18 - Segment Information

We have three reportable segments, which consist of our investment function, our commercial lines of insurance and our personal lines of insurance. Using independent agents, our insurance subsidiaries market commercial lines of insurance to small and medium-sized businesses and personal lines of insurance to individuals.

Our chief operating decision maker, which is our Chief Executive Officer, evaluates the performance of the commercial lines and personal lines primarily based upon our insurance subsidiaries’ underwriting results as determined under SAP. This segmentation is consistent with the segmentation we utilize to manage our business. We make resource allocation decisions based upon historical underwriting results as well as perceived opportunities for future profitable growth within each segment.

We operate only in the United States, and no single customer or agent provides 10 percent or more of our revenues.

Financial data by segment is as follows:

	2025
	Investments		Commercial Lines		Personal Lines		Total
	(in thousands)
Revenues:
Net premiums earned	$	—	$	555,873	$	365,311	$	921,184
Net investment income		52,627		—		—		52,627
Investment gains		619		—		—		619
Total segment revenues		53,246		555,873		365,311		974,430
Other								3,584
Total revenues							$	978,014
Segment expenses:
Net losses and loss expenses		—		345,493		218,878		564,371
Other underwriting expenses		—		202,697		102,583		305,280
Policyholder dividends		—		3,011		—		3,011
Total segment expenses		—		551,201		321,461		872,662
SAP underwriting income		—		4,672		43,850		48,522
GAAP adjustments								(5,849	)
GAAP underwriting income								42,673
Net investment income								52,627
Investment gains								619
Other								1,674
Income before income tax expense							$	97,593

	2024
	Investments		Commercial Lines		Personal Lines		Total
	(in thousands)
Revenues:
Net premiums earned	$	—	$	539,683	$	396,968	$	936,651
Net investment income		44,918		—		—		44,918
Investment gains		4,981		—		—		4,981
Total segment revenues		49,899		539,683		396,968		986,550
Other								3,055
Total revenues							$	989,605
Segment expenses:
Net losses and loss expenses		—		336,353		271,918		608,271
Other underwriting expenses		—		193,431		119,311		312,742
Policyholder dividends		—		4,073		—		4,073
Total segment expenses		—		533,857		391,229		925,086
SAP underwriting income		—		5,826		5,739		11,565
GAAP adjustments								1,331
GAAP underwriting income								12,896
Net investment income								44,918
Investment gains								4,981
Other								(456	)
Income before income tax expense							$	62,339

	2023
	Investments		Commercial Lines			Personal Lines			Total
	(in thousands)
Revenues:
Net premiums earned	$	—	$	533,029		$	349,042		$	882,071
Net investment income		40,853		—			—			40,853
Investment losses		3,173		—			—			3,173
Total segment revenues		44,026		533,029			349,042			926,097
Other										1,241
Total revenues									$	927,338
Segment expenses:
Net losses and loss expenses		—		346,177			265,894			612,071
Other underwriting expenses		—		188,537			118,266			306,803
Policyholder dividends		—		5,313			—			5,313
Total segment expenses		—		540,027			384,160			924,187
SAP underwriting loss		—		(6,998	)		(35,118	)		(42,116	)
GAAP adjustments										3,735
GAAP underwriting loss										(38,381	)
Net investment income										40,853
Investment gains										3,173
Other										(582	)
Income before income tax expense									$	5,063

Historical Timeline

Fiscal Year	Filed
2025	Mar 6, 2026	Showing above
2024	Mar 10, 2025

2023	Mar 6, 2024

2022	Mar 6, 2023

2021	Mar 7, 2022

2020	Mar 5, 2021

2019	Mar 6, 2020

2018	Mar 14, 2019

2017	Mar 9, 2018

2016	Mar 10, 2017

2015	Mar 18, 2016

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

DONEGAL GROUP INC Segments Disclosure

Historical Timeline

About Segments Disclosures

Other Available Disclosures