Donegal Group Inc. (Nasdaq:DGICA) (Nasdaq:DGICB) today reported its
financial results for the fourth quarter and full year of 2014.
Significant items included:
- Net income of $4.5 million for the fourth quarter of 2014,
compared to $9.6 million for the fourth quarter of 2013, reflecting
an increase in non-weather-related losses
- Net income of $14.5 million for the full year of 2014, compared
to $26.3 million for the full year of 2013, in large part
reflecting the adverse impact of severe weather events in the first
half of 2014
- 9.4% increase in net premiums written and 8.4% increase in net
premiums earned for the fourth quarter of 2014, reflecting
continuing organic growth in commercial lines and the effect of
premium rate increases
- 101.8% statutory combined ratio1 for the fourth quarter of
2014, compared to 95.4% for the fourth quarter of 2013
- Net investment income of $4.8 million for the fourth quarter of
2014, increasing 2.8% over $4.7 million for the fourth quarter of
2013
- Book value per share of $15.40 at December 31, 2014, compared
to $15.02 at year-end 2013
|
|
Three Months
Ended December 31, |
Year Ended
December 31, |
|
2014 |
2013 |
% Change |
2014 |
2013 |
% Change |
|
(dollars in thousands, except
per share amounts) |
|
|
|
|
|
|
|
Income Statement Data |
|
|
|
|
|
|
Net premiums earned |
$ 144,211 |
$ 132,982 |
8.4% |
$ 556,498 |
$ 515,292 |
8.0% |
Investment income, net |
4,815 |
4,685 |
2.8 |
18,344 |
18,795 |
-2.4 |
Realized gains (losses) |
837 |
(520) |
NM2 |
3,134 |
2,423 |
29.3 |
Total revenues |
151,591 |
139,395 |
8.7 |
586,548 |
547,110 |
7.2 |
Net income |
4,486 |
9,564 |
-53.1 |
14,539 |
26,322 |
-44.8 |
Operating income1 |
3,934 |
9,907 |
-60.3 |
12,471 |
24,723 |
-49.6 |
|
|
|
|
|
|
|
Per Share Data |
|
|
|
|
|
|
Net income – Class A (diluted) |
$ 0.17 |
$ 0.36 |
-52.8% |
$ 0.55 |
$ 1.02 |
-46.1% |
Net income – Class B |
0.15 |
0.34 |
-55.9 |
0.49 |
0.94 |
-47.9 |
Operating income – Class A
(diluted) |
0.15 |
0.37 |
-59.5 |
0.47 |
0.96 |
-51.0 |
Operating income – Class B |
0.13 |
0.35 |
-62.9 |
0.42 |
0.88 |
-52.3 |
Book value |
15.40 |
15.02 |
2.5 |
15.40 |
15.02 |
2.5 |
|
1The "Definitions of Non-GAAP and Operating Measures" section of
this release defines and reconciles data that the Company prepares
on an accounting basis other than U.S. generally accepted
accounting principles ("GAAP").
2Not meaningful.
Kevin G. Burke, Acting Chief Executive Officer of Donegal Group
Inc., noted, "Throughout 2014, Donegal Group continued to achieve
the level of growth that we believe will position us for long-term
success, with full-year net premiums written increasing 8.6
percent. We remain committed to our regional business approach with
marketing, underwriting and claims service tailored to fit the
specific characteristics and needs of our regional markets. Over
the longer term, we expect our strategy will deliver results that
outperform the property and casualty insurance industry in terms of
service, profitability and book value growth."
Mr. Burke continued, "Our overall progress toward our objectives
has been hampered by claim severity increases in our automobile
lines of business, even as we are seeing improving core
profitability in our homeowners, commercial multi-peril and
workers' compensation business lines. Premium rate increases
in nearly all of our business lines over the past several years
have significantly improved our potential to generate underwriting
profits as we move into 2015.
"Over the past several years, we have emphasized growth in our
commercial lines of business as a means of enhancing our
underwriting margins over time. Continuing through the fourth
quarter of 2014, we have been successful in obtaining commercial
renewal premium increases in the mid-single-digit percentage range,
contributing to growth in our net premiums written. We also
continue to attract new business as we expand the distribution of
our commercial lines products across our regions, appoint new
commercially focused agents and commit additional resources to
supporting our agency relationships. We continue to invest
substantial sums in the development and implementation of
state-of-the-art technology solutions to enhance further our
service to our agents and policyholders," Mr. Burke concluded.
