This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Donegal Group Inc. Announces Second Quarter Earnings

MARIETTA, Pa., July 23, 2010 (GLOBE NEWSWIRE) -- Donegal Group Inc. (Nasdaq:DGICA) (Nasdaq:DGICB) today reported that its net income for the quarter ended June 30, 2010 was $1,739,728, or $.07 per share of Class A common stock on a diluted basis, compared to $4,387,624, or $.18 per share of Class A common stock on a diluted basis, for the second quarter of 2009. Catastrophe and other weather-related losses impacted pre-tax second quarter results by approximately $10 million after reinsurance. The catastrophe losses were to the result of a number of wind and hail events in the Company's Mid-Atlantic and Midwestern regions.

Revenues for the second quarter of 2010 were $101,525,354, an increase of 7.1% over the second quarter of 2009, with net premiums earned of $93,002,409, an increase of 6.2% over the year-earlier period. Net premiums written for the second quarter of 2010 were $102,345,786, representing a 9.4% increase over net premiums written for the second quarter of 2009, consisting of a 13.7% increase in commercial lines writings and a 7.4% increase in personal lines writings. Net premiums written for the second quarter of 2010 also included $2.5 million in premiums assumed from Southern Mutual Insurance Company, accounting for 2.7% of the overall increase.

The Company's combined ratio was 106.4% for the second quarter of 2010, reflecting the impact of the previously mentioned weather-related losses and an increased number of fire losses compared to the second quarter of 2009. The Company's combined ratio was 101.8% for the second quarter of 2009.

The Company's expense ratio was 32.6% for the second quarter of 2010, compared to 31.0% for the second quarter of 2009, with the increase attributable to increased acquisition costs related to current period premium growth.

Net investment income was $4,968,490 for the second quarter of 2010, compared to $5,266,161 for the second quarter of 2009. The impact of lower market interest rates during the second quarter of 2010 offset investment income attributable to an increase in average invested assets compared to the year earlier period. The Company had no other-than-temporary impairments in its investment portfolio. Net realized investment gains from the sale of securities were $1,965,091 for the second quarter of 2010, compared to $445,140 for the year-earlier period.

1 of 4

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs