Printer Friendly

DONEGAL GROUP REPORTS RESULTS

 MARIETTA, Pa., May 5 /PRNewswire/ -- Donegal Group Inc. (NASDAQ: DGIC) today reported record operating results for the first quarter ended March 31, 1993.
 Net income for the quarter was $1,558,279, or $.51 per share, which represented both the highest first-quarter results ever for the company and the highest earnings of any quarter in the company's history. Revenues increased 26 percent to $18,582,395 for the first quarter 1993 with premiums earned increasing 28 percent over the same period in 1992. A 21 percent increase in direct premiums written by the combined pool of Atlantic States Insurance Company (Atlantic) and Donegal Mutual Insurance Company and a 20 percent increase in Atlantic's share of the pooled business accounted for the change. The pooling change, effective Jan. 1, 1993, increased Atlantic's participation in the pool from 50 percent to 60 percent. Atlantic is Donegal Group Inc.'s primary subsidiary and accounts for 90 percent of the premiums earned by the company.
 Operating results for the first quarter were strong despite claims of approximately $700,000 arising from March storms that impacted the company's operating area, including the large "blizzard" that hit the East Coast. The company's combined ratio for the first quarter of 1993 was 96.4 percent compared with 98.5 percent in 1992 due largely to a 5.5 percent drop in the expense ratio to 26.5 percent. The company's loss ratio increased 3.7 percent to 57.8 percent from 54.1 percent in 1992, with the storm losses accounting for 4.1 percent of the 1993 number.
 Donegal Group Inc. is a regional property-casualty insurance holding company doing business in Pennsylvania, Virginia, Maryland and Delaware through its wholly owned subsidiaries, Atlantic States Insurance Company and Southern Insurance Company of Virginia.
 DONEGAL GROUP INC.
 SELECTED FINANCIAL INFORMATION
 Three months ended
 March 31
 1993 1992
 Premiums earned $16,779,821 $13,147,459
 Investment income,
 net of expense 1,564,661 1,549,392
 Realized gain 8,703 267,017
 Total revenues 18,582,395 15,168,940
 Net income before taxes 2,007,250 2,157,533
 Net income 1,558,279 1,391,155
 Net income per share $.51 $.47
 Book value per share
 at March 31, 1993 $12.59
 -0- 5/5/93
 /CONTACT: Ralph Spontak, senior vice president and chief financial officer of Donegal Group Inc., 717-426-1931/
 (DGIC)


CO: Donegal Group Inc. ST: Pennsylvania IN: INS SU: ERN

PS -- NY024 -- 4744 05/05/93 09:21 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 5, 1993
Words:414
Previous Article:COREL ANNOUNCES WABI CERTIFICATION FOR CORELDRAW; NEW CERTIFICATION ALLOWS USERS TO RUN CORELDRAW FOR WINDOWS ON UNIX PLATFORMS
Next Article:MICHAELS REPORTS RECORD APRIL SALES WITH 21 PERCENT INCREASE
Topics:


Related Articles
DONEGAL GROUP REPORTS RESULTS
DONEGAL GROUP REPORTS RESULTS
DONEGAL GROUP REPORTS RESULTS
DONEGAL GROUP REPORTS RESULTS
DONEGAL GROUP REPORTS RESULTS
/C O R R E C T I O N -- DONEGAL GROUP INC./
DONEGAL GROUP REPORTS RESULTS
DONEGAL GROUP REPORTS RESULTS
DONEGAL GROUP REPORTS RESULTS
Donegal Group Reports Results for Third Quarter

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters