Donegal Group Inc - DGICB STOCK NEWS

Donegal Insurance Group has appointed David W. Sponic as Senior Vice President of Personal Lines, succeeding Jeff Jacobsen who will retire in early 2023. Sponic, a veteran with over three decades at Donegal, has been pivotal in leading several initiatives, including the launch of new Personal Lines products and enhancing the agency portal. His industry expertise positions Donegal to thrive in a competitive market. The company operates across 24 states, offering a range of property and casualty insurance, and holds an A.M. Best rating of A (Excellent).

Donegal Group Inc. (NASDAQ:DGICA, DGICB) will release its second-quarter results on July 28, 2022, before NASDAQ trading begins. A supplemental investor presentation will be available on the company’s website. At 8:30 am EDT on the same day, management will host a pre-recorded audio webcast featuring key executives including the CEO and CFO, followed by a Q&A session. Interested parties can submit questions via email by July 21, 2022. Donegal Group is an insurance holding company operating in 24 states with a focus on delivering superior experiences to agents and customers while achieving strong financial performance.

Donegal Group reported a 24.8% increase in net income for Q1 2022, reaching $13.1 million or $0.43 per diluted Class A share. Net premiums earned rose by 6.4% to $199.2 million, while net premiums written increased by 1.2%, totaling $218.4 million. The combined ratio improved to 95.8% from 98.5%, indicating stronger underwriting results. Return on average equity was 10.0%, up from 8.0% a year prior. However, the book value per share decreased to $16.72 from $17.29, reflecting challenges amid economic inflation.

Donegal Group declared a quarterly cash dividend of $0.165 per share for Class A and $0.1475 for Class B stock. This marks a 3.1% increase for Class A and a 3.5% increase for Class B compared to previous rates. The dividends are payable on May 16, 2022, to stockholders of record by May 2, 2022. The company focuses on excellent financial performance, modernization, and profitable growth in the insurance sector across 24 states.

Donegal Insurance Group has appointed Matthew Hudnall as Senior Vice President of Commercial Lines, tasked with leading strategy and operational improvements in the Commercial Lines sector. Hudnall, a Villanova graduate with extensive experience, aims to enhance underwriting quality and customer experience. The company, which operates under the symbols DGICA and DGICB, focuses on modernization and profitable growth. Donegal has an A.M. Best rating of A (Excellent) and emphasizes strong financial performance across its operations.

Donegal Group Inc. (NASDAQ:DGICA, DGICB) will release its Q1 2022 results on April 28, 2022, before NASDAQ trading hours. Alongside its earnings press release, the company will host a pre-recorded audio webcast featuring management commentary and a Q&A session. Interested parties are invited to submit questions via email by April 21, 2022. Donegal Group operates as an insurance holding company, providing various insurance products across 24 states, with an A.M. Best rating of A (Excellent).

AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and Long-Term Issuer Credit Ratings (ICR) of 'a' (Excellent) for Donegal Insurance Group members. The Long-Term ICR for Donegal Group Inc. is also affirmed at 'bbb' (Good), with a stable outlook. Key factors include a strong balance sheet, solid liquidity, and improved operating performance from 2019-2021. The group maintains an adequate operating performance but lags industry averages in the five-year combined ratio. AM Best recognizes Donegal's effective risk management and strategic growth through acquisitions.

Donegal Group reported its Q4 and full-year 2021 financial results, showing a 7.8% increase in net premiums earned to $200 million, yet faced a combined ratio of 101.6%. Q4 net income dropped 63.8% to $5.3 million, down from $14.6 million a year prior. Full-year net income also fell 52.2% to $25.3 million. Despite favorable reserve developments, underwriting results were affected by increased auto claim frequency and large fire losses. The company aims to prioritize profitability over growth in 2022 amidst rising inflation and economic challenges.

Donegal Group plans to release its financial results for the fourth quarter and full year ended December 31, 2021, on February 17, 2022. This announcement will occur after the NASDAQ market closes. A conference call and webcast will follow on February 18, 2022, at 11:00 AM ET to discuss the results. Donegal operates as an insurance holding company, providing personal and commercial property and casualty insurance across 24 states. The company maintains an A.M. Best rating of A (Excellent) and trades under stock symbols DGICA and DGICB.