Donegal Group Inc. (NASDAQ: DGICA) and (NASDAQ: DGICB) today
reported its financial results for the first quarter of 2024.
Significant Items for First Quarter of 2024 (all comparisons to
first quarter of 2023):
- Net premiums
earned increased 5.8% to $227.7 million
- Net premiums
written1 increased 6.0% to $251.4 million
- Combined ratio
of 102.4%, compared to 101.2%
- Net income of $6.0 million, or $0.18
per diluted Class A share, compared to $5.2 million, or $0.16 per
diluted Class A share
-
Annualized return on average equity of 4.9%, compared to 4.3%
- Book value per
share of $14.53 at March 31, 2024, compared to $15.01
Financial Summary
|
Three Months Ended March 31, |
|
|
2024 |
|
|
|
2023 |
|
|
% Change |
|
(dollars in thousands, except per share amounts) |
|
|
|
|
|
|
Income Statement Data |
|
|
|
Net premiums earned |
$ |
227,749 |
|
|
$ |
215,233 |
|
|
5.8 |
% |
Investment income, net |
|
10,972 |
|
|
|
9,449 |
|
|
16.1 |
|
Net investment gains (losses) |
|
2,113 |
|
|
|
(331 |
) |
|
NM2 |
Total revenues |
|
241,141 |
|
|
|
224,746 |
|
|
7.3 |
|
Net income |
|
5,956 |
|
|
|
5,204 |
|
|
14.5 |
|
Non-GAAP operating income1 |
|
4,286 |
|
|
|
5,465 |
|
|
-21.6 |
|
Annualized return on average equity |
|
4.9 |
% |
|
|
4.3 |
% |
|
0.6 pts |
|
|
|
|
|
|
Per Share Data |
|
|
|
|
Net income – Class A (diluted) |
$ |
0.18 |
|
|
$ |
0.16 |
|
|
12.5 |
% |
Net income – Class B |
|
0.16 |
|
|
|
0.15 |
|
|
6.7 |
|
Non-GAAP operating income – Class A (diluted) |
|
0.13 |
|
|
|
0.17 |
|
|
-23.5 |
|
Non-GAAP operating income – Class B |
|
0.12 |
|
|
|
0.15 |
|
|
-20.0 |
|
Book value |
|
14.53 |
|
|
|
15.01 |
|
|
-3.2 |
|
|
|
|
|
|
|
1The “Definitions of Non-GAAP Financial 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
“We entered 2024 with a renewed emphasis on
executing on clearly defined strategies that include targeted new
business growth, multiple initiatives to enhance our underwriting
performance and further modernization of our operations for greater
effectiveness and efficiency. Additionally, we committed to a
multi-year expense management initiative that is strategically
designed to mitigate the 2024 peak impact of allocated expenses
associated with the technology advancements Donegal Mutual
Insurance Company has implemented in recent years,” said Kevin G.
Burke, President and Chief Executive Officer.
“Our net premium growth in the first quarter of
2024 was predominantly fueled by ongoing renewal premium increases
that were supported by commercial lines new business acquisitions
that fit within the framework of our refined underwriting criteria.
While the increase in commercial new business writings is notable,
it was largely offset by planned attrition from regions earmarked
for exit or profit enhancement pursuant to our state-specific
strategies.”
He continued, “In the first quarter of 2024, our
underwriting profitability reflected the impact of average
weather-related losses, higher severity of large fire losses than
we experienced in recent quarterly periods and atypical workers’
compensation reserve development related to prior-year losses. We
expect that the underwriting enhancements actively underway, in
conjunction with an accelerating earned premium impact of rate
increases we implemented over the past year will result in further
improvement in our underwriting results as the year progresses. We
remain steadfast in our commitments to achieve sustained excellent
financial performance and to capitalize on opportunities for
profitable growth as the means of creating long-term shareholder
value.”
