Donegal Group Inc. Announces Third Quarter and First Nine Months of 2023 Results

About this update from Donegal Group, Inc.

[{"type":"text","content":"MARIETTA, Pa., Oct. 26, 2023 (GLOBE NEWSWIRE) -- Donegal Group Inc. (NASDAQ:DGICA) and (NASDAQ:DGICB) today reported its financial results for the third quarter and first nine months of 2023. Significant items for third quarter of 2023 (all comparisons to third quarter of 2022): Net loss of $0.8 million, or 2 cents per Class A share, compared to net loss of $10.4 million, or 33 cents per Class A shareNet premiums earned increased 8.9% to $224.4 millionNet premiums written1 increased 6.3% to $219.2 millionCombined ratio of 104.5%, compared to 109.6%, due to lower commercial lines lossesNet loss included after-tax net investment losses of $1.0 million, or 3 cents per Class A share, compared to $1.9 million, or 6 cents per Class A shareBook value per share of $14.26 at September 30, 2023, compared to $14.85 Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 % Change 2023 2022 % Change (dollars in thousands, except per share amounts)Income Statement Data Net premiums earned$224,393 $206,122 8.9% $655,886 $609,499 7.6%Investment income, net 10,536 8,569 23.0 30,143 24,631 22.4 Net investment (losses) gains (1,243) (2,358) -47.3 930 (10,811) NM2 Total revenues 233,928 212,838 9.9 687,870 624,776 10.1 Net (loss) income (805) (10,376) -92.2 6,396 (5,439) NM Non-GAAP operating income (loss)1 176 (8,513) NM 5,661 3,102 82.5 Annualized (loss) return on average equity -0.7% -8.4% 7.7 pts 1.8% -1.4% 3.2 pts Per Share Data Net (loss) income – Class A (diluted)$(0.02) $(0.33) -93.9% $0.20 $(0.17) NM Net (loss) income – Class B (0.02) (0.30) -93.3 0.17 (0.16) NM Non-GAAP operating income (loss) – Class A (diluted) 0.01 (0.27) NM 0.17 0.10 70.0%Non-GAAP operating income (loss) – Class B - (0.25) NM 0.15 0.08 87.5 Book value 14.26 14.85 -4.0 14.26 14.85 -4.0 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 Kevin G. Burke, President and Chief Executive Officer of Donegal Group Inc., noted, “We remain focused on the ongoing execution of our strategic plan to build a solid foundation for future growth and consistent profitability, while we continue to navigate significant headwinds impacting the insurance industry. During the third...

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