|
(Exact name of registrant as specified in its charter) |
|
|
|
||
(State or other jurisdiction
of incorporation)
|
(Commission
file number)
|
(I.R.S. employer
identification no.)
|
|
|
|
(Address of principal executive offices)
|
(Zip code)
|
Not Applicable |
(Former name or former address, if changed since last report) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Title of Each Class
|
Trading
Symbols
|
Name of Exchange on Which
Registered
|
|||
|
|
||||
|
|
Item 2.02. |
Results of Operations and Financial Condition.
|
Item 9.01. |
Financial Statements and Exhibits.
|
Press release dated February 17, 2022
|
|
Exhibit 104
|
Cover Page Interactive Data File (embedded within the Inline XBRL document)
|
DONEGAL GROUP INC.
|
|||
By:
|
/s/ Jeffrey D. Miller
|
||
Jeffrey D. Miller, Executive Vice
|
|||
President and Chief Financial Officer
|
|||
Date: February 17, 2022
|
• |
Net premiums earned increased 7.8% to $200.0 million
|
• |
Combined ratio of 101.6%, compared to 96.2%
|
• |
Net income of $5.3 million, or 17 cents per diluted Class A share, compared to $14.6 million, or 49 cents per diluted Class A share
|
• |
Net investment gains (after tax) of $1.1 million, or 3 cents per diluted Class A share, compared to $2.9 million, or 10 cents per diluted Class A share, are included in net income
|
• |
Annualized return on average equity of 3.9%, compared to 11.4%
|
• |
Net premiums earned increased 4.6% to $776.0 million
|
• |
Combined ratio of 101.0%, compared to 96.0%
|
• |
Net income of $25.3 million, or 83 cents per diluted Class A share, compared to $52.8 million, or $1.83 per diluted Class A share
|
• |
Net investment gains (after tax) of $5.1 million, or 17 cents per diluted Class A share, compared to $2.2 million, or 8 cents per diluted Class A share, are included in net income
|
• |
Return on average equity of 4.8%, compared to 10.9%
|
• |
Book value per share of $16.95 at December 31, 2021, compared to $17.13 at year-end 2020
|
Three Months Ended December 31,
|
Year Ended December 31,
|
|||||||||||||||||||||||
2021
|
2020
|
% Change
|
2021
|
2020
|
% Change
|
|||||||||||||||||||
(dollars in thousands, except per share amounts)
|
||||||||||||||||||||||||
Income Statement Data
|
||||||||||||||||||||||||
Net premiums earned
|
$
|
200,040
|
$
|
185,488
|
7.8
|
%
|
$
|
776,015
|
$
|
742,040
|
4.6
|
%
|
||||||||||||
Investment income, net
|
8,199
|
7,553
|
8.6
|
31,126
|
29,504
|
5.5
|
||||||||||||||||||
Net investment gains
|
1,338
|
3,718
|
-64.0
|
6,477
|
2,778
|
133.2
|
||||||||||||||||||
Total revenues
|
210,244
|
197,497
|
6.5
|
816,466
|
777,819
|
5.0
|
||||||||||||||||||
Net income
|
5,272
|
14,568
|
-63.8
|
25,254
|
52,815
|
-52.2
|
||||||||||||||||||
Non-GAAP operating income1
|
4,216
|
11,631
|
-63.8
|
20,137
|
50,782
|
-60.3
|
||||||||||||||||||
Annualized return on average equity
|
3.9
|
%
|
11.4
|
%
|
-7.5 pts
|
4.8
|
%
|
10.9
|
%
|
-6.1 pts
|
||||||||||||||
Per Share Data
|
||||||||||||||||||||||||
Net income – Class A (diluted)
|
$
|
0.17
|
$
|
0.49
|
-65.3
|
%
|
$
|
0.83
|
$
|
1.83
|
-54.6
|
%
|
||||||||||||
Net income – Class B
|
0.15
|
0.44
|
-65.9
|
0.74
|
1.65
|
-55.2
|
||||||||||||||||||
Non-GAAP operating income – Class A (diluted)
|
0.14
|
0.39
|
-64.1
|
0.66
|
1.76
|
-62.5
