Donegal Group Inc. (NASDAQ: DGICA and DGICB) today reported its
financial results for the first quarter of 2020.
The Company will hold a conference call to discuss
these results on Wednesday, April 29, 2020 at 11:00 A.M. Eastern
Time. You may listen to the webcast of this conference call by
accessing the event link at http://investors.donegalgroup.com.
Significant items include:
- Net income of $3.7 million, or 13
cents per diluted Class A share, for the first quarter of 2020,
compared to $23.0 million, or 82 cents per diluted Class A share,
for the first quarter of 2019
- Net investment losses of $10.7 million
for the first quarter of 2020, primarily related to unrealized
losses in the fair value of equity securities held at March 31,
2020, compared to net investment gains of $18.1 million for the
first quarter of 2019 that included $12.7 million from the sale of
Donegal Financial Services Corporation
- Net premiums earned of $187.3 million
for the first quarter of 2020 decreased 0.4% compared to the first
quarter of 2019
- Net premiums written1 of $198.2
million for the first quarter of 2020 decreased 0.8% compared to
the first quarter of 2019
- Combined ratio of 97.0% for the first
quarter of 2020, compared to 99.3% for the prior-year quarter
- Book value per share of $15.92 at
March 31, 2020, compared to $15.67 at year-end 2019
|
Three Months Ended March 31, |
|
|
2020 |
|
|
|
2019 |
|
% Change |
|
|
|
|
|
|
|
|
|
|
(dollars in thousands, except per share amounts) |
|
|
|
|
|
|
Income Statement Data |
|
|
|
Net premiums earned |
$ |
187,253 |
|
|
$ |
188,073 |
|
-0.4 |
% |
Investment income, net |
|
7,376 |
|
|
|
7,049 |
|
4.6 |
|
Net investment (losses) gains |
|
(10,695 |
) |
|
|
18,097 |
|
NM2 |
|
Total revenues |
|
184,911 |
|
|
|
214,714 |
|
-13.9 |
|
Net income |
|
3,731 |
|
|
|
23,023 |
|
-83.8 |
|
Non-GAAP operating income1 |
|
12,341 |
|
|
|
7,302 |
|
69.0 |
|
|
|
|
|
|
|
Per Share Data |
|
|
|
|
Net income – Class A (diluted) |
$ |
0.13 |
|
|
$ |
0.82 |
|
-84.1 |
% |
Net income – Class B |
|
0.12 |
|
|
|
0.75 |
|
-84.0 |
|
Non-GAAP operating income – Class A (diluted) |
|
0.43 |
|
|
|
0.26 |
|
65.4 |
|
Non-GAAP operating income – Class B |
|
0.40 |
|
|
|
0.24 |
|
66.7 |
|
Book value |
|
15.92 |
|
|
|
15.10 |
|
5.4 |
|
|
|
|
|
|
|
1The “Definitions of Non-GAAP and Operating Measures” section of
this release defines and reconciles data that we prepare on an
accounting basis other than U.S. generally accepted accounting
principles (“GAAP”).
2Not meaningful.
Management Commentary
Kevin G. Burke, President and Chief Executive Officer of Donegal
Group Inc., noted, “While we are pleased with our results for the
first quarter of 2020, our thoughts are centered on the impact that
the COVID-19 pandemic is having both globally and locally on our
employees, agents, policyholders and stockholders. Donegal Group is
closely monitoring the ongoing impact of the pandemic while
adhering to the various government requirements and evolving
regulations throughout the regions where we operate. We proactively
implemented measures in mid-March to promote the safety and health
of employees and their families and to ensure a continuation of
essential services to agents and policyholders. Our core operations
are functioning effectively with the vast majority of our employees
performing their duties remotely. We will continue to adapt to meet
the changing needs of our customers and to respond to challenges
resulting from the ongoing economic impacts in the coming
months.”