Insurance Operations
Donegal Group is an insurance holding company
whose insurance subsidiaries and affiliates offer property and
casualty lines of insurance in three Mid-Atlantic states (Delaware,
Maryland and Pennsylvania), two New England states (Maine and New
Hampshire), five Southern states (Georgia, North Carolina, South
Carolina, Tennessee and Virginia), eight Midwestern states
(Illinois, Indiana, Iowa, Michigan, Nebraska, Ohio, South Dakota
and Wisconsin) and five Southwestern states (Arizona, Colorado, New
Mexico, Texas and Utah). Donegal Mutual Insurance Company and the
insurance subsidiaries of Donegal Group conduct business together
as the Donegal Insurance Group.
|
Three Months Ended March 31, |
|
|
2024 |
|
|
2023 |
|
% Change |
|
(dollars in thousands) |
|
|
|
|
|
|
Net Premiums Earned |
|
|
|
Commercial lines |
$ |
132,092 |
|
$ |
133,187 |
|
-0.8 |
% |
Personal lines |
|
95,657 |
|
|
82,046 |
|
16.6 |
|
Total net premiums earned |
$ |
227,749 |
|
$ |
215,233 |
|
5.8 |
% |
|
|
|
|
|
|
Net Premiums Written |
|
|
|
Commercial lines: |
|
|
|
|
Automobile |
$ |
53,514 |
|
$ |
52,069 |
|
2.8 |
% |
Workers' compensation |
|
31,074 |
|
|
33,201 |
|
-6.4 |
|
Commercial multi-peril |
|
57,503 |
|
|
55,850 |
|
3.0 |
|
Other |
|
13,403 |
|
|
15,213 |
|
-11.9 |
|
Total commercial lines |
|
155,494 |
|
|
156,333 |
|
-0.5 |
|
Personal lines: |
|
|
|
|
Automobile |
|
61,381 |
|
|
49,981 |
|
22.8 |
|
Homeowners |
|
31,759 |
|
|
28,189 |
|
12.7 |
|
Other |
|
2,808 |
|
|
2,801 |
|
0.2 |
|
Total personal lines |
|
95,948 |
|
|
80,971 |
|
18.5 |
|
Total net premiums written |
$ |
251,442 |
|
$ |
237,304 |
|
6.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Net Premiums Written
The 6.0% increase in net premiums written for
the first quarter of 2024 compared to the first quarter of 2023, as
shown in the table above, represents the combination of a 0.5%
decrease in commercial lines net premiums written and 18.5% growth
in personal lines net premiums written. The $14.1 million increase
in net premiums written for the first quarter of 2024 compared to
the first quarter of 2023 included:
- Commercial
Lines: $0.9 million decrease that we attribute primarily to planned
attrition in regions we are exiting or executing ongoing profit
improvement initiatives as part of our state-specific strategies,
offset partially by modest new business writings, strong premium
retention, and a continuation of renewal premium increases in lines
other than workers’ compensation.
- Personal Lines:
$15.0 million increase that we attribute primarily to a
continuation of renewal premium rate increases and strong policy
retention.
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, 2024 and 2023:
|
Three Months Ended |
|
March 31, |
|
2024 |
|
|
2023 |
|
|
|
|
|
GAAP Combined Ratios (Total Lines) |
Loss ratio - core losses |
58.7 |
% |
|
56.5 |
% |
Loss ratio - weather-related losses |
4.7 |
|
|
6.5 |
|
Loss ratio - large fire losses |
6.6 |
|
|
5.1 |
|
Loss ratio - net prior-year reserve development |
-3.7 |
|
|
-3.9 |
|
Loss ratio |
66.3 |
|
|
64.2 |
|
Expense ratio |
35.7 |
|
|
36.4 |
|
Dividend ratio |
0.4 |
|
|
0.6 |
|
Combined ratio |
102.4 |
% |
|
101.2 |
% |
|
|
|
|
Statutory Combined Ratios |
|
Commercial lines: |
|
|
Automobile |
99.6 |
% |
|
96.2 |
% |
Workers' compensation |
111.2 |
|
|
86.2 |
|
Commercial multi-peril |
102.7 |
|
|
114.8 |
|
Other |
82.2 |
|
|
79.7 |
|
Total commercial lines |
101.6 |
|
|
99.8 |
|
Personal lines: |
|
|
Automobile |
99.8 |
|
|
103.9 |
|
Homeowners |
102.9 |
|
|
100.6 |
|
Other |
85.2 |
|
|
49.3 |
|
Total personal lines |
100.3 |
|
|
98.9 |
|
Total lines |
101.2 |
% |
|
99.6 |
% |
|
|
|
|
|
|
|
|
Loss Ratio
For the first quarter of 2024, the loss ratio
increased to 66.3%, compared to 64.2% for the first quarter of
2023. The core loss ratio, which excludes weather-related losses,
large fire losses and net favorable development of reserves for
losses incurred in prior accident years, was 58.7% for the first
quarter of 2024, compared to 56.5% for the first quarter of 2023.
For the commercial lines segment, the core loss ratio of 59.0% for
the first quarter of 2024 increased modestly from 58.2% for the
first quarter of 2023. For the personal lines segment, the core
loss ratio of 58.1% for the first quarter of 2024 increased from
53.7% for the first quarter of 2023, due largely to ongoing
inflationary impacts on loss costs for that segment.
Weather-related losses were $10.8 million, or
4.7 percentage points of the loss ratio, for the first quarter of
2024, compared to $14.1 million, or 6.5 percentage points of the
loss ratio, for the first quarter of 2023. The weather-related loss
ratio for the first quarter of 2024 was in line with our previous
five-year first-quarter average.
Large fire losses, which we define as individual
fire losses in excess of $50,000, for the first quarter of 2024
were $15.0 million, or 6.6 percentage points of the loss ratio.
That amount was substantially higher than the large fire losses of
$10.9 million, or 5.1 percentage points of the loss ratio, for the
first quarter of 2023. We primarily attribute the increase to
higher loss severity compared to the prior-year quarter. We
experienced a $2.9 million increase in commercial property fire
losses and a $1.1 million increase in homeowner fire losses.
Net favorable development of reserves for losses
incurred in prior accident years of $8.4 million decreased the loss
ratio for the first quarter of 2024 by 3.7 percentage points,
compared to $8.3 million that decreased the loss ratio for the
first quarter of 2023 by 3.9 percentage points. Our insurance
subsidiaries experienced favorable development primarily in the
commercial multi-peril, commercial automobile and homeowners lines
of business, offset partially by modest unfavorable development in
workers’ compensation, for the first quarter of 2024.
Expense Ratio
The expense ratio was 35.7% for the first
quarter of 2024, compared to 36.4% for the first quarter of 2023.
The decrease in the expense ratio primarily reflected early impacts
of expense reduction initiatives, offset partially by higher
technology systems-related expenses for the first quarter of 2024
compared to the prior-year quarter. The increase in technology
systems-related expenses was primarily due to increased costs as we
continue implementations with respect to our ongoing systems
modernization project, a portion of which Donegal Mutual Insurance
Company allocates to our insurance subsidiaries. We expect the
impact from allocated costs from Donegal Mutual Insurance Company
to our insurance subsidiaries related to the ongoing systems
modernization project will peak at approximately 1.3 percentage
points of the expense ratio for the full year of 2024 before
beginning to subside gradually in subsequent years.
Investment Operations
Donegal 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 96.4% of our
consolidated investment portfolio in diversified, highly rated and
marketable fixed-maturity securities at March 31, 2024.
