Donegal Group Inc. Announces Third Quarter and First Nine Months of 2021 Results

Rhea-AI Summary

Donegal Group reported a net loss of $6.7 million for Q3 2021, contrasting sharply with a net income of $11.8 million in Q3 2020. Despite this, net premiums earned rose by 6.1% to $196.2 million.

The company faced challenges with a combined ratio of 107.7%, largely driven by weather-related losses and fire claims. Investment losses totaled $1.2 million, impacting overall profitability. However, book value per share increased to $17.21 from $16.96 year-over-year, demonstrating some stability amidst the losses.

Positive

• Net premiums earned increased by 6.1% to $196.2 million.
• Book value per share rose to $17.21 from $16.96.

Negative

• Net loss of $6.7 million compared to net income of $11.8 million in Q3 2020.
• Combined ratio increased to 107.7% from 98.3% due to elevated losses.

MARIETTA, Pa., Oct. 27, 2021 (GLOBE NEWSWIRE) -- Donegal Group Inc. (NASDAQ:DGICA) and (NASDAQ:DGICB) today reported its financial results for the third quarter and first nine months of 2021.

Significant items (all comparisons to third quarter of 2020):

• Net loss of $6.7 million, or 22 cents per Class A share, compared to net income of $11.8 million, or 41 cents per diluted Class A share
• Net premiums earned increased 6.1% to $196.2 million
• Net premiums written¹ increased 9.0% to $197.0 million
• Combined ratio of 107.7%, compared to 98.3%, largely due to elevated weather-related and fire loss activity
• Net loss included after-tax net investment losses of $1.2 million, or 4 cents per Class A share, compared to after-tax net investment gains of $2.6 million, or 9 cents per diluted Class A share
• Book value per share of $17.21 at September 30, 2021, compared to $16.96 at September 30, 2020

	Three Months Ended September 30,												Nine Months Ended September 30,
		2021				2020			% Change					2021				2020			% Change
	(dollars in thousands, except per share amounts)
Income Statement Data
Net premiums earned	$	196,235			$	184,926				6.1	%		$	575,975			$	556,552			3.5	%
Investment income, net		7,764				7,403				4.9				22,926				21,952			4.4
Net investment (losses) gains		(1,570	)			3,268				NM2				5,140				(940	)		NM
Total revenues		203,106				196,512				3.4				606,222				580,323			4.5
Net (loss) income		(6,712	)			11,837				NM				19,982				38,247			-47.8
Non-GAAP operating (loss) income1		(5,471	)			9,255				NM				15,922				39,151			-59.3
Annualized return on average equity		-4.9	%			9.5	%			NM				5.0	%			10.7	%		-5.7 pts
Per Share Data
Net (loss) income – Class A (diluted)	$	(0.22	)		$	0.41				NM			$	0.66			$	1.33			-50.4	%
Net (loss) income – Class B		(0.20	)			0.37				NM				0.59				1.21			-51.2
Non-GAAP operating (loss) income – Class A (diluted)		(0.18	)			0.32				NM				0.52				1.36			-61.8
Non-GAAP operating (loss) income – Class B		(0.16	)			0.29				NM				0.47				1.24			-62.1
Book value		17.21				16.96				1.5	%			17.21				16.96			1.5

¹The “Definitions of Non-GAAP and Operating Measures” section of this release defines and reconciles data that we prepare on an accounting basis other than U.S. generally accepted accounting principles (“GAAP”).

²Not meaningful.

Management Commentary

Overview

Kevin G. Burke, President and Chief Executive Officer of Donegal Group Inc., noted, “We achieved our premium growth objectives for the third quarter of 2021 due in part to excellent premium retention and commercial premium rate increases. However, our quarterly underwriting results were impacted by elevated weather-related, large fire and large workers’ compensation losses. In addition, personal automobile loss frequency returned closer to historical averages, resulting in a higher third quarter of 2021 loss ratio compared to the prior-year quarter. Net favorable development of reserves for losses incurred in prior accident years continued in the third quarter of 2021, related primarily the lower-than-anticipated claim emergence in our personal and commercial automobile lines of business.”

