Fair Value of Available-For-Sale Securities	The following tables summarize the cost and fair value, net of credit loss allowance, of our available-for-sale securities as of: December 31, 2020 (in thousands) Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Corporate debt securities $ 546,096 $ 21,843 $ 1,514 $ 566,425 Residential mortgage-backed securities 108,840 3,373 34 112,179 Commercial mortgage-backed securities 115,346 5,090 235 120,201 Collateralized debt obligations 110,121 657 331 110,447 Other debt securities 18,387 606 9 18,984 Total available-for-sale securities, net $ 898,790 $ 31,569 $ 2,123 $ 928,236 December 31, 2019 (in thousands) Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Corporate debt securities $ 450,295 $ 6,289 $ 1,704 $ 454,880 Residential mortgage-backed securities 124,337 1,056 50 125,343 Commercial mortgage-backed securities 67,210 479 148 67,541 Collateralized debt obligations 78,059 44 247 77,856 Other debt securities 5,049 71 39 5,081 Total available-for-sale securities, net $ 724,950 $ 7,939 $ 2,188 $ 730,701
Schedule of Amortized Cost and Estimated Fair Value of Available-For-Sale Securities by Remaining Contractual Term to Maturity	The amortized cost and estimated fair value of available-for-sale securities at December 31, 2020, are shown below by remaining contractual term to maturity. 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. December 31, 2020 Amortized Estimated (in thousands) cost fair value Due in one year or less $ 17,393 $ 17,553 Due after one year through five years 419,019 435,504 Due after five years through ten years 185,849 189,711 Due after ten years 276,529 285,468 Total available-for-sale securities (1) $ 898,790 $ 928,236 (1) The contractual maturities of our available-for-sale securities are included in the table. However, given our intent to sell certain impaired securities, these securities are classified as current assets in our Statements of Financial Position at December 31, 2020.
Schedule of Available-For-Sale Securities in a Gross Unrealized Loss Position by Length of Time	The below securities have been evaluated and determined to be temporary declines in fair value for which we expect to recover our entire principal plus interest. The following tables present available-for-sale securities based on length of time in a gross unrealized loss position as of: December 31, 2020 Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized No. of (dollars in thousands) value losses value losses value losses holdings Corporate debt securities $ 39,693 $ 644 $ 7,952 $ 870 $ 47,645 $ 1,514 257 Residential mortgage-backed securities 8,163 34 0 0 8,163 34 13 Commercial mortgage-backed securities 16,582 235 0 0 16,582 235 31 Collateralized debt obligations 50,036 232 10,899 99 60,935 331 65 Other debt securities 1,019 9 0 0 1,019 9 4 Total available-for-sale securities $ 115,493 $ 1,154 $ 18,851 $ 969 $ 134,344 $ 2,123 370 Quality breakdown of available-for-sale securities: Investment grade $ 86,807 $ 561 $ 10,899 $ 99 $ 97,706 $ 660 119 Non-investment grade 28,686 593 7,952 870 36,638 1,463 251 Total available-for-sale securities $ 115,493 $ 1,154 $ 18,851 $ 969 $ 134,344 $ 2,123 370 December 31, 2019 Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized No. of (dollars in thousands) value losses value losses value losses holdings Corporate debt securities $ 25,804 $ 342 $ 15,699 $ 1,362 $ 41,503 $ 1,704 158 Residential mortgage-backed securities 16,712 50 0 0 16,712 50 7 Commercial mortgage-backed securities 21,981 147 372 1 22,353 148 30 Collateralized debt obligations 20,889 33 41,010 214 61,899 247 49 Other debt securities 2,350 39 0 0 2,350 39 2 Total available-for-sale securities $ 87,736 $ 611 $ 57,081 $ 1,577 $ 144,817 $ 2,188 246 Quality breakdown of available-for-sale securities: Investment grade $ 76,315 $ 287 $ 46,390 $ 218 $ 122,705 $ 505 100 Non-investment grade 11,421 324 10,691 1,359 22,112 1,683 146 Total available-for-sale securities $ 87,736 $ 611 $ 57,081 $ 1,577 $ 144,817 $ 2,188 246
Schedule of Investment Income, Net of Expenses, from Portfolios	Investment income, net of expenses, was generated from the following portfolios for the years ended December 31: (in thousands) 2020 2019 2018 Available-for-sale securities (1) $ 22,631 $ 22,496 $ 24,978 Equity securities 4,147 1,418 628 Cash equivalents and other 4,436 11,206 4,806 Total investment income 31,214 35,120 30,412 Less: investment expenses 1,461 1,061 1,025 Investment income, net of expenses $ 29,753 $ 34,059 $ 29,387 (1) Includes interest earned on note receivable from EFL of $1.6 million in 2018. The note was repaid in full in 2018.
Schedule of Realized Gains and Losses on Investments and Net Unrealized Gains and Losses Recognized during the Reporting Period Related to Equity Securities Held at the Reporting Date	Realized gains (losses) on investments were as follows for the years ended December 31: (in thousands) 2020 2019 2018 Available-for-sale securities: Gross realized gains $ 3,920 $ 6,258 $ 1,892 Gross realized losses (2,585) (1,639) (3,189) Net realized gains (losses) on available-for-sale securities 1,335 4,619 (1,297) Equity securities 5,056 1,484 (819) Miscellaneous 1 0 106 Net realized investment gains (losses) $ 6,392 $ 6,103 $ (2,010) The portion of net unrealized gains and losses recognized during the reporting period related to equity securities held at the reporting date is calculated as follows for the years ended December 31: (in thousands) 2020 2019 2018 Equity securities: Net gains (losses) recognized during the period $ 5,056 $ 1,484 $ (819) Less: net (losses) gains recognized on securities sold (469) 360 (86) Net unrealized gains (losses) recognized on securities held at reporting date $ 5,525 $ 1,124 $ (733)
Schedule of Impairments on Available-For-Sale Securities and Agent Loans	Impairments on available-for-sale securities and agent loans were as follows for the years ended December 31: (in thousands) 2020 2019 2018 Available-for-sale securities: Intent to sell $ 2,274 $ 195 $ 1,581 Credit impaired 707 — — Total available-for-sale securities 2,981 195 1,581 Agent loans - expected credit losses 297 — — Net impairment losses recognized in earnings $ 3,278 $ 195 $ 1,581
Schedule of Impairments on Available-For-Sale Securities and Agent Loans	Impairments on available-for-sale securities and agent loans were as follows for the years ended December 31: (in thousands) 2020 2019 2018 Available-for-sale securities: Intent to sell $ 2,274 $ 195 $ 1,581 Credit impaired 707 — — Total available-for-sale securities 2,981 195 1,581 Agent loans - expected credit losses 297 — — Net impairment losses recognized in earnings $ 3,278 $ 195 $ 1,581

Fixed Assets (Tables)

Fixed Assets (Tables)	12 Months Ended
	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Schedule of Fixed Assets by Category	The following table summarizes our fixed assets by category as of December 31: (in thousands) 2020 2019 Software $ 196,139 $ 191,709 Land, buildings, and building improvements 121,332 5,068 Equipment 37,426 14,546 Furniture and fixtures 20,998 1,934 Leasehold improvements 1,313 1,313 Projects in progress 47,277 22,992 Construction in progress — 122,801 Total fixed assets, gross 424,485 360,363 Less: Accumulated depreciation and amortization (159,144) (138,984) Fixed assets, net $ 265,341 $ 221,379

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Schedule of Lease Assets and Liabilities Recorded in Statement of Financial Position	The following table summarizes our lease assets and liabilities as of December 31: (in thousands) 2020 2019 Operating lease assets $ 14,381 $ 22,401 Operating lease liabilities - current $ 10,713 $ 11,289 Operating lease liabilities - long-term 3,643 10,665 Total operating lease liabilities $ 14,356 $ 21,954

Borrowing Arrangements (Tables)

Borrowing Arrangements (Tables)	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Schedule of Future Principal Payments	The following table sets forth future principal payments: (in thousands) Year Principal payments 2021 $ 2,031 2022 2,109 2023 2,226 2024 2,302 2025 2,449 Thereafter 84,996