|
||||||||||||||||||
Non-GAAP operating income – Class B
|
0.12
|
0.35
|
-65.7
|
0.59
|
1.59
|
-62.9
|
||||||||||||||||||
Book value
|
16.95
|
17.13
|
-1.1
|
16.95
|
17.13
|
-1.1
|
Three Months Ended December 31,
|
Year Ended December 31,
|
|||||||||||||||||||||||
2021
|
2020
|
% Change
|
2021
|
2020
|
% Change
|
|||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||
Net Premiums Earned
|
||||||||||||||||||||||||
Commercial lines
|
$
|
124,199
|
$
|
105,797
|
17.4
|
%
|
$
|
468,433
|
$
|
412,877
|
13.5
|
%
|
||||||||||||
Personal lines
|
75,841
|
79,691
|
-4.8
|
307,582
|
329,163
|
-6.6
|
||||||||||||||||||
Total net premiums earned
|
$
|
200,040
|
$
|
185,488
|
7.8
|
%
|
$
|
776,015
|
$
|
742,040
|
4.6
|
%
|
||||||||||||
Net Premiums Written
|
||||||||||||||||||||||||
Commercial lines:
|
||||||||||||||||||||||||
Automobile
|
$
|
35,530
|
$
|
31,211
|
13.8
|
%
|
$
|
161,947
|
$
|
135,294
|
19.7
|
%
|
||||||||||||
Workers' compensation
|
23,483
|
23,631
|
-0.6
|
113,256
|
109,960
|
3.0
|
||||||||||||||||||
Commercial multi-peril
|
44,658
|
35,532
|
25.7
|
188,242
|
147,993
|
27.2
|
||||||||||||||||||
Other
|
8,762
|
7,732
|
13.3
|
38,340
|
32,739
|
17.1
|
||||||||||||||||||
Total commercial lines
|
112,433
|
98,106
|
14.6
|
501,785
|
425,986
|
17.8
|
||||||||||||||||||
Personal lines:
|
||||||||||||||||||||||||
Automobile
|
38,564
|
40,992
|
-5.9
|
170,578
|
184,602
|
-7.6
|
||||||||||||||||||
Homeowners
|
25,939
|
25,911
|
0.1
|
109,974
|
111,886
|
-1.7
|
||||||||||||||||||
Other
|
4,849
|
4,411
|
9.9
|
21,930
|
19,666
|
11.5
|
||||||||||||||||||
Total personal lines
|
69,352
|
71,314
|
-2.8
|
302,482
|
316,154
|
-4.3
|
||||||||||||||||||
Total net premiums written
|
$
|
181,785
|
$
|
169,420
|
7.3
|
%
|
$
|
804,267
|
$
|
742,140
|
8.4
|
%
|
||||||||||||
• |
Commercial Lines: $14.3 million increase that we attribute primarily to the allocation from the Donegal Mutual underwriting pool of $11.8 million of business Donegal Mutual and its subsidiaries wrote in four Southwestern states, new commercial
accounts our insurance subsidiaries wrote throughout their operating regions and premium rate increases that contributed to strong renewal premium retention.
|
• |
Personal Lines:
$1.9 million decline that we attribute primarily to net attrition as a result of underwriting measures our insurance subsidiaries implemented to slow new policy growth, partially offset by premium rate increases our insurance subsidiaries
have implemented over the past four quarters.
|
• |
Commercial Lines: $75.8 million increase that we attribute primarily to the allocation from the Donegal Mutual underwriting pool of $46.3 million of business Donegal Mutual and its subsidiaries wrote in four Southwestern states, new commercial
accounts our insurance subsidiaries wrote throughout their operating regions and premium rate increases that contributed to strong renewal premium retention.
|
• |
Personal Lines:
$13.7 million decline in personal lines net premiums written that we attribute primarily to net attrition as a result of underwriting measures our insurance subsidiaries implemented to slow new policy growth, partially offset by premium
rate increases our insurance subsidiaries have implemented over the past four quarters.