Growth Trends

Mr. Burke continued, “Donegal Group achieved net premiums written growth of 9.0% during the third quarter of 2021, with a 17.6% increase in our commercial lines business segment compared to the prior-year quarter. In addition to new business growth, solid premium retention and renewal premium increases, the quarterly commercial growth reflected the inclusion of $10.4 million of commercial premiums from four Southwestern states. In late August 2021, we successfully deployed the second major release within our ongoing systems modernization project. This release will facilitate the phased roll-out of new personal lines products in ten states over the next year. We expect the new products to begin generating an increase in personal lines new business premium writings in 2022.”

Underwriting Results

Jeffrey D. Miller, Executive Vice President and Chief Financial Officer, commented on the third quarter underwriting results, “Our insurance subsidiaries’ combined ratio increased to 107.7% for the third quarter of 2021, compared to 98.3% for the prior-year quarter in which we experienced lower claim frequency due in large part to pandemic conditions. While weather-related losses were elevated for the third quarter of 2021, the loss ratio impact was consistent with our historical third-quarter average. As economic activity increased compared to the prior-year quarter, we incurred large fire losses that exceeded our historical quarterly average, including $6.0 million from three individual losses that exceeded our per-risk reinsurance retention amount. We also experienced higher loss severity in our workers’ compensation line of business, primarily due to a handful of unrelated severe injury claims. Our expense ratio for the third quarter of 2021 declined slightly compared to the prior-year quarter, due to lower underwriting-based incentive costs for our agents and employees that were partially offset by increased expenses related to our continuing investment in technology systems that we anticipate will benefit us over time.”

Book Value Appreciation

Mr. Burke concluded, “Our book value per share increased to $17.21 at September 30, 2021, compared to $17.13 at December 31, 2020, largely due to profitable year-to-date results that were largely offset by dividend payments and a decrease in unrealized gains within our available-for-sale fixed-maturity portfolio related to comparatively higher market interest rates at September 30, 2021.”

Insurance Operations

Donegal Group is an insurance holding company whose insurance subsidiaries and affiliates offer property and casualty lines of insurance in three Mid-Atlantic states (Delaware, Maryland and Pennsylvania), three New England states (Maine, New Hampshire and Vermont), six Southern states (Alabama, Georgia, North Carolina, South Carolina, Tennessee and Virginia), eight Midwestern states (Illinois, Indiana, Iowa, Michigan, Nebraska, Ohio, South Dakota and Wisconsin) and four Southwestern states (Colorado, New Mexico, Texas and Utah). Donegal Mutual Insurance Company and the insurance subsidiaries of Donegal Group conduct business together as the Donegal Insurance Group.

	Three Months Ended September 30,												Nine Months Ended September 30,
		2021				2020			% Change					2021				2020			% Change
	(dollars in thousands)
Net Premiums Earned
Commercial lines	$	119,709			$	103,436				15.7	%		$	344,234			$	307,080			12.1	%
Personal lines		76,526				81,490				-6.1				231,741				249,472			-7.1
Total net premiums earned	$	196,235			$	184,926				6.1	%		$	575,975			$	556,552			3.5	%
Net Premiums Written
Commercial lines:
Automobile	$	36,604			$	31,172				17.4	%		$	126,417			$	104,083			21.5	%
Workers' compensation		26,265				25,467				3.1				89,773				86,329			4.0
Commercial multi-peril		43,869				34,220				28.2				143,584				112,461			27.7
Other		9,157				7,714				18.7				29,578				25,007			18.3
Total commercial lines		115,895				98,573				17.6				389,352				327,880			18.7
Personal lines:
Automobile		44,711				46,794				-4.5				132,014				143,610			-8.1
Homeowners		30,978				30,716				0.9				84,035				85,975			-2.3
Other		5,431				4,697				15.6				17,081				15,255			12.0
Total personal lines		81,120				82,207				-1.3				233,130				244,840			-4.8
Total net premiums written	$	197,015			$	180,780				9.0	%		$	622,482			$	572,720			8.7	%

Net Premiums Written

The 9.0% increase in net premiums written for the third quarter of 2021 compared to the third quarter of 2020, as shown in the table above, represents 17.6% growth in commercial lines net premiums written, partially offset by a 1.3% decline in personal lines net premiums written. The $16.2 million increase in net premiums written for the third quarter of 2021 compared to the third quarter of 2020 included:

• Commercial Lines: $17.3 million increase that we attribute primarily to the allocation from the Donegal Mutual underwriting pool of $10.4 million of business Donegal Mutual and its subsidiaries wrote in four Southwestern states, new commercial accounts our insurance subsidiaries wrote throughout their operating regions and a continuation of renewal premium increases.
• Personal Lines: $1.1 million decline that we attribute to net attrition as a result of underwriting measures our insurance subsidiaries implemented to slow new policy growth, partially offset by premium rate increases our insurance subsidiaries have implemented over the past four quarters.

