Donegal Group Inc. Announces Fourth Quarter and Full Year 2022 Results

About this update from Donegal Group, Inc.

[{"type":"text","content":"MARIETTA, Pa., Feb. 23, 2023 (GLOBE NEWSWIRE) -- Donegal Group Inc. (NASDAQ:DGICA) and (NASDAQ:DGICB) today reported its financial results for the fourth quarter and full year ended December 31, 2022. Significant Items for Fourth Quarter of 2022 (all comparisons to fourth quarter of 2021): Net premiums earned increased 6.5% to $213.0 millionCombined ratio of 102.8%, compared to 101.6%Net income of $3.5 million, or 11 cents per diluted Class A share, compared to $5.3 million, or 17 cents per diluted Class A shareNet investment gains (after tax) of $0.5 million, or 2 cents per diluted Class A share, compared to $1.1 million, or 3 cents per diluted Class A share, are included in net income Significant Items for Full Year of 2022 (all comparisons to full year of 2021): Net premiums earned increased 6.0% to $822.5 millionCombined ratio of 103.3%, compared to 101.0%Net loss of $2.0 million, or 6 cents per Class A share, compared to net income of $25.3 million, or 83 cents per diluted Class A shareNet investment losses (after tax) of $8.0 million, or 26 cents per Class A share, compared to net investment gains (after tax) of $5.1 million, or 17 cents per diluted Class A share, are included in net lossBook value per share of $14.79 at December 31, 2022, compared to $16.95 at year-end 2021 Financial Summary Three Months Ended December 31, Year Ended December 31, 2022 2021 % Change 2022 2021 % Change (dollars in thousands, except per share amounts) Income Statement Data Net premiums earned$212,991 $200,040 6.5% $822,490 $776,015 6.0% Investment income, net 9,385 8,199 14.5 34,016 31,126 9.3 Net investment gains (losses) 626 1,338 -53.2 (10,185) 6,477 NM2 Total revenues 223,444 210,244 6.3 848,221 816,466 3.9 Net income (loss) 3,479 5,272 -34.0 (1,959) 25,254 NM Non-GAAP operating income1 2,985 4,216 -29.2 6,087 20,137 -69.8 Annualized return (loss) on average equity 2.9% 3.9% -1.0 pts -0.4% 4.8% -5.2 pts Per Share Data Net income (loss) – Class A (diluted)$0.11 $0.17 -35.3% $(0.06) $0.83 NM Net income (loss) – Class B 0.09 0.15 -40.0 (0.07) 0.74 NM Non-GAAP operating income – Class A (diluted) 0.09 0.14 -35.7 0.20 0.66 -69.7% Non-GAAP operating income – Class B 0.08 0.12 -33.3 0.16 0.59 -72.9 Book value 14.79 16.95 -12.7 14.79 16.95 -12.7 1The “Definitions of Non-GAAP and Operating Measures” section of this release defines and reconciles ...

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