Donald H. Nikolaus, Chairman and President, further remarked,
"While full-year 2014 financial results did not reflect the
dedication and efforts we expended to meet our underwriting profit
objectives, we remain optimistic. Independent agents continue to
reward our emphasis on personal service and responsiveness by
committing to grow their books of business with our group of
companies. We believe our unwavering commitment to our
independent agents has positioned us well for continued, profitable
growth in our regional markets."
At December 31, 2014, the Company's book value per share was
$15.40, compared to $15.02 at December 31, 2013. The increase
in book value at December 31, 2014 reflected primarily an increase
in net unrealized gains in the fair value of the Company's
available-for-sale securities portfolio.
Insurance Operations
Donegal Group is an insurance holding company whose insurance
subsidiaries offer personal and commercial property and casualty
lines of insurance in four Mid-Atlantic states (Delaware, Maryland,
New York and Pennsylvania), three New England states (Maine, New
Hampshire and Vermont), seven Southeastern states (Alabama,
Georgia, North Carolina, South Carolina, Tennessee, Virginia and
West Virginia) and seven Midwestern states (Indiana, Iowa,
Michigan, Nebraska, Ohio, South Dakota and Wisconsin). The
insurance subsidiaries of Donegal Group conduct business together
with Donegal Mutual Insurance Company as the Donegal Insurance
Group.
|
|
Three Months
Ended December 31, |
Year Ended
December 31, |
|
2014 |
2013 |
% Change |
2014 |
2013 |
% Change |
|
(dollars in
thousands) |
|
|
|
|
|
|
|
Net Premiums Written |
|
|
|
|
|
|
Personal lines: |
|
|
|
|
|
|
Automobile |
$ 48,498 |
$ 46,661 |
3.9% |
$ 204,174 |
$ 196,363 |
4.0% |
Homeowners |
27,434 |
25,708 |
6.7 |
113,576 |
106,420 |
6.7 |
Other |
4,143 |
4,044 |
2.4 |
16,989 |
15,915 |
6.7 |
Total personal lines |
80,075 |
76,413 |
4.8 |
334,739 |
318,698 |
5.0 |
Commercial lines: |
|
|
|
|
|
|
Automobile |
15,007 |
12,947 |
15.9 |
65,552 |
58,165 |
12.7 |
Workers' compensation |
19,134 |
16,327 |
17.2 |
88,739 |
77,589 |
14.4 |
Commercial multi-peril |
19,550 |
16,821 |
16.2 |
83,413 |
74,516 |
11.9 |
Other |
1,578 |
1,262 |
25.0 |
6,758 |
4,463 |
51.4 |
Total commercial lines |
55,269 |
47,357 |
16.7 |
244,462 |
214,733 |
13.8 |
Total net premiums written |
$ 135,344 |
$ 123,770 |
9.4% |
$ 579,201 |
$ 533,431 |
8.6% |
|
The Company's net premiums written increased 9.4% for the fourth
quarter of 2014 compared to the fourth quarter of 2013. This
increase represented the combination of 16.7% growth in commercial
lines writings and 4.8% growth in personal lines writings. The
$11.6 million growth in net premiums written for the fourth quarter
of 2014 compared to the fourth quarter of 2013 included:
- $2.1 million, or 1.7% of total net premiums written, related to
a change in the Michigan Insurance Company ("MICO") quota-share
reinsurance agreement that continued to increase the amount of
business MICO retained in 2014. The Company acquired MICO in
2010.
- $6.7 million in commercial lines premiums, excluding the MICO
reinsurance change, that the Company attributes primarily to
premium rate increases and new commercial accounts the Company's
insurance subsidiaries have written throughout their operating
regions.
- $2.8 million in personal lines premiums, excluding the MICO
reinsurance change. The increase reflected modest new business
premium and premium rate increases the Company has implemented over
the past four quarters.
The Company's net premiums written increased 8.6% for the full
year of 2014 compared to the full year of 2013. The increase
included $9.7 million related to the MICO reinsurance change.
