Donegal Group Inc. (NASDAQ:DGICA) (NASDAQ:DGICB) today reported its
financial results for the first quarter of 2017. Significant
items included:
- Net income of $5.1 million, or 18 cents per diluted Class A
share, for the first quarter of 2017, compared to $11.8 million, or
46 cents per diluted Class A share, for the first quarter of
2016
- 8.5% increase in net premiums written to $184.5 million,
reflecting organic growth in both personal and commercial
lines
- Statutory combined ratio1 of 99.6% for the first quarter of
2017, compared to 92.1% for the first quarter of 2016
- Book value per share of $16.43 at March 31, 2017, compared to
$16.21 at year-end 2016
|
Three Months Ended March 31, |
|
|
2017 |
|
|
|
2016 |
|
|
% Change |
|
(dollars in thousands, except per share amounts) |
|
|
|
|
|
|
Income Statement Data |
|
|
|
|
|
Net premiums earned |
$ |
169,156 |
|
|
$ |
158,475 |
|
|
6.7 |
% |
Investment income, net |
|
5,755 |
|
|
|
5,547 |
|
|
3.8 |
|
Net realized investment gains |
|
2,549 |
|
|
|
471 |
|
|
441.2 |
|
Total revenues |
|
178,971 |
|
|
|
166,069 |
|
|
7.8 |
|
Net income |
|
5,105 |
|
|
|
11,849 |
|
|
-56.9 |
|
Operating income |
|
3,448 |
|
|
|
11,543 |
|
|
-70.1 |
|
Annualized return on average equity |
|
4.6 |
% |
|
|
11.4 |
% |
|
-6.8 |
pts |
|
|
|
|
|
|
Per Share Data |
|
|
|
|
|
Net income – Class A (diluted) |
$ |
0.18 |
|
|
$ |
0.46 |
|
|
-60.9 |
% |
Net income – Class B |
|
0.17 |
|
|
|
0.42 |
|
|
-59.5 |
|
Operating income – Class A (diluted) |
|
0.12 |
|
|
|
0.44 |
|
|
-72.7 |
|
Operating income – Class B |
|
0.12 |
|
|
|
0.41 |
|
|
-70.7 |
|
Book value |
|
16.43 |
|
|
|
16.29 |
|
|
0.9 |
|
|
|
|
|
|
|
1The “Definitions of Non-GAAP and Operating Measures” section of
this release defines and reconciles data that the Company prepares
on an accounting basis other than U.S. generally accepted
accounting principles (“GAAP”).
Kevin G. Burke, President and Chief Executive Officer of Donegal
Group Inc., noted, “Donegal Group reported strong organic growth, a
higher return from our investment portfolio, and profitable
operations in the first quarter of 2017, despite
higher-than-expected losses related to severe storm activity in
several of our marketing regions. Our net premiums written
increased by 8.5% compared to the prior-year first quarter. This
increase reflected a continuation of strong growth in our
commercial lines. We achieved this growth in spite of
reinsurance reinstatement premiums that reduced net premiums
written for our homeowners line of business and our commercial
multi-peril line of business by 4.5% and 2.5%, respectively, during
the first quarter. We strive to leverage our position as a
trusted and well-recognized regional insurer to win market share,
while we price our products appropriately in light of the current
conditions within our industry. We continue to implement
appropriate premium rate increases that respond to increasing loss
cost trends in our personal and commercial auto lines, with the
expectation that these premium rate increases will contribute to
higher premiums written and increased underwriting profitability
over time.”
Mr. Burke continued, “We work with our independent agents who
know their local markets well to integrate technology tools in
every facet of our underwriting process, particularly for our auto
products. Companies, such as us, that have invested in
telematics and predictive analytics to collect and evaluate
information regarding specific risk characteristics in their
underwriting processes have a clear advantage over those insurance
carriers that are now just beginning to implement such
practices. We continue to further develop, refine and
implement technology tools that will further enhance our
underwriting and risk selection processes. We remain
dedicated to providing “best-in-class” technology that will enhance
our services to our customers and our trusted network of
independent agents.”