Mr. Burke continued, “Net income for the first quarter of 2020
benefitted from solid underwriting performance, with the 97.0%
combined ratio for the first quarter of 2020 comparing favorably to
the 99.3% combined ratio for the prior-year quarter. We continued
to gain traction on underwriting initiatives we have implemented to
improve profitability. Our commercial lines segment continued to
perform well in spite of ongoing commercial automobile
profitability challenges, and we are pleased with the continuing
growth we achieved in that segment. The favorable underwriting
performance was partially offset by net investment losses,
primarily related to the decline in the market value of equity
securities we held at March 31, 2020. Setting aside the impact of
equity market volatility primarily related to COVID-19, we were
pleased with our operating performance for the first quarter of
2020.”
Jeffrey D. Miller, Executive Vice President and Chief Financial
Officer of Donegal Group Inc., commented on the first quarter
results, “Net premiums written declined slightly as we continued to
shift our business mix toward a greater proportion of commercial
lines where we have historically achieved higher levels of
profitability. The loss ratio was 62.6% for the first quarter of
2020, compared to 65.5% for the prior-year quarter, with the
decrease largely due to a combination of improving loss cost trends
in our core lines of business and relatively mild winter weather
conditions throughout our operating regions. The expense ratio for
the first quarter of 2020 increased modestly, in part due to our
continuing implementation of new technology initiatives that will
ultimately enhance our operational capabilities and efficiency. We
recorded a $1.6 million income tax benefit during the first quarter
of 2020 related to the anticipated carryback of 2018 net operating
losses to past tax years, as allowed under the Coronavirus Aid,
Relief and Economic Security Act that was enacted in March
2020.”
Mr. Burke concluded, “Our net income along with unrealized gains
within our available-for-sale fixed-maturity portfolio due to a
decline in market interest rates during the first quarter of 2020
contributed to an increase in our book value to $15.92 at March 31,
2020, compared to $15.67 at December 31, 2019.”
Insurance OperationsDonegal Group is an
insurance holding company whose insurance subsidiaries offer
personal and commercial property and casualty lines of insurance in
three Mid-Atlantic states (Delaware, Maryland and Pennsylvania),
three New England states (Maine, New Hampshire and Vermont), six
Southern states (Alabama, Georgia, North Carolina, South Carolina,
Tennessee and Virginia) and eight Midwestern states (Illinois,
Indiana, Iowa, Michigan, Nebraska, Ohio, South Dakota and
Wisconsin). Donegal Mutual Insurance Company and the insurance
subsidiaries of Donegal Group conduct business together as the
Donegal Insurance Group.
|
Three Months Ended March 31, |
|
2020 |
|
2019 |
|
% Change |
|
|
|
|
|
|
|
(dollars in thousands) |
|
|
|
|
|
|
Net Premiums Earned |
|
|
|
Commercial lines |
$ |
101,775 |
|
$ |
91,481 |
|
11.3 |
% |
Personal lines |
|
85,478 |
|
|
96,592 |
|
-11.5 |
|
Total net premiums earned |
$ |
187,253 |
|
$ |
188,073 |
|
-0.4 |
% |
|
|
|
|
|
|
Net Premiums Written |
|
|
|
Commercial lines: |
|
|
|
|
Automobile |
$ |
38,393 |
|
$ |
34,302 |
|
11.9 |
% |
Workers' compensation |
|
34,169 |
|
|
33,392 |
|
2.3 |
|
Commercial multi-peril |
|
40,427 |
|
|
37,840 |
|
6.8 |
|
Other |
|
8,710 |
|
|
8,147 |
|
6.9 |
|
Total commercial lines |
|
121,699 |
|
|
113,681 |
|
7.1 |
|
Personal lines: |
|
|
|
|
Automobile |
|
47,768 |
|
|
56,026 |
|
-0.1 |
|
Homeowners |
|
23,777 |
|
|
25,028 |
|
-5.0 |
|
Other |
|
4,993 |
|
|
5,180 |
|
-3.6 |
|
Total personal lines |
|
76,538 |
|
|
86,234 |
|
-11.2 |
|
Total net premiums written |
$ |
198,237 |
|
$ |
199,915 |
|
-0.8 |
% |
|
|
|
|
|
|
Net Premiums Written
The 0.8% decrease in net premiums written for the first quarter
of 2020 compared to the first quarter of 2019, as shown in the
table above, represents an 11.2% decline in personal lines net
premiums written, offset by 7.1% growth in commercial lines net
premiums written. The $1.7 million decline in net premiums written
for the first quarter of 2020 compared to the first quarter of 2019
included:
- $8.0 million increase in commercial lines premiums that we
attribute primarily to new commercial accounts our insurance
subsidiaries have written throughout their operating regions and a
continuation of renewal premium increases.