Underwriting Performance

We evaluate the performance of our commercial lines and personal lines segments primarily based upon the underwriting results of our insurance subsidiaries as determined under statutory accounting practices. The following table presents comparative details with respect to the GAAP and statutory combined ratios¹ for the three and nine months ended September 30, 2021 and 2020:

	Three Months Ended								Nine Months Ended
	September 30,								September 30,
		2021				2020				2021				2020
GAAP Combined Ratios (Total Lines)
Loss ratio (non-weather)		66.3	%			56.3	%			59.8	%			54.1	%
Loss ratio (weather-related)		9.2				9.1				6.4				7.6
Expense ratio		31.5				31.9				33.9				33.2
Dividend ratio		0.6				1.0				0.7				1.0
Combined ratio		107.6	%			98.3	%			100.8	%			95.9	%
Statutory Combined Ratios
Commercial lines:
Automobile		111.9	%			109.9	%			106.7	%			110.5	%
Workers' compensation		109.0				86.8				96.0				85.9
Commercial multi-peril		116.9				109.2				106.5				98.1
Other		64.0				93.5				67.2				79.5
Total commercial lines		109.4				102.4				101.1				97.3
Personal lines:
Automobile		102.0				89.0				95.4				88.6
Homeowners		117.5				97.7				107.4				99.3
Other		65.4				84.0				72.2				76.5
Total personal lines		105.2				91.9				98.2				91.6
Total lines		107.7	%			97.7	%			100.0	%			94.7	%

Loss Ratio

For the third quarter of 2021, the loss ratio increased to 75.5%, compared to 65.4% for the third quarter of 2020. Weather-related losses of approximately $18.0 million, or 9.2 percentage points of the loss ratio, for the third quarter of 2021, increased from $16.9 million, or 9.1 percentage points of the loss ratio, for the third quarter of 2020. Weather-related losses from Tropical Storm Ida totaled $2.2 million, with the remainder of the weather-related losses attributable primarily to typical severe summer storm activity. The impact of weather-related loss activity to the loss ratio for the third quarter of 2021 was generally in line with our previous five-year average of 9.0% for third quarter weather-related losses.

Large fire losses, which we define as individual fire losses in excess of $50,000, for the third quarter of 2021 were $12.7 million, or 6.5 percentage points of the loss ratio. That amount represented a significant increase compared to the large fire losses of $3.9 million, or 2.1 percentage points of the loss ratio, for the third quarter of 2020 that we believe reflected lower economic activity related to pandemic conditions. The frequency and severity of commercial fire losses increased in the third quarter of 2021 relative to the prior-year quarter and historical averages.

Net favorable development of reserves for losses incurred in prior accident years of $4.3 million decreased the loss ratio for the third quarter of 2021 by 2.2 percentage points. Net development of reserves for losses incurred in prior accident years did not have a material impact on the loss ratio for the third quarter of 2020. For the third quarter of 2021, our insurance subsidiaries experienced modest favorable development in their personal and commercial automobile lines of business.

The expense ratio was 31.5% for the third quarter of 2021, compared to 31.9% for the third quarter of 2020. Relative to the prior-year quarter, the modest decrease in the expense ratio reflected lower underwriting-based incentive costs for our agents and employees, offset partially by an increase in technology systems-related expenses. The increase in technology systems-related expenses was primarily due to an increased allocation of costs from Donegal Mutual Insurance Company to our insurance subsidiaries with respect to our ongoing systems modernization project.

Investment Operations

Donegal Group’s investment strategy is to generate an appropriate amount of after-tax income on its invested assets while minimizing credit risk through investment in high-quality securities. As a result, we had invested 94% of our consolidated investment portfolio in diversified, highly rated and marketable fixed-maturity securities at September 30, 2021.