Postretirement Benefits (Tables

Postretirement Benefits (Tables)	12 Months Ended
	Dec. 31, 2020
Retirement Benefits [Abstract]
Schedule of Cost of Pension Plans	Pension plan cost includes the following components: (in thousands) 2020 2019 2018 Service cost for benefits earned $ 43,492 $ 33,854 $ 38,052 Interest cost on benefit obligation 37,578 39,306 35,382 Expected return on plan assets (49,411) (47,484) (51,260) Prior service cost amortization 1,343 1,394 1,353 Net actuarial loss amortization 12,125 5,113 12,809 Pension plan cost (1) $ 45,127 $ 32,183 $ 36,336 (1) Pension plan costs represent the total cost before reimbursements to Indemnity from the Exchange and its subsidiaries.
Schedule of Actuarial Assumptions Used to Measure the Year-End Obligations and Net Periodic Benefit Costs for the Subsequent Year	The following table describes the assumptions at December 31 used to measure the year-end obligations and the net periodic benefit costs for the subsequent year: 2020 2019 2018 2017 Employee pension plan: Discount rate 2.96 % 3.59 % 4.47 % 3.73 % Expected return on assets 6.00 6.00 6.75 6.75 Compensation increases (1) 3.21 3.21 3.32 3.32 SERP: Discount rate – pre-retirement/post-retirement (2) 2.86 3.59/3.09 4.47/3.97 3.73/3.23 Rate of compensation increase 5.00 5.00 5.00 5.00 (1) The rate of compensation increase for the employee plan is age-graded. An equivalent single compensation increase rate of 3.21% in 2020 and 2019 and 3.32% in 2018 would produce similar results. (2) In 2020, the SERP discount rate methodology was revised to utilize SERP specific cash outflows independent of the employee pension plan discount rate, eliminating a difference between pre-retirement and post-retirement rates.
Schedule of Funded Status of Pension Plans and Amounts Recognized in the Statements of Financial Position	The following table sets forth the funded status of the pension plans and the amounts recognized in the Statements of Financial Position at December 31: (in thousands) 2020 2019 Funded status at end of year $ (165,098) $ (146,842) Pension liabilities – due within one year (1) $ (752) $ (1,183) Pension liabilities – due after one year (164,346) (145,659) Net amount recognized $ (165,098) $ (146,842) (1) The current portion of pension liabilities is included in accounts payable and accrued liabilities.
Schedule of Reconciliation of Beginning and Ending Balances of the Projected Benefit Obligation, as well as the Accumulated Benefit Obligation	The following table sets forth a reconciliation of beginning and ending balances of the projected benefit obligation, as well as the accumulated benefit obligation at December 31: (in thousands) 2020 2019 Projected benefit obligation, beginning of year $ 1,054,467 $ 886,165 Service cost for benefits earned 43,492 33,854 Interest cost on benefit obligation 37,578 39,306 Plan amendments 0 452 Actuarial loss 134,470 138,144 Benefits paid (23,848) (43,454) Projected benefit obligation, end of year $ 1,246,159 $ 1,054,467 Accumulated benefit obligation, end of year $ 1,006,884 $ 858,209
Schedule of Defined Benefit Pension Plans with Projected Benefit Obligations in Excess of Plan Assets	Both the defined benefit plan and the SERP had projected benefit obligations in excess of plan assets at December 31: (in thousands) Projected Benefit Obligation in Excess of Plan Assets 2020 2019 Projected benefit obligation $ 1,246,159 $ 1,054,467 Plan assets 1,081,061 907,625
Schedule of Defined Benefit Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets	The SERP had accumulated benefit obligations in excess of plan assets at December 31: (in thousands) Accumulated Benefit Obligation in Excess of Plan Assets 2020 2019 Accumulated benefit obligation $ 26,462 $ 23,411 Plan assets — —
Schedule of Reconciliation of Beginning and Ending Balances of the Fair Value of Plan Assets	The following table sets forth a reconciliation of beginning and ending balances of the fair value of plan assets at December 31: (in thousands) 2020 2019 Fair value of plan assets, beginning of year $ 907,625 $ 767,569 Actual gain on plan assets 195,713 182,002 Employer contributions 1,571 1,508 Benefits paid (23,848) (43,454) Fair value of plan assets, end of year $ 1,081,061 $ 907,625
Schedule of Amounts Included in Accumulated Other Comprehensive Loss that were Not Yet Recognized as Components of Net Benefit Costs	Net actuarial loss and prior service cost included in accumulated other comprehensive loss that were not yet recognized as components of net benefit costs were as follows: (in thousands) 2020 2019 Net actuarial loss $ 118,721 $ 142,678 Prior service cost 9,570 10,913 Net amount not yet recognized $ 128,291 $ 153,591
Schedule of Amounts Recognized in Other Comprehensive Income for Pension Plans	Amounts recognized in other comprehensive income for pension plans were as follows: (in thousands) 2020 2019 Net actuarial (gain) loss arising during the year $ (11,832) $ 3,626 Amortization of net actuarial loss (12,125) (5,113) Amortization of prior service cost (1,343) (1,394) Amendments (1) 0 452 Total recognized in other comprehensive income $ (25,300) $ (2,429)
Schedule of Target and Actual Asset Allocations for the Portfolio	The target and actual asset allocations for the portfolio are as follows for the years ended December 31: Target asset Target asset Actual asset Actual asset Asset allocation: 2020 2019 2020 2019 Equity securities: U.S. equity securities 27 % (1) 27 % 28 % 28 % Non-U.S. equity securities 18 (2) 18 18 18 Total equity securities 45 45 46 46 Debt securities 54 (3) 54 53 53 Other 1 (4) 1 1 1 Total 100 % 100 % 100 % 100 % (1) U.S. equity securities – 23% seek to achieve excess returns relative to the Russell 2000 Index. The remaining 77% of the allocation to U.S. equity securities are comprised of equity index funds that track the S&P 500. (2) Non-U.S. equity securities – 11% are allocated to international small cap investments, while another 21% are allocated to international emerging market investments. The remaining 68% of the Non-U.S. equity securities are allocated to investments seeking to achieve excess returns relative to an international market index. (3) Debt securities – 33% are allocated to long U.S. Treasury Strips, 67% are allocated to U.S. corporate bonds with an emphasis on long duration bonds rated A or better. (4) Institutional money market fund.
Schedule of Fair Value Measurements of Pension Plan Assets by Major Category and Level of Input	The following tables present fair value measurements for the pension plan assets by major category and level of input as of: December 31, 2020 Fair value measurements of plan assets using: (in thousands) Total Level 1 Level 2 Level 3 Equity securities: U.S. equity securities $ 296,624 $ 0 $ 296,624 $ 0 Non-U.S. equity securities 196,971 134,841 62,130 0 Total equity securities 493,595 134,841 358,754 0 Debt securities 574,910 0 574,910 0 Other 12,556 12,556 0 0 Total $ 1,081,061 $ 147,397 $ 933,664 $ 0 December 31, 2019 Fair value measurements of plan assets using: (in thousands) Total Level 1 Level 2 Level 3 Equity securities: U.S. equity securities $ 248,585 $ 0 $ 248,585 $ 0 Non-U.S. equity securities 165,752 0 165,752 0 Total equity securities 414,337 0 414,337 0 Debt securities 482,497 0 482,497 0 Other 10,791 10,791 0 0 Total $ 907,625 $ 10,791 $ 896,834 $ 0
Schedule of Benefits Expected to be Paid Over the Next 10 Years from Pension Plans	The following table sets forth amounts of benefits expected to be paid over the next 10 years from our pension plans as of: (in thousands) Year ending Expected future 2021 $ 25,940 2022 29,162 2023 33,450 2024 36,643 2025 40,136 2026 - 2030 248,536

Incentive and Deferred Compen_2

Incentive and Deferred Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2020
Compensation Related Costs [Abstract]
Schedule of Deferred Executive Compensation Liability	The following table sets forth a reconciliation of beginning and ending balances of our deferred executive compensation liability as of December 31: (in thousands) 2020 2019 2018 Deferred executive compensation, beginning of the year $ 24,616 $ 26,182 $ 30,057 Annual incentive plan awards 5,619 2,745 4,751 Long-term incentive plan awards 12,381 7,267 6,331 Employer match and hypothetical earnings on deferred compensation 2,962 2,700 1,484 Total plan awards and earnings 20,962 12,712 12,566 Total plan awards paid (10,121) (12,852) (14,482) Compensation deferred 4,668 1,579 1,928 Distributions from the deferred compensation plans (2,081) (797) (1,321) Forfeitures (1) (356) — — Funding of rabbi trust for deferred stock compensation plan for outside directors (1,493) (1,434) (1,165) Funding of rabbi trust for incentive compensation deferral plan (3,972) (774) (1,401) Deferred executive compensation, end of the year $ 32,223 $ 24,616 $ 26,182 (1) Forfeitures are the result of a plan participant who separated from service with the Company.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Schedule of Provision for Income Taxes	The provision for income taxes consists of the following for the years ended December 31: (in thousands) 2020 2019 2018 Current income tax expense $ 80,373 $ 76,535 $ 84,454 Deferred income tax (benefit) expense (5,162) 3,349 (1,358) Income tax expense $ 75,211 $ 79,884 $ 83,096
Schedule of Reconciliation of the Provision for Income Taxes, with Amounts Determined by Applying the Statutory Federal Income Tax Rate to Pre-Tax Income	A reconciliation of the provision for income taxes, with amounts determined by applying the statutory federal income tax rate to pre-tax income, is as follows for the years ended December 31: (in thousands) 2020 2019 2018 Income tax at statutory rate $ 77,388 $ 83,308 $ 77,977 Tax-exempt interest — (123) (1,305) (Decrease) increase in unrecognized tax benefits — (3,088) 3,088 Other, net (2,177) (213) 3,336 Income tax expense $ 75,211 $ 79,884 $ 83,096
Schedule of Temporary Differences and Carry-Forwards, which Give Rise to Deferred Tax Assets and Liabilities	Temporary differences and carry-forwards, which give rise to deferred tax assets and liabilities, are as follows as of December 31: (in thousands) 2020 2019 Deferred tax assets: Pension and other postretirement benefits $ 29,065 $ 25,720 Other employee benefits 14,544 11,835 Deferred revenue 3,872 3,755 Allowance for management fee returned on cancelled policies 3,515 3,421 Unrealized losses on investments 1,083 — Other 2,692 1,663 Total deferred tax assets 54,771 46,394 Deferred tax liabilities: Depreciation 29,978 19,454 Unrealized gains on investments 7,540 4,181 Prepaid expenses 3,800 4,890 Commissions 884 545 Other 228 138 Total deferred tax liabilities 42,430 29,208 Net deferred tax asset $ 12,341 $ 17,186
Schedule of Unrecognized Tax Benefits Roll Forward	A reconciliation of unrecognized tax benefits for the years ended December 31 is as follows: (in thousands) 2020 2019 2018 Balance at the beginning of the year $ 0 $ 3,088 $ 0 Additions for current year tax positions — — 7,719 Reductions for current year tax positions — — (4,631) Additions for prior year tax positions — 4,631 — Reductions for prior year tax positions — (7,719) — Balance at the end of the year $ 0 $ 0 $ 3,088

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	12 Months Ended
	Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) by Component, Including Amounts Reclassified to Other Comprehensive Income (Loss) and the Related Line item in the Statements of Operations Where Net Income is Presented	Changes in accumulated other comprehensive income ("AOCI") (loss) by component, including amounts reclassified to other comprehensive income ("OCI") (loss) and the related line item in the Statements of Operations where net income is presented, are as follows for the year ended December 31: (in thousands) 2020 2019 2018 Before Tax Income Tax Net Before Tax Income Tax Net Before Tax Income Tax Net Investment securities: AOCI (loss), beginning of year $ 5,664 $ 1,189 $ 4,475 $ (9,169) $ (1,926) $ (7,243) $ 3,410 $ 716 $ 2,694 OCI (loss) before reclassifications 22,074 4,636 17,438 19,257 4,044 15,213 (15,372) (3,228) (12,144) Realized investment (gains) losses (1,335) (280) (1,055) (4,619) (970) (3,649) 1,297 272 1,025 Impairment losses 2,981 626 2,355 195 41 154 1,581 332 1,249 Cumulative effect of adopting ASU 2016-01 (1) — — — — — — (85) (18) (67) OCI (loss) 23,720 4,982 18,738 14,833 3,115 11,718 (12,579) (2,642) (9,937) AOCI (loss), end of year $ 29,384 $ 6,171 $ 23,213 $ 5,664 $ 1,189 $ 4,475 $ (9,169) $ (1,926) $ (7,243) Pension and other postretirement plans: AOCI (loss), beginning of year $ (153,600) $ (32,257) $ (121,343) $ (155,749) $ (32,708) $ (123,041) $ (200,954) $ (42,201) $ (158,753) OCI (loss) before reclassifications 11,832 2,485 9,347 (4,085) (858) (3,227) 31,401 6,594 24,807 Amortization of prior service costs (2) 1,343 282 1,061 1,394 293 1,101 1,353 284 1,069 Amortization of net actuarial loss (2) 12,125 2,546 9,579 4,840 1,016 3,824 12,451 2,615 9,836 OCI 25,300 5,313 19,987 2,149 451 1,698 45,205 9,493 35,712 AOCI (loss), end of year $ (128,300) $ (26,944) $ (101,356) $ (153,600) $ (32,257) $ (121,343) $ (155,749) $ (32,708) $ (123,041) Total AOCI (loss), beginning of year $ (147,936) $ (31,068) $ (116,868) $ (164,918) $ (34,634) $ (130,284) $ (197,544) $ (41,485) $ (156,059) Investment securities 23,720 4,982 18,738 14,833 3,115 11,718 (12,579) (2,642) (9,937) Pension and other postretirement plans 25,300 5,313 19,987 2,149 451 1,698 45,205 9,493 35,712 OCI 49,020 10,295 38,725 16,982 3,566 13,416 32,626 6,851 25,775 AOCI (loss), end of year $ (98,916) $ (20,773) $ (78,143) $ (147,936) $ (31,068) $ (116,868) $ (164,918) $ (34,634) $ (130,284) (1) A reclassification of unrealized losses of equity securities from AOCI (loss) to retained earnings was required at January 1, 2018 as a result of new accounting guidance. (2) These components of AOCI (loss) are included in the computation of net periodic pension cost. See Note 10, "Postretirement Benefits", for additional information.

