Donegal Group Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2017; Provides Effective Tax Rates Guidance for the Full Year 2017
October 30, 2017 at 08:00 am EDT
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Donegal Group Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2017. For the quarter, the company's total revenues were $185,716,000 against $175,311,000 a year ago. Income before income tax expense was $8,512,000 against $6,429,000 a year ago. Net income was $7,109,000 against $4,813,000 a year ago. Net income per common share Class A - diluted was $0.26 against $0.18 a year ago. Net income per common share Class B - basic and diluted was $0.24 against $0.16 a year ago. Net premiums earned of $177,284,000 against $166,810,000 a year ago. Operating income was $6,744,000 against $4,151,000 a year ago. Annualized return on average equity was 6.4% against 4.4% a year ago.
For the nine months, the company's total revenues were $548,268,000 against $511,227,000 a year ago. Income before income tax expense was $11,841,000 against $34,493,000 a year ago. Net income was $9,895,000 against $25,247,000 a year ago. Net income per common share Class A - diluted was $0.36 against $0.95 a year ago. Net income per common share Class B - basic and diluted was $0.33 against $0.88 a year ago. Net premiums earned of $521,455,000 against $487,228,000 a year ago. Annualized return on average equity was 3.0% against 7.9% a year ago. Operating income was $7,160,000 against $23,814,000 a year ago. Book value per share of $16.39 at September 30, 2017, compared to $16.59 a year ago. Annualized return on equity improved to 6.4% compared to 4.4% at September 30, 2016.
For the full year 2017, the company expecting effective tax rate projecting in the 19% to 20% range.
Donegal Group Inc. (DGI) is an insurance holding company. The Companyâs subsidiaries include Atlantic States Insurance Company (Atlantic States), Southern Insurance Company of Virginia (Southern), The Peninsula Insurance Company and Peninsula Indemnity Company (Peninsula), and Michigan Insurance Company. The Company, through its subsidiaries offers personal and commercial lines of property and casualty insurance to businesses and individuals in 23 Mid-Atlantic, Midwestern, New England, Southern and Southwestern regions through approximately 2,200 independent insurance agencies. It operates through three segments: investment function, commercial lines of insurance and personal lines of insurance. The commercial lines products of its insurance subsidiaries consist primarily of commercial automobile, commercial multi-peril, and workersâ compensation policies. The personal lines products of insurance subsidiaries consist primarily of homeowners and private passenger automobile policies.
Donegal Group Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2017; Provides Effective Tax Rates Guidance for the Full Year 2017