Business
Donegal Group Inc. Announces Third Quarter and First Nine Months of 2020 Results
MARIETTA, Pa., Oct. 28, 2020 (GLOBE NEWSWIRE) -- Donegal Group Inc. (NASDAQ:DGICA) and (NASDAQ:DGICB) today reported its financial results for the third
About this update from Donegal Group, Inc.
[{"type":"text","content":"MARIETTA, Pa., Oct. 28, 2020 (GLOBE NEWSWIRE) -- Donegal Group Inc. (NASDAQ:DGICA) and (NASDAQ:DGICB) today reported its financial results for the third quarter and first nine months of 2020.\n Conference Call and Webcast We will hold a conference call and webcast on Thursday, October 29, 2020, beginning at 11:00 A.M. Eastern Time. You may listen to the webcast of this conference call by accessing the webcast link on our website at http://investors.donegalgroup.com. A supplemental investor presentation and a replay of the conference call will also be available via our website. Significant items include: Net income for the third quarter of 2020 increased 128.2% to $11.8 million, or $0.41 per diluted Class A share, compared to $5.2 million, or $0.18 per diluted Class A share, for the third quarter of 2019, due primarily to improvement in the loss ratio and net investment gainsNet premiums earned of $184.9 million for the third quarter of 2020 decreased 2.6% compared to the prior-year third quarterNet premiums written1 of $180.8 million for the third quarter of 2020 decreased 1.7% compared to the prior-year third quarterNet investment gains of $3.3 million for the third quarter of 2020, primarily related to unrealized gains in the fair value of equity securities held at September 30, 2020, compared to net investment losses of $369,000 for the third quarter of 2019Combined ratio of 98.3% for the third quarter of 2020, compared to 100.6% for the third quarter of 2019Net income for the first nine months of 2020 increased 15.9% to $38.2 million, or $1.33 per diluted Class A share, compared to $33.0 million, or $1.17 per diluted Class A share, for the first nine months of 2019Combined ratio of 95.9% for first nine months of 2020, compared to 100.7% for the first nine months of 2019Book value per share of $16.96 at September 30, 2020, compared to $15.67 at year-end 2019 Summary of Third Quarter and Nine Months Results Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 % Change 2020 2019 % Change (dollars in thousands, except per share amounts) Income Statement Data Net premiums earned$184,926 $189,821 -2.6% $556,552 $566,658 -1.8%Investment income, net 7,403 7,390 0.2 21,952 21,728 1.0 Net investment gains (losses) 3,268 (369) NM2 (940) 19,294 NM Total revenues 196,512 198,010 -0.8 580,323 611,513 -5.1 Net income ...