Workflow
Donegal (DGICA)
icon
Search documents
Donegal (DGICA) - 2022 Q1 - Earnings Call Transcript
2022-04-28 15:24
Donegal Group Inc (NASDAQ:DGICA) Q1 2022 Earnings Conference Call April 28, 2022 8:30 AM ET Company Participants Kevin G. Burke – President and Chief Executive Officer Jeffrey D. Miller – Executive Vice President and Chief Financial Officer V. Anthony Viozzi – Senior Vice President and Chief Investment Officer Jeffrey Hay – Senior Vice President and Chief Underwriting Officer Conference Call Participants Operator Good morning and thank you for joining us today. This morning, Donegal Group issued its first q ...
Donegal (DGICA) - 2021 Q4 - Annual Report
2022-03-06 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K Title of Each Class Trading Symbols Name of Each Exchange on Which Registered Class A Common Stock, $.01 par value DGICA The NASDAQ Global Select Market Class B Common Stock, $.01 par value DGICB The NASDAQ Global Select Market ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIE ...
Donegal (DGICA) - 2021 Q4 - Earnings Call Transcript
2022-02-18 18:47
Donegal Group Inc. (NASDAQ:DGICA) Q4 2021 Earnings Conference Call February 18, 2022 11:00 AM ET Company Participants Karin Daly - VP, The Equity Group Inc. Jeff Miller - EVP and CFO Kevin Burke - President and CEO Conference Call Participants Meyer Shields - KBW Robert Farnam - Boenning & Scattergood Inc. Operator Good day and thank you for standing by. Welcome to the Donegal Group Inc. Fourth Quarter 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker ...
Donegal (DGICA) - 2021 Q3 - Quarterly Report
2021-11-04 16:00
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission file number 0-15341 | --- | --- | --- | |---------------------------------------------------|--------------------------- ...
Donegal (DGICA) - 2021 Q3 - Earnings Call Transcript
2021-10-31 07:18
Donegal Group Inc. (NASDAQ:DGICA) Q3 2021 Earnings Conference Call October 28, 2021 11:00 AM ET Company Participants Jeff Miller - Executive Vice President and Chief Financial Officer Kevin Burke - President, Chief Executive Officer and Director Conference Call Participants Derek Han - KBW Bob Farnam - Boenning and Scattergood Doug Eden - ECM Capital Operator Good day and thank you for standing by. Welcome to the Donegal Group Inc. Third Quarter 2021 Earnings Conference Call. [Operator Instructions] Please ...
Donegal (DGICA) - 2021 Q2 - Quarterly Report
2021-08-05 16:00
Table of Contents Title of Each Class Trading Symbols Name of Each Exchange on Which Registered Class A Common Stock, $.01 par value DGICA The NASDAQ Global Select Market Class B Common Stock, $.01 par value DGICB The NASDAQ Global Select Market UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SEC ...
Donegal (DGICA) - 2021 Q2 - Earnings Call Transcript
2021-07-28 21:22
Financial Data and Key Metrics Changes - The company reported net income of $16.2 million or $0.53 diluted share for Q2 2021, with net premiums written increasing by 8.2% to $209.6 million [6][19] - The annualized return on equity for the first half of 2021 was 10%, contributing to book value appreciation, which increased to $17.64 from $17.13 at the end of 2020 [6][16] - The combined ratio for Q2 2021 was 96.1%, compared to 92.3% for the prior year quarter [30] Business Line Data and Key Metrics Changes - Commercial lines net premiums written increased by 19.9% to $129 million, with commercial multi-peril growth of 26.7% [10][20] - Personal lines net premiums written declined by 6.4%, as the company emphasized sustainable profitability over growth [14][19] - The workers' compensation loss ratio increased due to mandated premium reductions, but favorable reserve development contributed to profitable results [13][29] Market Data and Key Metrics Changes - The commercial lines premium retention rate was 90% for the first half of 2021, with renewal premium increases averaging 6.8% [21] - The personal lines statutory combined ratio was 96.9% for Q2, reflecting a return to pre-pandemic claim frequency levels [26] - Weather-related losses represented 6.1 percentage points of the loss ratio, lower than the previous five years' average [26] Company Strategy and Development Direction - The company is focused on expanding its premium base and enhancing underwriting quality to improve profitability [33] - New personalized products are set to launch incrementally in 11 states, with expectations for stabilization in personal lines premiums starting in 2022 [14][15] - The company aims to leverage technology and analytical capabilities to enhance underwriting and claims processes [32] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the ongoing impacts of supply chain disruptions and labor shortages supporting new business pricing [14] - The company is committed to maintaining strong relationships with independent agents to drive market share gains [9] - Management acknowledged the uncertainty in the post-COVID work environment but is adapting to a hybrid model [36][38] Other Important Information - The company declared quarterly cash dividends of $0.16 per share for Class A common stock, representing a 4.2% yield based on the closing price [17] - The company experienced net favorable development of reserves for losses incurred in prior accident years of $13.4 million for Q2 2021 [29] Q&A Session Summary