Excluding the MICO reinsurance change, commercial lines premiums
rose $24.1 million, or 11.2%, and personal lines premiums increased
$11.9 million, or 3.7%, for the full year of 2014 compared to the
full year of 2013.
|
|
Three Months
Ended |
Year
Ended |
|
December
31, |
December
31, |
|
2014 |
2013 |
2014 |
2013 |
|
|
|
|
|
Statutory Combined
Ratios |
|
|
|
|
Personal Lines: |
|
|
|
|
Automobile |
116.0% |
107.0% |
102.8% |
103.2% |
Homeowners |
93.4 |
88.9 |
97.8 |
93.0 |
Other |
79.9 |
74.2 |
99.5 |
80.5 |
Total personal lines |
106.5 |
99.3 |
101.0 |
98.8 |
Commercial Lines: |
|
|
|
|
Automobile |
123.9 |
108.0 |
115.0 |
104.9 |
Workers' compensation |
86.6 |
86.4 |
91.1 |
96.9 |
Commercial multi-peril |
88.7 |
84.5 |
102.9 |
92.9 |
Total commercial lines |
95.1 |
89.4 |
99.8 |
95.7 |
Total lines |
101.8% |
95.4% |
100.5% |
97.4% |
|
|
|
|
|
GAAP Combined Ratios (Total
Lines) |
|
|
|
|
Loss ratio (non-weather) |
67.8% |
59.1% |
62.3% |
61.0% |
Loss ratio (weather-related) |
2.8 |
3.5 |
7.5 |
5.6 |
Expense ratio |
30.4 |
31.9 |
31.4 |
31.8 |
Dividend ratio |
0.6 |
0.4 |
0.5 |
0.4 |
Combined ratio |
101.6% |
94.9% |
101.7% |
98.8% |
|
The Company's statutory loss ratio was 71.1% for the fourth
quarter of 2014 and 70.0% for the full year of 2014.
Weather-related losses of $4.0 million for the fourth quarter of
2014, or 2.8 percentage points of the Company's loss ratio,
declined modestly from the $4.6 million, or 3.5 percentage points
of the Company's loss ratio, for the fourth quarter of 2013.
Large fire losses were $7.1 million for the fourth quarter of
2014, or 4.9 percentage points of the Company's loss ratio,
compared to $6.3 million, or 4.8 percentage points of the Company's
loss ratio, for the fourth quarter of 2013.
Development of reserves for losses incurred in prior accident
years added $6.9 million to the Company's incurred losses, or 4.8
percentage points of the Company's loss ratio, for the fourth
quarter of 2014. The development occurred primarily in the
Company's commercial multi-peril, personal automobile and
commercial automobile lines of business. Development of reserves
for losses incurred in prior accident years was negligible for the
fourth quarter of 2013. Development of reserves for losses incurred
in prior accident years was $14.5 million for the full year of
2014, compared to $10.4 million for the full year of 2013.
Jeffrey D. Miller, Executive Vice President and Chief Financial
Officer, commented, "We experienced consistent declines in bodily
injury claim frequency throughout 2014, which allowed us to reduce
our inventory of open claims at December 31, 2014. However, we
observed an increase in automobile liability loss severity during
the fourth quarter of 2014, which included new reported losses as
well as increases in our case reserves for current year and prior
year claims."
Mr. Miller continued, "While we have not identified any
significant adverse trends in the quarterly loss data, we will
continue to increase premium rates and take other appropriate
underwriting actions in our personal and commercial automobile
liability lines of business to address the relative
underperformance of these lines. We further expect our growing
utilization of predictive modeling tools will enhance our ability
to identify specific products and geographies that warrant
underwriting adjustments or rate actions."
The Company's statutory expense ratio1 was 30.1% for the fourth
quarter of 2014, compared to 32.2% for the fourth quarter of 2013.
The decrease in the Company's expense ratio reflected lower
underwriting-based incentive costs that resulted from less
favorable underwriting results for the fourth quarter of 2014
compared to the fourth quarter of 2013. The Company's statutory
expense ratio was 29.9% for the full year of 2014, compared to
30.2% for the full year of 2013.