- $9.7 million decline in personal lines premiums that we
attribute to net attrition as a result of underwriting measures our
insurance subsidiaries implemented to slow new policy growth and to
increase pricing on renewal policies, as well as the non-renewal of
unprofitable personal lines business in seven states that was
completed in February 2020, partially offset by premium rate
increases our insurance subsidiaries have implemented over the past
four quarters.
Underwriting Performance
We evaluate the performance of our commercial lines and personal
lines segments primarily based upon the underwriting results of our
insurance subsidiaries as determined under statutory accounting
practices. The following table presents comparative details with
respect to the GAAP and statutory combined ratios1 for the three
months ended March 31, 2020 and 2019:
|
Three Months Ended |
|
March 31, |
|
2020 |
|
|
2019 |
|
|
|
|
|
GAAP Combined Ratios (Total Lines) |
Loss ratio (non-weather) |
58.9 |
% |
|
60.4 |
% |
Loss ratio (weather-related) |
3.7 |
|
|
5.1 |
|
Expense ratio |
33.4 |
|
|
32.6 |
|
Dividend ratio |
1.0 |
|
|
1.2 |
|
Combined ratio |
97.0 |
% |
|
99.3 |
% |
|
|
|
|
Statutory Combined Ratios |
|
Commercial lines: |
|
|
Automobile |
117.4 |
% |
|
116.5 |
% |
Workers' compensation |
90.1 |
|
|
88.8 |
|
Commercial multi-peril |
89.1 |
|
|
90.9 |
|
Other |
64.2 |
|
|
65.2 |
|
Total commercial lines |
96.0 |
|
|
96.4 |
|
Personal lines: |
|
|
Automobile |
100.0 |
|
|
101.3 |
|
Homeowners |
90.7 |
|
|
95.4 |
|
Other |
66.5 |
|
|
70.3 |
|
Total personal lines |
94.7 |
|
|
97.8 |
|
Total lines |
95.4 |
% |
|
97.1 |
% |
|
|
|
|
For the first quarter of 2020, the loss ratio decreased to
62.6%, compared to 65.5% for the first quarter of 2019.
Weather-related losses of $6.9 million for the first quarter of
2020, or 3.7 percentage points of the loss ratio, decreased from
$9.7 million for the first quarter of 2019, or 5.1 percentage
points of the loss ratio. Weather-related loss activity for the
first quarter of 2020 was lower than our previous five-year average
of $10.7 million for first-quarter weather-related losses.
Large fire losses, which we define as individual fire losses in
excess of $50,000, for the first quarter of 2020 were $6.3 million,
or 3.4 percentage points of the loss ratio. That amount was
slightly lower than the large fire losses of $6.6 million, or 3.5
percentage points of the loss ratio, for the first quarter of
2019.
Net development of reserves for losses incurred in prior
accident years of $4.3 million decreased the loss ratio for the
first quarter of 2020 by 2.3 percentage points, compared to $4.0
million that decreased the loss ratio for the first quarter of 2019
by 2.1 percentage points. With the exception of modest unfavorable
development in the homeowners and commercial automobile lines of
business, our insurance subsidiaries experienced modest favorable
development in all lines of business in the first quarter of
2020.
The expense ratio was 33.4% for the first quarter of 2020,
compared to 32.6% for the first quarter of 2019. The increase in
the expense ratio reflected an increase in technology
systems-related expenses and higher underwriting-based incentive
costs for the first quarter of 2020 compared to the prior-year
quarter.
Investment OperationsDonegal Group’s investment
strategy is to generate an appropriate amount of after-tax income
on its invested assets while minimizing credit risk through
investment in high-quality securities. As a result, we had invested
89.7% of our consolidated investment portfolio in diversified,
highly rated and marketable fixed-maturity securities at March 31,
2020.
|
March 31, 2020 |
|
December 31, 2019 |
|
Amount |
|
% |
|
|
Amount |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands) |
Fixed maturities, at carrying value: |
|
|
|
|
|
U.S. Treasury securities and obligations of U.S. |
|
|
|
|
government corporations and agencies |
$ |
97,619 |
|
|
8.4 |
% |
|
$ |
102,281 |
|
|
9.2 |
% |
Obligations of states and political subdivisions |
|
277,449 |
|
|
23.9 |
|
|
|
261,431 |
|
|
23.5 |
|
Corporate securities |
|
315,225 |
|
|
27.2 |
|
|
|
315,641 |
|
|
28.4 |
|
Mortgage-backed securities |
|
351,327 |
|
|
30.2 |
|
|
|
361,693 |
|
|
32.6 |
|
Total fixed maturities |
|
1,041,620 |
|
|
89.7 |
|
|
|
1,041,046 |
|
|
93.7 |
|
Equity securities, at fair value |
|
46,179 |
|
|
4.0 |
|
|
|
55,477 |
|
|
5.0 |
|
Short-term investments, at cost |
|
72,719 |
|
|
6.3 |
|
|
|
14,030 |
|
|
1.3 |
|
Total investments |
$ |
1,160,518 |
|
|
100.0 |
% |
|
$ |
1,110,553 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average investment yield |
|
2.6 |
% |
|
|
|
|
|
2.8 |
% |
|
|
|
Average tax-equivalent investment yield |
|
2.7 |
% |
|
|
|
|
|
2.9 |
% |
|
|
|
Average fixed-maturity duration (years) |
|
3.8 |
|
|
|
|
|
|
4.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term investments at March 31, 2020 increased by $58.7
million from the year-end 2019 balance, primarily reflecting
contingent liquidity funding that Atlantic States Insurance
Company, our largest insurance subsidiary, obtained in March 2020
for added security in light of uncertainty surrounding the economic
impact of the COVID-19 pandemic. Atlantic States Insurance Company
issued $50.0 million of debt to the Federal Home Loan Bank of
Pittsburgh in exchange for a cash advance in the same amount. The
debt carries a fixed interest rate of 0.83% and is due in March
2021.
Net investment income of $7.4 million for the first quarter of
2020 increased 4.6% compared to $7.0 million in net investment
income for the first quarter of 2019. The increase in net
investment income reflected primarily an increase in average
invested assets relative to the prior-year first quarter.
Net investment losses of $10.7 million for the first quarter of
2020 were primarily related to unrealized losses in the fair value
of equity securities held at March 31, 2020. Net investment gains
of $18.1 million for the first quarter of 2019 included $12.7
million from the sale of Donegal Financial Services Corporation
with the remainder primarily related to unrealized gains in the
fair value of equity securities we held at March 31, 2019.
Definitions of Non-GAAP and Operating
MeasuresWe prepare our consolidated financial statements
on the basis of GAAP. Our insurance subsidiaries also prepare
financial statements based on statutory accounting principles state
insurance regulators prescribe or permit (“SAP”). In addition to
using GAAP-based performance measurements, we also utilize certain
non-GAAP financial measures that we believe provide value in
managing our business and for comparison to the financial results
of our peers. These non-GAAP measures are net premiums written,
operating income or loss and statutory combined ratio.