Supplementary Data on Cash Fl_2

Supplementary Data on Cash Flows (Tables)	12 Months Ended
	Dec. 31, 2020
Supplemental Cash Flow Information [Abstract]
Schedule of Reconciliation of Net Income to Net Cash Provided by Operating Activities as Presented in the Statements of Cash Flows	A reconciliation of net income to net cash provided by operating activities as presented in the Statements of Cash Flows is as follows for the years ended December 31: (in thousands) 2020 2019 2018 Cash flows from operating activities: Net income $ 293,304 $ 316,821 $ 288,224 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 21,195 16,813 13,368 Deferred income tax (benefit) expense (5,162) 3,349 (1,358) Lease amortization expense 13,108 13,959 — Realized (gains) losses and impairments on investments (3,114) (5,908) 3,591 (Gain) loss on disposal of fixed assets (15) 75 (3,047) Net investment income 5,878 543 6,423 Increase (decrease) in deferred compensation 7,611 (1,541) (3,886) Increase in receivables from affiliates (26,548) (19,505) (30,804) (Increase) decrease in accrued investment income (713) (170) 1,590 (Increase) decrease in federal income taxes recoverable (2,202) 7,700 21,738 Decrease (increase) in prepaid pension 41,227 28,798 (47,335) (Increase) decrease in prepaid expenses and other assets (2,569) (9,407) 6,446 (Decrease) increase in accounts payable and accrued expenses (14,307) (3,627) 11,039 (Decrease) increase in commissions payable (625) 21,390 13,449 Increase (decrease) in accrued agent bonuses 14,105 (7,409) (19,066) Increase in contract liability 1,422 2,646 3,213 Net cash provided by operating activities $ 342,595 $ 364,527 $ 263,585

Significant Accounting Polici_3

Significant Accounting Policies - Recently Adopted Accounting Standards (Details) $ in Thousands		12 Months Ended
		Dec. 31, 2020USD ($)obligation	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Mar. 31, 2020USD ($)	Jan. 01, 2020USD ($)	Jan. 01, 2019USD ($)	Jan. 01, 2018USD ($)	Dec. 31, 2017USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Agent loans, allowance for credit loss		$ 1,100
Cumulative effect adjustment		1,188,048	$ 1,133,253	$ 973,672					$ 857,344
Available-for-sales securities, allowance for credit loss		$ 200			$ 600
Performance obligations under subscriber's agreement | obligation		2
Management fee rate as a percent of direct and affiliated assumed written premiums of the exchange		25.00%
Deferred tax asset		$ 12,341	17,186
Cumulative effect adjustment due to ASC 606		$ 2,393,624	$ 2,377,558
Erie Insurance Exchange (EIE)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Management fee rate as a percent of direct and affiliated assumed written premiums of the exchange		25.00%	25.00%	25.00%
Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect adjustment	[1]		$ (1,075)						$ (38,392)
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease assets							$ 32,700
Operating lease liability							$ 32,100
Accounting Standards Update 2014-09 | Adjustments due to ASC 606
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Contract liability								$ 48,500
Deferred tax asset								10,200
Cumulative effect adjustment due to ASC 606								$ (38,300)
Accounting Standards Update 2016-13 | Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Agent loans, allowance for credit loss						$ 800
Cumulative effect adjustment			$ 1,100
Accounting Standards Update 2016-13 | Cumulative Effect, Period of Adoption, Adjustment | Erie Insurance Exchange (EIE)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Receivables from Erie Insurance Exchange, allowance for credit loss						$ 600
[1]	(1) Cumulative effect adjustments in 2018 are primarily related to the implementation of new revenue recognition guidance effective January 1, 2018. The Cumulative effect adjustment in 2020 is related to the implementation of new credit loss allowance accounting guidance effective January 1, 2020. See Note 2, "Significant Accounting Policies."

Significant Accounting Polici_4

Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2020obligation
Revenue, Performance Obligation [Abstract]
Management fee rate as a percent of direct and affiliated assumed written premiums of the exchange	25.00%
Performance obligations under subscriber's agreement	2
Primary agent bonus
Agent bonus estimates
Performance period for agent bonuses	36 months
Period of prior year actual underwriting data used to estimate agent bonuses	2 years
Secondary agent bonus
Agent bonus estimates
Performance period for agent bonuses	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Period of time over which management fee revenue allocated to administrative services will be recognized	4 years
Software | Minimum
Fixed assets
Estimated useful life	3 years
Software | Maximum
Fixed assets
Estimated useful life	7 years
Buildings and building improvements | Minimum
Fixed assets
Estimated useful life	20 years
Buildings and building improvements | Maximum
Fixed assets
Estimated useful life	45 years
Equipment | Minimum
Fixed assets
Estimated useful life	3 years
Equipment | Maximum
Fixed assets
Estimated useful life	10 years
Furniture and fixtures
Fixed assets
Estimated useful life	7 years

Nature of Operations (Details)

Nature of Operations (Details)	12 Months Ended
	Dec. 31, 2020obligation
Nature of expense as a percentage of total policy issuance and renewal expenses
Performance obligations under subscriber's agreement	2
Agent compensation expense
Nature of expense as a percentage of total policy issuance and renewal expenses
Nature of expense as a percentage of total policy issuance and renewal expenses	66.00%
Underwriting and policy processing expense
Nature of expense as a percentage of total policy issuance and renewal expenses
Nature of expense as a percentage of total policy issuance and renewal expenses	10.00%
Information technology expense
Nature of expense as a percentage of total policy issuance and renewal expenses
Nature of expense as a percentage of total policy issuance and renewal expenses	11.00%

Revenue - Narrative (Details)

Revenue - Narrative (Details)	12 Months Ended
	Dec. 31, 2020obligation
Revenue, Performance Obligation [Abstract]
Management fee rate as a percent of direct and affiliated assumed written premiums of the exchange	25.00%
Performance obligations under subscriber's agreement	2

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenues By Performance Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of revenue by performance obligation
Operating revenue	$ 2,536,489	$ 2,477,298	$ 2,382,212
Management fee revenue - policy issuance and renewal services, net
Disaggregation of revenue by performance obligation
Operating revenue	1,841,794	1,810,457	1,719,567
Management fee revenue - policy issuance and renewal services, net | Transferred at point in time
Disaggregation of revenue by performance obligation
Operating revenue	1,841,794	1,810,457	1,719,567
Management fee revenue - administrative services, net
Disaggregation of revenue by performance obligation
Operating revenue	59,463	57,204	53,632
Management fee revenue - administrative services, net | Transferred over time
Disaggregation of revenue by performance obligation
Operating revenue	59,463	57,204	53,632
Administrative services reimbursement revenue
Disaggregation of revenue by performance obligation
Operating revenue	609,435	582,010	580,336
Administrative services reimbursement revenue | Transferred over time
Disaggregation of revenue by performance obligation
Operating revenue	609,435	582,010	580,336
Administrative services | Transferred over time
Disaggregation of revenue by performance obligation
Operating revenue	$ 668,898	$ 639,214	$ 633,968

Earnings Per Share (Details)

Earnings Per Share (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2018USD ($)$ / sharesshares
Class A common stock
Income available to stockholders (Basic EPS:)
Allocated net income (numerator) | $	$ 290,902	$ 314,227	$ 285,864
Weighted shares (denominator) (in shares) | shares	46,188,659	46,188,836	46,188,637
Per- share amount (in dollars per share) | $ / shares	$ 6.30	$ 6.80	$ 6.19
Dilutive effect of stock-based awards
Allocated net income (numerator) | $	$ 0	$ 0	$ 0
Weighted shares (denominator) (in shares) | shares	23,901	30,224	25,776
Assumed conversion of Class B shares
Allocated net income (numerator) | $	$ 2,402	$ 2,594	$ 2,360
Weighted shares (denominator) (in shares) | shares	6,100,800	6,100,800	6,100,800
Income available to stockholders on equivalent shares (Diluted EPS:)
Allocated net income (numerator) | $	$ 293,304	$ 316,821	$ 288,224
Weighted shares (denominator) (in shares) | shares	52,313,360	52,319,860	52,315,213
Per- share amount (in dollars per share) | $ / shares	$ 5.61	$ 6.06	$ 5.51
Class B common stock
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	2,400	2,400
Income available to stockholders (Basic EPS:)
Allocated net income (numerator) | $	$ 2,402	$ 2,594	$ 2,360
Weighted shares (denominator) (in shares) | shares	2,542	2,542	2,542
Per- share amount (in dollars per share) | $ / shares	$ 945	$ 1,020	$ 928
Income available to stockholders on equivalent shares (Diluted EPS:)
Allocated net income (numerator) | $	$ 2,401	$ 2,593	$ 2,359
Weighted shares (denominator) (in shares) | shares	2,542	2,542	2,542
Per- share amount (in dollars per share) | $ / shares	$ 945	$ 1,020	$ 928

