Donegal Group Inc. (NASDAQ:DGICA) (NASDAQ:DGICB) today reported its
financial results for the first quarter of 2016. Highlights
included:
- Net income of $11.8 million, or 46 cents per diluted Class A
share, for the first quarter of 2016, a 72.9% increase over net
income of $6.9 million, or 25 cents per diluted Class A share, for
the first quarter of 2015
- 8.6% increase in net premiums written to $170.1 million,
reflecting organic growth in both personal and commercial
lines
- Statutory combined ratio1 of 92.1% for the first quarter of
2016, compared to 96.9% for the prior-year first quarter
- 12.1% increase in net investment income to $5.5 million for the
first quarter of 2016, compared to $4.9 million for the first
quarter of 2015
- Book value per share of $16.29 at March 31, 2016, compared to
$15.66 at year-end 2015
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Three Months Ended March 31, |
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2016 |
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2015 |
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% Change |
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(dollars in thousands, except per share amounts) |
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Income Statement Data |
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Net premiums earned |
$ |
158,475 |
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$ |
146,530 |
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8.2 |
% |
Investment income, net |
|
5,547 |
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|
4,949 |
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12.1 |
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Realized gains |
|
471 |
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|
|
1,046 |
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|
-55.0 |
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Total revenues |
|
166,069 |
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|
|
154,772 |
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|
7.3 |
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Net income |
|
11,849 |
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|
|
6,854 |
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|
|
72.9 |
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Operating income1 |
|
11,543 |
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|
6,174 |
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|
87.0 |
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Per Share Data |
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Net income – Class A (diluted) |
$ |
0.46 |
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|
$ |
0.25 |
|
|
|
84.0 |
% |
Net income – Class B |
|
0.42 |
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|
|
0.23 |
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|
82.6 |
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Operating income – Class A (diluted) |
|
0.44 |
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0.23 |
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91.3 |
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Operating income – Class B |
|
0.41 |
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|
0.21 |
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|
95.2 |
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Book value |
|
16.29 |
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|
15.68 |
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3.9 |
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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 achieved excellent underwriting
results for the first quarter of 2016, contributing to quarterly
net income of $11.8 million. Our net income for the first quarter
of 2016 represented a 72.9 percent increase over our net income for
the prior-year first quarter. We attribute our excellent results to
the strategies we have employed over the past few years to enhance
our profitability. We continue to strive to outperform the property
and casualty insurance industry in terms of service, profitability
and book value growth over the long term."
“We have been emphasizing to our agents that we are a
well-capitalized regional insurance group that is wholly committed
to serving the independent agency market. That commitment has
helped us forge strong agency relationships that have served us
well in our pursuit of profitable growth within our operating
regions, and we believe those relationships will drive our future
growth and success. We are pleased that our net premiums
written grew by 8.6% during the first quarter of 2016.
We attribute that growth to a combination of new
business writings and premium rate increases across the full
spectrum of our business,” Mr. Burke added.
Mr. Burke concluded, “While fewer fire losses and decreased
weather-related claim activity contributed to the improvement in
our underwriting results compared to the prior-year first quarter,
we were also pleased with the performance of our casualty lines of
business during the first three months of 2016. We attribute
that favorable performance to our ongoing focus on quality
underwriting, our expanding use of predictive modeling and our
commitment to maintain rate adequacy. Our statutory combined
ratio of 92.1% for the first quarter of 2016 demonstrates the
substantial improvement in underwriting results for both our
commercial lines and personal lines business segments.”
Donald H. Nikolaus, Chairman, further remarked, “Our first
quarter results clearly demonstrate the benefits of our
long-standing strategic emphasis on underwriting
profitability. We were also pleased to achieve an increase in
our investment income that resulted from steady growth in our
invested assets throughout the past year. At March 31, 2016,
our book value per share increased to $16.29, compared to $15.66 at
December 31, 2015. Our favorable earnings during the first quarter
of 2016, as well as an increase in unrealized gains within our
available-for-sale fixed-maturity and equity investment portfolios,
contributed to the increase in our book value at March 31,
2016.”
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 Southeastern 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). The insurance subsidiaries of
Donegal Group and Donegal Mutual Insurance Company conduct business
together as the Donegal Insurance Group.
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Three Months Ended March 31, |
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2016 |
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2015 |
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% Change |
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(dollars in thousands) |
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Net Premiums Written |
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Personal lines: |
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Automobile |
$ |
55,054 |
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$ |
52,337 |
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5.2 |
% |
Homeowners |
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25,882 |
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|
24,410 |
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6.0 |
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Other |
|
4,351 |
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4,196 |
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3.7 |
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Total personal lines |
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85,287 |
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80,943 |
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5.4 |
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Commercial lines: |
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Automobile |
|
22,911 |
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|
|
20,123 |
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|
|
13.9 |
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Workers'
compensation |
|
31,030 |
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|
|
28,730 |
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8.0 |
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Commercial
multi-peril |
|
28,453 |
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|
25,035 |
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13.7 |
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Other |
|
2,394 |
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|
|
1,816 |
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|
|
31.8 |
|
Total commercial lines |
|
84,788 |
|
|
|
75,704 |
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|
12.0 |
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Total net premiums written |
$ |
170,075 |
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|
$ |
156,647 |
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8.6 |
% |
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The 8.6% increase in the Company’s net premiums written for the
first quarter of 2016 compared to the first quarter of 2015, as
shown in the table above, represents the combination of 12.0%
growth in commercial lines net premiums written and 5.4% growth in
personal lines net premiums written. The $13.4 million growth in
net premiums written for the first quarter of 2016 compared to the
first quarter of 2015 included:
- $9.1 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.
- $4.3 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,
as well as lower reinsurance reinstatement premiums. Because
the Company sustained no losses from catastrophic loss events that
exceeded its reinsurance retentions during the first quarter of
2016, the Company paid no reinsurance reinstatement premiums in the
first quarter of 2016. The Company paid $1.0 million in
reinsurance reinstatement premiums for the prior-year first
quarter.
The Company renewed the majority of its reinsurance programs
effective January 1, 2016 with no substantive changes to its
reinsurance premium rates or coverage levels for 2016 compared to
2015.
The following table presents comparative details with respect to
our statutory and GAAP combined ratios for the three months ended
March 31, 2016 and 2015:
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Three Months Ended |
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March 31, |
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2016 |
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2015 |
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Statutory Combined Ratios |
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Personal Lines: |
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Automobile |
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99.8 |
% |
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99.5 |
% |
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Homeowners |
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91.0 |
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98.7 |
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Other |
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82.2 |
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88.7 |
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Total personal lines |
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95.6 |
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|
98.4 |
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Commercial Lines: |
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Automobile |
|
101.8 |
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|
|
101.5 |
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Workers'
compensation |
|
86.5 |
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|
|
87.8 |
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Commercial
multi-peril |
|
84.7 |
|
|
|
102.4 |
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Total commercial lines |
|
88.0 |
|
|
|
95.1 |
|
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Total lines |
|
92.1 |
% |
|
|
96.9 |
% |
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GAAP Combined Ratios (Total Lines) |
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Loss
ratio (non-weather) |
|
55.9 |
% |
|
|
59.5 |
% |
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Loss
ratio (weather-related) |
|
4.4 |
|
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|
6.0 |
|
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Expense ratio |
|
33.2 |
|
|
|
32.7 |
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Dividend ratio |
|
0.5 |
|
|
|
0.6 |
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Combined ratio |
|
94.0 |
% |
|
|
98.8 |
% |
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Jeffrey D. Miller, Executive Vice President and Chief Financial
Officer, commented, “The 92.1% statutory combined ratio for the
first quarter of 2016 demonstrates the effectiveness of our
continuing strategy to achieve profitable growth in our commercial
lines segment and to improve the profitability of our personal
lines segment. Our workers’ compensation line of business continued
to perform well, as the 86.5% combined ratio in that line of
business for the first quarter of 2016 indicates. Our
commercial multi-peril and homeowners combined ratios benefitted
from decreased weather-related claims and fewer fire losses
compared to the first quarter of 2015.”