Net premiums written and operating income or
loss are non-GAAP financial measures investors in insurance
companies commonly use. We define net premiums written as the
amount of full-term premiums our insurance subsidiaries record for
policies effective within a given period less premiums our
insurance subsidiaries cede to reinsurers. We define operating
income or loss as net income or loss excluding after-tax net
investment gains or losses, after-tax restructuring charges and
other significant non-recurring items. Because our calculation of
operating income or loss may differ from similar measures other
companies use, investors should exercise caution when comparing our
measure of operating income or loss to the measure of other
companies.
The following table provides a reconciliation of
net premiums earned to net premiums written for the periods
indicated:
|
Three Months Ended March 31, |
|
|
2020 |
|
|
2019 |
|
% Change |
|
|
|
|
|
|
|
|
|
(dollars in thousands) |
|
|
|
|
|
|
Reconciliation of Net Premiums |
|
|
Earned to Net Premiums Written |
|
|
Net premiums earned |
$ |
187,253 |
|
$ |
188,073 |
|
-0.4 |
% |
Change in net unearned premiums |
|
10,984 |
|
|
11,842 |
|
-7.2 |
|
Net premiums written |
$ |
198,237 |
|
$ |
199,915 |
|
-0.8 |
% |
|
|
|
|
|
|
The following table provides a reconciliation of net income to
operating income for the periods indicated:
|
Three Months Ended March 31, |
|
|
2020 |
|
|
2019 |
|
|
% Change |
|
|
|
|
|
|
|
|
|
|
(dollars in thousands, except per share amounts) |
|
|
|
|
|
|
Reconciliation of Net Income |
|
|
to Non-GAAP Operating Income |
|
|
Net income |
$ |
3,731 |
|
$ |
23,023 |
|
|
-83.8 |
% |
Investment losses (gains) (after tax) |
|
8,449 |
|
|
(15,721 |
) |
|
NM |
Other, net |
|
161 |
|
|
- |
|
|
NM |
Non-GAAP operating income |
$ |
12,341 |
|
$ |
7,302 |
|
|
69.0 |
% |
|
|
|
|
|
|
Per Share Reconciliation of Net Income |
|
to Non-GAAP Operating Income |
|
|
Net income – Class A (diluted) |
$ |
0.13 |
|
$ |
0.82 |
|
|
-84.1 |
% |
Investment losses (gains) (after tax) |
|
0.29 |
|
|
(0.56 |
) |
|
NM |
Other, net |
|
0.01 |
|
|
- |
|
|
NM |
Non-GAAP operating income – Class A |
$ |
0.43 |
|
$ |
0.26 |
|
|
65.4 |
% |
|
|
|
|
|
|
Net income – Class B |
$ |
0.12 |
|
$ |
0.75 |
|
|
-84.0 |
% |
Investment losses (gains) (after tax) |
|
0.27 |
|
|
(0.51 |
) |
|
NM |
Other, net |
|
0.01 |
|
|
- |
|
|
NM |
Non-GAAP operating income – Class B |
$ |
0.40 |
|
$ |
0.24 |
|
|
66.7 |
% |
|
|
|
|
|
|
The statutory combined ratio is a non-GAAP standard measurement
of underwriting profitability that is based upon amounts determined
under SAP. The statutory combined ratio is the sum of:
- the statutory loss ratio, which is the ratio of calendar-year
incurred losses and loss expenses, excluding anticipated salvage
and subrogation recoveries, to premiums earned;
- the statutory expense ratio, which is the ratio of expenses
incurred for net commissions, premium taxes and underwriting
expenses to premiums written; and
- the statutory dividend ratio, which is the ratio of dividends
to holders of workers’ compensation policies to premiums
earned.