Mr. Burke concluded, “While a higher level of storm activity
impacted our underwriting results in several of our marketing areas
in the first quarter of 2017, we believe that the strength of our
brand and our proven business strategies provide us with
sustainable competitive advantages that will enable us to deliver
higher returns in the future.”
Donald H. Nikolaus, Chairman of Donegal Group Inc., remarked,
“We have a commitment to deliver underwriting results that
outperform the insurance industry and that, combined with solid
investment returns, will help to deliver superior book value
appreciation over time. At March 31, 2017, our book value per
share increased to $16.43, compared to $16.21 at December 31, 2016.
Our net income during the first quarter of 2017, as well as a
modest increase in unrealized gains within our available-for-sale
fixed-maturity and equity investment portfolios during the first
quarter, contributed to the increase in our book value at March 31,
2017.”
Insurance Operations
Donegal Group is an insurance holding company whose insurance
subsidiaries offer personal and commercial property and casualty
lines of insurance in four Mid-Atlantic states (Delaware, Maryland,
New York and Pennsylvania), three New England states (Maine, New
Hampshire and Vermont), seven Southern states (Alabama, Georgia,
North Carolina, South Carolina, Tennessee, Virginia and West
Virginia) and seven Midwestern states (Indiana, Iowa, Michigan,
Nebraska, Ohio, South Dakota and Wisconsin).
|
Three Months Ended March 31, |
|
|
2017 |
|
|
2016 |
|
% Change |
|
(dollars in thousands) |
|
|
|
|
|
|
Net Premiums Written |
|
|
|
|
|
Personal lines: |
|
|
|
|
|
Automobile |
$ |
61,292 |
|
$ |
55,054 |
|
11.3 |
% |
Homeowners |
|
25,591 |
|
|
25,882 |
|
-1.1 |
|
Other |
|
4,728 |
|
|
4,351 |
|
8.7 |
|
Total personal lines |
|
91,611 |
|
|
85,287 |
|
7.4 |
|
Commercial lines: |
|
|
|
|
|
Automobile |
|
26,835 |
|
|
22,911 |
|
17.1 |
|
Workers' compensation |
|
33,484 |
|
|
31,030 |
|
7.9 |
|
Commercial multi-peril |
|
30,030 |
|
|
28,453 |
|
5.5 |
|
Other |
|
2,541 |
|
|
2,394 |
|
6.1 |
|
Total commercial lines |
|
92,890 |
|
|
84,788 |
|
9.6 |
|
Total net premiums written |
$ |
184,501 |
|
$ |
170,075 |
|
8.5 |
% |
|
|
|
|
|
|
The 8.5% increase in the Company’s net premiums written for the
first quarter of 2017 compared to the first quarter of 2016, as
shown in the table above, represents the combination of 9.6% growth
in commercial lines net premiums written and 7.4% growth in
personal lines net premiums written. The $14.4 million growth in
net premiums written for the first quarter of 2017 compared to the
first quarter of 2016 included:
- $8.1 million in commercial lines premiums that the Company
attributes primarily to new commercial accounts the Company’s
insurance subsidiaries have written throughout their operating
regions and a continuation of modest renewal premium
increases.
- $6.3 million in personal lines premiums that the Company
attributes to a combination of new policy growth and premium rate
increases the Company has implemented over the past four quarters,
partially offset by higher reinsurance reinstatement premiums.
The Company renewed the majority of its reinsurance programs
effective January 1, 2017 with no substantive changes to its
reinsurance premium rates or coverage levels for 2017 compared to
2016.
