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SCHEDULE I - SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES

12 Months Ended

Dec. 31, 2011

SCHEDULE I - SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES

SCHEDULE I - SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES

SCHEDULE I

SUMMARY OF INVESTMENTS – OTHER THAN INVESTMENTS IN RELATED PARTIES

		Erie Insurance Group
		December 31, 2011

(in millions)		Amortized		Estimated		Amount at which
		cost		fair value		shown in the balance sheet
Indemnity
Available-for-sale securities:
States & political subdivisions		$ 208		$ 221		$ 221
Corporate debt securities		303		303		303
Commercial mortgage-backed securities (CMBS)		13		13		13
Collateralized debt obligations (CDO)		4		4		4
Other debt securities		7		7		7
Total fixed maturities – Indemnity		535		548		548
Nonredeemable preferred stock		24		25		25
Total available-for-sale securities		559		573		573
Trading securities		23		27		27
Limited partnerships		185		208		208
Real estate mortgage loans		1		1		1
Total Investments – Indemnity		$ 768		$ 809		$ 809

Exchange
Available-for-sale securities:
U.S. government & agencies		$ 16		$ 17		$ 17
States & political subdivisions		1,289		1,379		1,379
Foreign government securities		15		15		15
Corporate debt securities		5,144		5,499		5,499
Residential mortgage-backed securities (RMBS)		178		189		189
Commercial mortgage-backed securities (CMBS)		62		66		66
Collateralized debt obligations (CDO)		66		65		65
Other debt securities		59		62		62
Total fixed maturities – Exchange		6,829		7,292		7,292
Nonredeemable preferred stock		531		564		564
Total available-for-sale securities		7,360		7,856		7,856
Trading securities		2,021		2,308		2,308
Limited partnerships		1,003		1,082		1,082
Life policy loans		15		15		15
Real estate mortgage loans		4		4		4
Total Investments – Exchange		$10,403		$11,265		$11,265

Total Investments – Erie Insurance Group		$11,171		$12,074		$12,074

The entire disclosure for the schedule applicable to insurance companies summarizing investments held as of the most recent audited balance sheet. At a minimum, such summary is by three major categories of investments including: (1) fixed maturities primarily consisting of bonds, including convertibles and bonds with warrants, and redeemable preferred stocks, (2) equity securities primarily consisting of common stocks and nonredeemable preferred stocks, and (3) other investments including mortgage loans on real estate, real estate held for investment, real estate acquired in satisfaction of debt, policy loans, other long-term investments, and short-term investments not otherwise categorized. The information provided with respect to each item within each category includes: (A) the original cost of equity securities and, as to fixed maturity securities, original cost reduced by repayments and adjusted for amortization of premiums or accrual of discounts, (B) fair value as of the reporting date, and (C) the amount at which the item within each category is shown in the statement of financial position; with respect to (C), if the amount at which shown in the statement of financial position is different from the items original [amortized] cost or fair value, an explanation of the difference may be included herein.

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