Earnings ·
Donegal Group reports Q3 EPS of $0.49 as net premiums earned fall 3.0% to $222.9 million
DGICBDonegal Group Inc
Donegal Group Inc. reported third-quarter net income of $18.2 million, or $0.49 per diluted Class A share, down from $20.1 million, or $0.55 per share, in the prior-year period. Net premiums earned decreased 3.0% to $222.9 million, driven by higher attrition and competitive pricing pressures that reduced net premiums written by 4.5%. The combined ratio widened slightly to 96.5% from 95.9%, reflecting increased weather-related losses of $19.1 million compared to $14.3 million a year earlier. Net investment results turned negative, with after-tax losses of $0.6 million versus gains of $1.0 million previously. The company also declared a regular quarterly cash dividend of $0.1925 per Class A share and $0.175 per Class B share, payable on November 16 to holders of record as of November 2. Donegal Group is an insurance holding company offering property and casualty lines in multiple U.S. states.