The following table presents comparative details with respect to
our GAAP and statutory combined ratios for the three months ended
March 31, 2017 and 2016:
|
Three Months Ended |
|
March 31, |
|
2017 |
|
|
2016 |
|
|
|
|
|
GAAP Combined Ratios (Total Lines) |
|
|
|
Loss ratio (non-weather) |
59.3 |
% |
|
55.9 |
% |
Loss ratio (weather-related) |
8.4 |
|
|
4.4 |
|
Expense ratio |
33.2 |
|
|
33.2 |
|
Dividend ratio |
0.5 |
|
|
0.5 |
|
Combined ratio |
101.4 |
% |
|
94.0 |
% |
|
|
|
|
Statutory Combined Ratios |
|
|
|
Personal Lines: |
|
|
|
Automobile |
104.7 |
% |
|
99.8 |
% |
Homeowners |
106.1 |
|
|
91.0 |
|
Other |
89.6 |
|
|
82.2 |
|
Total personal lines |
104.0 |
|
|
95.6 |
|
Commercial Lines: |
|
|
|
Automobile |
107.0 |
|
|
101.8 |
|
Workers' compensation |
80.8 |
|
|
86.5 |
|
Commercial multi-peril |
105.9 |
|
|
84.7 |
|
Total commercial lines |
94.4 |
|
|
88.0 |
|
Total lines |
99.6 |
% |
|
92.1 |
% |
|
|
|
|
Jeffrey D. Miller, Executive Vice President and Chief Financial
Officer of Donegal Group Inc., commented, “We were pleased with the
performance of our workers’ compensation line of business, which
produced an excellent 80.8% statutory combined ratio for the first
quarter of 2017. Weather-related losses adversely impacted
our underwriting results for our homeowners and commercial
multi-peril lines of business during the first quarter of 2017,
primarily attributable to numerous wind and hail events in our
Mid-Atlantic, Midwestern and Southern regions. None of these
weather-related events caused insured losses that exceeded our $5.0
million external catastrophe reinsurance retention amount, but the
cumulative impact of numerous smaller storm systems was far greater
than our historical first-quarter average for weather-related
losses. Intercompany catastrophe reinsurance with Donegal
Mutual Insurance Company capped the financial impact of losses from
two of these wind and hail events and resulted in reinsurance
reinstatement premiums of $2.0 million during the first quarter of
2017.”
For the first quarter of 2017, the Company’s statutory loss
ratio1 increased to 67.9%, compared to 60.2% for the first quarter
of 2016. Weather-related losses of $14.3 million for the
first quarter of 2017, or 8.4 percentage points of the Company’s
loss ratio, increased from the $6.9 million, or 4.4 percentage
points of the Company’s loss ratio, for the first quarter of 2016.
Weather-related loss activity for the first quarter of 2017
significantly exceeded the Company's five-year average of $8.3
million for first-quarter weather-related losses.
Large fire losses, which the Company defines as individual fire
losses in excess of $50,000, for the first quarter of 2017 were
$5.9 million, or 3.5 percentage points of the Company’s loss
ratio. That amount was in line with the large fire losses of
$5.8 million, or 3.7 percentage points of the Company’s loss ratio,
for the first quarter of 2016.
The Company’s statutory expense ratio1 was 31.1% for the first
quarter of 2017, compared to 31.3% for the first quarter of
2016. The decrease in the Company's statutory expense ratio
reflected lower underwriting-based incentive costs for the first
quarter of 2017.
Investment Operations
Donegal Group’s investment strategy is to generate an
appropriate amount of after-tax income on its invested assets while
minimizing credit risk through investment in high-quality
securities. As a result, the Company had invested 89.8% of its
consolidated investment portfolio in diversified, highly rated and
marketable fixed-maturity securities at March 31, 2017.
|
March 31, 2017 |
|
December 31, 2016 |
|
Amount |
|
% |
|
Amount |
|
% |
|
(dollars in thousands) |
Fixed maturities, at carrying value: |
|
|
|
|
|
|
|
U.S. Treasury securities and obligations of U.S. |
|
|
|
|
|
|
|
government corporations and agencies |
$ |
102,081 |
|
|
10.6 |
% |
|
$ |
99,970 |
|
|
10.6 |
% |
Obligations of states and political subdivisions |
|
303,806 |
|
|
31.6 |
|
|
|
308,876 |
|
|
32.7 |
|
Corporate securities |
|
193,323 |
|
|
20.1 |
|
|
|
179,011 |
|
|
18.9 |
|
Mortgage-backed securities |
|
264,255 |
|
|
27.5 |
|
|
|
263,319 |
|
|
27.8 |
|
Total fixed maturities |
|
863,465 |
|
|
89.8 |
|
|
|
851,176 |
|
|
90.0 |
|
Equity securities, at fair value |
|
48,601 |
|
|
5.1 |
|
|
|
47,088 |
|
|
5.0 |
|
Investments in affiliates |
|
38,186 |
|
|
4.0 |
|
|
|
37,885 |
|
|
4.0 |
|
Short-term investments, at cost |
|
10,268 |
|
|
1.1 |
|
|
|
9,371 |
|
|
1.0 |
|
Total investments |
$ |
960,520 |
|
|
100.0 |
% |
|
$ |
945,520 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
Average investment yield |
|
2.4 |
% |
|
|
|
|
2.5 |
% |
|
|
Average tax-equivalent investment yield |
|
2.9 |
% |
|
|
|
|
3.0 |
% |
|
|
Average fixed-maturity duration (years) |
|
4.4 |
|
|
|
|
|
4.5 |
|
|
|
|
|
|
|
|
|
|
|
Net investment income of $5.8 million for the first quarter of
2017 increased 3.8% compared to $5.5 million in net investment
income for the first quarter of 2016. The increase in net
investment income reflected primarily an increase in average
invested assets relative to the prior-year first quarter.