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, the Company had invested 89.1% of its
consolidated investment portfolio in diversified, highly rated and
marketable fixed-maturity securities at December 31, 2014.
|
|
December 31,
2014 |
December 31,
2013 |
|
Amount |
% |
Amount |
% |
|
(dollars in thousands) |
Fixed maturities, at carrying value: |
|
|
|
|
U.S. Treasury securities and
obligations of U.S. government corporations and agencies |
$ 74,878 |
9.0% |
$ 62,279 |
7.9% |
Obligations of states and
political subdivisions |
377,241 |
45.3 |
385,982 |
48.7 |
Corporate securities |
106,171 |
12.7 |
55,547 |
7.0 |
Mortgage-backed securities |
184,252 |
22.1 |
140,214 |
17.7 |
Total fixed maturities |
742,542 |
89.1 |
644,022 |
81.3 |
Equity securities, at fair value |
30,822 |
3.7 |
12,423 |
1.6 |
Investments in affiliates |
39,284 |
4.7 |
35,685 |
4.5 |
Short-term investments, at cost |
20,293 |
2.5 |
99,678 |
12.6 |
Total investments |
$ 832,941 |
100.0% |
$ 791,808 |
100.0% |
|
|
|
|
|
Average investment yield |
2.3% |
|
2.4% |
|
Average tax-equivalent investment yield |
3.1% |
|
3.3% |
|
Average fixed-maturity duration (years) |
4.1 |
|
4.5 |
|
|
The 2.8% increase in net investment income for the fourth
quarter of 2014 compared to the fourth quarter of 2013 primarily
reflected additional dividend income from increased holdings within
the Company's equity portfolio. Net realized investment gains
were $837,000 for the fourth quarter of 2014, compared to net
realized investment losses of $520,000 for the fourth quarter of
2013. The Company had no impairments in its investment portfolio
that it considered to be other than temporary during the fourth
quarters of 2014 or 2013.
Mr. Miller, in commenting on the Company's investment
operations, noted, "In the fourth quarter of 2014, we began to see
tangible benefits from the modest changes we have made to our
investment portfolio in recent quarters, including our strategy to
remain as fully invested as possible while maintaining a relatively
short portfolio duration."
The Company owns 48.2% of the outstanding stock of Donegal
Financial Services Corporation ("DFSC"), which owns all of the
outstanding capital stock of Union Community Bank. The Company
accounts for its investment in DFSC using the equity method of
accounting. The Company's equity in the earnings of DFSC was $8,000
for the fourth quarter of 2014, compared to $408,000 for the fourth
quarter of 2013. DFSC's earnings for the fourth quarter of 2014
were reduced by a charge related to the termination of certain real
estate lease obligations that predated DFSC's acquisition of Union
National Financial Corporation in May 2011. DFSC will realize cost
savings in 2015 and thereafter as a result of the termination of
these lease obligations. Donegal Mutual Insurance Company owns
the remaining 51.8% of the outstanding stock of DFSC.
Definitions of Non-GAAP and Operating
Measures
The Company prepares its consolidated financial statements on
the basis of GAAP. The Company's 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, the
Company also utilizes certain non-GAAP financial measures that it
believes provide value in managing its business and for comparison
to the financial results of its peers. These non-GAAP measures are
operating income and statutory combined ratio.
Operating income is a non-GAAP financial measure investors in
insurance companies commonly use. The Company defines operating
income as net income excluding after-tax net realized investment
gains or losses. Because the Company's calculation of operating
income may differ from similar measures other companies use,
investors should exercise caution when comparing the Company's
measure of operating income to the measure other companies
report.
