Financial Performance - Net premiums earned increased by 5.8% to $227.7 million compared to $215.2 million in Q1 2023[1] - Net income rose to $6.0 million, or $0.18 per diluted Class A share, reflecting a 14.5% increase from $5.2 million, or $0.16 per diluted Class A share in Q1 2023[1] - Total revenues for Q1 2024 were $241.1 million, up 7.3% from $224.7 million in Q1 2023[1] - Net premiums written for Q1 2024 were $251,442,000, a 6.0% increase from $237,304,000 in Q1 2023[24] - Net premiums earned for Q1 2024 were $227,749,000, up 5.8% from $215,233,000 in Q1 2023[24] - Net income for Q1 2024 was $5,956,000, representing a 14.5% increase from $5,204,000 in Q1 2023[25] - Non-GAAP operating income for Q1 2024 decreased by 21.6% to $4,286,000 from $5,465,000 in Q1 2023[25] - Total revenues for Q1 2024 were $241,141,000, compared to $224,746,000 in Q1 2023, reflecting an increase of 7.3%[34] Underwriting Profitability - The combined ratio increased to 102.4% from 101.2% in Q1 2023, indicating a decline in underwriting profitability[4] - The statutory combined ratio is a key measure of underwriting profitability, with a ratio below 100% indicating profitability[26] - Weather-related losses were $10.8 million, contributing 4.7 percentage points to the loss ratio, down from $14.1 million and 6.5 percentage points in Q1 2023[13] Investment Performance - Net investment income grew by 16.1% to $11.0 million compared to $9.4 million in Q1 2023[19] - Net investment gains were $2.1 million in Q1 2024, a turnaround from net losses of $0.3 million in Q1 2023[20] Expense Management - The expense ratio decreased to 35.7% from 36.4% in Q1 2023, reflecting early impacts of expense reduction initiatives[16] Shareholder Returns - The company declared quarterly cash dividends of $0.1725 per share for Class A and $0.155 per share for Class B, payable on May 22, 2024[27] Asset Management - Total assets as of March 31, 2024, were $2,294,308,000, an increase from $2,266,294,000 as of December 31, 2023[37] - Book value per share was $14.53 at March 31, 2024, down from $15.01 a year earlier[1] - The book value per common share at the end of Q1 2024 was $14.53, down from $15.01 in Q1 2023[35] Strategic Focus - The company is focused on modernizing operations and capitalizing on profitable growth opportunities[30]
Donegal (DGICB) - 2024 Q1 - Quarterly Results