|
March 31, 2024 |
|
December 31, 2023 |
|
Amount |
|
% |
|
Amount |
|
% |
|
(dollars in thousands) |
Fixed maturities, at carrying value: |
|
|
|
|
U.S. Treasury securities and obligations of U.S. government
corporations and agencies |
$ |
178,661 |
|
|
13.4 |
% |
|
$ |
176,991 |
|
|
13.3 |
% |
Obligations of states and political subdivisions |
|
414,574 |
|
|
31.1 |
|
|
|
415,280 |
|
|
31.3 |
|
Corporate securities |
|
398,265 |
|
|
29.9 |
|
|
|
399,640 |
|
|
30.1 |
|
Mortgage-backed securities |
|
293,990 |
|
|
22.1 |
|
|
|
278,260 |
|
|
21.0 |
|
Allowance for expected credit losses |
|
(1,329 |
) |
|
-0.1 |
|
|
|
(1,326 |
) |
|
-0.1 |
|
Total fixed maturities |
|
1,284,161 |
|
|
96.4 |
|
|
|
1,268,845 |
|
|
95.6 |
|
Equity securities, at fair value |
|
28,883 |
|
|
2.2 |
|
|
|
25,903 |
|
|
2.0 |
|
Short-term investments, at cost |
|
18,860 |
|
|
1.4 |
|
|
|
32,306 |
|
|
2.4 |
|
Total investments |
$ |
1,331,904 |
|
|
100.0 |
% |
|
$ |
1,327,054 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
Average investment yield |
|
3.3 |
% |
|
|
|
|
3.1 |
% |
|
|
Average tax-equivalent investment yield |
|
3.4 |
% |
|
|
|
|
3.2 |
% |
|
|
Average fixed-maturity duration (years) |
|
5.1 |
|
|
|
|
|
4.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income of $11.0 million for the first quarter of
2024 increased 16.1% compared to $9.4 million for the first quarter
of 2023. The increase in net investment income reflected primarily
an increase in average investment yield relative to the prior-year
first quarter.
Net investment gains were $2.1 million for
the first quarter of 2024, compared to net investment losses of
$0.3 million for the first quarter of 2023. We attribute the gains
to the increase in the market value of the equity securities we
held at the end of March 31, 2024.
Our book value per share was $14.53 at March 31, 2024, compared
to $14.39 at December 31, 2023, with the increase partially related
to net income, offset partially by $1.6 million of after-tax
unrealized losses within our available-for-sale fixed-maturity
portfolio during 2024 that decreased our book value by $0.05 per
share.
Definitions of Non-GAAP Financial Measures
We 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, |
|
|
2024 |
|
|
2023 |
|
% Change |
|
(dollars in thousands) |
|
|
|
|
|
|
Reconciliation of Net Premiums |
|
|
Earned to Net Premiums Written |
|
|
Net premiums earned |
$ |
227,749 |
|
$ |
215,233 |
|
5.8 |
% |
Change in net unearned premiums |
|
23,693 |
|
|
22,071 |
|
7.3 |
|
Net premiums written |
$ |
251,442 |
|
$ |
237,304 |
|
6.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
The following table provides a reconciliation of net income to
operating income for the periods indicated:
|
Three Months Ended March 31, |
|
|
2024 |
|
|
|
2023 |
|
% Change |
|
(dollars in thousands, except per share amounts) |
|
|
|
|
|
|
Reconciliation of Net Income |
|
|
to Non-GAAP Operating Income |
|
|
Net income |
$ |
5,956 |
|
|
$ |
5,204 |
|
14.5 |
% |
Investment (gains) losses (after tax) |
|
(1,670 |
) |
|
|
261 |
|
NM |
Non-GAAP operating income |
$ |
4,286 |
|
|
$ |
5,465 |
|
-21.6 |
% |
|
|
|
|
|
|
Per Share Reconciliation of Net Income |
|
to Non-GAAP Operating Income |
|
|
Net income – Class A (diluted) |
$ |
0.18 |
|
|
$ |
0.16 |
|
12.5 |
% |
Investment (gains) losses (after tax) |
|
(0.05 |
) |
|
|
0.01 |
|
NM |
Non-GAAP operating income – Class A |
$ |
0.13 |
|
|
$ |
0.17 |
|
-23.5 |
% |
|
|
|
|
|
|
Net income – Class B |
$ |
0.16 |
|
|
$ |
0.15 |
|
6.7 |
% |
Investment (gains) losses (after tax) |
|
(0.04 |
) |
|
|
- |
|
NM |
Non-GAAP operating income – Class B |
$ |
0.12 |
|
|
$ |
0.15 |
|
-20.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
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.
Dividend Information
On April 18, 2024, we declared regular quarterly
cash dividends of $0.1725 per share for our Class A common stock
and $0.155 per share for our Class B common stock, which are
payable on May 22, 2024 to stockholders of record as of the close
of business on May 8, 2024.