Fair Value - Fair Value Measure

Fair Value - Fair Value Measurements on a Recurring Basis by Asset Class and Level of Input (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	$ 928,236	$ 730,701
Corporate debt securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	566,425	454,880
Residential mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	112,179	125,343
Commercial mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	120,201	67,541
Collateralized debt obligations
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	110,447	77,856
Other debt securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	18,984	5,081
Fair Value, Measurements, Recurring Basis
Fair value measurements on a recurring basis by asset class and level of input
Total	1,022,326	797,834
Fair Value, Measurements, Recurring Basis | Corporate debt securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	566,425	454,880
Fair Value, Measurements, Recurring Basis | Residential mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	112,179	125,343
Fair Value, Measurements, Recurring Basis | Commercial mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	120,201	67,541
Fair Value, Measurements, Recurring Basis | Collateralized debt obligations
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	110,447	77,856
Fair Value, Measurements, Recurring Basis | Other debt securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	18,984	5,081
Fair Value, Measurements, Recurring Basis | Available-for-sale securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	928,236	730,701
Fair Value, Measurements, Recurring Basis | Equity securities
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	94,090	67,133
Fair Value, Measurements, Recurring Basis | Nonredeemable preferred stock | Financial services sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	76,575	53,513
Fair Value, Measurements, Recurring Basis | Nonredeemable preferred stock | Utilities sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	8,742	6,818
Fair Value, Measurements, Recurring Basis | Nonredeemable preferred stock | Consumer sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	3,068	508
Fair Value, Measurements, Recurring Basis | Nonredeemable preferred stock | Communications sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	2,699
Fair Value, Measurements, Recurring Basis | Nonredeemable preferred stock | Energy sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities		1,881
Fair Value, Measurements, Recurring Basis | Nonredeemable preferred stock | Industrial sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	800	980
Fair Value, Measurements, Recurring Basis | Nonredeemable preferred and common stock | Communications sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities		3,433
Fair Value, Measurements, Recurring Basis | Nonredeemable preferred and common stock | Energy sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	2,206
Fair Value, Measurements, Recurring Basis | Level 1
Fair value measurements on a recurring basis by asset class and level of input
Total	34,970	24,233
Fair Value, Measurements, 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	1,281	2,683
Fair Value, Measurements, 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
Fair Value, Measurements, 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
Fair Value, Measurements, 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
Fair Value, Measurements, 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
Fair Value, Measurements, Recurring Basis | Level 1 | Available-for-sale securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	1,281	2,683
Fair Value, Measurements, Recurring Basis | Level 1 | Equity securities
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	33,689	21,550
Fair Value, Measurements, Recurring Basis | Level 1 | Nonredeemable preferred stock | Financial services sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	24,981	14,927
Fair Value, Measurements, Recurring Basis | Level 1 | Nonredeemable preferred stock | Utilities sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	3,957	3,190
Fair Value, Measurements, Recurring Basis | Level 1 | Nonredeemable preferred stock | Consumer sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	576	0
Fair Value, Measurements, Recurring Basis | Level 1 | Nonredeemable preferred stock | Communications sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	2,699
Fair Value, Measurements, Recurring Basis | Level 1 | Nonredeemable preferred stock | Energy sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities		0
Fair Value, Measurements, Recurring Basis | Level 1 | Nonredeemable preferred stock | Industrial sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	800	0
Fair Value, Measurements, Recurring Basis | Level 1 | Nonredeemable preferred and common stock | Communications sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities		3,433
Fair Value, Measurements, Recurring Basis | Level 1 | Nonredeemable preferred and common stock | Energy sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	676
Fair Value, Measurements, Recurring Basis | Level 2
Fair value measurements on a recurring basis by asset class and level of input
Total	961,132	761,956
Fair Value, Measurements, 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	559,319	443,873
Fair Value, Measurements, 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	111,242	125,343
Fair Value, Measurements, 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	100,739	64,220
Fair Value, Measurements, 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	110,447	77,856
Fair Value, Measurements, 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	18,984	5,081
Fair Value, Measurements, Recurring Basis | Level 2 | Available-for-sale securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	900,731	716,373
Fair Value, Measurements, Recurring Basis | Level 2 | Equity securities
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	60,401	45,583
Fair Value, Measurements, Recurring Basis | Level 2 | Nonredeemable preferred stock | Financial services sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	51,594	38,586
Fair Value, Measurements, Recurring Basis | Level 2 | Nonredeemable preferred stock | Utilities sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	4,785	3,628
Fair Value, Measurements, Recurring Basis | Level 2 | Nonredeemable preferred stock | Consumer sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	2,492	508
Fair Value, Measurements, Recurring Basis | Level 2 | Nonredeemable preferred stock | Communications sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	0
Fair Value, Measurements, Recurring Basis | Level 2 | Nonredeemable preferred stock | Energy sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities		1,881
Fair Value, Measurements, Recurring Basis | Level 2 | Nonredeemable preferred stock | Industrial sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	0	980
Fair Value, Measurements, Recurring Basis | Level 2 | Nonredeemable preferred and common stock | Communications sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities		0
Fair Value, Measurements, Recurring Basis | Level 2 | Nonredeemable preferred and common stock | Energy sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	1,530
Fair Value, Measurements, Recurring Basis | Level 3
Fair value measurements on a recurring basis by asset class and level of input
Total	26,224	11,645
Fair Value, Measurements, 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	5,825	8,324
Fair Value, Measurements, 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	937	0
Fair Value, Measurements, 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	19,462	3,321
Fair Value, Measurements, 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
Fair Value, Measurements, 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
Fair Value, Measurements, Recurring Basis | Level 3 | Available-for-sale securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	26,224	11,645
Fair Value, Measurements, Recurring Basis | Level 3 | Equity securities
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	0	0
Fair Value, Measurements, Recurring Basis | Level 3 | Nonredeemable preferred stock | Financial services sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	0	0
Fair Value, Measurements, Recurring Basis | Level 3 | Nonredeemable preferred stock | Utilities sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	0	0
Fair Value, Measurements, Recurring Basis | Level 3 | Nonredeemable preferred stock | Consumer sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	0	0
Fair Value, Measurements, Recurring Basis | Level 3 | Nonredeemable preferred stock | Communications sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	0
Fair Value, Measurements, Recurring Basis | Level 3 | Nonredeemable preferred stock | Energy sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities		0
Fair Value, Measurements, Recurring Basis | Level 3 | Nonredeemable preferred stock | Industrial sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	0	0
Fair Value, Measurements, Recurring Basis | Level 3 | Nonredeemable preferred and common stock | Communications sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities		$ 0
Fair Value, Measurements, Recurring Basis | Level 3 | Nonredeemable preferred and common stock | Energy sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	$ 0

Fair Value - Level 3 Assets (De

Fair Value - Level 3 Assets (Details) - Level 3 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Roll forward of level 3 fair value measurements on a recurring basis
Beginning balance	$ 11,645
Included in earnings	(53)
Included in other comprehensive income	712
Purchases	22,831
Sales	(5,278)
Transfers into Level 3	61,613
Transfers out of Level 3	(65,246)
Ending balance	26,224	$ 11,645
Available-for-sale securities
Roll forward of level 3 fair value measurements on a recurring basis
Beginning balance	11,645	12,577
Included in earnings	(204)	5
Included in other comprehensive income	712	141
Purchases	19,995	5,719
Sales	(5,278)	(8,515)
Transfers into Level 3	61,613	18,823
Transfers out of Level 3	(62,259)	(17,105)
Ending balance	26,224	11,645
Corporate debt securities | Available-for-sale securities
Roll forward of level 3 fair value measurements on a recurring basis
Beginning balance	8,324	12,577
Included in earnings	(2)	10
Included in other comprehensive income	(156)	146
Purchases	7,180	2,020
Sales	(1,405)	(7,415)
Transfers into Level 3	10,526	11,542
Transfers out of Level 3	(18,642)	(10,556)
Ending balance	5,825	8,324
Residential mortgage-backed securities | Available-for-sale securities
Roll forward of level 3 fair value measurements on a recurring basis
Beginning balance	0	0
Included in earnings	(19)	4
Included in other comprehensive income	(48)	15
Purchases	287	921
Sales	(1,539)	(32)
Transfers into Level 3	11,496	0
Transfers out of Level 3	(9,240)	(908)
Ending balance	937	0
Commercial mortgage-backed securities | Available-for-sale securities
Roll forward of level 3 fair value measurements on a recurring basis
Beginning balance	3,321	0
Included in earnings	(183)	(9)
Included in other comprehensive income	913	(21)
Purchases	12,281	478
Sales	(2,334)	(1,068)
Transfers into Level 3	39,591	7,281
Transfers out of Level 3	(34,127)	(3,340)
Ending balance	19,462	3,321
Collateralized debt obligations | Available-for-sale securities
Roll forward of level 3 fair value measurements on a recurring basis
Beginning balance	0	0
Included in earnings	0	0
Included in other comprehensive income	3	1
Purchases	247	2,300
Sales	0	0
Transfers into Level 3	0	0
Transfers out of Level 3	(250)	(2,301)
Ending balance	0	0
Nonredeemable preferred stock | Nonredeemable preferred stock
Roll forward of level 3 fair value measurements on a recurring basis
Beginning balance	0
Included in earnings	151
Included in other comprehensive income	0
Purchases	2,836
Sales	0
Transfers into Level 3	0
Transfers out of Level 3	(2,987)
Ending balance	$ 0	$ 0

Fair Value - Financial Instrume

Fair Value - Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Carrying Value
Carrying values and fair value measurements of financial instruments not carried at fair value
Agent loans	$ 69,212	$ 67,696
Long-term borrowings	96,113	98,080
Fair Value | Level 3
Carrying values and fair value measurements of financial instruments not carried at fair value
Agent loans	73,854	71,602
Long-term borrowings	$ 113,054	$ 101,888

Investments - Cost and Fair Val

Investments - Cost and Fair Value of Available-For-Sale Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Available-for-sale securities
Amortized cost	$ 898,790	$ 724,950
Gross unrealized gains	31,569	7,939
Gross unrealized losses	2,123	2,188
Estimated fair value	928,236	730,701
Corporate debt securities
Available-for-sale securities
Amortized cost	546,096	450,295
Gross unrealized gains	21,843	6,289
Gross unrealized losses	1,514	1,704
Estimated fair value	566,425	454,880
Residential mortgage-backed securities
Available-for-sale securities
Amortized cost	108,840	124,337
Gross unrealized gains	3,373	1,056
Gross unrealized losses	34	50
Estimated fair value	112,179	125,343
Commercial mortgage-backed securities
Available-for-sale securities
Amortized cost	115,346	67,210
Gross unrealized gains	5,090	479
Gross unrealized losses	235	148
Estimated fair value	120,201	67,541
Collateralized debt obligations
Available-for-sale securities
Amortized cost	110,121	78,059
Gross unrealized gains	657	44
Gross unrealized losses	331	247
Estimated fair value	110,447	77,856
Other debt securities
Available-for-sale securities
Amortized cost	18,387	5,049
Gross unrealized gains	606	71
Gross unrealized losses	9	39
Estimated fair value	$ 18,984	$ 5,081