Net realized investment gains, primarily from sales of equity
securities, were $2.5 million for the first quarter of 2017,
compared to $470,941 for the first quarter of 2016. The Company had
no impairments in its investment portfolio that it considered to be
other than temporary during the first quarter of 2017 or 2016.
Definitions of Non-GAAP and Operating
Measures
The Company prepares its consolidated financial statements on
the basis of GAAP. The Company’s insurance subsidiaries also
prepare financial statements based on statutory accounting
principles state insurance regulators prescribe or permit (“SAP”).
In addition to using GAAP-based performance measurements, the
Company also utilizes certain non-GAAP financial measures that it
believes provide value in managing its business and for comparison
to the financial results of its peers. These non-GAAP measures are
operating income and statutory combined ratio.
Operating income is a non-GAAP financial measure investors in
insurance companies commonly use. The Company defines operating
income as net income excluding after-tax net realized investment
gains or losses. Because the Company’s calculation of operating
income may differ from similar measures other companies use,
investors should exercise caution when comparing the Company’s
measure of operating income to the measure of other companies.
The following table provides a reconciliation of the Company's
net income to the Company's operating income for the periods
indicated:
|
Three Months Ended March 31, |
|
|
2017 |
|
|
|
2016 |
|
|
% Change |
|
(dollars in thousands, except per share amounts) |
|
|
|
|
|
|
Reconciliation of Net Income |
|
|
|
|
|
to Operating Income |
|
|
|
|
|
Net income |
$ |
5,105 |
|
|
$ |
11,849 |
|
|
-56.9 |
% |
Realized gains (after tax) |
|
(1,657 |
) |
|
|
(306 |
) |
|
441.5 |
% |
Operating income |
$ |
3,448 |
|
|
$ |
11,543 |
|
|
-70.1 |
% |
|
|
|
|
|
|
Per Share Reconciliation of Net |
|
|
|
|
|
Income to Operating Income |
|
|
|
|
|
Net income – Class A (diluted) |
$ |
0.18 |
|
|
$ |
0.46 |
|
|
-60.9 |
% |
Realized gains (after tax) |
|
(0.06 |
) |
|
|
(0.02 |
) |
|
200.0 |
% |
Operating income – Class A |
$ |
0.12 |
|
|
$ |
0.44 |
|
|
-72.7 |
% |
|
|
|
|
|
|
Net income – Class B |
$ |
0.17 |
|
|
$ |
0.42 |
|
|
-59.5 |
% |
Realized gains (after tax) |
|
(0.05 |
) |
|
|
(0.01 |
) |
|
400.0 |
% |
Operating income – Class B |
$ |
0.12 |
|
|
$ |
0.41 |
|
|
-70.7 |
% |
|
|
|
|
|
|
The statutory combined ratio is a non-GAAP standard measurement
of underwriting profitability that is based upon amounts determined
under SAP. The statutory combined ratio is the sum of:
- the statutory loss ratio, which is the ratio of calendar-year
incurred losses and loss expenses, excluding anticipated salvage
and subrogation recoveries, 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.
