Business
Donegal Group Inc. Announces 2019 Fourth Quarter and Full Year Results
MARIETTA, Pa., Feb. 24, 2020 (GLOBE NEWSWIRE) -- Donegal Group Inc. (NASDAQ:DGICA) and (NASDAQ:DGICB) today reported its financial results for the fourth
About this update from Donegal Group, Inc.
[{"type":"text","content":"MARIETTA, Pa., Feb. 24, 2020 (GLOBE NEWSWIRE) -- Donegal Group Inc. (NASDAQ:DGICA) and (NASDAQ:DGICB) today reported its financial results for the fourth quarter and full year of 2019.\n The Company will hold a conference call to discuss these results on Tuesday, February 25, 2020 at 11:00AM Eastern Time. You may listen to the live webcast or replay of this conference call by accessing the event link at http://investors.donegalgroup.com. Significant financial highlights included: Fourth Quarter of 2019: Net income was $14.2 million, or 50 cents per diluted Class A share, for the fourth quarter of 2019, compared to a net loss of $15.0 million, or 54 cents per Class A share, for the fourth quarter of 2018Combined ratio of 96.1% for the fourth quarter of 2019, compared to 110.5% for the prior-year fourth quarterNet premiums earned of $189.4 million for the fourth quarter of 2019 increased 1.8% compared to the fourth quarter of 2018, including a 16.1% increase in commercial lines net premiums earnedNet premiums written1 of $171.0 million for the fourth quarter of 2019 increased 1.6% compared to the fourth quarter of 2018 primarily as a result of commercial lines organic growth and lower reinsurance premiums, partially offset by reductions in personal lines net premiums writtenNet income for the fourth quarter of 2019 included after-tax net investment gains of $2.1 million, or 8 cents per diluted Class A share, compared to after-tax net investment losses of $6.9 million, or 25 cents per Class A share, primarily related to the quarterly change in the fair value of the equity securities held at December 31, 2019 and 2018, respectively Full Year of 2019: Net income of $47.2 million, or $1.67 per diluted Class A share, for the full year of 2019, compared to a net loss of $32.8 million, or $1.18 per Class A share, for the full year of 2018Combined ratio of 99.5% for the full year of 2019, compared to 110.1% for the full year of 2018Net premiums earned of $756.1 million for the full year of 2019 increased 2.0% compared to the full year of 2018, including a 14.1% increase in commercial lines net premiums earnedNet premiums written of $752.6 million for the full year of 2019 increased 1.2% compared to the full year of 2018, with commercial lines representing 53.8% of total net premiums written for the full year of 2019, compared to 48.0% for...