|
Three Months Ended
December 31,
|
Year Ended
December 31,
|
|||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
GAAP Combined Ratios (Total Lines)
|
||||||||||||||||
Loss ratio (non-weather)
|
65.4
|
%
|
57.9
|
%
|
61.3
|
%
|
55.1
|
%
|
||||||||
Loss ratio (weather-related)
|
4.3
|
4.8
|
5.8
|
6.9
|
||||||||||||
Expense ratio
|
31.4
|
32.4
|
33.3
|
33.0
|
||||||||||||
Dividend ratio
|
0.5
|
1.1
|
0.6
|
1.0
|
||||||||||||
Combined ratio
|
101.6
|
%
|
96.2
|
%
|
101.0
|
%
|
96.0
|
%
|
||||||||
Statutory Combined Ratios
|
||||||||||||||||
Commercial lines:
|
||||||||||||||||
Automobile
|
120.6
|
%
|
119.1
|
%
|
108.6
|
%
|
112.7
|
%
|
||||||||
Workers' compensation
|
82.5
|
87.4
|
94.6
|
86.3
|
||||||||||||
Commercial multi-peril
|
115.4
|
99.3
|
114.1
|
98.4
|
||||||||||||
Other
|
94.5
|
58.0
|
77.5
|
74.0
|
||||||||||||
Total commercial lines
|
108.1
|
99.5
|
104.9
|
97.8
|
||||||||||||
Personal lines:
|
||||||||||||||||
Automobile
|
109.3
|
100.2
|
94.4
|
91.3
|
||||||||||||
Homeowners
|
88.6
|
90.7
|
102.9
|
97.2
|
||||||||||||
Other
|
20.8
|
70.4
|
49.3
|
74.9
|
||||||||||||
Total personal lines
|
95.6
|
95.1
|
94.4
|
92.4
|
||||||||||||
Total lines
|
103.3
|
%
|
97.6
|
%
|
100.8
|
%
|
95.4
|
%
|
||||||||
December 31, 2021
|
December 31, 2020
|
|||||||||||||||
Amount
|
%
|
Amount
|
%
|
|||||||||||||
(dollars in thousands)
|
||||||||||||||||
Fixed maturities, at carrying value:
|
||||||||||||||||
U.S. Treasury securities and obligations of U.S. government corporations and agencies
|
$
|
121,453
|
9.5
|
%
|
$
|
125,250
|
10.3
|
%
|
||||||||
Obligations of states and political subdivisions
|
428,814
|
33.6
|
381,284
|
31.2
|
||||||||||||
Corporate securities
|
412,758
|
32.3
|
385,978
|
31.6
|
||||||||||||
Mortgage-backed securities
|
237,709
|
18.6
|
249,233
|
20.4
|
||||||||||||
Total fixed maturities
|
1,200,734
|
94.0
|
1,141,745
|
93.5
|
||||||||||||
Equity securities, at fair value
|
63,420
|
5.0
|
58,556
|
4.8
|
||||||||||||
Short-term investments, at cost
|
12,692
|
1.0
|
20,900
|
1.7
|
||||||||||||
Total investments
|
$
|
1,276,846
|
100.0
|
%
|
$
|
1,221,201
|
100.0
|
%
|
||||||||
Average investment yield
|
2.6
|
%
|
2.5
|
%
|
||||||||||||
Average tax-equivalent investment yield
|
2.6
|
%
|
2.7
|
%
|
||||||||||||
Average fixed-maturity duration (years)
|
4.7
|
4.2
|
||||||||||||||
|
Three Months Ended December 31,
|
Year Ended December 31,
|
||||||||||||||||||||||
|
2021
|
2020
|
% Change
|
2021
|
2020
|
% Change
|
||||||||||||||||||
|
(dollars in thousands)
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||
Reconciliation of Net Premiums
|
||||||||||||||||||||||||
Earned to Net Premiums Written
|
||||||||||||||||||||||||
Net premiums earned
|
$
|
200,040
|
$
|
185,488
|
7.8
|
%
|
$
|
776,015
|
$
|
742,040
|
4.6
|
%
|
||||||||||||
Change in net unearned premiums
|
(18,255
|
)
|
(16,068
|
)
|
13.6
|
28,252
|
100
|
NM2
|
||||||||||||||||
Net premiums written
|
$
|
181,785
|
$
|
169,420
|
7.3
|
%
|
$
|
804,267
|
$
|
742,140
|
8.4
|
%
|
||||||||||||
Three Months Ended December 31, |
Year Ended December 31,
|
|||||||||||||||||||||||
|
2021
|
2020
|
% Change
|
2021
|
2020
|
% Change
|
||||||||||||||||||
|
(dollars in thousands, except per share amounts)
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||