For the first quarter of 2016, the Company’s statutory loss
ratio decreased to 60.2%, compared to 65.8% for the first quarter
of 2015. Weather-related losses of $6.9 million for the first
quarter of 2016, which equate to 4.4 percentage points of the
Company’s loss ratio, decreased from the $8.8 million, or 6.0
percentage points of the Company’s loss ratio, for the first
quarter of 2015. Weather-related loss activity for the first
quarter of 2016 compared favorably to the Company's five-year
average of $8.5 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 2016 were
$5.8 million, or 3.7 percentage points of the Company’s loss
ratio. That amount was substantially lower than the large
fire losses of $10.8 million, or 7.4 percentage points of the
Company’s loss ratio, for the first quarter of 2015. The Company
noted significant decreases in commercial fire loss frequency and
severity, as well as a lower incidence of large homeowners fire
losses compared to the prior-year first quarter.
Mr. Miller added, “While our policyholders incurred claims from
a significant Mid-Atlantic snow event in January 2016 and other
localized winter storms in our operating regions throughout the
first three months of 2016, our regions did not experience a
recurrence of the sub-freezing temperatures that contributed to
elevated claim activity during the winters of 2015 and 2014.
We likewise attribute the lower volume of large fire losses to the
less severe winter temperatures during the first quarter of
2016. Development of reserves for losses incurred in prior
accident years was immaterial for the first quarters of 2016 and
2015.”
The Company’s statutory expense ratio1 was 31.3% for the first
quarter of 2016, compared to 30.5% for the first quarter of
2015. The increase in the Company's statutory expense ratio
reflected increased underwriting-based incentive costs for the
first quarter of 2016.
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, 2016.
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March 31, 2016 |
|
December 31, 2015 |
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|
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|
Amount |
|
% |
|
Amount |
|
% |
|
|
|
|
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|
|
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(dollars in thousands) |
|
|
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Fixed maturities, at carrying value: |
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury
securities and obligations of U.S. government corporations and
agencies |
$ |
93,124 |
|
|
|
10.2 |
% |
|
$ |
88,383 |
|
|
|
9.8 |
% |
|
|
|
|
Obligations
of states and political subdivisions |
|
339,410 |
|
|
|
37.2 |
|
|
|
355,671 |
|
|
|
39.5 |
|
|
|
|
|
Corporate
securities |
|
146,747 |
|
|
|
16.1 |
|
|
|
138,119 |
|
|
|
15.3 |
|
|
|
|
|
Mortgage-backed securities |
|
240,417 |
|
|
|
26.3 |
|
|
|
229,479 |
|
|
|
25.5 |
|
|
|
|
|
Total fixed maturities |
|
819,698 |
|
|
|
89.8 |
|
|
|
811,652 |
|
|
|
90.1 |
|
|
|
|
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Equity securities, at fair value |
|
42,503 |
|
|
|
4.7 |
|
|
|
37,261 |
|
|
|
4.1 |
|
|
|
|
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Investments in affiliates |
|
39,143 |
|
|
|
4.3 |
|
|
|
38,477 |
|
|
|
4.3 |
|
|
|
|
|
Short-term investments, at cost |
|
11,890 |
|
|
|
1.2 |
|
|
|
13,432 |
|
|
|
1.5 |
|
|
|
|
|
Total investments |
$ |
913,234 |
|
|
|
100.0 |
% |
|
$ |
900,822 |
|
|
|
100.0 |
% |
|
|
|
|
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Average investment yield |
|
2.4 |
% |
|
|
|
|
2.4 |
% |
|
|
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|
|
|
Average tax-equivalent investment yield |
|
3.1 |
% |
|
|
|
|
3.1 |
% |
|
|
|
|
|
|
Average fixed-maturity duration (years) |
|
4.1 |
|
|
|
|
|
4.4 |
|
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Net investment income of $5.5 million for the first quarter of
2016 increased 12.1% compared to $4.9 million in net investment
income for the first quarter of 2015. 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 were $470,941 for the first
quarter of 2016, compared to $1.0 million for the first quarter of
2015. The Company had no impairments in its investment portfolio
that it considered to be other than temporary during the first
quarters of 2016 or 2015.
Mr. Miller, in commenting on the Company’s investment
operations, noted, “One of our key strategies is to increase our
investment portfolio in order to provide a consistent flow of
investment income to support our expanding underwriting
operations. Our new money investments, coupled with our
consistent reinvestment of called and maturing investment proceeds,
have allowed us to maintain our average portfolio investment yield
in spite of the continuing low interest rate environment. Our
dividend-paying equity securities portfolio also contributed to the
increase in our net investment income for the first quarter of 2016
compared to the prior-year first quarter.”
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:
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Three Months Ended March 31, |
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|
2016 |
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|
2015 |
|
|
% Change |
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(dollars in thousands, except per share amounts) |
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Reconciliation of Net Income |
|
|
|
|
|
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|
|
|
|
to Operating Income |
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|
|
|
|
|
|
Net income |
$ |
11,849 |
|
|
$ |
6,854 |
|
|
|
72.9 |
% |
|
|
|
|
|
Realized gains (after tax) |
|
(306 |
) |
|
|
(680 |
) |
|
|
-55.0 |
% |
|
|
|
|
|
Operating income |
$ |
11,543 |
|
|
$ |
6,174 |
|
|
|
87.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Reconciliation of Net |
|
|
|
|
|
|
|
|
|
|
Income to Operating Income |
|
|
|
|
|
|
|
|
|
|
Net income – Class A (diluted) |
$ |
0.46 |
|
|
$ |
0.25 |
|
|
|
84.0 |
% |
|
|
|
|
|
Realized gains (after tax) |
|
(0.02 |
) |
|
|
(0.02 |
) |
|
|
0.0 |
% |
|
|
|
|
|
Operating income – Class A |
$ |
0.44 |
|
|
$ |
0.23 |
|
|
|
91.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income – Class B |
$ |
0.42 |
|
|
$ |
0.23 |
|
|
|
82.6 |
% |
|
|
|
|
|
Realized gains (after tax) |
|
(0.01 |
) |
|
|
(0.02 |
) |
|
|
-50.0 |
% |
|
|
|
|
|
Operating income – Class B |
$ |
0.41 |
|
|
$ |
0.21 |
|
|
|
95.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
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|
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 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 20, 2016, 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 web site.
About the Company
Donegal Group is an insurance holding company. 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, |
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
Net
premiums earned |
$ |
158,475 |
|
|
$ |
146,530 |
|
Investment
income, net of expenses |
|
5,547 |
|
|
|
4,949 |
|
Net
realized investment gains |
|
471 |
|
|
|
1,046 |
|
Lease
income |
|
178 |
|
|
|
200 |
|
Installment
payment fees |
|
1,363 |
|
|
|
1,520 |
|
Equity in
earnings of DFSC |
|
35 |
|
|
|
527 |
|
|
Total revenues |
|
166,069 |
|
|
|
154,772 |
|
|
|
|
|
|
|
Net losses
and loss expenses |
|
95,578 |
|
|
|
95,939 |
|
Amortization of deferred acquisition costs |
|
25,956 |
|
|
|
24,010 |
|
Other
underwriting expenses |
|
26,638 |