Investments - Amortized Cost an

Investments - Amortized Cost and Estimated Fair Value of Available-For-Sale Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Amortized cost
Due in one year or less	$ 17,393
Due after one year through five years	419,019
Due after five years through ten years	185,849
Due after ten years	276,529
Amortized cost	898,790	$ 724,950
Estimated fair value
Due in one year or less	17,553
Due after one year through five years	435,504
Due after five years through ten years	189,711
Due after ten years	285,468
Estimated fair value	$ 928,236	$ 730,701

Investments - Available-For-Sal

Investments - Available-For-Sale Securities in a Gross Unrealized Loss Position (Details) $ in Thousands	Dec. 31, 2020USD ($)holding	Dec. 31, 2019USD ($)holding
Investment grade
Fair value
Less than 12 months	$ 86,807	$ 76,315
12 months or longer	10,899	46,390
Total	97,706	122,705
Unrealized losses
Less than 12 months	561	287
12 months or longer	99	218
Total	$ 660	$ 505
No. of holdings | holding	119	100
Non-investment grade
Fair value
Less than 12 months	$ 28,686	$ 11,421
12 months or longer	7,952	10,691
Total	36,638	22,112
Unrealized losses
Less than 12 months	593	324
12 months or longer	870	1,359
Total	$ 1,463	$ 1,683
No. of holdings | holding	251	146
Corporate debt securities
Fair value
Less than 12 months	$ 39,693	$ 25,804
12 months or longer	7,952	15,699
Total	47,645	41,503
Unrealized losses
Less than 12 months	644	342
12 months or longer	870	1,362
Total	$ 1,514	$ 1,704
No. of holdings | holding	257	158
Residential mortgage-backed securities
Fair value
Less than 12 months	$ 8,163	$ 16,712
12 months or longer	0	0
Total	8,163	16,712
Unrealized losses
Less than 12 months	34	50
12 months or longer	0	0
Total	$ 34	$ 50
No. of holdings | holding	13	7
Commercial mortgage-backed securities
Fair value
Less than 12 months	$ 16,582	$ 21,981
12 months or longer	0	372
Total	16,582	22,353
Unrealized losses
Less than 12 months	235	147
12 months or longer	0	1
Total	$ 235	$ 148
No. of holdings | holding	31	30
Collateralized debt obligations
Fair value
Less than 12 months	$ 50,036	$ 20,889
12 months or longer	10,899	41,010
Total	60,935	61,899
Unrealized losses
Less than 12 months	232	33
12 months or longer	99	214
Total	$ 331	$ 247
No. of holdings | holding	65	49
Other debt securities
Fair value
Less than 12 months	$ 1,019	$ 2,350
12 months or longer	0	0
Total	1,019	2,350
Unrealized losses
Less than 12 months	9	39
12 months or longer	0	0
Total	$ 9	$ 39
No. of holdings | holding	4	2
Available-for-sale securities
Fair value
Less than 12 months	$ 115,493	$ 87,736
12 months or longer	18,851	57,081
Total	134,344	144,817
Unrealized losses
Less than 12 months	1,154	611
12 months or longer	969	1,577
Total	$ 2,123	$ 2,188
No. of holdings | holding	370	246

Investments - Credit Loss Allow

Investments - Credit Loss Allowance on Investments (Details) - USD ($) $ in Millions	Dec. 31, 2020	Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Agent loans, allowance for credit loss	$ 1.1
Available-for-sales securities, allowance for credit loss	$ 0.2	$ 0.6

Investments - Net Investment In

Investments - Net Investment Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Investment income from portfolios
Investment income	$ 31,214	$ 35,120	$ 30,412
Less: investment expenses	1,461	1,061	1,025
Net investment income	29,753	34,059	29,387
Available-for-sale securities
Investment income from portfolios
Available-for-sale securities and equity securities investment income	22,631	22,496	24,978
Equity securities
Investment income from portfolios
Available-for-sale securities and equity securities investment income	4,147	1,418	628
Cash equivalents and other
Investment income from portfolios
Investment income	$ 4,436	$ 11,206	4,806
Erie Family Life Insurance Company (EFL)
Investment income from portfolios
Note receivable from EFL, interest income recognized by Indemnity			$ 1,600

Investments - Realized Investme

Investments - Realized Investment Gains (Losses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Equity securities
Equity securities	$ 5,056	$ 1,484	$ (819)
Net realized investment gains (losses)
Net realized investment gains (losses)	6,392	6,103	(2,010)
Available-for-sale securities
Available-for-sale securities:
Gross realized gains	3,920	6,258	1,892
Gross realized losses	(2,585)	(1,639)	(3,189)
Net realized gains (losses) on available-for-sale securities	1,335	4,619	(1,297)
Equity securities
Equity securities
Equity securities	5,056	1,484	(819)
Miscellaneous
Net realized investment gains (losses)
Miscellaneous	$ 1	$ 0	$ 106

Investments - Portion of Net Un

Investments - Portion of Net Unrealized Gains and Losses Recognized During Reporting Period (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Equity securities:
Net gains (losses) recognized during the period	$ 5,056	$ 1,484	$ (819)
Less: net (losses) gains recognized on securities sold	(469)	360	(86)
Net unrealized gains (losses) recognized on securities held at reporting date	$ 5,525	$ 1,124	$ (733)

Investments - Impairments on Av

Investments - Impairments on Available-For-Sale Securities and Agent Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Available-for-sale securities:
Intent to sell	$ 2,274	$ 195	$ 1,581
Credit impaired	707	0	0
Total available-for-sale securities	2,981	195	1,581
Agent loans - expected credit losses	297	0	0
Net impairment losses recognized in earnings	$ 3,278	$ 195	$ 1,581

Fixed Assets (Details)

Fixed Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Fixed assets
Total fixed assets, gross	$ 424,485	$ 360,363
Less: Accumulated depreciation and amortization	(159,144)	(138,984)
Fixed assets, net	265,341	221,379
Interest capitalized costs incurred	3,500	3,400	$ 1,500
Depreciation and amortization expense	21,200	16,800	$ 13,400
Software
Fixed assets
Intangible assets, gross	196,139	191,709
Land, buildings, and building improvements
Fixed assets
Tangible fixed assets, gross	121,332	5,068
Equipment
Fixed assets
Tangible fixed assets, gross	37,426	14,546
Furniture and fixtures
Fixed assets
Tangible fixed assets, gross	20,998	1,934
Leasehold improvements
Fixed assets
Tangible fixed assets, gross	1,313	1,313
Projects in progress
Fixed assets
Projects in progress	47,277	22,992
Construction in progress
Fixed assets
Tangible fixed assets, gross	$ 0	$ 122,801

Leases - Lease Assets and Liabi

Leases - Lease Assets and Liabilities Recorded in Statement of Financial Position (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Assets And Liabilities Lessee [Line Items]
Operating lease, right-of-use asset, statement of financial position	us-gaap:OtherAssetsNoncurrent	us-gaap:OtherAssetsNoncurrent
Operating lease, liability, current, statement of financial position	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent
Operating lease, liability, noncurrent, statement of financial position	us-gaap:OtherLiabilitiesNoncurrent	us-gaap:OtherLiabilitiesNoncurrent
Other Noncurrent Assets
Assets And Liabilities Lessee [Line Items]
Operating lease assets	$ 14,381	$ 22,401
Accounts Payable and Accrued Liabilities
Assets And Liabilities Lessee [Line Items]
Operating lease liabilities - current	10,713	11,289
Other Noncurrent Liabilities
Assets And Liabilities Lessee [Line Items]
Operating lease liabilities - long-term	3,643	10,665
Liabilities
Assets And Liabilities Lessee [Line Items]
Total operating lease liabilities	$ 14,356	$ 21,954

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Lessee, Lease, Description [Line Items]
Operating lease costs	$ 13.1	$ 14
Erie Insurance Exchange
Lessee, Lease, Description [Line Items]
Operating lease costs, amount reimbursed from exchange and its subsidiaries	5.3	$ 6
Erie Insurance Exchange | Office Space
Lessee, Lease, Description [Line Items]
Operating lease assets	$ 6.3

Borrowing Arrangements - Bank L

Borrowing Arrangements - Bank Line of Credit (Details) - Revolving Line of Credit	Dec. 31, 2020USD ($)
Bank line of credit
Maximum borrowing capacity under the bank revolving line of credit	$ 100,000,000
Maximum letter of credit sublimit under the bank revolving line of credit	25,000,000
Available borrowing capacity under the bank revolving line of credit, due to outstanding letters of credit	99,100,000
Outstanding amount of letters of credit sublimit under the bank revolving line of credit	900,000
Available amount of letters of credit sublimit under the bank revolving line of credit	24,100,000
Borrowings outstanding under the bank revolving line of credit	0
Fair value of investments pledged as collateral on the bank revolving line of credit	$ 124,900,000

Borrowing Arrangements - Term L

Borrowing Arrangements - Term Loan Credit Facility (Details) - Secured Debt - USD ($)	Jan. 01, 2019	Dec. 31, 2020	Dec. 31, 2016
Term loan credit facility
Amount of senior secured draw term loan credit facility			$ 100,000,000
Fixed interest rate of credit facility	4.35%
Repayment period of credit facility	28 years
Fair value of investments pledged as collateral on the credit facility		$ 126,500,000

Borrowing Arrangements - Annual

Borrowing Arrangements - Annual Principal Payments (Details) - Secured Debt $ in Thousands	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Principal payments due in 2021	$ 2,031
Principal payments due in 2022	2,109
Principal payments due in 2023	2,226
Principal payments due in 2024	2,302
Principal payments due in 2025	2,449
Principal payments due thereafter	$ 84,996

Postretirement Benefits - Cost

Postretirement Benefits - Cost of Pension Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cost of pension plans:
Service cost for benefits earned	$ 43,492	$ 33,854	$ 38,052
Interest cost on benefit obligation	37,578	39,306	35,382
Expected return on plan assets	(49,411)	(47,484)	(51,260)
Prior service cost amortization	1,343	1,394	1,353
Net actuarial loss amortization	12,125	5,113	12,809
Pension plan cost	$ 45,127	$ 32,183	$ 36,336
Erie Insurance Exchange (EIE)
Postretirement benefits
Postretirement annual benefit expense reimbursed to Indemnity from the exchange and its subsidiaries	59.00%