Question: What is the company's thought process about the post-COVID work environment? - Management indicated a gradual return to the office, with a hybrid work model being considered for operational efficiency [36][38] Question: What potential positive effects might arise from the recent acquisition in the industry? - Management noted that market disruptions from acquisitions could create opportunities, but emphasized a focus on improving operating results [39][40] Question: How does the company view its operating structure in light of recent industry changes? - Management highlighted fundamental differences between Donegal and other companies, asserting confidence in their unique structure and ongoing initiatives [42][45] Question: Can you provide details on the expense ratio and its components? - The increase in the expense ratio was attributed to higher agency incentive compensation and technology project costs [50] Question: What is the expected timing for growth in personal lines? - Management anticipates modest growth in personal lines starting in 2023, following the rollout of new products [55][59]
Donegal (DGICA) - 2021 Q1 - Quarterly Report
2021-05-06 16:00
Table of Contents Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission file number 0-15341 Donegal Group Inc. (Exact name of registrant as specified in its charter) Delaware 23- ...
Donegal (DGICA) - 2021 Q1 - Earnings Call Transcript
2021-04-27 19:23
Financial Data and Key Metrics Changes - The company reported net income of $10.5 million or $0.35 per diluted share for Q1 2021, compared to $3.7 million or $0.13 per diluted share in Q1 2020, indicating a significant improvement [8] - Net operating income was $8.6 million with a combined ratio of 98.5%, showing underwriting profitability despite severe weather conditions and higher-than-expected large fire losses [9][39] - Book value per share increased to $17.29 from $17.13 at the end of 2020, reflecting net income for the quarter, partially offset by unrealized losses in fixed maturity portfolio [23] Business Line Data and Key Metrics Changes - Net premiums written grew by 8.9% to $215.9 million, with commercial lines representing approximately 67% and personal lines 33% of the total [26] - Commercial lines grew by 18.7% to $144.4 million, driven by a 28.1% increase in commercial multi-peril [28] - Personal lines premiums declined by 6.7%, although this was a lower rate of decline compared to previous quarters, indicating improved retention and modest new business activity [30][17] Market Data and Key Metrics Changes - The company achieved market share gains and premium rate increases across all commercial lines, with expectations for further rate increases due to favorable market conditions [13] - The Mountain States Insurance Group is projected to generate approximately $48 million to $50 million in net premiums written in 2021, with 80% included in consolidated net premiums [12] Company Strategy and Development Direction - The company is focused on strategic modernization and operational improvements, including investments in technology and analytical capabilities [7][22] - There is a commitment to sound underwriting and pricing discipline, with a focus on independent agency distribution channels to drive growth [21][16] - The company plans to roll out new personal lines products in 11 states, aiming for modest growth in personal lines starting in 2022 [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about benefiting from economic recovery in regional markets as businesses insured recover from pandemic conditions [6] - The company is confident in its diversified product offerings and agency relationships to drive profitable growth in commercial lines [17][80] - Management noted that the core loss ratio increased due to bulk loss expense reserves not being allocated to fire losses, indicating a need for closer examination of reporting methodologies [108] Other Important Information - The company raised its quarterly cash dividend by 6.7% to $0.16 per share, reflecting confidence in financial performance [24] - A.M. Best affirmed the company's A excellent financial strength rating and revised the outlook from negative to stable, citing improved operating performance [43][44] Q&A Session Summary Question: How does the business correlate to GDP? - Management indicated that growth will vary by region, but overall economic recovery is expected to benefit the company [49][51] Question: What lines of business make up the Mountain States premium? - The Mountain States business includes commercial auto, umbrella liabilities, and workers' compensation, with a different mix compared to other regions [56] Question: What is the expected combined ratio for personal lines? - The expectation is to achieve combined ratios in the 95% range, with a focus on reducing the expense ratio [96] Question: Will Donegal Mutual consider buying back shares? - Management acknowledged the potential for Donegal Mutual to purchase shares but emphasized the importance of increasing interest from external shareholders [98]
Donegal (DGICA) - 2020 Q4 - Annual Report
2021-03-04 16:00
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to | --- | --- | --- | |----------------------------------------------------------------------------------------------------|------------------------------- ...