Donegal Group Q1 net income falls 60% to $5.2M; premium growth 8%, combined ratio 101.2%

DONEGAL GROUP INC

Net income $5.2M ($0.16/diluted Class A) vs $13.1M ($0.43) in prior-year Q1, down 60%.
Combined ratio 101.2% (vs 95.8%); weather losses $14.1M and large fire losses $10.9M pressured underwriting.
Net premiums earned +8.0% to $215.2M; net premiums written +8.6% to $237.3M.
Book value per share $15.01 (down 10.2% from $16.72); annualized ROE 4.3% vs 10.0%.
Personal lines net premiums written up 17.7%; management cautious on inflation, raising rates.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

DONEGAL GROUP INC reported first quarter of 2023 results: revenue net premiums earned increased 8.0% to $215.2 million, net income net income of $5.2 million, or $0.16 per diluted Class A share, EPS $0.16 per diluted Class A share.

Period: first quarter of 2023
Revenue: net premiums earned increased 8.0% to $215.2 million
Net income: net income of $5.2 million, or $0.16 per diluted Class A share
EPS: $0.16 per diluted Class A share
Result: reported results

Exact text from the filing

its financial results for the first quarter of 2023. Significant Items for First Quarter of 2023 (all comparisons to first quarter of 2022): Net premiums earned increased 8.0% to $215.2 million Net premiums written 1 increased 8.6% to $237.3 million Combined ratio of 101.2%, compared to 95.8% Net income of $5.2 million, or $0.16 per diluted Class A

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Source: SEC EDGAR

accession 0001171843-23-002608

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