Postretirement Benefits - Actua

Postretirement Benefits - Actuarial Assumptions (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Actuarial assumptions used to determine benefit obligations:
Discount rate	2.96%	3.59%
Employee pension plan | Qualified Plan | Funded Plan
Actuarial assumptions used to determine benefit obligations:
Discount rate	2.96%	3.59%	4.47%	3.73%
Expected return on assets	6.00%	6.00%	6.75%	6.75%
Compensation increases	3.21%	3.21%	3.32%	3.32%
Actuarial assumptions used to determine net periodic benefit cost:
Discount rate	2.96%	3.59%	4.47%	3.73%
Rate of compensation increase	3.21%	3.21%	3.32%	3.32%
Supplemental employee retirement plan (SERP) | Nonqualified Plan | Unfunded plan
Actuarial assumptions used to determine benefit obligations:
Compensation increases	5.00%	5.00%	5.00%	5.00%
Pre-retirement discount rate	2.86%	3.59%	4.47%	3.73%
Post-retirement discount rate	2.86%	3.09%	3.97%	3.23%
Actuarial assumptions used to determine net periodic benefit cost:
Rate of compensation increase	5.00%	5.00%	5.00%	5.00%
Pre-retirement discount rate	2.86%	3.59%	4.47%	3.73%
Post-retirement discount rate	2.86%	3.09%	3.97%	3.23%

Postretirement Benefits - Fundi

Postretirement Benefits - Funding Policy/Funded Status (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Postretirement benefits
Employer contributions during fiscal year	$ 1,571	$ 1,508
Net amount recognized in the Statements of Financial Position:
Funded status at end of year	(165,098)	(146,842)
Pension liabilities – due within one year	(752)	(1,183)
Pension liabilities – due after one year	(164,346)	(145,659)
Net amount recognized	$ (165,098)	$ (146,842)
Employee pension plan | Qualified Plan | Funded Plan
Postretirement benefits
Employer contributions during fiscal year			$ 80,000
Funding target (as a percentage of the funding target liability)	100.00%
Employee pension plan | Qualified Plan | Funded Plan | Minimum
Postretirement benefits
Minimum target normal cost threshold necessary for future pension funding	$ 80,000

Postretirement Benefits - Benef

Postretirement Benefits - Benefit Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Projected benefit obligation:
Projected benefit obligation, beginning of year	$ 1,054,467	$ 886,165
Service cost for benefits earned	43,492	33,854	$ 38,052
Interest cost on benefit obligation	37,578	39,306	35,382
Plan amendments	0	452
Actuarial loss	134,470	138,144
Benefits paid	(23,848)	(43,454)
Projected benefit obligation, end of year	1,246,159	1,054,467	$ 886,165
Accumulated benefit obligation, end of year	1,006,884	$ 858,209
Projected benefit obligations increase	$ 191,700
Discount rate used to measure future benefit obligations	2.96%	3.59%
Decrease in benefits paid due to offering a one-time lump sum payment to former vested employees	$ 19,600

Postretirement Benefits - Proje

Postretirement Benefits - Projected and Accumulated Benefit Obligation (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Projected Benefit Obligation in Excess of Plan Assets
Projected benefit obligation	$ 1,246,159	$ 1,054,467
Plan assets	1,081,061	907,625
Supplemental employee retirement plan (SERP) | Nonqualified Plan | Unfunded plan
Accumulated Benefit Obligation in Excess of Plan Assets
Accumulated benefit obligation	26,462	23,411
Plan assets	$ 0	$ 0

Postretirement Benefits - Pensi

Postretirement Benefits - Pension Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Fair value of plan assets:
Fair value of plan assets, beginning of year	$ 907,625	$ 767,569
Actual gain on plan assets	195,713	182,002
Employer contributions	1,571	1,508
Benefits paid	(23,848)	(43,454)
Fair value of plan assets, end of year	$ 1,081,061	$ 907,625

Postretirement Benefits - Accum

Postretirement Benefits - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Amounts included in accumulated other comprehensive loss
Net actuarial loss	$ 118,721	$ 142,678
Prior service cost	9,570	10,913
Net amount not yet recognized	$ 128,291	$ 153,591

Postretirement Benefits - Other

Postretirement Benefits - Other Comprehensive Income (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)participant
Amounts recognized in other comprehensive income for pension plans:
Net actuarial (gain) loss arising during the year	$ (11,832)	$ 3,626
Amortization of net actuarial loss	(12,125)	(5,113)
Amortization of prior service cost	(1,343)	(1,394)
Amendments	0	452
Total recognized in other comprehensive income	$ (25,300)	$ (2,429)
Supplemental employee retirement plan (SERP) | Nonqualified Plan | Unfunded plan
Amounts recognized in other comprehensive income for pension plans:
Number of new plan participants resulting in charges recognized as amendments | participant		1

Postretirement Benefits - Asset

Postretirement Benefits - Asset Allocation (Details) - Employee pension plan - Qualified Plan - Funded Plan	Dec. 31, 2020	Dec. 31, 2019
Target asset allocation for the portfolio:
Total plan assets	100.00%	100.00%
Actual asset allocation for the portfolio:
Total plan assets	100.00%	100.00%
Total equity securities
Target asset allocation for the portfolio:
Total plan assets	45.00%	45.00%
Actual asset allocation for the portfolio:
Total plan assets	46.00%	46.00%
U.S. equity securities
Target asset allocation for the portfolio:
Total plan assets	27.00%	27.00%
Actual asset allocation for the portfolio:
Total plan assets	28.00%	28.00%
U.S. small capitalization core equity
Target asset allocation for the portfolio:
Total plan assets	23.00%
U.S. equity index
Target asset allocation for the portfolio:
Total plan assets	77.00%
Non-U.S. equity securities
Target asset allocation for the portfolio:
Total plan assets	18.00%	18.00%
Actual asset allocation for the portfolio:
Total plan assets	18.00%	18.00%
International small capitalization risk controlled equity
Target asset allocation for the portfolio:
Total plan assets	11.00%
International emerging markets equity
Target asset allocation for the portfolio:
Total plan assets	21.00%
International risk controlled equity
Target asset allocation for the portfolio:
Total plan assets	68.00%
Debt securities
Target asset allocation for the portfolio:
Total plan assets	54.00%	54.00%
Actual asset allocation for the portfolio:
Total plan assets	53.00%	53.00%
U.S. Treasury Strips
Target asset allocation for the portfolio:
Total plan assets	33.00%
U.S. corporate bonds with an emphasis on long duration bonds rated A or better
Target asset allocation for the portfolio:
Total plan assets	67.00%
Other
Target asset allocation for the portfolio:
Total plan assets	1.00%	1.00%
Actual asset allocation for the portfolio:
Total plan assets	1.00%	1.00%

Postretirement Benefits - Fair

Postretirement Benefits - Fair Value Measurement for Pension Plan Assets by Major Category and Level of Input (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Fair value measurements of pension plan assets:
Total	$ 1,081,061	$ 907,625	$ 767,569
Employee pension plan | Qualified Plan | Funded Plan
Fair value measurements of pension plan assets:
Total	1,081,061	907,625
Employee pension plan | Qualified Plan | Funded Plan | Level 1
Fair value measurements of pension plan assets:
Total	147,397	10,791
Employee pension plan | Qualified Plan | Funded Plan | Level 2
Fair value measurements of pension plan assets:
Total	933,664	896,834
Employee pension plan | Qualified Plan | Funded Plan | Level 3
Fair value measurements of pension plan assets:
Total	0	0
Employee pension plan | Qualified Plan | Funded Plan | Total equity securities
Fair value measurements of pension plan assets:
Total	493,595	414,337
Employee pension plan | Qualified Plan | Funded Plan | Total equity securities | Level 1
Fair value measurements of pension plan assets:
Total	134,841	0
Employee pension plan | Qualified Plan | Funded Plan | Total equity securities | Level 2
Fair value measurements of pension plan assets:
Total	358,754	414,337
Employee pension plan | Qualified Plan | Funded Plan | Total equity securities | Level 3
Fair value measurements of pension plan assets:
Total	0	0
Employee pension plan | Qualified Plan | Funded Plan | U.S. equity securities
Fair value measurements of pension plan assets:
Total	296,624	248,585
Employee pension plan | Qualified Plan | Funded Plan | U.S. equity securities | Level 1
Fair value measurements of pension plan assets:
Total	0	0
Employee pension plan | Qualified Plan | Funded Plan | U.S. equity securities | Level 2
Fair value measurements of pension plan assets:
Total	296,624	248,585
Employee pension plan | Qualified Plan | Funded Plan | U.S. equity securities | Level 3
Fair value measurements of pension plan assets:
Total	0	0
Employee pension plan | Qualified Plan | Funded Plan | Non-U.S. equity securities
Fair value measurements of pension plan assets:
Total	196,971	165,752
Employee pension plan | Qualified Plan | Funded Plan | Non-U.S. equity securities | Level 1
Fair value measurements of pension plan assets:
Total	134,841	0
Employee pension plan | Qualified Plan | Funded Plan | Non-U.S. equity securities | Level 2
Fair value measurements of pension plan assets:
Total	62,130	165,752
Employee pension plan | Qualified Plan | Funded Plan | Non-U.S. equity securities | Level 3
Fair value measurements of pension plan assets:
Total	0	0
Employee pension plan | Qualified Plan | Funded Plan | Debt securities
Fair value measurements of pension plan assets:
Total	574,910	482,497
Employee pension plan | Qualified Plan | Funded Plan | Debt securities | Level 1
Fair value measurements of pension plan assets:
Total	0	0
Employee pension plan | Qualified Plan | Funded Plan | Debt securities | Level 2
Fair value measurements of pension plan assets:
Total	574,910	482,497
Employee pension plan | Qualified Plan | Funded Plan | Debt securities | Level 3
Fair value measurements of pension plan assets:
Total	0	0
Employee pension plan | Qualified Plan | Funded Plan | Other
Fair value measurements of pension plan assets:
Total	12,556	10,791
Employee pension plan | Qualified Plan | Funded Plan | Other | Level 1
Fair value measurements of pension plan assets:
Total	12,556	10,791
Employee pension plan | Qualified Plan | Funded Plan | Other | Level 2
Fair value measurements of pension plan assets:
Total	0	0
Employee pension plan | Qualified Plan | Funded Plan | Other | Level 3
Fair value measurements of pension plan assets:
Total	$ 0	$ 0

