Donegal Group Inc. Announces Second Quarter and First Half 2022 Results

About this update from Donegal Group, Inc.

[{"type":"text","content":"MARIETTA, Pa., July 28, 2022 (GLOBE NEWSWIRE) -- Donegal Group Inc. (NASDAQ: DGICA) and (NASDAQ: DGICB) today reported its financial results for the second quarter and first half of 2022. Significant Items for Second Quarter of 2022 (all comparisons to second quarter of 2021): Net loss of $8.2 million, or 26 cents per Class A share, compared to net income of $16.2 million, or 53 cents per diluted Class A shareNet premiums earned increased 6.0% to $204.1 millionNet premiums written1 increased 4.2% to $218.4 millionCombined ratio of 105.0%, compared to 96.1%Net loss included after-tax net investment losses of $6.6 million, or 21 cents per Class A share, compared to after-tax net investment gains of $3.4 million, or 11 cents per diluted Class A shareBook value per share of $15.87 at June 30, 2022 Financial Summary Three Months Ended June 30, Six Months Ended June 30, 2022 2021 % Change 2022 2021 % Change (dollars in thousands, except per share amounts) Income Statement Data Net premiums earned$204,128 $192,489 6.0% $403,377 $379,740 6.2% Investment income, net 8,204 7,652 7.2 16,063 15,163 5.9 Net investment (losses) gains (8,377) 4,241 NM2 (8,453) 6,710 NM Total revenues 204,311 205,146 -0.4 411,938 403,116 2.2 Net (loss) income (8,208) 16,164 NM 4,937 26,694 -81.5 Non-GAAP operating (loss) income1 (1,590) 12,814 NM 11,615 21,393 -45.7 Annualized (loss) return on average equity -6.3% 12.0% NM 1.9% 10.0% -8.1 pts Per Share Data Net (loss) income – Class A (diluted)$(0.26) $0.53 NM $0.16 $0.88 -81.8% Net (loss) income – Class B (0.24) 0.48 NM 0.14 0.80 -82.5 Non-GAAP operating (loss) income – Class A (diluted) (0.05) 0.42 NM 0.37 0.71 -47.9 Non-GAAP operating (loss) income – Class B (0.05) 0.38 NM 0.34 0.64 -46.9 Book value 15.87 17.64 -10.0% 15.87 17.64 -10.0 1The “Definitions of Non-GAAP Financial Measures” section of this release defines data that the Company prepares on an accounting basis other than U.S. generally accepted accounting principles (“GAAP”) and reconciles such data to GAAP measures. 2Not meaningful. Management Commentary Kevin G. Burke, President and Chief Executive Officer, stated, “Our second quarter of 2022 results reflected a number of factors, including after-tax investment losses of $6.6 million related to the market-driven decline in the value of our equity investment holdings as well as elevated weather-rel...

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