Donegal Group Inc. Announces Fourth Quarter and Full Year 2024 Results

Financial Performance - For the fourth quarter of 2024, net premiums earned increased by 4.6% to $236.6 million compared to$226.2 million in the same quarter of 2023 [1][3] - Total revenues for the fourth quarter of 2024 were $250.0 million, a 4.4$239.5 million in the fourth quarter of 2023 [1][3] - The company reported a net income of $24.0 million for the fourth quarter of 2024, compared to a net loss of$2.0 million in the fourth quarter of 2023 [1][3] - For the full year 2024, net premiums earned rose by 6.2% to $936.7 million from$882.1 million in 2023 [1][3] - The full year net income was $50.9 million, significantly up from$4.4 million in 2023 [1][3] Underwriting Performance - The combined ratio for the fourth quarter of 2024 improved to 92.9% from 106.8% in the fourth quarter of 2023 [1][3] - The loss ratio for the fourth quarter of 2024 decreased to 59.8%, down from 72.1% in the same quarter of 2023 [14][19] - The core loss ratio for the fourth quarter of 2024 was 52.3%, compared to 61.8% in the fourth quarter of 2023 [14][19] Investment Operations - Net investment income for the fourth quarter of 2024 was $12.1 million, a 12.5$10.7 million in the fourth quarter of 2023 [1][26] - For the full year 2024, net investment income increased by 10.0% to $44.9 million compared to$40.9 million in 2023 [1][26] - Net investment gains for the full year 2024 were $5.0 million, up from$3.2 million in 2023 [1][27] Book Value and Share Performance - The book value per share at December 31, 2024, was $15.36, an increase of 6.7$14.39 at the end of 2023 [1][28] - The diluted net income per share for Class A was $0.70 for the fourth quarter of 2024, compared to a loss of$0.06 in the same quarter of 2023 [1][3] Management Commentary - The CEO emphasized the company's focus on strategic initiatives and profit-improvement measures to enhance operating performance as they move into 2025 [4][6] - The company plans to continue implementing premium rate increases to maintain rate adequacy and pursue new business opportunities, particularly in the commercial middle market and small business accounts [6][4]