Postretirement Benefits - Estim

Postretirement Benefits - Estimated Future Benefit Payments (Details) $ in Thousands	Dec. 31, 2020USD ($)
Benefits expected to be paid over the next 10 years from pension plans:
2021	$ 25,940
2022	29,162
2023	33,450
2024	36,643
2025	40,136
2026 - 2030	$ 248,536

Postretirement Benefits - Emplo

Postretirement Benefits - Employee Savings Plan (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Employee savings plan
Employer matching contribution paid to the plan	$ 15.8	$ 14.9	$ 13.9
Employer discretionary contribution amount			$ 5.4
Class A common stock held by plan participants (in shares)	0.2	0.2
100% employer matching contribution
Employee savings plan
Percentage of employer matching contribution of employee contributions	100.00%
100% employer matching contribution | Maximum
Employee savings plan
Percentage of eligible employee compensation, matched by employer	3.00%
50% employer matching contribution
Employee savings plan
Percentage of employer matching contribution of employee contributions	50.00%
50% employer matching contribution | Maximum
Employee savings plan
Percentage of eligible employee compensation, matched by employer	5.00%
50% employer matching contribution | Minimum
Employee savings plan
Percentage of eligible employee compensation, matched by employer	3.00%
Erie Insurance Exchange (EIE)
Employee savings plan
Matching contributions reimbursed to Indemnity from the exchange and its subsidiaries	59.00%

Incentive and Deferred Compen_3

Incentive and Deferred Compensation Plans - Narrative (Details)	1 Months Ended			9 Months Ended	12 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)plan$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2018USD ($)$ / sharesshares
Incentive and deferred compensation plans
Number of incentive plans for executives, senior vice presidents and other selected officers | plan					2
Number of deferred compensation plans for executives, senior vice presidents and other selected officers | plan					2
Number of deferred compensation plans for outside directors | plan					2
Annual incentive plan awards
Incentive and deferred compensation plans
Maximum percentage of employee compensation that can be deferred					100.00%
Long-term incentive plan awards
Incentive and deferred compensation plans
Maximum percentage of employee compensation that can be deferred					100.00%
Vesting period of performance and/or service condition(s)					3 years
Maximum dollar amount which may be received by any single participant during any specified period					$ 5,000,000
Compensation cost related to share-based compensation plan awards					12,000,000	$ 7,300,000	$ 6,300,000
Tax benefits recognized in income related to award expense					2,500,000	$ 1,500,000	$ 1,300,000
Total unrecognized compensation cost related to share-based compensation plan awards pertaining to open performance periods					$ 6,800,000
Expected period of recognition related to unrecognized compensation cost					2 years
Long-term incentive plan awards | Class A common stock
Incentive and deferred compensation plans
Maximum number of shares authorized for grant (in shares) | shares					1,500,000
Maximum number of shares which may be received by any single participant during any specified period (in shares) | shares					250,000
Long-term incentive plan awards | Performance Period Long-Term Incentive Plan 2018-2020
Incentive and deferred compensation plans
Compensation cost related to share-based compensation plan awards				$ 11,200,000
Long-term incentive plan awards | Performance Period Long Term Incentive Plan 2017-2019
Incentive and deferred compensation plans
Compensation cost related to share-based compensation plan awards	$ 7,400,000
Long-term incentive plan awards | Performance Period Long-Term Incentive Plan 2016-2018
Incentive and deferred compensation plans
Compensation cost related to share-based compensation plan awards		$ 8,200,000
Long-term incentive plan awards | Performance Period Long Term Incentive Plan 2015-2017
Incentive and deferred compensation plans
Compensation cost related to share-based compensation plan awards			$ 8,300,000
Incentive compensation deferral plan | Class A common stock
Incentive and deferred compensation plans
Vesting percent of the grant in Class A common stock					100.00%
Payment period for vested share credits					3 years
Average price per share for shares purchased (in dollars per share) | $ / shares					$ 155.92	$ 176.34	$ 119.28
Total cost of shares purchased for share-based compensation awards					$ 600,000	$ 800,000	$ 1,400,000
Incentive compensation deferral plan | Class A common stock | Performance shares
Incentive and deferred compensation plans
Shares purchased for share-based compensation awards (in shares) | shares					3,934	4,387	12,005
Incentive compensation deferral plan | Performance Period Long Term Incentive Plan 2017-2019 | Class A common stock
Incentive and deferred compensation plans
Average price per share for shares purchased (in dollars per share) | $ / shares					$ 185.31
Total cost of shares purchased for share-based compensation awards					$ 3,400,000
Incentive compensation deferral plan | Performance Period Long Term Incentive Plan 2017-2019 | Class A common stock | Performance shares
Incentive and deferred compensation plans
Shares purchased for share-based compensation awards (in shares) | shares					18,126
Stock compensation plan for outside directors
Incentive and deferred compensation plans
Compensation cost related to share-based compensation plan awards					$ 900,000	$ 1,100,000	$ 800,000
Stock compensation plan for outside directors | Class A common stock
Incentive and deferred compensation plans
Average price per share for shares purchased (in dollars per share) | $ / shares					$ 201.78	$ 194.62	$ 122.19
Total cost of shares purchased for share-based compensation awards					$ 1,500,000	$ 1,400,000	$ 1,100,000
Stock compensation plan for outside directors | Class A common stock | Performance shares
Incentive and deferred compensation plans
Shares purchased for share-based compensation awards (in shares) | shares					7,401	7,370	9,285
Stock compensation plan for outside directors | Three Month Vesting Period | Class A common stock
Incentive and deferred compensation plans
Vesting period of performance and/or service condition(s)					3 months
Vesting percent of the grant in Class A common stock					25.00%
Equity compensation plan
Incentive and deferred compensation plans
Compensation cost related to share-based compensation plan awards					$ 700,000	$ 500,000	$ 400,000
Total unrecognized compensation cost related to share-based compensation plan awards pertaining to open performance periods					$ 600,000
Expected period of recognition related to unrecognized compensation cost					3 years
Equity compensation plan | Class A common stock
Incentive and deferred compensation plans
Maximum number of shares authorized for grant (in shares) | shares					100,000
Maximum number of shares which may be received by any single participant during any specified period (in shares) | shares					5,000
Equity compensation plan | Performance Period Equity Compensation Plan 2017 | Class A common stock
Incentive and deferred compensation plans
Average price per share for shares purchased (in dollars per share) | $ / shares					$ 165.82
Total cost of shares purchased for share-based compensation awards					$ 300,000
Equity compensation plan | Performance Period Equity Compensation Plan 2017 | Class A common stock | Performance shares
Incentive and deferred compensation plans
Shares purchased for share-based compensation awards (in shares) | shares					1,787
Equity compensation plan | Performance Period Equity Compensation Plan 2016 | Class A common stock
Incentive and deferred compensation plans
Average price per share for shares purchased (in dollars per share) | $ / shares						$ 132.35
Total cost of shares purchased for share-based compensation awards						$ 400,000
Equity compensation plan | Performance Period Equity Compensation Plan 2016 | Class A common stock | Performance shares
Incentive and deferred compensation plans
Shares purchased for share-based compensation awards (in shares) | shares						3,246
Equity compensation plan | Performance Period Equity Compensation Plan 2015 | Class A common stock
Incentive and deferred compensation plans
Average price per share for shares purchased (in dollars per share) | $ / shares							$ 117.39
Total cost of shares purchased for share-based compensation awards							$ 700,000
Equity compensation plan | Performance Period Equity Compensation Plan 2015 | Class A common stock | Performance shares
Incentive and deferred compensation plans
Shares purchased for share-based compensation awards (in shares) | shares							5,830
Erie Insurance Exchange (EIE) | Long-term incentive plan awards
Incentive and deferred compensation plans
Incentive plan compensation cost reimbursed to Indemnity from the exchange and its subsidiaries					48.00%
Erie Insurance Exchange (EIE) | Equity compensation plan
Incentive and deferred compensation plans
Incentive plan compensation cost reimbursed to Indemnity from the exchange and its subsidiaries					59.00%	49.00%	68.00%

Incentive and Deferred Compen_4

Incentive and Deferred Compensation Plans - Table (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Deferred executive compensation liability
Deferred executive compensation, beginning of the year	$ 24,616	$ 26,182	$ 30,057
Total plan awards and earnings	20,962	12,712	12,566
Total plan awards paid	(10,121)	(12,852)	(14,482)
Deferred executive compensation, end of the year	32,223	24,616	26,182
Annual incentive plan awards
Deferred executive compensation liability
Annual incentive plan awards	5,619	2,745	4,751
Long-term incentive plan awards
Deferred executive compensation liability
Long-term incentive plan awards	12,381	7,267	6,331
Forfeitures	(356)	0	0
Deferred compensation plans and stock compensation plan for outside directors
Deferred executive compensation liability
Employer match and hypothetical earnings on deferred compensation	2,962	2,700	1,484
Compensation deferred	4,668	1,579	1,928
Distributions from the deferred compensation plans	(2,081)	(797)	(1,321)
Stock compensation plan for outside directors
Deferred executive compensation liability
Funding of rabbi trust	(1,493)	(1,434)	(1,165)
Incentive compensation deferral plan
Deferred executive compensation liability
Funding of rabbi trust	$ (3,972)	$ (774)	$ (1,401)

Income Taxes - Provision for In

Income Taxes - Provision for Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Schedule of provision for income taxes
Current income tax expense	$ 80,373	$ 76,535	$ 84,454
Deferred income tax (benefit) expense	(5,162)	3,349	(1,358)
Income tax expense	$ 75,211	$ 79,884	$ 83,096

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of the provision for income taxes, with amounts determined by applying the statutory federal income tax rate to pre-tax income
Income tax at statutory rate	$ 77,388	$ 83,308	$ 77,977
Tax-exempt interest	0	(123)	(1,305)
(Decrease) increase in unrecognized tax benefits	0	(3,088)	3,088
Other, net	(2,177)	(213)	3,336
Income tax expense	$ 75,211	$ 79,884	$ 83,096

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Pension and other postretirement benefits	$ 29,065	$ 25,720
Other employee benefits	14,544	11,835
Deferred revenue	3,872	3,755
Allowance for management fee returned on cancelled policies	3,515	3,421
Unrealized losses on investments	1,083	0
Other	2,692	1,663
Total deferred tax assets	54,771	46,394
Deferred tax liabilities:
Depreciation	29,978	19,454
Unrealized gains on investments	7,540	4,181
Prepaid expenses	3,800	4,890
Commissions	884	545
Other	228	138
Total deferred tax liabilities	42,430	29,208
Net deferred tax asset	$ 12,341	$ 17,186

