The Erie Indemnity Co., the management arm of Erie Insurance, earned $36 million in the first quarter of 2012. That’s down from the $44 million the company earned in the first quarter of 2011.

On the investment side of the business, the Erie-based company reported earnings of $8 million for the quarter, down from $16 million for the same quarter the previous year.

Net income for the Erie Insurance Group, the insurance side of the business, was $354 million for the quarter, up from $274 million in the first quarter of 2011.

Income for the management side of the business was $46 million, down from $48 million in the first quarter of 2011.

Erie Insurance, which has over 4.3 million policies in force, is the 12th largest auto insurer and 14th largest homeowners insurer in the United States.