Reconciliation of Net Income
to Non-GAAP Operating Income
|
||||||||||||||||||||||||
Net income
|
$
|
5,272
|
$
|
14,568
|
-63.8
|
%
|
$
|
25,254
|
$
|
52,815
|
-52.2
|
%
|
||||||||||||
Investment gains (after tax)
|
(1,056
|
)
|
(2,937
|
)
|
-64.0
|
(5,117
|
)
|
(2,194
|
)
|
133.2
|
||||||||||||||
Other, net
|
-
|
-
|
-
|
-
|
161
|
-100.0
|
||||||||||||||||||
Non-GAAP operating income
|
$
|
4,216
|
$
|
11,631
|
-63.8
|
%
|
$
|
20,137
|
$
|
50,782
|
-60.3
|
%
|
||||||||||||
|
||||||||||||||||||||||||
Per Share Reconciliation of Net Income
to Non-GAAP Operating Income
|
||||||||||||||||||||||||
Net income – Class A (diluted)
|
$
|
0.17
|
$
|
0.49
|
-65.3
|
%
|
$
|
0.83
|
$
|
1.83
|
-54.6
|
%
|
||||||||||||
Investment gains (after tax)
|
(0.03
|
)
|
(0.10
|
)
|
-70.0
|
(0.17
|
)
|
(0.08
|
)
|
112.5
|
||||||||||||||
Other, net
|
-
|
-
|
-
|
-
|
0.01
|
-100.0
|
||||||||||||||||||
Non-GAAP operating income – Class A
|
$
|
0.14
|
$
|
0.39
|
-64.1
|
%
|
$
|
0.66
|
$
|
1.76
|
-62.5
|
%
|
||||||||||||
|
||||||||||||||||||||||||
Net income – Class B
|
$
|
0.15
|
$
|
0.44
|
-65.9
|
%
|
$
|
0.74
|
$
|
1.65
|
-55.2
|
%
|
||||||||||||
Investment gains (after tax)
|
(0.03
|
)
|
(0.09
|
)
|
-66.7
|
(0.15
|
)
|
(0.07
|
)
|
114.3
|
||||||||||||||
Other, net
|
-
|
-
|
-
|
-
|
0.01
|
-100.0
|
||||||||||||||||||
Non-GAAP operating income – Class B
|
$
|
0.12
|
$
|
0.35
|
-65.7
|
%
|
$
|
0.59
|
$
|
1.59
|
-62.9
|
%
|
||||||||||||
•
|
the statutory loss ratio, which is the ratio of calendar-year incurred losses and loss expenses to premiums earned;
|
• |
the statutory expense ratio, which is the ratio of expenses incurred for net commissions, premium taxes and underwriting expenses to premiums written; and
|
• |
the statutory dividend ratio, which is the ratio of dividends to holders of workers’ compensation policies to premiums earned.
|
Quarter Ended December 31,
|
||||||||
2021
|
2020
|
|||||||
Net premiums earned
|
$
|
200,040
|
$
|
185,488
|
||||
Investment income, net of expenses
|
8,199
|
7,553
|
||||||
Net investment gains
|
1,338
|
3,718
|
||||||
Lease income
|
107
|
108
|
||||||
Installment payment fees
|
560
|
630
|
||||||
Total revenues
|
210,244
|
197,497
|
||||||
Net losses and loss expenses
|
139,391
|
116,288
|
||||||
Amortization of deferred acquisition costs
|
33,673
|
29,896
|
||||||
Other underwriting expenses
|
29,254
|
30,217
|
||||||
Policyholder dividends
|
988
|
2,058
|
||||||
Interest
|
156
|
325
|
||||||
Other expenses, net
|
261
|
264
|
||||||
Total expenses
|
203,723
|
179,048
|
||||||
Income before income tax expense
|
6,521
|
18,449
|
||||||
Income tax expense
|
1,249
|
3,881
|
||||||
Net income
|
$
|
5,272
|
$
|
14,568
|
||||
Earnings per common share:
|
||||||||
Class A - basic
|
$
|
0.17
|
$
|
0.50
|
||||
Class A - diluted
|
$
|
0.17
|
$
|
0.49
|
||||
Class B - basic and diluted
|
$
|
0.15
|
$
|
0.44
|
||||
Supplementary Financial Analysts' Data
|
||||||||
Weighted-average number of shares outstanding:
|
||||||||
Class A - basic
|
25,752,639
|
24,344,122
|
||||||
Class A - diluted
|
25,800,003
|
24,506,067
|
||||||
Class B - basic and diluted
|
5,576,775
|
5,576,775
|
||||||
Net premiums written
|
$
|
181,785
|
$
|
169,420
|
||||
Book value per common share at end of period
|
$
|
16.95
|
$
|
17.13
|
Year Ended December 31,
|
||||||||
