Erie Indemnity Company (Indemnity) is engaged in managing attorney-in-fact for the subscribers (policyholders) at the Erie Insurance Exchange (Exchange). The Company operates in four segments, including management operations, property and casualty insurance operations, life insurance operations and investment operations. Management operations generate internal management fee revenue, which accrues to the Indemnity shareholder interest. The Property and casualty insurance operations generate revenue, which accrues to the noncontrolling interest, by insuring preferred and standard risks, with personal lines and commercial lines. Life insurance operations generate revenue from the sale of individual and group life insurance policies and fixed annuities. Investment operations generate revenue from its fixed maturity, equity security and limited partnership investment portfolios to support its underwriting business.