The following table provides a reconciliation of the Company's
net income to the Company's operating income for the periods
indicated:
|
|
Three Months
Ended December 31, |
Year Ended
December 31, |
|
2014 |
2013 |
% Change |
2014 |
2013 |
% Change |
|
(dollars in thousands, except
per share amounts) |
|
|
|
|
|
|
|
Reconciliation of Net
Income to Operating Income |
|
|
|
|
|
Net income |
$ 4,486 |
$ 9,564 |
-53.1% |
$ 14,539 |
$ 26,322 |
-44.8% |
Realized (gains) losses (after tax) |
(552) |
343 |
NM |
(2,068) |
(1,599) |
29.3 |
Operating income |
$ 3,934 |
$ 9,907 |
-60.3% |
$ 12,471 |
$ 24,723 |
-49.6% |
|
|
|
|
|
|
|
Per Share Reconciliation
of Net Income to Operating Income |
|
|
|
|
|
Net income – Class A (diluted) |
$ 0.17 |
$ 0.36 |
-52.8% |
$ 0.55 |
$ 1.02 |
-46.1% |
Realized (gains) losses (after tax) |
(0.02) |
0.01 |
NM |
(0.08) |
(0.06) |
33.3 |
Operating income – Class A |
$ 0.15 |
$ 0.37 |
-59.5% |
$ 0.47 |
$ 0.96 |
-51.0% |
|
|
|
|
|
|
|
Net income – Class B |
$ 0.15 |
$ 0.34 |
-55.9% |
$ 0.49 |
$ 0.94 |
-47.9% |
Realized (gains) losses (after tax) |
(0.02) |
0.01 |
NM |
(0.07) |
(0.06) |
16.7 |
Operating income – Class B |
$ 0.13 |
$ 0.35 |
-62.9% |
$ 0.42 |
$ 0.88 |
-52.3% |
|
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 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
The Company will hold a conference call and webcast on Friday,
February 20, 2015, beginning at 11:00 A.M. Eastern Time. You may
listen via the Internet by accessing the webcast link on the
Company's web site at http://investors.donegalgroup.com. A replay
of the conference call will also be available via the Company's web
site.
About the Company
Donegal Group is an insurance holding company. The Company's
Class A common stock and Class B common stock trade on the NASDAQ
Global Select Market under the symbols DGICA and DGICB,
respectively. As an effective acquirer of small to medium-sized
"main street" property and casualty insurers, Donegal Group has
grown profitably since its formation in 1986. The Company continues
to seek opportunities for growth while striving to achieve its
longstanding goal of outperforming the property and casualty
insurance industry in terms of service, profitability and growth in
book value.
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 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 we operate, interest
rates, competition from various insurance and other financial
businesses, terrorism, the availability and cost of reinsurance,
adverse and catastrophic weather events, legal and judicial
developments, changes in regulatory requirements, our ability to
integrate and manage successfully the companies we may acquire from
time to time and other risks we describe from time to time 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 December
31, |
|
2014 |
2013 |
|
|
|
Net premiums earned |
$ 144,211 |
$ 132,982 |
Investment income, net of expenses |
4,815 |
4,685 |
Net realized investment gains (losses) |
837 |
(520) |
Lease income |
212 |
211 |
Installment payment fees |
1,508 |
1,629 |
Equity in earnings of DFSC |
8 |
408 |
Total revenues |
151,591 |
139,395 |
|
|
|
Net losses and loss expenses |
101,877 |
83,193 |
Amortization of deferred acquisition
costs |
23,913 |
21,517 |
Other underwriting expenses |
19,859 |
20,861 |
Policyholder dividends |
860 |
637 |
Interest |
340 |
382 |
Other expenses |
600 |
554 |
Total expenses |
147,449 |
127,144 |
|
|
|
Income before income tax (benefit)
expense |
4,142 |
12,251 |
Income tax (benefit) expense |
(344) |
2,687 |
|
|
|
Net income |
$ 4,486 |
$ 9,564 |
|
|
|
Net income per common share: |
|
|
Class A - basic |
$ 0.17 |
$ 0.37 |
Class A - diluted |
$ 0.17 |
$ 0.36 |
Class B - basic and
diluted |
