Donegal Group Inc. Announces Third Quarter and First Nine Months of 2021 Results

About this update from Donegal Group, Inc.

[{"type":"text","content":"MARIETTA, Pa., Oct. 27, 2021 (GLOBE NEWSWIRE) -- Donegal Group Inc. (NASDAQ:DGICA) and (NASDAQ:DGICB) today reported its financial results for the third quarter and first nine months of 2021. Significant items (all comparisons to third quarter of 2020): Net loss of $6.7 million, or 22 cents per Class A share, compared to net income of $11.8 million, or 41 cents per diluted Class A shareNet premiums earned increased 6.1% to $196.2 millionNet premiums written1 increased 9.0% to $197.0 millionCombined ratio of 107.7%, compared to 98.3%, largely due to elevated weather-related and fire loss activityNet loss included after-tax net investment losses of $1.2 million, or 4 cents per Class A share, compared to after-tax net investment gains of $2.6 million, or 9 cents per diluted Class A shareBook value per share of $17.21 at September 30, 2021, compared to $16.96 at September 30, 2020 Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 % Change 2021 2020 % Change (dollars in thousands, except per share amounts) Income Statement Data Net premiums earned$196,235 $184,926 6.1% $575,975 $556,552 3.5%Investment income, net 7,764 7,403 4.9 22,926 21,952 4.4 Net investment (losses) gains (1,570) 3,268 NM2 5,140 (940) NM Total revenues 203,106 196,512 3.4 606,222 580,323 4.5 Net (loss) income (6,712) 11,837 NM 19,982 38,247 -47.8 Non-GAAP operating (loss) income1 (5,471) 9,255 NM 15,922 39,151 -59.3 Annualized return on average equity -4.9% 9.5% NM 5.0% 10.7% -5.7 pts Per Share Data Net (loss) income – Class A (diluted)$(0.22) $0.41 NM $0.66 $1.33 -50.4%Net (loss) income – Class B (0.20) 0.37 NM 0.59 1.21 -51.2 Non-GAAP operating (loss) income – Class A (diluted) (0.18) 0.32 NM 0.52 1.36 -61.8 Non-GAAP operating (loss) income – Class B (0.16) 0.29 NM 0.47 1.24 -62.1 Book value 17.21 16.96 1.5% 17.21 16.96 1.5 1The “Definitions of Non-GAAP and Operating 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 Overview Kevin G. Burke, President and Chief Executive Officer of Donegal Group Inc., noted, “We achieved our premium growth objectives for the third quarter of 2021 due in part to excellent premium retention and commercial premium rate increases. However, our quarterly ...

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