The statutory combined ratio does not reflect investment income,
federal income taxes or other non-operating income or expense. A
statutory combined ratio of less than 100% generally indicates
underwriting profitability.
Conference Call and Webcast
The Company will hold a conference call and webcast on
Wednesday, April 19, 2017, beginning at 11:00 A.M. Eastern Time.
You may listen via the Internet by accessing the webcast link on
the Company’s web site at http://investors.donegalgroup.com. A
replay of the conference call will also be available via the
Company’s website.
About the Company
Donegal Group is an insurance holding company. The insurance
subsidiaries of Donegal Group and Donegal Mutual Insurance Company
conduct business together as the Donegal Insurance Group. The
Company’s Class A common stock and Class B common stock trade on
the NASDAQ Global Select Market under the symbols DGICA and DGICB,
respectively. As an effective acquirer of small to medium-sized
“main street” property and casualty insurers, Donegal Group has
grown profitably over the last three decades. The Company continues
to seek opportunities for growth while striving to achieve its
longstanding goal of outperforming the property and casualty
insurance industry in terms of service, profitability and book
value growth.
The Company owns 48.2% of the outstanding stock of Donegal
Financial Services Corporation (“DFSC”). DFSC owns all of the
outstanding stock of Union Community Bank (“UCB”). The Company
accounts for its investment in DFSC using the equity method of
accounting. Donegal Mutual Insurance Company owns the remaining
51.8% of the outstanding stock of DFSC.
Safe Harbor
We base all statements contained in this release that are not
historic facts on our current expectations. These statements are
forward-looking in nature (as defined in the Private Securities
Litigation Reform Act of 1995) and involve a number of risks and
uncertainties. Actual results could vary materially. Factors that
could cause actual results to vary materially include: our ability
to maintain profitable operations, the adequacy of the loss and
loss expense reserves of our insurance subsidiaries, business and
economic conditions in the areas in which our insurance
subsidiaries operate, interest rates, competition from various
insurance and other financial businesses, terrorism, the
availability and cost of reinsurance, adverse and catastrophic
weather events, legal and judicial developments, changes in
regulatory requirements, our ability to integrate and manage
successfully the insurance companies we may acquire from time to
time and other risks we describe from time to time in the periodic
reports we file with the Securities and Exchange Commission. You
should not place undue reliance on any such forward-looking
statements. We disclaim any obligation to update such statements or
to announce publicly the results of any revisions that we may make
to any forward-looking statements to reflect the occurrence of
anticipated or unanticipated events or circumstances after the date
of such statements.
Donegal Group Inc. |
Consolidated Statements of Income |
(unaudited; in thousands, except share data) |
|
|
|
|
|
|
|
|
|
Quarter Ended March 31, |
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
Net
premiums earned |
$ |
169,156 |
|
|
$ |
158,475 |
|
Investment
income, net of expenses |
|
5,755 |
|
|
|
5,547 |
|
Net
realized investment gains |
|
2,549 |
|
|
|
471 |
|
Lease
income |
|
142 |
|
|
|
178 |
|
Installment
payment fees |
|
1,136 |