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Deferred tax asset valuation allowance	$ 0	$ 0
Tax expense related to uncertain tax positions	$ 0	$ (3,088,000)	$ 3,088,000
Interest expense related to uncertain tax positions			$ 900,000
Uncertain tax position, impact of settlement on effective tax rate		1.00%
Effective income tax rate change as a result of tax law change			1.00%

Income Taxes - Unrecognized Tax

Income Taxes - Unrecognized Tax Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of unrecognized tax benefits
Balance at the beginning of the year	$ 0	$ 3,088	$ 0
Additions for current year tax positions	0	0	7,719
Reductions for current year tax positions	0	0	(4,631)
Additions for prior year tax positions	0	4,631	0
Reductions for prior year tax positions	0	(7,719)	0
Balance at the end of the year	$ 0	$ 0	$ 3,088

Capital Stock - Class A and B C

Capital Stock - Class A and B Common Stock (Details)	12 Months Ended
	Dec. 31, 2020classOfStockshares	Dec. 31, 2019shares	Dec. 31, 2018shares
Common stock
Number of classes of common stock | classOfStock	2
Class A common stock
Common stock
Minimum multiplier for dividend payable on Class A common stock per dividend declared on Class B common stock	0.67%
Class B common stock
Common stock
Percentage of dividend declared on Class B common stock used to determine dividend payable on Class A common stock	0.67%
Ratio for converting shares of Class B common stock into shares of Class A common stock	2,400	2,400
Class B common stock shares converted into Class A common stock shares (in shares) | shares	0	0	0

Capital Stock - Stock Repurchas

Capital Stock - Stock Repurchases (Details) - Class A common stock - Stock repurchase program - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2011
Stock repurchases
Amount of authorized stock repurchases approved for continuation under the current program				$ 150,000,000
Shares repurchased under stock repurchase program (in shares)	0	0	0
Approximate amount of repurchase authority remaining under the current stock repurchase program	$ 17,800,000

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accumulated other comprehensive income (loss), before tax
Amortization of prior service costs	$ 1,343	$ 1,394
Amortization of net actuarial loss	12,125	5,113
Accumulated other comprehensive income (loss), net of tax
AOCI (loss), beginning of year	(116,868)
Investment securities, OCI (loss)	18,738	11,718	$ (9,937)
Pension and other postretirement plans, OCI (loss)	19,987	1,698	35,712
OCI (loss)	38,725	13,416	25,775
AOCI (loss), end of year	(78,143)	(116,868)
Investment securities:
Accumulated other comprehensive income (loss), before tax
AOCI (loss), beginning of year	5,664	(9,169)	3,410
OCI (loss) before reclassifications	22,074	19,257	(15,372)
Realized investment (gains) losses	(1,335)	(4,619)	1,297
Impairment losses	2,981	195	1,581
Investment securities, OCI (loss)	23,720	14,833	(12,579)
AOCI (loss), end of year	29,384	5,664	(9,169)
Accumulated other comprehensive income (loss), tax
AOCI (loss), beginning of year	1,189	(1,926)	716
OCI (loss) before reclassifications	4,636	4,044	(3,228)
Realized investment (gains) losses	(280)	(970)	272
Impairment losses	626	41	332
Investment securities, OCI (loss)	4,982	3,115	(2,642)
AOCI (loss), end of year	6,171	1,189	(1,926)
Accumulated other comprehensive income (loss), net of tax
AOCI (loss), beginning of year	4,475	(7,243)	2,694
OCI (loss) before reclassifications	17,438	15,213	(12,144)
Realized investment (gains) losses	(1,055)	(3,649)	1,025
Impairment losses	2,355	154	1,249
Investment securities, OCI (loss)	18,738	11,718	(9,937)
AOCI (loss), end of year	23,213	4,475	(7,243)
Investment securities: | Cumulative Effect, Period of Adoption, Adjustment
Accumulated other comprehensive income (loss), before tax
AOCI (loss), beginning of year		(85)
AOCI (loss), end of year			(85)
Accumulated other comprehensive income (loss), tax
AOCI (loss), beginning of year		(18)
AOCI (loss), end of year			(18)
Accumulated other comprehensive income (loss), net of tax
AOCI (loss), beginning of year		(67)
AOCI (loss), end of year			(67)
Pension and other postretirement plans:
Accumulated other comprehensive income (loss), before tax
AOCI (loss), beginning of year	(153,600)	(155,749)	(200,954)
OCI (loss) before reclassifications	11,832	(4,085)	31,401
Amortization of prior service costs	1,343	1,394	1,353
Amortization of net actuarial loss	12,125	4,840	12,451
Pension and other postretirement plans, OCI (loss)	25,300	2,149	45,205
AOCI (loss), end of year	(128,300)	(153,600)	(155,749)
Accumulated other comprehensive income (loss), tax
AOCI (loss), beginning of year	(32,257)	(32,708)	(42,201)
OCI (loss) before reclassifications	2,485	(858)	6,594
Amortization of prior service costs	282	293	284
Amortization of net actuarial loss	2,546	1,016	2,615
Pension and other postretirement plans, OCI (loss)	5,313	451	9,493
AOCI (loss), end of year	(26,944)	(32,257)	(32,708)
Accumulated other comprehensive income (loss), net of tax
AOCI (loss), beginning of year	(121,343)	(123,041)	(158,753)
OCI (loss) before reclassifications	9,347	(3,227)	24,807
Amortization of prior service costs	1,061	1,101	1,069
Amortization of net actuarial loss	9,579	3,824	9,836
Pension and other postretirement plans, OCI (loss)	19,987	1,698	35,712
AOCI (loss), end of year	(101,356)	(121,343)	(123,041)
Total
Accumulated other comprehensive income (loss), before tax
AOCI (loss), beginning of year	(147,936)	(164,918)	(197,544)
Investment securities, OCI (loss)	23,720	14,833	(12,579)
Pension and other postretirement plans, OCI (loss)	25,300	2,149	45,205
OCI (loss)	49,020	16,982	32,626
AOCI (loss), end of year	(98,916)	(147,936)	(164,918)
Accumulated other comprehensive income (loss), tax
AOCI (loss), beginning of year	(31,068)	(34,634)	(41,485)
Investment securities, OCI (loss)	4,982	3,115	(2,642)
Pension and other postretirement plans, OCI (loss)	5,313	451	9,493
OCI (loss)	10,295	3,566	6,851
AOCI (loss), end of year	(20,773)	(31,068)	(34,634)
Accumulated other comprehensive income (loss), net of tax
AOCI (loss), beginning of year	(116,868)	(130,284)	(156,059)
Investment securities, OCI (loss)	18,738	11,718	(9,937)
Pension and other postretirement plans, OCI (loss)	19,987	1,698	35,712
OCI (loss)	38,725	13,416	25,775
AOCI (loss), end of year	$ (78,143)	$ (116,868)	$ (130,284)

Related Party (Details)

Related Party (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020USD ($)affiliateinsurer	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)office
Related party transactions
Management fee rate as a percent of direct and affiliated assumed written premiums of the exchange		25.00%
Minimum number of affiliates to be classified as an insurance holding company system | affiliate		2
Minimum number of insurer affiliates to be classified as an insurance holding company system | insurer		1
Gain on sale of properties				$ 3.4
Erie Insurance Exchange (EIE)
Related party transactions
Management fee rate as a percent of direct and affiliated assumed written premiums of the exchange		25.00%	25.00%	25.00%
Lease expense on office space leased from exchange		$ 6.1	$ 6.1
Lease expense on office space leased from exchange				$ 6
Operating expenses on office space leased from exchange		15.7	16.7	13.5
Reimbursements from the Exchange for lease costs and related operating expenses		$ 4.6	$ 4.2	$ 3.9
Number of field office facilities leased from the exchange | office				3
Erie Insurance Exchange (EIE) | Forecast
Related party transactions
Management fee rate as a percent of direct and affiliated assumed written premiums of the exchange	25.00%
Erie Family Life Insurance Company (EFL)
Related party transactions
Annual rentals paid to EFL				$ 0.4
Note receivable from EFL				25
Note receivable from EFL, interest income recognized by Indemnity				$ 1.6

Concentrations of Credit Risk (

Concentrations of Credit Risk (Details) - USD ($) $ in Millions	Dec. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
Concentration Risk [Line Items]
Receivables from Erie Insurance Exchange and its affiliates	$ 494.6		$ 468.6
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13 | Erie Insurance Exchange (EIE)
Concentration Risk [Line Items]
Receivables from Erie Insurance Exchange, allowance for credit loss		$ 0.6

Commitments and Contingencies (

Commitments and Contingencies (Details) - Loan Purchase Commitments	12 Months Ended
	Dec. 31, 2020USD ($)
Other Commitments [Line Items]
Maximum funding percentage of each loan	30.00%
Participation amount in loan program	$ 6,400,000
Loan program, guaranteed amount	1,500,000
Third-Party Bank
Other Commitments [Line Items]
Amount of loan participation program	14,900,000
Maximum | Third-Party Bank
Other Commitments [Line Items]
Amount of loan participation program	$ 100,000,000

Supplementary Data on Cash Fl_3

Supplementary Data on Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net income	$ 293,304	$ 316,821	$ 288,224
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	21,195	16,813	13,368
Deferred income tax (benefit) expense	(5,162)	3,349	(1,358)
Lease amortization expense	13,108	13,959	0
Realized (gains) losses and impairments on investments	(3,114)	(5,908)	3,591
(Gain) loss on disposal of fixed assets	(15)	75	(3,047)
Net investment income	5,878	543	6,423
Increase (decrease) in deferred compensation	7,611	(1,541)	(3,886)
Increase in receivables from affiliates	(26,548)	(19,505)	(30,804)
(Increase) decrease in accrued investment income	(713)	(170)	1,590
(Increase) decrease in federal income taxes recoverable	(2,202)	7,700	21,738
Decrease (increase) in prepaid pension	41,227	28,798	(47,335)
(Increase) decrease in prepaid expenses and other assets	(2,569)	(9,407)	6,446
(Decrease) increase in accounts payable and accrued expenses	(14,307)	(3,627)	11,039
(Decrease) increase in commissions payable	(625)	21,390	13,449
Increase (decrease) in accrued agent bonuses	14,105	(7,409)	(19,066)
Increase in contract liability	1,422	2,646	3,213
Net cash provided by operating activities	$ 342,595	$ 364,527	$ 263,585