Pre-Recorded Webcast
At approximately 8:30 am EST on Thursday, April
25, 2024, we will make available in the Investors section of our
website a pre-recorded audio webcast featuring management
commentary and a question and answer session. You may listen to the
pre-recorded webcast by accessing the link on our website at
http://investors.donegalgroup.com. A supplemental investor
presentation is also available via our website.
About the Company
Donegal Group Inc. is an insurance holding
company whose insurance subsidiaries and affiliates offer property
and casualty lines of insurance in certain Mid-Atlantic,
Midwestern, New England, Southern and Southwestern states. Donegal
Mutual Insurance Company and the insurance subsidiaries of Donegal
Group Inc. conduct business together as the Donegal Insurance
Group. The Donegal Insurance Group has an A.M. Best rating of A
(Excellent).
The Class A common stock and Class B common
stock of Donegal Group Inc. trade on the NASDAQ Global Select
Market under the symbols DGICA and DGICB, respectively. We are
focused on several primary strategies, including achieving
sustained excellent financial performance, strategically
modernizing our operations and processes to transform our business,
capitalizing on opportunities to grow profitably and delivering a
superior experience to our agents and customers.
Safe Harbor
We base all statements contained in this release
that are not historic facts on our current expectations. Such
statements are forward-looking in nature (as defined in the Private
Securities Litigation Reform Act of 1995) and necessarily involve
risks and uncertainties. Forward-looking statements we make may be
identified by our use of words such as “will,” “expect,” “intend,”
“plan,” “anticipate,” “believe,” “seek,” “estimate” and similar
expressions. Our actual results could vary materially from our
forward-looking statements. The factors that could cause our actual
results to vary materially from the forward-looking statements we
have previously made include, but are not limited to, adverse
litigation and other trends that could increase our loss costs
(including labor shortages and escalating medical, automobile and
property repair costs), adverse and catastrophic weather events
(including from changing climate conditions), our ability to
maintain profitable operations (including our ability to underwrite
risks effectively and charge adequate premium rates), prolonged
economic challenges resulting from the COVID-19 pandemic, the
adequacy of the loss and loss expense reserves of our insurance
subsidiaries, the availability and successful operation of the
information technology systems our insurance subsidiaries utilize,
the successful development of new information technology systems to
allow our insurance subsidiaries to compete effectively, business
and economic conditions in the areas in which we and 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, our ability to attract and retain independent
insurance agents, changes in our A.M. Best rating and the other
risks that we describe from time to time in our filings with the
Securities and Exchange Commission. 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.
Investor Relations Contacts
Karin Daly, Vice President, The Equity Group Inc.Phone: (212)
836-9623E-mail: kdaly@equityny.com
Jeffrey D. Miller, Executive Vice President & Chief
Financial Officer Phone: (717) 426-1931E-mail:
investors@donegalgroup.com
Financial Supplement
Donegal Group Inc. |
Consolidated Statements of Income |
(unaudited; in thousands, except share data) |
|
|
|
|
|
|
|
|
|