The statutory combined ratio does not reflect investment income,
federal income taxes or other non-operating income or expense. A
statutory combined ratio of less than 100% generally indicates
underwriting profitability.
Conference Call and Webcast
We will hold a conference call and webcast on Wednesday, April
29, 2020, beginning at 11:00 A.M. Eastern Time. You may listen via
the Internet by accessing the webcast link on our website at
http://investors.donegalgroup.com. A replay of the conference call
will also be available via our website.
About Donegal Group Inc.
Donegal Group is an insurance holding company. The insurance
subsidiaries of Donegal Group and Donegal Mutual Insurance Company
conduct business together as the Donegal Insurance Group. Our Class
A common stock and Class B common stock trade on the NASDAQ Global
Select Market under the symbols DGICA and DGICB, respectively. We
are focused on several primary strategies, including growing
profitably in commercial lines, improving our financial
performance, leveraging technology to transform our business,
strategically modernizing our business in order to achieve
operational excellence and competing effectively to enhance our
market position.
Safe Harbor
We base all statements contained in this release that are not
historic facts on our current expectations. These statements are
forward-looking in nature (as defined in the Private Securities
Litigation Reform Act of 1995) and involve a number of risks and
uncertainties. Actual results could vary materially. Factors that
could cause actual results to vary materially include: our ability
to attract new business, retain existing business and collect
balances due to us as a result of the prolonged economic challenges
resulting from the COVID-19 pandemic and related business shutdown,
adverse and catastrophic weather events, our ability to maintain
profitable operations, the adequacy of the loss and loss expense
reserves of our insurance subsidiaries, business and economic
conditions in the areas in which our insurance subsidiaries
operate, interest rates, competition from various insurance and
other financial businesses, terrorism, the availability and cost of
reinsurance, legal and judicial developments including those
related to COVID-19 business interruption coverage exclusions,
changes in regulatory requirements and other risks we describe in
the periodic reports we file with the Securities and Exchange
Commission. You should not place undue reliance on any such
forward-looking statements. We disclaim any obligation to update
such statements or to announce publicly the results of any
revisions that we may make to any forward-looking statements to
reflect the occurrence of anticipated or unanticipated events or
circumstances after the date of such statements.
Donegal Group
Inc. |
Consolidated
Statements of Income |
(unaudited; in
thousands, except share data) |
|
|
|
|
|
|
|
|
|
Quarter Ended March 31, |
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
Net premiums
earned |
$ |
187,253 |
|
|
$ |
188,073 |
|
Investment
income, net of expenses |
|
7,376 |
|
|
|
7,049 |
|
Net
investment (losses) gains |
|
(10,695 |
) |
|
|
18,097 |
|
Lease
income |
|
109 |
|
|
|
111 |
|
Installment
payment fees |
|
868 |
|
|
|
1,089 |
|
Equity in
earnings of DFSC |
|
- |
|
|
|
295 |
|
Total revenues |