	September 30, 2021								December 31, 2020
	Amount				%				Amount				%
	(dollars in thousands)
Fixed maturities, at carrying value:
U.S. Treasury securities and obligations of U.S.
government corporations and agencies	$	121,115				9.6	%		$	125,250				10.3	%
Obligations of states and political subdivisions		414,663				33.0				381,284				31.2
Corporate securities		405,929				32.3				385,978				31.6
Mortgage-backed securities		239,863				19.1				249,233				20.4
Total fixed maturities		1,181,570				94.0				1,141,745				93.5
Equity securities, at fair value		71,183				5.6				58,556				4.8
Short-term investments, at cost		4,694				0.4				20,900				1.7
Total investments	$	1,257,447				100.0	%		$	1,221,201				100.0	%
Average investment yield		2.5	%							2.5	%
Average tax-equivalent investment yield		2.6	%							2.7	%
Average fixed-maturity duration (years)		4.9								4.2

Net investment income of $7.8 million for the third quarter of 2021 increased 4.9% compared to $7.4 million in net investment income for the third quarter of 2020. The increase in net investment income reflected primarily an increase in average invested assets relative to the prior-year third quarter.

Net investment losses were $1.6 million for the third quarter of 2021, compared to net investment gains of $3.3 million for the third quarter of 2020. Net investment gains and losses for both quarterly periods were primarily related to the net change in unrealized gains or losses in the fair value of equity securities held at the end of the respective periods.

Definitions of Non-GAAP Financial Measures

We prepare our consolidated financial statements on the basis of GAAP. Our insurance subsidiaries also prepare financial statements based on statutory accounting principles state insurance regulators prescribe or permit (“SAP”). In addition to using GAAP-based performance measurements, we also utilize certain non-GAAP financial measures that we believe provide value in managing our business and for comparison to the financial results of our peers. These non-GAAP measures are net premiums written, operating income or loss and statutory combined ratio.

Net premiums written and operating income or loss are non-GAAP financial measures investors in insurance companies commonly use. We define net premiums written as the amount of full-term premiums our insurance subsidiaries record for policies effective within a given period less premiums our insurance subsidiaries cede to reinsurers. We define operating income or loss as net income or loss excluding after-tax net investment gains or losses, after-tax restructuring charges and other significant non-recurring items. Because our calculation of operating income or loss may differ from similar measures other companies use, investors should exercise caution when comparing our measure of operating income or loss to the measure of other companies.

The following table provides a reconciliation of net premiums earned to net premiums written for the periods indicated:

	Three Months Ended September 30,												Nine Months Ended September 30,
		2021				2020			% Change					2021				2020			% Change
	(dollars in thousands)
Reconciliation of Net Premiums
Earned to Net Premiums Written
Net premiums earned	$	196,235			$	184,926				6.1	%		$	575,975			$	556,552			3.5	%
Change in net unearned premiums		780				(4,146	)			NM				46,507				16,168			187.6
Net premiums written	$	197,015			$	180,780				9.0	%		$	622,482			$	572,720			8.7	%

The following table provides a reconciliation of net (loss) income to operating (loss) income for the periods indicated:

	Three Months Ended September 30,												Nine Months Ended September 30,
		2021				2020			% Change					2021				2020			% Change
	(dollars in thousands, except per share amounts)
Reconciliation of Net (Loss) Income
to Non-GAAP Operating (Loss) Income
Net (loss) income	$	(6,712	)		$	11,837				NM			$	19,982			$	38,247			-47.8	%
Investment losses (gains) (after tax)		1,241				(2,582	)			NM				(4,060	)			743			NM
Other, net		-				-				-				-				161			-100.0
Non-GAAP operating (loss) income	$	(5,471	)		$	9,255				NM			$	15,922			$	39,151			-59.3	%
Per Share Reconciliation of Net (Loss) Income
to Non-GAAP Operating (Loss) Income
Net (loss) income – Class A (diluted)	$	(0.22	)		$	0.41				NM			$	0.66			$	1.33			-50.4	%
Investment losses (gains) (after tax)		0.04				(0.09	)			NM				(0.14	)			0.02			NM
Other, net		-				-				-				-				0.01			-100.0
Non-GAAP operating (loss) income – Class A	$	(0.18	)		$	0.32				NM			$	0.52			$	1.36			-61.8	%
Net (loss) income – Class B	$	(0.20	)		$	0.37				NM			$	0.59			$	1.21			-51.2	%
Investment losses (gains) (after tax)		0.04				(0.08	)			NM				(0.12	)			0.02			NM
Other, net		-				-				-				-				0.01			-100.0
Non-GAAP operating (loss) income – Class B	$	(0.16	)		$	0.29				NM			$	0.47			$	1.24			-62.1	%

