Donegal Group Inc. Announces Second Quarter and First Half 2024 Results

About this update from Donegal Group, Inc.

[{"type":"text","content":"MARIETTA, Pa., July 25, 2024 (GLOBE NEWSWIRE) -- Donegal Group Inc. (NASDAQ: DGICA) and (NASDAQ: DGICB) today reported its financial results for the second quarter and first half of 2024. Significant Items for Second Quarter of 2024 (all comparisons to second quarter of 2023): Net income of $4.2 million, or 13 cents per diluted Class A share, compared to $2.0 million, or 6 cents per diluted Class A shareNet premiums earned increased 8.3% to $234.3 millionNet premiums written1 increased 9.1% to $247.2 millionCombined ratio of 103.0%, compared to 104.7%Net income included after-tax net investment gains of $0.6 million, or 2 cents per diluted Class A share, compared to $2.0 million, or 6 cents per diluted Class A shareBook value per share of $14.48 at June 30, 2024, compared to $14.68 Financial Summary Three Months Ended June 30, Six Months Ended June 30, 2024 2023 % Change 2024 2023 % Change (dollars in thousands, except per share amounts) Income Statement Data Net premiums earned$ 234,311 $216,260 8.3% $462,06 $431,493 7.1%Investment income, net11,068 10,157 9.0 22,041 19,607 12.4 Net investment gains737 2,504 -70.6 2,850 2,173 31.2 Total revenues246,773 229,196 7.7 487,913 453,942 7.5 Net income4,153 1,997 108.0 10,108 7,201 40.4 Non-GAAP operating income13,571 19 NM2 7,857 5,484 43.3 Annualized return on average equity 3.4% 1.6% 1.8pts 4.2% 3.0% 1.2 pts Per Share Data Net income – Class A (diluted)$ 0.13 $ 0.06 116.7% $ 0.31 $ 0.22 40.9%Net income – Class B0.11 0.05 120.0 0.28 0.20 40.0 Non-GAAP operating income – Class A (diluted)0.11 - NM 0.24 0.17 41.2 Non-GAAP operating income – Class B0.10 - NM 0.22 0.15 46.7 Book value14.48 14.68 -1.4 14.48 14.68 -1.4 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 continued to execute successfully on several important objectives during the second quarter of 2024 that we expect will further enhance our financial performance in future periods,” said Kevin G. Burke, President and Chief Executive Officer of Donegal Group Inc. “During the quarter, we achieved net premiums written growth of 9.1%, reflecting ongoing strong renewal premium rate increases and policy retention. We are actively cont...

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