$ 0.15 |
$ 0.34 |
|
|
|
Supplementary Financial Analysts' Data |
|
|
|
|
|
Weighted-average number of shares
outstanding: |
|
Class A - basic |
21,383,054 |
20,711,539 |
Class A - diluted |
21,946,147 |
21,391,352 |
Class B - basic and
diluted |
5,576,775 |
5,576,775 |
|
|
|
Net premiums written |
$ 135,344 |
$ 123,770 |
|
|
|
Book value per common share at end of
period |
$ 15.40 |
$ 15.02 |
|
|
|
Annualized return on average equity |
4.3% |
9.7% |
|
Donegal Group Inc. |
Consolidated Statements of
Income |
(unaudited in 2014; in
thousands, except share data) |
|
|
Year Ended December
31, |
|
2014 |
2013 |
|
|
|
Net premiums earned |
$ 556,498 |
$ 515,292 |
Investment income, net of expenses |
18,344 |
18,795 |
Net realized investment gains |
3,134 |
2,423 |
Lease income |
856 |
850 |
Installment payment fees |
6,473 |
6,842 |
Equity in earnings of DFSC |
1,243 |
2,908 |
Total revenues |
586,548 |
547,110 |
|
|
|
Net losses and loss expenses |
388,401 |
343,128 |
Amortization of deferred acquisition
costs |
90,146 |
81,753 |
Other underwriting expenses |
84,659 |
82,197 |
Policyholder dividends |
2,796 |
1,910 |
Interest |
1,517 |
1,635 |
Other expenses |
2,746 |
3,777 |
Total expenses |
570,265 |
514,400 |
|
|
|
Income before income tax expense |
16,283 |
32,710 |
Income tax expense |
1,744 |
6,388 |
|
|
|
Net income |
$ 14,539 |
$ 26,322 |
|
|
|
Net income per common share: |
|
|
Class A - basic |
$ 0.56 |
$ 1.04 |
Class A - diluted |
$ 0.55 |
$ 1.02 |
Class B - basic and
diluted |
$ 0.49 |
$ 0.94 |
|
|
|
Supplementary Financial Analysts' Data |
|
|
|
|
|
Weighted-average number of shares
outstanding: |
|
|
Class A - basic |
21,099,861 |
20,363,677 |
Class A - diluted |
21,564,456 |
20,762,385 |
Class B - basic and
diluted |
5,576,775 |
5,576,775 |
|
|
|
Net premiums written |
$ 579,201 |
$ 533,431 |
|
|
|
Book value per common share at end of
period |
$ 15.40 |
$ 15.02 |
|
|
|
Return on average equity |
3.6% |
6.6% |
|
Donegal Group Inc. |
Consolidated Balance
Sheets |
(in thousands) |
|
|
|
|
December 31, |
December 31, |
|
2014 |
2013 |
|
(unaudited) |
|
|
|
|
ASSETS |
Investments: |
|
|
Fixed maturities: |
|
|
Held to maturity, at amortized
cost |
$ 307,392 |
$ 240,370 |
Available for sale, at fair
value |
435,150 |
403,652 |
Equity securities, at fair
value |
30,822 |
12,423 |
Investments in affiliates |
39,284 |
35,685 |
Short-term investments, at
cost |
20,293 |
99,678 |
Total investments |
832,941 |
791,808 |
Cash |
35,579 |
27,636 |
Premiums receivable |
133,307 |
123,905 |
Reinsurance receivable |
253,636 |
244,239 |
Deferred policy acquisition costs |
48,299 |
43,628 |
Prepaid reinsurance premiums |
115,872 |
112,664 |
Other assets |
39,021 |
41,531 |
Total assets |
$ 1,458,655 |
$ 1,385,411 |
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
Liabilities: |
|
|
Losses and loss expenses |
$ 538,258 |
$ 495,619 |
Unearned premiums |
408,646 |
382,735 |
Accrued expenses |
19,430 |
19,265 |
Borrowings under line of
credit |
53,500 |
58,000 |
Subordinated debentures |
5,000 |
5,000 |
Other liabilities |
17,686 |
27,915 |
Total liabilities |
1,042,520 |
988,534 |
Stockholders' equity: |
|
|
Class A common stock |
224 |
218 |
Class B common stock |
56 |
56 |
Additional paid-in capital |
200,349 |
189,116 |
Accumulated other comprehensive
income (loss) |
5,354 |
(2,313) |
Retained earnings |
223,254 |
222,889 |
Treasury stock, at cost |
(13,102) |
(13,089) |
Total stockholders' equity |
416,135 |
396,877 |
Total liabilities and
stockholders' equity |
$ 1,458,655 |
$ 1,385,411 |
CONTACT: Jeffrey D. Miller
Executive Vice President & Chief Financial Officer
Phone: (717) 426-1931
E-mail: investors@donegalgroup.com
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