The statutory combined ratio is a non-GAAP standard measurement of underwriting profitability that is based upon amounts determined under SAP. The statutory combined ratio is the sum of:

• the statutory loss ratio, which is the ratio of calendar-year incurred losses and loss expenses, excluding anticipated salvage and subrogation recoveries, to premiums earned;
• the statutory expense ratio, which is the ratio of expenses incurred for net commissions, premium taxes and underwriting expenses to premiums written; and
• the statutory dividend ratio, which is the ratio of dividends to holders of workers’ compensation policies to premiums earned.
  

The statutory combined ratio does not reflect investment income, federal income taxes or other non-operating income or expense. A statutory combined ratio of less than 100% generally indicates underwriting profitability.

Dividend Information

On October 21, 2021, we declared a regular quarterly cash dividend of $0.16 per share for our Class A common stock and $0.1425 per share for our Class B common stock, which are payable on November 15, 2021 to stockholders of record as of the close of business on November 1, 2021.

Conference Call and Webcast

We will hold a conference call and webcast on Thursday, October 28, 2021, beginning at 11:00 A.M. Eastern Time. You may listen to the webcast of this conference call by accessing the webcast link on our website at http://investors.donegalgroup.com. A supplemental investor presentation and a replay of the conference call will also be available via our website.

About Donegal Group Inc.

Donegal Group Inc. is an insurance holding company whose insurance subsidiaries and affiliates offer property and casualty lines of insurance in certain Mid-Atlantic, Midwestern, New England, Southern and Southwestern states. Donegal Mutual Insurance Company and the insurance subsidiaries of Donegal Group Inc. conduct business together as the Donegal Insurance Group. The Donegal Insurance Group has an A.M. Best rating of A (Excellent).

The Class A common stock and Class B common stock of Donegal Group Inc. trade on the NASDAQ Global Select Market under the symbols DGICA and DGICB, respectively. We are focused on several primary strategies, including achieving sustained excellent financial performance, strategically modernizing our operations and processes to transform our business, capitalizing on opportunities to grow profitably and delivering a superior experience to our agents and customers.

Safe Harbor

We base all statements contained in this release that are not historic facts on our current expectations. These statements are forward-looking in nature (as defined in the Private Securities Litigation Reform Act of 1995) and involve a number of risks and uncertainties. Actual results could vary materially. Factors that could cause actual results to vary materially include: our ability to attract new business, retain existing business and collect balances due to us as a result of the prolonged economic challenges resulting from the COVID-19 pandemic, adverse and catastrophic weather events, our ability to maintain profitable operations, the adequacy of the loss and loss expense reserves of our insurance subsidiaries, business and economic conditions in the areas in which our insurance subsidiaries operate, interest rates, the availability and cost of labor and materials, competition from various insurance and other financial businesses, terrorism, the availability and cost of reinsurance, legal and judicial developments including those related to COVID-19 business interruption coverage and exclusions, changes in regulatory requirements and other risks we describe in the periodic reports we file with the Securities and Exchange Commission. You should not place undue reliance on any such forward-looking statements. We disclaim any obligation to update such statements or to announce publicly the results of any revisions that we may make to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

For Further Information:

Jeffrey D. Miller, Executive Vice President & Chief Financial Officer
Phone: (717) 426-1931
E-mail: investors@donegalgroup.com

Adam Prior, Senior Vice President, The Equity Group Inc.
Phone: (212) 836-9606
E-mail: aprior@equityny.com

