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Donegal Group reports net income growth of almost 25%
Paula Wolf//April 29, 2022
Marietta-based Donegal Group Inc. reported a jump in net income of nearly 25% in the first quarter of 2022.
The company’s net income totaled $13.1 million, or $0.43 per diluted Class A share.
In addition, net premiums earned grew 6.4% compared to a year ago, to $199.2 million.
The insurance subsidiaries and affiliates of Donegal Group, an insurance holding company, offer personal and commercial property and casualty lines of insurance in 24 states. Donegal Mutual Insurance Co. and the insurance subsidiaries of Donegal Group conduct business as Donegal Insurance Group.
“We achieved strong net earned premium growth in the quarter, which largely reflected an increase in net premiums written throughout 2021,” Kevin G. Burke, Donegal Group president and CEO, said in a release. “Underwriting results continue to strengthen as we transform our business and migrate our products and processes to modernized technology platforms.
“We continue to emphasize sustainable profitability in our commercial lines business segment. Considering the challenging economic and inflationary environment, we intentionally moderated new business growth and heightened our attentiveness to appropriate underwriting discipline and rate adequacy.”
As Donegal implements state-specific strategies and introduces new personal lines products, he added, “we are confident that our go-forward business plan will increasingly enhance our total financial results.”