2021
|
2020
|
|||||||
Net premiums earned
|
$
|
776,015
|
$
|
742,040
|
||||
Investment income, net of expenses
|
31,126
|
29,504
|
||||||
Net investment gains
|
6,477
|
2,778
|
||||||
Lease income
|
431
|
434
|
||||||
Installment payment fees
|
2,417
|
3,063
|
||||||
Total revenues
|
816,466
|
777,819
|
||||||
|
||||||||
Net losses and loss expenses
|
520,710
|
459,764
|
||||||
Amortization of deferred acquisition costs
|
128,733
|
119,072
|
||||||
Other underwriting expenses
|
129,368
|
125,863
|
||||||
Policyholder dividends
|
5,199
|
7,394
|
||||||
Interest
|
896
|
1,196
|
||||||
Other expenses, net
|
1,222
|
1,258
|
||||||
Total expenses
|
786,128
|
714,547
|
||||||
Income before income tax expense
|
30,338
|
63,272
|
||||||
Income tax expense
|
5,084
|
10,457
|
||||||
Net income
|
$
|
25,254
|
$
|
52,815
|
||||
Net income per common share:
|
||||||||
Class A - basic
|
$
|
0.83
|
$
|
1.84
|
||||
Class A - diluted
|
$
|
0.83
|
$
|
1.83
|
||||
Class B - basic and diluted
|
$
|
0.74
|
$
|
1.65
|
||||
Supplementary Financial Analysts' Data
|
||||||||
Weighted-average number of shares outstanding:
|
||||||||
Class A - basic
|
25,388,246
|
23,707,448
|
||||||
Class A - diluted
|
25,533,935
|
23,887,114
|
||||||
Class B - basic and diluted
|
5,576,775
|
5,576,775
|
||||||
Net premiums written
|
$
|
804,267
|
$
|
742,140
|
||||
Book value per common share at end of period
|
$
|
16.95
|
$
|
17.13
|
December 31,
2021
|
December 31,
2020
|
|||||||
(unaudited) | ||||||||
ASSETS
|
||||||||
Investments:
|
||||||||
Fixed maturities:
|
||||||||
Held to maturity, at amortized cost
|
$
|
668,105
|
$
|
586,609
|
||||
Available for sale, at fair value
|
532,629
|
555,136
|
||||||
Equity securities, at fair value
|
63,420
|
58,556
|
||||||
Short-term investments, at cost
|
12,692
|
20,900
|
||||||
Total investments
|
1,276,846
|
1,221,201
|
||||||
Cash
|
57,709
|
103,094
|
||||||
Premiums receivable
|
168,863
|
169,596
|
||||||
Reinsurance receivable
|
455,411
|
408,909
|
||||||
Deferred policy acquisition costs
|
68,028
|
59,157
|
||||||
Prepaid reinsurance premiums
|
176,936
|
169,418
|
||||||
Receivable from Michigan Catastrophic Claims Association
|
18,113
|
-
|
||||||
Other assets
|
33,269
|
29,145
|
||||||
Total assets
|
$
|
2,255,175
|
$
|
2,160,520
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Liabilities:
|
||||||||
Losses and loss expenses
|
$
|
1,077,620
|
$
|
962,007
|
||||
Unearned premiums
|
572,958
|
537,190
|
||||||
Accrued expenses
|
4,029
|
29,115
|
||||||
Borrowings under lines of credit
|
35,000
|
85,000
|
||||||
Subordinated debentures
|
-
|
5,000
|
||||||
Cash refunds due to Michigan policyholders
|
18,113
|
-
|
||||||
Other liabilities
|
16,419
|
24,434
|
||||||
Total liabilities
|
1,724,139
|
1,642,746
|
||||||
Stockholders' equity:
|
||||||||
Class A common stock
|
288
|
277
|
||||||
Class B common stock
|
56
|
56
|
||||||
Additional paid-in capital
|
304,889
|
289,150
|
||||||
Accumulated other comprehensive income
|
3,284
|
11,131
|
||||||
Retained earnings
|
263,745
|
258,386
|
||||||
Treasury stock
|
(41,226
|
)
|
(41,226
|
)
|
||||
Total stockholders' equity
|
531,036
|
517,774
|
||||||
Total liabilities and stockholders' equity
|
$
|
2,255,175
|
$
|
2,160,520
|
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