QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
Large accelerated filer ☐ | Non-accelerated filer ☐ |
Smaller reporting company | ||||
Emerging growth company |
Title of Each Class | Trading Symbols | Name of Each Exchange on Which Registered | ||
Class A |
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Class B , $.01 par value |
Page | ||||||
PART I |
FINANCIAL INFORMATION | |||||
Item 1. |
1 | |||||
Item 2. |
16 | |||||
Item 3. |
24 | |||||
Item 4. |
24 | |||||
PART II |
OTHER INFORMATION | |||||
Item 1. |
25 | |||||
Item 1A. |
25 | |||||
Item 2. |
26 | |||||
Item 3. |
26 | |||||
Item 4. |
26 | |||||
Item 5. |
26 | |||||
Item 6. |
27 | |||||
Item 1. |
Financial Statements |
March 31, 2021 |
December 31, 2020 |
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(Unaudited) | ||||||||
Assets |
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Investments |
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Fixed maturities |
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Held to maturity, at amortized cost |
$ | $ | ||||||
Available for sale, at fair value |
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Equity securities, at fair value |
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Short-term investments, at cost, which approximates fair value |
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Total investments |
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Cash |
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Accrued investment income |
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Premiums receivable |
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Reinsurance receivable |
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Deferred policy acquisition costs |
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Deferred tax asset, net |
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Prepaid reinsurance premiums |
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Property and equipment, net |
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Accounts receivable - securities |
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Federal income taxes recoverable |
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Goodwill |
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Other intangible assets |
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Other |
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Total assets |
$ | $ | ||||||
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Liabilities and Stockholders’ Equity |
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Liabilities |
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Losses and loss expenses |
$ | $ | ||||||
Unearned premiums |
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Accrued expenses |
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Reinsurance balances payable |
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Borrowings under lines of credit |
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Cash dividends declared to stockholders |
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Subordinated debentures |
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Accounts payable - securities |
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Due to affiliate |
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Other |
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Total liabilities |
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Stockholders’ Equity |
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Preferred stock, $ par value, authorized |
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Class A common stock, $ par value, authorized |
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Class B common stock, $ par value, authorized |
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Additional paid-in capital |
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Accumulated other comprehensive income |
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Retained earnings |
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Treasury stock, at cost |
( |
) | ( |
) | ||||
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Total stockholders’ equity |
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Total liabilities and stockholders’ equity |
$ | $ | ||||||
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Three Months Ended March 31, |
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2021 |
2020 |
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Revenues: |
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Net premiums earned |
$ | $ | ||||||
Investment income, net of investment expenses |
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Net investment gains (losses) (includes ($ ) and $ |
( |
) | ||||||
Lease income |
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Installment payment fees |
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Total revenues |
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Expenses: |
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Net losses and loss expenses |
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Amortization of deferred policy acquisition costs |
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Other underwriting expenses |
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Policyholder dividends |
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Interest |
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Other expenses, net |
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Total expenses |
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Income before income tax expense (benefit) |
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Income tax expense (benefit) (includes ($ ) and $income tax (benefit) expense from reclassification items) |
( |
) | ||||||
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Net income |
$ | $ | ||||||
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Earnings per common share: |
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Class A common stock - basic and diluted |
$ | $ | ||||||
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Class B common stock - basic and diluted |
$ | $ | ||||||
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Donegal Group Inc. and Subsidiaries Consolidated Statements of Comprehensive Income (Unaudited) |
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Three Months Ended March 31, |
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2021 |
2020 |
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Net income |
$ | $ | ||||||
Other comprehensive (loss) income, net of tax |
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Unrealized (loss) gain on securities: |
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Unrealized holding (loss) gain during the period, net of income tax (benefit) expense of ($ ) and $ |
( |
) | ||||||
Reclassification adjustment for losses (gains) included in net income, net of income tax (benefit) expense of ( $) and $ |
( |
) | ||||||
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Other comprehensive (loss) income |
( |
) | ||||||
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Comprehensive income |
$ | $ | ||||||
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Class A Shares |
Class B Shares |
Class A Amount |
Class B Amount |
Additional Paid-In Capital |
Accumulated Other Comprehensive Income |
Retained Earnings |
Treasury Stock | Total Stockholders’ Equity |
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Balance, December 31, 2020 |
$ | $ | $ | $ | $ | $ | ( |
) | $ | |||||||||||||||||||||||||||
Issuance of common stock (stock compensation plans) |
— | — | — | — | — | |||||||||||||||||||||||||||||||
Share-based compensation |
— | — | — | — | — | |||||||||||||||||||||||||||||||
Net income |
— |
— | — | — | — | — | — | |||||||||||||||||||||||||||||
Cash dividends declared |
— | — | — | — | — | — | ( |
) | — | ( |
) | |||||||||||||||||||||||||
Grant of stock options |
— | — | — | — | — | ( |
) | — | — | |||||||||||||||||||||||||||
Other comprehensive loss |
— | — | — | — | — | ( |
) | — | — | ( |
) | |||||||||||||||||||||||||
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Balance, March 31, 2021 |
$ | $ | $ | $ | $ | $ | ( |
) | $ | |||||||||||||||||||||||||||
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Class A Shares |
Class B Shares |
Class A Amount |
Class B Amount |
Additional Paid-In Capital |
Accumulated Other Comprehensive Income |
Retained Earnings |
Treasury Stock |
Total Stockholders’ Equity |
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Balance, December 31, 2019 |
$ | $ | $ | $ | $ | $ | ( |
) | $ | |||||||||||||||||||||||||||
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Issuance of common stock (stock compensation plans) |
— | — | — | — | — | |||||||||||||||||||||||||||||||
Share-based compensation |
— | — | — | — | — | |||||||||||||||||||||||||||||||
Net income |
— | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Cash dividends declared |
— | — | — | — | — | — | ( |
) | — | ( |
) | |||||||||||||||||||||||||
Grant of stock options |
— | — | — | — | — | ( |
) | — | — | |||||||||||||||||||||||||||
Other comprehensive income |
— | — | — | — | — | — | — | |||||||||||||||||||||||||||||
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Balance, March 31, 2020 |
$ | $ | $ | $ | $ | $ | ( |
) | $ | |||||||||||||||||||||||||||
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Three Months Ended March 31, |
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2021 |
2020 |
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Cash Flows from Operating Activities: |
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Net income |
$ | $ | ||||||
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Adjustments to reconcile net income to net cash provided by operating activities: |
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Depreciation, amortization and other non-cash items |
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Net investment (gains) losses |
( |
) | ||||||
Changes in assets and liabilities: |
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Losses and loss expenses |
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Unearned premiums |
||||||||
Premiums receivable |
( |
) | ( |
) | ||||
Deferred acquisition costs |
( |
) | ( |
) | ||||
Deferred income taxes |
( |
) | ||||||
Reinsurance receivable |
( |
) | ( |
) | ||||
Prepaid reinsurance premiums |
( |
) | ( |
) | ||||
Accrued investment income |
( |
) | ( |
) | ||||
Due to affiliate |
( |
) | ( |
) | ||||
Reinsurance balances payable |
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Current income taxes |
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Accrued expenses |
( |
) | ( |
) | ||||
Other, net |
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Net adjustments |
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Net cash provided by operating activities |
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Cash Flows from Investing Activities: |
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Purchases of fixed maturities, held to maturity |
( |
) | ( |
) | ||||
Purchases of fixed maturities, available for sale |
( |
) | ( |
) | ||||
Purchases of equity securities, available for sale |
( |
) | ( |
) | ||||
Maturity of fixed maturities: |
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Held to maturity |
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Available for sale |
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Sales of equity securities, available for sale |
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Net sales (purchases) of property and equipment |
( |
) | ||||||
Net purchases of short-term investments |
( |
) | ( |
) | ||||
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Net cash provided by (used in) investing activities |
( |
) | ||||||
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Cash Flows from Financing Activities: |
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Cash dividends paid |
( |
) | ( |
) | ||||
Issuance of common stock |
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Borrowing under lines of credit |
— |
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Payments on lines of credit |
) |
— | ||||||
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Net cash (used in) provided by financing activities |
( |
) | ||||||
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Net (decrease) increase in cash |
( |
) | ||||||
Cash at beginning of period |
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Cash at end of period |
$ | $ | ||||||
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Cash paid during period - Interest |
$ | $ | ||||||
Net cash paid during period - Taxes |
$ | $ | — |
Three Months Ended March 31, |
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2021 |
2020 |
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Class A | Class B | Class A | Class B | |||||||||||||
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(in thousands, except per share data) | ||||||||||||||||
Basic earnings per share: |
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Numerator: |
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Allocation of net income |
$ | $ | $ | $ | ||||||||||||
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Denominator: |
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Weighted-average shares outstanding |
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Basic earnings per share |
$ | $ | $ | $ | ||||||||||||
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Diluted earnings per share: |
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Numerator: |
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Allocation of net income |
$ | $ | $ | $ | ||||||||||||
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Denominator: |
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Number of shares used in basic computation |
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Weighted-average shares effect of dilutive securities: |
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Director and employee stock options |
— | — | ||||||||||||||
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Number of shares used in diluted computation |
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Diluted earnings per share |
$ | $ | $ | $ | ||||||||||||
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Three Months Ended March 31, |
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2021 |
2020 |
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Number of options to purchase Class A shares excluded |
• | excess of loss reinsurance, under which the losses of Donegal Mutual and our insurance subsidiaries are automatically reinsured, through a series of contracts, over a set retention of $ |
• | catastrophe reinsurance, under which Donegal Mutual and our insurance subsidiaries recover, through a series of reinsurance agreements, |
5 - Investments |
Amortized Cost |
Gross Unrealized Gains |
Gross Unrealized Losses |
Estimated Fair Value |
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(in thousands) | ||||||||||||||||
Held to Maturity |
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U.S. Treasury securities and obligations of U.S. government corporations and |
$ | $ | $ | $ | ||||||||||||
Obligations of states and political subdivisions |
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Corporate securities |
||||||||||||||||
Mortgage-backed securities |
— |
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Totals |
$ | $ | $ | $ | ||||||||||||
Amortized Cost |
Gross Unrealized Gains |
Gross Unrealized Losses |
Estimated Fair Value |
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(in thousands) | ||||||||||||||||
Available for Sale |
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U.S. Treasury securities and obligations of U.S. government corporations and agencies |
$ | $ | $ | $ | ||||||||||||
Obligations of states and political subdivisions |
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Corporate securities |
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Mortgage-backed securities |
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Totals |
$ | $ | $ | $ | ||||||||||||
Amortized Cost |
Gross Unrealized Gains |
Gross Unrealized Losses |
Estimated Fair Value |
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(in thousands) | ||||||||||||||||
Held to Maturity |
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U.S. Treasury securities and obligations of U.S. government corporations and agencies |
$ | $ | $ | $ | ||||||||||||
Obligations of states and political subdivisions |
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Corporate securities |
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Mortgage-backed securities |
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Totals |
$ | $ | $ | $ | ||||||||||||
Amortized Cost |
Gross Unrealized Gains |
Gross Unrealized Losses |
Estimated Fair Value |
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(in thousands) | ||||||||||||||||
Available for Sale |
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U.S. Treasury securities and obligations of U.S. government corporations and agencies |
$ | $ | $ | $ | ||||||||||||
Obligations of states and political subdivisions |
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Corporate securities |
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Mortgage-backed securities |
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Totals |
$ | $ | $ | $ | ||||||||||||
Amortized Cost |
Estimated Fair Value |
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(in thousands) | ||||||||
Held to maturity |
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Due in one year or less |
$ | $ | ||||||
Due after one year through five years |
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Due after five years through ten years |
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Due after ten years |
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Mortgage-backed securities |
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Total held to maturity |
$ | $ | ||||||
Available for sale |
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Due in one year or less |
$ | $ | ||||||
Due after one year through five years |
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Due after five years through ten years |
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Due after ten years |
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Mortgage-backed securities |
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Total available for sale |
$ | $ | ||||||
Cost |
Gross Gains |
Gross Losses |
Estimated Fair Value |
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(in thousands) | ||||||||||||||||
Equity securities |
$ | $ | $ | $ |
Cost |
Gross Gains |
Gross Losses |
Estimated Fair Value |
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(in thousands) | ||||||||||||||||
Equity securities |
$ | $ | $ | $ |
Three Months Ended March 31, |
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2021 |
2020 |
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(in thousands) | ||||||||
Gross investment gains: |
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Fixed maturities |
$ | $ | ||||||
Equity securities |
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Gross investment losses: |
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Fixed maturities |
||||||||
Equity securities |
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|
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Net investment gains (losses) |
$ | |
$ | ( |
) | |||
Less Than 12 Months |
More Than 12 Months |
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Fair Value |
Unrealized Losses |
Fair Value |
Unrealized Losses |
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(in thousands) | ||||||||||||||||
U.S. Treasury securities and obligations of U.S. government corporations and agencies |
$ | $ | $ | — |
$ | — |
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Obligations of states and political subdivisions |
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Corporate securities |
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Mortgage-backed securities |
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Totals |
$ | $ | $ | $ | ||||||||||||
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Less Than 12 Months |
More Than 12 Months |
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Fair Value |
Unrealized Losses |
Fair Value |
Unrealized Losses |
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(in thousands) | ||||||||||||||||
U.S. Treasury securities and obligations of U.S. government corporations and agencies |
$ |
$ |
$ |
— |
$ |
— |
||||||||||
Obligations of states and political subdivisions |
— | — | ||||||||||||||
Corporate securities |
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Mortgage-backed securities |
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Totals |
$ | $ | $ | $ | ||||||||||||
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6 - |
Segment Information |
Three Months Ended March 31, |
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2021 |
2020 |
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(in thousands) | ||||||||
Revenues: |
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Premiums earned: |
||||||||
Commercial lines |
$ | $ | ||||||
Personal lines |
||||||||
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GAAP premiums earned |
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Net investment income |
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Investment gains (losses) |
( |
) | ||||||
Other |
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Total revenues |
$ | $ | ||||||
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Income before income tax expense (benefit): |
||||||||
Underwriting (loss) income: |
||||||||
Commercial lines |
$ | ( |
) | $ | ( |
) | ||
Personal lines |
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SAP underwriting (loss) income |
( |
) | ||||||
GAAP adjustments |
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GAAP underwriting income |
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Net investment income |
||||||||
Investment gains (losses) |
( |
) | ||||||
Other |
( |
) | ||||||
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Income before income tax expense (benefit) |
$ | $ | ||||||
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7 - |
Borrowings |
FHLB of Pittsburgh stock purchased and owned |
$ | |||||
Collateral pledged, at par (carrying value $ |
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Borrowing capacity currently available |
8 - |
Share–Based Compensation |
9 - |
Fair Value Measurements |
Fair Value Measurements Using |
||||||||||||||||
Fair Value |
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
|||||||||||||
(in thousands) | ||||||||||||||||
U.S. Treasury securities and obligations of U.S. government corporations and agencies |
$ | $ | — | $ | $ | — | ||||||||||
Obligations of states and political subdivisions |
— | — | ||||||||||||||
Corporate securities |
— | — | ||||||||||||||
Mortgage-backed securities |
— | — | ||||||||||||||
Equity securities |
— | |||||||||||||||
Total investments in the fair value hierarchy |
$ | $ | $ | $ | — | |||||||||||
Fair Value Measurements Using |
||||||||||||||||
Fair Value |
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
|||||||||||||
(in thousands) | ||||||||||||||||
U.S. Treasury securities and obligations of U.S. government corporations and agencies |
$ | $ | — | $ | $ | — | ||||||||||
Obligations of states and political subdivisions |
— | — | ||||||||||||||
Corporate securities |
— | — | ||||||||||||||
Mortgage-backed securities |
— | — | ||||||||||||||
Equity securities |
— | |||||||||||||||
Totals |
$ | $ | $ | $ | — | |||||||||||
Three Months Ended March 31, |
||||||||
2021 |
2020 |
|||||||
(in thousands) | ||||||||
Balance at January 1 |
$ | $ | ||||||
Less reinsurance recoverable |
( |
) | ( |
) | ||||
Net balance at January 1 |
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Incurred related to: |
||||||||
Current year |
||||||||
Prior years |
( |
) | ( |
) | ||||
Total incurred |
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Paid related to: |
||||||||
Current year |
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Prior years |
||||||||
Total paid |
||||||||
Net balance at end of period |
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Plus reinsurance recoverable |
||||||||
Balance at end of period |
$ | $ | ||||||
March 31, 2021 |
December 31, 2020 |
|||||||
(in thousands) | ||||||||
Commercial lines: |
||||||||
Automobile |
$ | 153,747 | $ | 151,813 | ||||
Workers’ compensation |
120,963 | 118,037 | ||||||
Commercial multi-peril |
137,868 | 126,299 | ||||||
Other |
13,850 | 13,212 | ||||||
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|
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Total commercial lines |
426,428 | 409,361 | ||||||
|
|
|
|
|||||
Personal lines: |
||||||||
Automobile |
120,386 | 120,861 | ||||||
Homeowners |
22,399 | 20,976 | ||||||
Other |
6,420 | 5,991 | ||||||
|
|
|
|
|||||
Total personal lines |
149,205 | 147,828 | ||||||
|
|
|
|
|||||
Total commercial and personal lines |
575,633 | 557,189 | ||||||
Plus reinsurance recoverable |
421,346 | 404,818 | ||||||
|
|
|
|
|||||
Total liabilities for losses and loss expenses |
$ | 996,979 | $ | 962,007 | ||||
|
|
|
|
Percentage Change in Loss and Loss Expense Reserves Net of Reinsurance |
Adjusted Loss and Loss Expense Reserves Net of Reinsurance at March 31, 2021 |
Percentage Change in Stockholders’ Equity at March 31, 2021(1) |
Adjusted Loss and Loss Expense Reserves Net of Reinsurance at December 31, 2020 |
Percentage Change in Stockholders’ Equity at December 31, 2020(1) | ||||
(dollars in thousands) | ||||||||
(10.0)% | $518,070 | 8.6% | $501,470 | 8.5% | ||||
(7.5) | 532,461 | 6.4 | 515,400 | 6.4 | ||||
(5.0) | 546,851 | 4.3 | 529,330 | 4.3 | ||||
(2.5) | 561,242 | 2.1 | 543,259 | 2.1 | ||||
Base | 575,633 | — | 557,189 | — | ||||
2.5 | 590,024 | (2.1) | 571,119 | (2.1) | ||||
5.0 | 604,415 | (4.3) | 585,048 | (4.3) | ||||
7.5 | 618,805 | (6.4) | 598,978 | (6.4) | ||||
10.0 | 633,196 | (8.6) | 612,908 | (8.5) |
(1) | Net of income tax effect. |
Three Months Ended March 31, |
||||||||
2021 |
2020 |
|||||||
(in thousands) | ||||||||
Net premiums earned |
$ | 187,252 | $ | 187,253 | ||||
Change in net unearned premiums |
28,610 | 10,984 | ||||||
|
|
|
|
|||||
Net premiums written |
$ | 215,862 | $ | 198,237 | ||||
|
|
|
|
• | the statutory loss ratio, which is the ratio of calendar-year net incurred losses and loss expenses to net premiums earned; |
• | the statutory expense ratio, which is the ratio of expenses incurred for net commissions, premium taxes and underwriting expenses to net premiums written; and |
• | the statutory dividend ratio, which is the ratio of dividends to holders of workers’ compensation policies to net premiums earned. |
Three Months Ended March 31, |
||||||||
2021 |
2020 |
|||||||
GAAP Combined Ratios (Total Lines) |
||||||||
Loss ratio (non-weather) |
60.0% | 58.9% | ||||||
Loss ratio (weather-related) |
3.7 | 3.7 | ||||||
Expense ratio |
34.1 | 33.4 | ||||||
Dividend ratio |
0.7 | 1.0 | ||||||
|
|
|
|
|||||
Combined ratio |
98.5% | 97.0% | ||||||
|
|
|
|
|||||
Statutory Combined Ratios |
||||||||
Commercial lines: |
||||||||
Automobile |
102.3% | 117.4% | ||||||
Workers’ compensation |
95.4 | 90.1 | ||||||
Commercial multi-peril |
107.7 | 89.1 | ||||||
Other |
60.1 | 64.2 | ||||||
Total commercial lines |
99.3 | 96.0 | ||||||
Personal lines: |
||||||||
Automobile |
93.4 | 100.0 | ||||||
Homeowners |
94.7 | 90.7 | ||||||
Other |
76.9 | 66.5 | ||||||
Total personal lines |
92.6 | 94.7 | ||||||
Total commercial and personal lines |
96.5 | 95.4 |
Period |
(a) Total Number of Shares (or Units) Purchased |
(b) Average Price Paid per Share (or Unit) |
(c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs |
(d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs | ||||
Month #1 January 1-31, 2021 |
Class A – None Class B – None |
Class A – None Class B – None |
Class A – None Class B – None |
|||||
Month #2 February 1-28, 2021 |
Class A – None Class B – None |
Class A – None Class B – None |
Class A – None Class B – None |
|||||
Month #3 March 1-31, 2021 |
Class A – 75,000 Class B – None |
Class A – $14.85 Class B – None |
Class A – 75,000 Class B – None |
(1) | ||||
Total | Class A – 75,000 Class B – None |
Class A – $14.85 Class B – None |
Class A – 75,000 Class B – None |
(1) | Donegal Mutual purchased these shares pursuant to its announcement on August 17, 2004 that it will, at its discretion, purchase shares of our Class A common stock and Class B common stock at market prices prevailing from time to time in the open market subject to the provisions of SEC Rule 10b-18 and in privately negotiated transactions. Such announcement did not stipulate a maximum number of shares that may be purchased under this program. |
Exhibit No. |
Description | |
Exhibit 31.1 | ||
Exhibit 31.2 | ||
Exhibit 32.1 | ||
Exhibit 32.2 | ||
Exhibit 101.INS | XBRL Instance Document | |
Exhibit 101.SCH | XBRL Taxonomy Extension Schema Document | |
Exhibit 101.PRE | XBRL Taxonomy Presentation Linkbase Document | |
Exhibit 101.CAL | XBRL Taxonomy Calculation Linkbase Document | |
Exhibit 101.LAB | XBRL Taxonomy Label Linkbase Document | |
Exhibit 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
DONEGAL GROUP INC. | ||||||
May 7, 2021 | By: |
/s/ Kevin G. Burke | ||||
Kevin G. Burke, President and Chief Executive Officer |
May 7, 2021 | By: |
/s/ Jeffrey D. Miller | ||||
Jeffrey D. Miller, Executive Vice President and Chief Financial Officer |