Donegal Group Inc. reported significant financial improvements for the third quarter and the first nine months of 2024 compared to the same periods in 2023. For the three months ended September 30, 2024, net premiums earned reached $237.96 million, a 6.0% increase from $224.39 million in Q3 2023. Total revenues for the same period rose to $251.74 million, up from $233.93 million. The company achieved a net income of $16.75 million, contrasting sharply with a net loss of $0.81 million in the prior year, resulting in net income per share of $0.51 for Class A and $0.46 for Class B.
For the nine months ended September 30, 2024, net premiums earned totaled $700.02 million, a 6.7% increase from $655.89 million in 2023. Total revenues for this period were $739.65 million, compared to $687.87 million in the previous year. Net income for the nine months was $26.86 million, significantly higher than $6.40 million in 2023, with net income per share for Class A at $0.82 and Class B at $0.74.
The company’s underwriting performance also improved, with a GAAP combined ratio of 96.4% for Q3 2024, down from 104.5% in Q3 2023. The nine-month combined ratio improved to 100.6% from 103.5% in the prior year. The loss ratio for Q3 2024 was 61.5%, a decrease from 69.8% in Q3 2023, while the core loss ratio also improved to 50.1% from 56.7%.
Investment performance showed positive trends, with net investment income for the first nine months of 2024 at $32.9 million, up 9.0% from $30.1 million in 2023. Net investment gains for the same period were $4.7 million, compared to $0.93 million in the previous year.
As of September 30, 2024, total assets increased to $2.35 billion from $2.27 billion at the end of 2023, while total liabilities rose to $1.83 billion from $1.79 billion. Stockholders’ equity improved to $513.37 million, up from $479.75 million.
The company declared quarterly cash dividends of $0.1725 per share for Class A and $0.155 per share for Class B, payable on November 15, 2024. Additionally, Donegal Group has maintained a disciplined approach to managing its investments and risks, with no material changes in market risk exposure reported during the period.
About DONEGAL GROUP INC
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