Financial Performance - The company reported net income of $4.2 million, or $0.13 per diluted Class A share, compared to $2.0 million, or $0.06 per diluted Class A share in the same quarter of the previous year, reflecting a 108% increase [15][63] - Net premiums earned increased by 8.3% to $234.3 million for the second quarter of 2024, while net premiums written rose by 9.1% to $247.2 million [15][48] - The combined ratio improved to 103.0% from 104.7% year-over-year, indicating better underwriting performance [15][21] Investment Operations - Net investment gains for the second quarter of 2024 were $0.7 million, primarily from unrealized gains in equity securities, compared to $2.5 million in the same quarter of 2023 [4][33] - Net investment income increased by 9.0% to $11.1 million, attributed to a rise in average investment yield [33][54] Underwriting Performance - The loss ratio for the second quarter of 2024 increased to 70.6% from 69.9% in the prior year, with a core loss ratio of 55.0% for commercial lines [21][29] - Weather-related losses amounted to $24.7 million, contributing 10.6 percentage points to the loss ratio, compared to $19.7 million and 9.1 percentage points in the previous year [50] Dividend Information - The company declared a regular quarterly cash dividend of $0.1725 per share for Class A common stock and $0.155 per share for Class B common stock, payable on August 15, 2024 [8] Strategic Initiatives - The company is focusing on enhancing small commercial underwriting capabilities and managing geographic risk concentrations to mitigate weather-related loss impacts [46][25]
Donegal Group Inc. Announces Second Quarter and First Half 2024 Results