Quarter Ended March 31, |
|
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
Net premiums earned |
$ |
227,749 |
|
|
$ |
215,233 |
|
Investment income, net of expenses |
|
|
|
10,972 |
|
|
|
9,449 |
|
Net investment gains (losses) |
|
2,113 |
|
|
|
(331 |
) |
Lease income |
|
|
82 |
|
|
|
89 |
|
Installment payment fees |
|
225 |
|
|
|
306 |
|
Total revenues |
|
|
241,141 |
|
|
|
224,746 |
|
|
|
|
|
|
|
Net losses and loss expenses |
|
150,896 |
|
|
|
138,106 |
|
Amortization of deferred acquisition costs |
|
|
|
39,602 |
|
|
|
37,798 |
|
Other underwriting expenses |
|
41,740 |
|
|
|
40,611 |
|
Policyholder dividends |
|
1,055 |
|
|
|
1,343 |
|
Interest |
|
|
|
155 |
|
|
|
153 |
|
Other expenses, net |
|
|
445 |
|
|
|
438 |
|
Total expenses |
|
|
233,893 |
|
|
|
218,449 |
|
|
|
|
|
|
|
Income before income tax expense |
|
|
|
7,248 |
|
|
|
6,297 |
|
Income tax expense |
|
|
1,292 |
|
|
|
1,093 |
|
|
|
|
|
|
|
Net income |
|
$ |
5,956 |
|
|
$ |
5,204 |
|
|
|
|
|
|
|
Net income per common share: |
|
|
Class A - basic and diluted |
|
|
$ |
0.18 |
|
|
$ |
0.16 |
|
Class B - basic and diluted |
|
|
$ |
0.16 |
|
|
$ |
0.15 |
|
|
|
|
|
|
|
Supplementary Financial Analysts' Data |
|
|
|
|
|
|
|
Weighted-average number of shares outstanding: |
|
|
|
|
Class A - basic |
|
|
27,811,312 |
|
|
|
27,192,992 |
|
Class A - diluted |
|
|
27,846,313 |
|
|
|
27,366,358 |
|
Class B - basic and diluted |
|
|
|
5,576,775 |
|
|
|
5,576,775 |
|
|
|
|
|
|
|
Net premiums written |
$ |
251,442 |
|
|
$ |
237,304 |
|
|
|
|
|
|
|
Book value per common share at end of period |
|
$ |
14.53 |
|
|
$ |
15.01 |
|
|
|
|
|
|
|
Donegal Group Inc. |
Consolidated Balance Sheets |
(in thousands) |
|
|
|
|
|
|
|
|
|
March 31, |
December 31, |
|
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
(unaudited) |
|
|
|
|
|
|
|
ASSETS |
Investments: |
|
|
|
|
Fixed maturities: |
|
|
|
|
Held to maturity, at amortized cost |
|
|
$ |
683,399 |
|
|
$ |
679,497 |
|
Available for sale, at fair value |
|
|
|
600,762 |
|
|
|
589,348 |
|
Equity securities, at fair value |
|
|
|
28,883 |
|
|
|
25,903 |
|
Short-term investments, at cost |
|
|
|
18,860 |
|
|
|
32,306 |
|
Total investments |
|
|
|
1,331,904 |
|
|
|
1,327,054 |
|
Cash |
|
|
|
19,805 |
|
|
|
23,792 |
|
Premiums receivable |
|
193,160 |
|
|
|
179,592 |
|
Reinsurance receivable |
|
435,505 |
|
|
|
441,431 |
|
Deferred policy acquisition costs |
|
|
|
78,857 |
|
|
|
75,043 |
|
Prepaid reinsurance premiums |
|
|
|
179,758 |
|
|
|
168,724 |
|
Other assets |
|
|
55,319 |
|
|
|
50,658 |
|
Total assets |
|
|
$ |
2,294,308 |
|
|
$ |
2,266,294 |
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
Liabilities: |
|
|
|
|
Losses and loss expenses |
|
|
$ |
1,124,452 |
|
|
$ |
1,126,157 |
|
Unearned premiums |
|
|
|
634,137 |
|
|
|
599,411 |
|
Accrued expenses |
|
|
3,686 |
|
|
|
3,947 |
|
Borrowings under lines of credit |
|
|
|
35,000 |
|
|
|
35,000 |
|
Other liabilities |
|
|
11,947 |
|
|
|
22,034 |
|
Total liabilities |
|
|
|
1,809,222 |
|
|
|
1,786,549 |
|
Stockholders' equity: |
|
|
|
Class A common stock |
|
|
|
308 |
|
|
|
308 |
|
Class B common stock |
|
|
|
56 |
|
|
|
56 |
|
Additional paid-in capital |
|
|
|
336,818 |
|
|
|
335,694 |
|
Accumulated other comprehensive loss |
|
|
|
(34,483 |
) |
|
|
(32,882 |
) |
Retained earnings |
|
|
223,613 |
|
|
|
217,795 |
|
Treasury stock |
|
|
(41,226 |
) |
|
|
(41,226 |
) |
Total stockholders' equity |
|
|
|
485,086 |
|
|
|
479,745 |
|
Total liabilities and stockholders' equity |
|
|
$ |
2,294,308 |
|
|
$ |
2,266,294 |
|
|
|
|
|
|
|
Donegal (NASDAQ:DGICA)
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