Donegal (US:DGICA)2025-08-05 17:27PART I. FINANCIAL INFORMATION This section presents the company's unaudited consolidated financial statements and management's discussion and analysis Financial Statements This section presents unaudited consolidated financial statements and related notes Consolidated Balance Sheets This section provides a snapshot of the company's financial position, detailing assets, liabilities, and equity Consolidated Balance Sheets | Metric | June 30, 2025 (Unaudited) | December 31, 2024 | | :----------------------------------- | :-------------------------- | :------------------ | | Total assets | $ 2,407,835,086 | $ 2,336,031,983 | | Total liabilities | $ 1,802,165,641 | $ 1,790,255,852 | | Total stockholders' equity | $ 605,669,445 | $ 545,776,131 | Consolidated Statements of Income (Three Months Ended June 30) This section reports financial performance for the three-month period, detailing revenues, expenses, and net income Consolidated Statements of Income (Three Months Ended June 30) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :----------------------------------- | :------------------------------- | :------------------------------- | | Total revenues | $ 247,148,017 | $ 246,772,546 | | Total expenses | $ 226,723,660 | $ 241,760,104 | | Income before income tax expense | $ 20,424,357 | $ 5,012,442 | | Income tax expense | $ 3,558,237 | $ 859,665 | | Net income | $ 16,866,120 | $ 4,152,777 | | Class A common stock - basic EPS | $ 0.47 | $ 0.13 | | Class A common stock - diluted EPS | $ 0.46 | $ 0.13 | | Class B common stock - basic and diluted EPS | $ 0.43 | $ 0.11 | Consolidated Statements of Comprehensive Income (Three Months Ended June 30) This section presents comprehensive income for the three-month period, including net income and other comprehensive income Consolidated Statements of Comprehensive Income (Three Months Ended June 30) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :----------------------------------- | :------------------------------- | :------------------------------- | | Net income | $ 16,866,120 | $ 4,152,777 | | Other comprehensive income (loss), net of tax | $ 3,955,248 | $ (376,452) | | Comprehensive income | $ 20,821,368 | $ 3,776,325 | Consolidated Statements of Income (Six Months Ended June 30) This section reports financial performance for the six-month period, detailing revenues, expenses, and net income Consolidated Statements of Income (Six Months Ended June 30) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------------------- | :----------------------------- | :----------------------------- | | Total revenues | $ 491,952,897 | $ 487,913,415 | | Total expenses | $ 440,367,591 | $ 475,652,577 | | Income before income tax expense | $ 51,585,306 | $ 12,260,838 | | Income tax expense | $ 9,514,012 | $ 2,152,510 | | Net income | $ 42,071,294 | $ 10,108,328 | | Class A common stock - basic EPS | $ 1.19 | $ 0.31 | | Class A common stock - diluted EPS | $ 1.17 | $ 0.31 | | Class B common stock - basic and diluted EPS | $ 1.08 | $ 0.28 | Consolidated Statements of Comprehensive Income (Six Months Ended June 30) This section presents comprehensive income for the six-month period, including net income and other comprehensive income Consolidated Statements of Comprehensive Income (Six Months Ended June 30) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------------------- | :----------------------------- | :----------------------------- | | Net income | $ 42,071,294 | $ 10,108,328 | | Other comprehensive income (loss), net of tax | $ 10,683,493 | $ (1,977,742) | | Comprehensive income | $ 52,754,787 | $ 8,130,586 | Consolidated Statement of Stockholders' Equity This section details changes in stockholders' equity, reflecting net income, dividends, and other comprehensive income Consolidated Statement of Stockholders' Equity | Metric | December 31, 2024 | June 30, 2025 | | :----------------------------------- | :------------------ | :------------------ | | Total Stockholders' Equity | $ 545,776,131 | $ 605,669,445 | | Net income (Q2 2025) | - | $ 16,866,120 | | Cash dividends declared (Q2 2025) | - | $ (6,485,554) | | Other comprehensive income (Q2 2025) | - | $ 3,955,248 | Consolidated Statement of Stockholders' Equity | Metric | December 31, 2023 | June 30, 2024 | | :----------------------------------- | :------------------ | :------------------ | | Total Stockholders' Equity | $ 479,745,354 | $ 484,075,867 | | Net income (Q2 2024) | - | $ 4,152,777 | | Cash dividends declared (Q2 2024) | - | $ (5,670,265) | | Other comprehensive loss (Q2 2024) | - | $ (376,452) | Consolidated Statements of Cash Flows This section summarizes cash flows from operating, investing, and financing activities for the period Consolidated Statements of Cash Flows | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------------------- | :----------------------------- | :----------------------------- | | Net cash provided by operating activities | $ 37,881,261 | $ 26,497,697 | | Net cash used in investing activities | $ (33,706,157) | $ (15,950,641) | | Net cash provided by (used in) financing activities | $ 336,051 | $ (10,113,733) | | Net increase in cash | $ 4,511,155 | $ 433,323 | | Cash at end of period | $ 57,437,086 | $ 24,225,596 | Notes to Consolidated Financial Statements This section provides detailed explanations and disclosures supporting the consolidated financial statements 1 - Organization This note describes the company's structure, insurance operations, and significant ownership by Donegal Mutual Insurance Company - Donegal Group Inc. is an insurance holding company with subsidiaries (Atlantic States, MICO, Peninsula, Southern) writing property and casualty insurance through independent agents in Mid-Atlantic, Midwestern, Southern, and Southwestern states28 - As of June 30, 2025, the company operates in three segments: investment function, commercial lines (commercial automobile, multi-peril, workers' compensation), and personal lines (homeowners, private passenger automobile)29 - Donegal Mutual Insurance Company holds significant voting power (approximately 70%) through its ownership of Class A (44%) and Class B (84%) common stock, and intercompany operations are integrated via a pooling agreement3031 2 - Basis of Presentation This note outlines the basis for preparing interim financial statements, emphasizing their unaudited nature and recurring adjustments - The interim financial information is unaudited and includes normal