Donegal Group Inc.
Consolidated Statements of Income
(unaudited; in thousands, except share data)
			Quarter Ended September 30,
				2021				2020
Net premiums earned			$	196,235			$	184,926
Investment income, net of expenses				7,764				7,403
Net investment (losses) gains				(1,570	)			3,268
Lease income				108				108
Installment payment fees				569				807
	Total revenues			203,106				196,512
Net losses and loss expenses				148,142				120,881
Amortization of deferred acquisition costs				31,778				29,605
Other underwriting expenses				30,102				29,481
Policyholder dividends				1,287				1,811
Interest				210				219
Other expenses, net				217				184
	Total expenses			211,736				182,181
(Loss) income before income tax (benefit) expense				(8,630	)			14,331
Income tax (benefit) expense				(1,918	)			2,494
Net (loss) income			$	(6,712	)		$	11,837
(Loss) earnings per common share:
	Class A - basic and diluted		$	(0.22	)		$	0.41
	Class B - basic and diluted		$	(0.20	)		$	0.37
Supplementary Financial Analysts' Data
Weighted-average number of shares
	outstanding:
	Class A - basic			25,676,313				23,766,778
	Class A - diluted			25,831,343				23,937,173
	Class B - basic and diluted			5,576,775				5,576,775
Net premiums written			$	197,015			$	180,780
Book value per common share
	at end of period		$	17.21			$	16.96

Donegal Group Inc.
Consolidated Statements of Income
(unaudited; in thousands, except share data)
			Nine Months Ended September 30,
				2021			2020
Net premiums earned			$	575,975		$	556,552
Investment income, net of expenses				22,926			21,952
Net investment gains (losses)				5,140			(940	)
Lease income				324			326
Installment payment fees				1,857			2,433
	Total revenues			606,222			580,323
Net losses and loss expenses				381,319			343,477
Amortization of deferred acquisition costs				95,060			89,176
Other underwriting expenses				100,113			95,646
Policyholder dividends				4,211			5,337
Interest				739			871
Other expenses, net				962			993
	Total expenses			582,404			535,500
Income before income tax expense				23,818			44,823
Income tax expense				3,836			6,576
Net income			$	19,982		$	38,247
Net income per common share:
	Class A - basic		$	0.66		$	1.34
	Class A - diluted		$	0.66		$	1.33
	Class B - basic and diluted		$	0.59		$	1.21
Supplementary Financial Analysts' Data
Weighted-average number of shares
	outstanding:
	Class A - basic			25,265,448			23,493,674
	Class A - diluted			25,443,911			23,679,262
	Class B - basic and diluted			5,576,775			5,576,775
Net premiums written			$	622,482		$	572,720
Book value per common share
	at end of period		$	17.21		$	16.96

Donegal Group Inc.
Consolidated Balance Sheets
(in thousands)
			September 30,				December 31,
			(unaudited)
ASSETS
Investments:
	Fixed maturities:
		Held to maturity, at amortized cost	$	661,080			$	586,609
		Available for sale, at fair value		520,491				555,136
	Equity securities, at fair value			71,183				58,556
	Short-term investments, at cost			4,694				20,900
		Total investments		1,257,448				1,221,201
Cash				68,904				103,094
Premiums receivable				181,545				169,596
Reinsurance receivable				456,651				408,909
Deferred policy acquisition costs				70,397				59,157
Prepaid reinsurance premiums				184,354				169,418
Other assets				32,716				29,145
		Total assets	$	2,252,015			$	2,160,520
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
	Losses and loss expenses		$	1,050,163			$	962,007
	Unearned premiums			598,632				537,190
	Accrued expenses			10,347				29,115
	Borrowings under lines of credit			35,000				85,000
	Subordinated debentures			-				5,000
	Other liabilities			19,740				24,434
		Total liabilities		1,713,882				1,642,746
Stockholders' equity:
	Class A common stock			287				277
	Class B common stock			56				56
	Additional paid-in capital			303,844				289,150
	Accumulated other comprehensive income			6,825				11,131
	Retained earnings			268,347				258,386
	Treasury stock			(41,226	)			(41,226	)
		Total stockholders' equity		538,133				517,774
		Total liabilities and stockholders' equity	$	2,252,015			$	2,160,520

FAQ

What were Donegal Group's earnings for Q3 2021?

Donegal Group reported a net loss of $6.7 million for Q3 2021.

How did net premiums change for Donegal Group in Q3 2021?

Net premiums earned increased by 6.1% to $196.2 million in Q3 2021.

What is Donegal Group's combined ratio for Q3 2021?

The combined ratio for Q3 2021 was 107.7%.

What was the book value per share for Donegal Group in Q3 2021?

The book value per share increased to $17.21 at the end of Q3 2021.

Did Donegal Group declare any dividends in October 2021?

Yes, on October 21, 2021, Donegal Group declared a cash dividend of $0.16 per share for Class A common stock.