DONEGAL GROUP INC

Listed Company

DGICACIK 0000800457NasdaqAcceleratedFire, Marine & Casualty InsuranceDelawareFY ends Dec 31

Period

FY 2025

Revenue

$978.01M

Net Income

$79.34M

Total Assets

$2.39B

Equity

$640.42M

Shares Out

—

Op. Cash Flow

$70.20M

Business

DONEGAL GROUP INC is an insurance holding company whose insurance subsidiaries and affiliates underwrite property and casualty insurance. Its subsidiaries offer commercial products such as commercial automobile, commercial multi-peril and workers’ compensation, and personal products including homeowners and private passenger automobile policies, supported by investment management and reinsurance arrangements. The company reports three segments: its investment function, commercial lines of insurance and personal lines of insurance. It distributes products primarily through approximately 2,100 independent insurance agencies across 21 Mid-Atlantic, Midwestern, Southern and Southwestern states.

Summary from filing dated 2025-03-10

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net premiums earned (includes affiliated reinsurance of $244,601,249, $239,521,005 and $237,903,029 - see note 3)	921	937	882	822	776
Investment income, net of investment expenses	53	45	41	34	31
Installment payment fees	3	3	894,137	2	2
Lease income	302,109	313,831	346,439	383,451	430,800
Net investment gains (includes ($5,224,178), ($174,302) and ($2,242,190) accumulated other comprehensive income reclassification)	619,342	5	3	−10	6
Total revenues	978	990	927	848	816
Net losses and loss expenses (includes affiliated reinsurance of $140,294,717, $136,662,558 and $150,198,479 - see note 3)	564	604	609	564	521
Amortization of deferred policy acquisition costs	153	160	154	142	129
Other underwriting expenses	158	155	152	138	129
Policyholder dividends	3	4	5	6	5
Interest	1	946,020	619,813	620,558	895,605
Other, net	559,940	3	1	1	1
Total expenses	880	927	922	852	786
Income before income tax expense	98	62	5	−4	30
Income tax expense (includes $1,097,077, $36,603 and $470,860 income tax benefit from reclassification items)	18	11	637,972	−2	5
Net income	79	51	4	−2	25
Unrealized holding gain arising during the period, net of income tax expense of $4,196,548, $1,207,804 and $1,285,390	16	5	4	−46	−8
Reclassification adjustment for losses included in net income, net of income tax benefit of $1,097,077, $36,603 and $470,860	4	137,699	2	774,178	−302,256
Other comprehensive income	20	5	6	−45	−8
Comprehensive income	99	56	10	−47	17

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Held to maturity, at amortized cost (fair value $731,659,323 and $631,568,929; net of allowance for expected credit losses of $1,312,903 and $1,388,240)	776	706	679	688	668
Available for sale, at fair value (amortized cost $650,370,011 and $652,564,965)	641	618	589	524	533
Equity securities, at fair value	44	37	26	—	—
Short-term investments, at cost, which approximates fair value	39	25	32	57	13
Total investments	1,500	1,385	1,327	1,305	1,277
Cash	27	53	24	25	58
Accrued investment income	11	10	10	9	8
Premiums receivable	181	181	180	174	169
Reinsurance receivable (net of allowance for expected credit losses of $374,883 and $391,432)	399	421	441	457	455
Deferred policy acquisition costs	69	73	75	73	68
Deferred tax asset, net	13	19	20	22	7
Prepaid reinsurance premiums	171	176	169	161	177
Property and equipment, net	2	2	3	3	3
Accounts receivable - securities	0	24,924	2	1,842	2,252
Federal income taxes recoverable	4	0	8	9	5
Due from affiliate	3	8	2	0	—
Goodwill	6	6	6	6	6
Other intangible assets	958,010	958,010	958,010	958,010	958,010
Other	9,918	147,126	451,011	1	2
Total assets	2,387	2,336	2,266	2,243	2,255
Losses and loss expenses	1,100	1,121	1,126	1,121	1,078
Unearned premiums	591	612	599	578	573
Accrued expenses	2	3	4	4	4
Reinsurance balances payable	3	4	9	3	4
Borrowings under lines of credit	35	35	35	35	35
Cash dividends declared to stockholders	7	6	6	5	5
Federal income taxes payable	0	356,103	0	—	—
Other	8	8	8	8	8
Total liabilities	1,746	1,790	1,787	1,760	1,724
Preferred stock, $.01 par value, authorized 2,000,000 shares; none issued	0	0	0	0	0
Additional paid-in capital	392	370	336	326	305
Accumulated other comprehensive loss	−8	−28	−33	−42	3
Retained earnings	298	245	218	241	264
Treasury stock, at cost	−41	−41	−41	−41	−41
Total stockholders equity	640	546	480	484	531
Total liabilities and stockholders equity	2,387	2,336	2,266	2,243	2,255

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation, amortization and other non-cash items	3	4	4	5	6
Losses and loss expenses	−21	−5	5	43	116
Unearned premiums	−21	13	22	5	36
Accrued expenses	−695,905	−1	−279,416	197,731	−25
Premiums receivable	302,601	−2	−6	−5	733,752
Deferred policy acquisition costs	5	2	−2	−5	−9
Deferred income taxes	188,935	−481,743	229,397	−3	1
Reinsurance receivable	22	21	14	−1	−47
Accrued investment income	−552,276	−416,245	−1	−646,321	−278,092
Amounts due from affiliate	5	−7	−7	7	—
Reinsurance balances payable	−861,296	−4	5	−450,281	712,582
Prepaid reinsurance premiums	5	−7	−8	16	−8
Current income taxes	−4	8	408,576	−3	−2
Other, net	−250,498	745,019	511,426	796,805	867,438
Net adjustments	−9	17	24	69	51
Net cash provided by operating activities	70	67	29	67	77
Held to maturity	−115	−57	−25	−75	−126
Available for sale	−343	−148	−150	−152	−164
Purchases of equity securities	−3	−9	−5	−16	−25
Available for sale	190	7	28	24	6
Held to maturity	43	31	33	54	44
Available for sale	149	117	58	76	166
Sales of equity securities	2	3	20	35	27
Net (purchases) sales of property and equipment	−425	743	−44,701	28,290	1
Net (purchases) sales of short-term investments	−14	8	25	−45	8
Net cash used in investing activities	−91	−48	−17	−98	−62
Issuance of common stock	20	32	9	19	14
Cash dividends paid	−26	−23	−22	−21	—
Net cash (used in) provided by financing activities	−5	10	−13	−1	−60
Net (decrease) increase in cash	−26	29	−1	−33	−45

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