|
|
|
1,363 |
|
Equity in
earnings of DFSC |
|
233 |
|
|
|
35 |
|
|
Total revenues |
|
178,971 |
|
|
|
166,069 |
|
|
|
|
|
|
|
Net losses
and loss expenses |
|
114,433 |
|
|
|
95,578 |
|
Amortization of deferred acquisition costs |
|
27,683 |
|
|
|
25,956 |
|
Other
underwriting expenses |
|
28,489 |
|
|
|
26,638 |
|
Policyholder dividends |
|
834 |
|
|
|
832 |
|
Interest |
|
|
364 |
|
|
|
408 |
|
Other
expenses |
|
443 |
|
|
|
638 |
|
|
Total expenses |
|
172,246 |
|
|
|
150,050 |
|
|
|
|
|
|
|
Income
before income tax expense |
|
6,725 |
|
|
|
16,019 |
|
Income tax
expense |
|
1,620 |
|
|
|
4,170 |
|
|
|
|
|
|
|
Net
income |
$ |
5,105 |
|
|
$ |
11,849 |
|
|
|
|
|
|
|
Net income
per common share: |
|
|
|
|
Class A - basic |
$ |
0.19 |
|
|
$ |
0.46 |
|
|
Class A - diluted |
$ |
0.18 |
|
|
$ |
0.46 |
|
|
Class B - basic and diluted |
$ |
0.17 |
|
|
$ |
0.42 |
|
|
|
|
|
|
|
Supplementary Financial Analysts' Data |
|
|
|
|
|
|
|
|
|
Weighted-average number of shares |
|
|
|
|
outstanding: |
|
|
|
|
Class A - basic |
|
21,544,864 |
|
|
|
20,544,741 |
|
|
Class A - diluted |
|
22,625,578 |
|
|
|
20,815,540 |
|
|
Class B - basic and diluted |
|
5,576,775 |
|
|
|
5,576,775 |
|
|
|
|
|
|
|
Net
premiums written |
$ |
184,501 |
|
|
$ |
170,075 |
|
|
|
|
|
|
|
Book value
per common share |
|
|
|
|
at end of period |
$ |
16.43 |
|
|
$ |
16.29 |
|
|
|
|
|
|
|
Annualized
return on average equity |
|
4.6 |
% |
|
|
11.4 |
% |
Donegal Group Inc. |
Consolidated Balance Sheets |
(in thousands) |
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
ASSETS |
Investments: |
|
|
|
|
Fixed
maturities: |
|
|
|
|
|
Held to maturity, at
amortized cost |
$ |
352,296 |
|
|
$ |
336,101 |
|
|
|
Available for sale, at
fair value |
|
511,169 |
|
|
|
515,075 |
|
|
Equity
securities, at fair value |
|
48,601 |
|
|
|
47,088 |
|
|
Investments
in affiliates |
|
38,186 |
|
|
|
37,885 |
|
|
Short-term
investments, at cost |
|
10,268 |
|
|
|
9,371 |
|
|
|
Total investments |
|
960,520 |
|
|
|
945,520 |
|
Cash |
|
|
33,656 |
|
|
|
24,587 |
|
Premiums
receivable |
|
169,303 |
|
|
|
159,390 |
|
Reinsurance
receivable |
|
269,804 |
|
|
|
263,028 |
|
Deferred
policy acquisition costs |
|
58,364 |
|
|
|
56,309 |
|
Prepaid
reinsurance premiums |
|
131,682 |
|
|
|
124,256 |
|
Other
assets |
|
39,864 |
|
|
|
50,041 |
|
|
|
Total assets |
$ |
1,663,193 |
|
|
$ |
1,623,131 |
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
Liabilities: |
|
|
|
|
|
Losses and
loss expenses |
$ |
620,849 |
|
|
$ |
606,665 |
|
|
Unearned
premiums |
|
488,827 |
|
|
|
466,055 |
|
|
Accrued
expenses |
|
19,071 |
|
|
|
28,247 |
|
|
Borrowings
under lines of credit |
|
69,000 |
|
|
|
69,000 |
|
|
Subordinated debentures |
|
5,000 |
|
|
|
5,000 |
|
|
Other
liabilities |
|
13,735 |
|
|
|
9,549 |
|
|
|
Total liabilities |
|
1,216,482 |
|
|
|
1,184,516 |
|
Stockholders' equity: |
|
|
|
|
Class A
common stock |
|
246 |
|
|
|
245 |
|
|
Class B
common stock |
|
56 |
|
|
|
56 |
|
|
Additional
paid-in capital |
|
239,690 |
|
|
|
236,852 |
|
|
Accumulated
other comprehensive loss |
|
(1,907 |
) |
|
|
(2,254 |
) |
|
Retained
earnings |
|
249,852 |
|
|
|
244,942 |
|
|
Treasury
stock |
|
(41,226 |
) |
|
|
(41,226 |
) |
|
|
Total stockholders'
equity |
|
446,711 |
|
|
|
438,615 |
|
|
|
Total liabilities and
stockholders' equity |
$ |
1,663,193 |
|
|
$ |
1,623,131 |
|
For Further Information:
Jeffrey D. Miller, Executive Vice President & Chief Financial Officer
Phone: (717) 426-1931
E-mail: investors@donegalgroup.com
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