|
|
|
23,833 |
|
Policyholder dividends |
|
832 |
|
|
|
918 |
|
Interest |
|
|
408 |
|
|
|
331 |
|
Other
expenses |
|
638 |
|
|
|
726 |
|
|
Total expenses |
|
150,050 |
|
|
|
145,757 |
|
|
|
|
|
|
|
Income
before income tax expense |
|
16,019 |
|
|
|
9,015 |
|
Income tax
expense |
|
4,170 |
|
|
|
2,161 |
|
|
|
|
|
|
|
Net
income |
$ |
11,849 |
|
|
$ |
6,854 |
|
|
|
|
|
|
|
Net income
per common share: |
|
|
|
|
Class A - basic |
$ |
0.46 |
|
|
$ |
0.26 |
|
|
Class A - diluted |
$ |
0.46 |
|
|
$ |
0.25 |
|
|
Class B - basic and
diluted |
$ |
0.42 |
|
|
$ |
0.23 |
|
|
|
|
|
|
|
Supplementary Financial Analysts' Data |
|
|
|
|
|
|
|
|
|
Weighted-average number of shares |
|
|
|
|
outstanding: |
|
|
|
|
Class A - basic |
|
20,544,741 |
|
|
|
21,533,443 |
|
|
Class A - diluted |
|
20,815,540 |
|
|
|
22,113,889 |
|
|
Class B - basic and
diluted |
|
5,576,775 |
|
|
|
5,576,775 |
|
|
|
|
|
|
|
Net
premiums written |
$ |
170,075 |
|
|
$ |
156,647 |
|
|
|
|
|
|
|
Book value
per common share |
|
|
|
|
at end of period |
$ |
16.29 |
|
|
$ |
15.68 |
|
|
|
|
|
|
|
Annualized
return on average equity |
|
11.4 |
% |
|
|
6.5 |
% |
|
|
|
|
|
|
Donegal Group Inc. |
Consolidated Balance Sheets |
(in thousands) |
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
ASSETS |
Investments: |
|
|
|
|
Fixed
maturities: |
|
|
|
|
|
Held to maturity, at
amortized cost |
$ |
315,697 |
|
|
$ |
310,259 |
|
|
|
Available for sale, at
fair value |
|
504,001 |
|
|
|
501,393 |
|
|
Equity
securities, at fair value |
|
42,503 |
|
|
|
37,261 |
|
|
Investments
in affiliates |
|
39,143 |
|
|
|
38,477 |
|
|
Short-term
investments, at cost |
|
11,890 |
|
|
|
13,432 |
|
|
|
Total
investments |
|
913,234 |
|
|
|
900,822 |
|
Cash |
|
|
32,428 |
|
|
|
28,139 |
|
Premiums
receivable |
|
152,454 |
|
|
|
141,267 |
|
Reinsurance
receivable |
|
254,036 |
|
|
|
259,728 |
|
Deferred
policy acquisition costs |
|
52,520 |
|
|
|
52,108 |
|
Prepaid
reinsurance premiums |
|
120,852 |
|
|
|
113,523 |
|
Other
assets |
|
38,388 |
|
|
|
42,247 |
|
|
|
Total assets |
$ |
1,563,912 |
|
|
$ |
1,537,834 |
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
Liabilities: |
|
|
|
|
|
Losses and
loss expenses |
$ |
574,545 |
|
|
$ |
578,205 |
|
|
Unearned
premiums |
|
448,422 |
|
|
|
429,493 |
|
|
Accrued
expenses |
|
16,607 |
|
|
|
22,460 |
|
|
Borrowings
under lines of credit |
|
81,000 |
|
|
|
81,000 |
|
|
Subordinated debentures |
|
5,000 |
|
|
|
5,000 |
|
|
Other
liabilities |
|
12,140 |
|
|
|
13,288 |
|
|
|
Total liabilities |
|
1,137,714 |
|
|
|
1,129,446 |
|
Stockholders' equity: |
|
|
|
|
Class A
common stock |
|
236 |
|
|
|
235 |
|
|
Class B
common stock |
|
56 |
|
|
|
56 |
|
|
Additional
paid-in capital |
|
221,660 |
|
|
|
219,525 |
|
|
Accumulated
other comprehensive income |
|
4,733 |
|
|
|
774 |
|
|
Retained
earnings |
|
240,739 |
|
|
|
229,024 |
|
|
Treasury
stock |
|
(41,226 |
) |
|
|
(41,226 |
) |
|
|
Total stockholders'
equity |
|
426,198 |
|
|
|
408,388 |
|
|
|
Total liabilities and
stockholders' equity |
$ |
1,563,912 |
|
|
$ |
1,537,834 |
|
|
|
|
|
|
|
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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