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Donegal Group Inc is an insurance holding company that offers businesses and individuals personal and commercial lines of property and casualty insurance. The company's reportable segments are its Investment function, Personal lines of insurance, and Commercial lines of insurance. Personal lines products consist mainly of homeowners and private passenger automobile policies. The Commercial lines products of its insurance subsidiaries consist mainly of commercial automobile, commercial multi-peril, and workers' compensation policies. The group mainly operates in the United States. The Donegal Insurance Group includes Donegal Mutual Insurance Company, Atlantic States Insurance Company, Southern Insurance Company of Virginia, Le Mars Insurance Company, The Peninsula Insurance Company, Peninsula Indemnity Company, Sheboygan Falls Insurance Company, Southern Mutual Insurance Company, and Michigan Insurance Company. With a heritage spanning 125 years in the insurance business, Donegal Group Inc is proud of its legacy.
Donegal Group Inc. (NASDAQ: DGICA) reported its Q2 and H1 2024 financial results. Key highlights include:
- Net income of $4.2 million ($0.13 per diluted Class A share) in Q2 2024, up from $2.0 million ($0.06 per share) in Q2 2023
- Net premiums earned increased 8.3% to $234.3 million
- Net premiums written grew 9.1% to $247.2 million
- Combined ratio improved to 103.0% from 104.7%
- Book value per share of $14.48 as of June 30, 2024
The company achieved strong growth in both commercial and personal lines, with net premiums written increasing 7.1% and 12.1% respectively. Weather-related losses were higher than average, but expense reduction initiatives helped improve the expense ratio. Donegal Group continues to focus on profitable growth and executing strategic initiatives to enhance financial performance.
Donegal Group Inc. (NASDAQ: DGICA and DGICB) has announced its regular quarterly cash dividend. The board of directors declared a dividend of $0.1725 per share for Class A common stock and $0.155 per share for Class B common stock. These dividends will be paid on August 15, 2024, to stockholders of record as of the close of business on August 1, 2024. This announcement demonstrates Donegal Group's commitment to providing regular returns to its shareholders, maintaining its dividend policy despite current market conditions.
Donegal Group has announced the release date for its Q2 2024 results.
The results will be published on Thursday, July 25, 2024, before NASDAQ trading begins.
Supplementary investor presentation materials will be available on the company's website.
A pre-recorded audio webcast with commentary from senior management will also be accessible on the release date at 8:30 am ET.
Investors can submit questions via email by July 11, 2024, for a pre-recorded Q&A session.
AM Best has affirmed the Financial Strength Rating of A and the Long-Term Issuer Credit Ratings of Donegal Insurance Group members and Donegal Group Inc. The ratings reflect the strong balance sheet, adequate operating performance, neutral business profile, and appropriate enterprise risk management. Donegal Group's stable outlook is supported by factors like risk-adjusted capitalization, loss reserving trends, conservative investment portfolio, and reinsurance program. Management initiatives aim to improve underwriting performance. The group's geographic diversification and strategic acquisitions contribute to its neutral business profile. Donegal Group demonstrates appropriate enterprise risk management through a formal risk management process and reinsurance treaties. Despite volatile underwriting results, the group's performance aligns with industry averages.
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