Donegal Group Q3 net loss narrows to $0.8M from $10.4M; premiums up 8.9%

DONEGAL GROUP INC

Q3 net loss $0.8M ($0.02/Class A) vs $10.4M ($0.33) a year ago, improvement of 92%.
Net premiums earned +8.9% to $224.4M; combined ratio improved to 104.5% from 109.6%.
Investment income +23% to $10.5M; net investment losses reduced to $1.2M from $2.4M.
Book value per share $14.26 at Sep 30, 2023, down 4% from $14.85 a year ago.
First nine months 2023 net income $6.4M ($0.20/Class A) vs net loss $5.4M in 2022.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.8

DONEGAL GROUP INC reported the third quarter and first nine months of 2023 results: net income Net loss of $0.8 million, or 2 cents per Class A share.

Period: the third quarter and first nine months of 2023
Net income: Net loss of $0.8 million, or 2 cents per Class A share
Result: reported results

Exact text from the filing

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 share Net premiums earned increased 8.9% to $224.4 million Net premiums written 1 increased 6.3% to $219.2 million Combined ratio of 104.5%, compared to 109.6%, due to lower commercial lines losses Net 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 share Book 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 1

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Source: SEC EDGAR

accession 0001171843-23-006429

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