|
184,911 |
|
|
|
214,714 |
|
|
|
|
|
|
|
|
|
Net losses
and loss expenses |
|
117,247 |
|
|
|
123,111 |
|
Amortization
of deferred acquisition costs |
|
29,937 |
|
|
|
30,592 |
|
Other
underwriting expenses |
|
32,598 |
|
|
|
30,685 |
|
Policyholder
dividends |
|
1,842 |
|
|
|
2,350 |
|
Interest |
|
224 |
|
|
|
565 |
|
Other
expenses, net |
|
560 |
|
|
|
566 |
|
Total expenses |
|
182,408 |
|
|
|
187,869 |
|
|
|
|
|
|
|
|
|
Income
before income tax (benefit) expense |
|
2,503 |
|
|
|
26,845 |
|
Income tax
(benefit) expense |
|
(1,228 |
) |
|
|
3,822 |
|
|
|
|
|
|
|
|
|
Net
income |
$ |
3,731 |
|
|
$ |
23,023 |
|
|
|
|
|
|
|
|
|
Net income
per common share: |
|
|
|
|
|
|
|
Class A - basic and diluted |
$ |
0.13 |
|
|
$ |
0.82 |
|
Class B - basic and diluted |
$ |
0.12 |
|
|
$ |
0.75 |
|
|
|
|
|
|
|
|
|
Supplementary Financial Analysts' Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average number of shares |
|
|
|
|
|
|
|
outstanding: |
|
|
|
|
|
|
|
Class A - basic |
|
23,260,386 |
|
|
|
22,849,717 |
|
Class A - diluted |
|
23,448,022 |
|
|
|
22,921,267 |
|
Class B - basic and diluted |
|
5,576,775 |
|
|
|
5,576,775 |
|
|
|
|
|
|
|
|
|
Net premiums
written |
$ |
198,237 |
|
|
$ |
199,915 |
|
|
|
|
|
|
|
|
|
Book value
per common share |
|
|
|
|
|
|
|
at end of period |
$ |
15.92 |
|
|
$ |
15.10 |
|
Donegal Group
Inc. |
Consolidated Balance
Sheets |
(in thousands) |
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
Investments: |
|
|
|
|
|
|
|
Fixed maturities: |
|
|
|
|
|
|
|
Held to maturity, at amortized cost |
$ |
487,157 |
|
|
$ |
476,094 |
|
Available for sale, at fair value |
|
554,463 |
|
|
|
564,952 |
|
Equity securities, at fair value |
|
46,179 |
|
|
|
55,477 |
|
Short-term investments, at cost |
|
72,719 |
|
|
|
14,030 |
|
Total investments |
|
1,160,518 |
|
|
|
1,110,553 |
|
Cash |
|
52,282 |
|
|
|
49,319 |
|
Premiums
receivable |
|
182,064 |
|
|
|
165,733 |
|
Reinsurance
receivable |
|
374,758 |
|
|
|
367,021 |
|
Deferred
policy acquisition costs |
|
60,315 |
|
|
|
59,285 |
|
Prepaid
reinsurance premiums |
|
163,623 |
|
|
|
142,476 |
|
Other
assets |
|
29,811 |
|
|
|
28,774 |
|
Total assets |
$ |
2,023,371 |
|
|
$ |
1,923,161 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
Liabilities: |
|
|
|
|
|
|
|
Losses and loss expenses |
$ |
888,212 |
|
|
$ |
869,674 |
|
Unearned premiums |
|
542,278 |
|
|
|
510,147 |
|
Accrued expenses |
|
22,026 |
|
|
|
28,454 |
|
Borrowings under lines of credit |
|
85,000 |
|
|
|
35,000 |
|
Subordinated debentures |
|
5,000 |
|
|
|
5,000 |
|
Other liabilities |
|
21,294 |
|
|
|
23,870 |
|
Total liabilities |
|
1,563,810 |
|
|
|
1,472,145 |
|
Stockholders' equity: |
|
|
|
|
|
|
|
Class A common stock |
|
263 |
|
|
|
262 |
|
Class B common stock |
|
56 |
|
|
|
56 |
|
Additional paid-in capital |
|
269,889 |
|
|
|
268,152 |
|
Accumulated other comprehensive income |
|
3,704 |
|
|
|
504 |
|
Retained earnings |
|
226,875 |
|
|
|
223,268 |
|
Treasury stock |
|
(41,226 |
) |
|
|
(41,226 |
) |
Total stockholders' equity |
|
459,561 |
|
|
|
451,016 |
|
Total liabilities and stockholders' equity |
$ |
2,023,371 |
|
|
$ |
1,923,161 |
|
For Further Information:Jeffrey D. Miller, Executive Vice
President & Chief Financial OfficerPhone: (717) 426-1931E-mail:
investors@donegalgroup.com
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