Donegal reports Q4 and full-year 2024 results
Donegal Insurance Group reported a profitable fourth quarter and full-year 2024, driven by premium growth, underwriting improvements, and expense reduction initiatives.
Q4 2024 Highlights (YoY Comparison)
- Net premiums earned: $236.6M (+4.6%)
- Combined ratio: 92.9%, down from 106.8%
- Net income: $24.0M ($0.70 per diluted Class A share), compared to a $2.0M loss in Q4 2023
Full-Year 2024 Highlights
- Net premiums earned: $936.7M (+6.2%)
- Combined ratio: 98.6%, down from 104.4%
- Net income: $50.9M ($1.53 per diluted Class A share), up from $4.4M in 2023
- Book value per share: $15.36, up 6.7% YoY
CEO Kevin G. Burke credited the performance to rate increases, reduced loss activity, and efficiency improvements, while technology investments and underwriting refinements continue to support future growth. Donegal plans to maintain targeted premium growth in commercial and personal lines while optimizing risk-adjusted returns.
“We will continue to implement premium rate increases as needed to maintain rate adequacy and achieve targeted risk-adjusted returns. We are also actively pursuing new business opportunities across our regional footprint, concentrating primarily on high quality new commercial middle market and small business accounts, while also seeking strategic new business growth within our personal lines segment. We have refined our state-specific strategies and action plans to meet current market challenges and opportunities. We believe that the successful execution of those actions will allow us to further enhance underwriting performance, drive sustainable measured growth and strengthen our competitive position with our independent agents, ultimately increasing the value of our stockholders’ investment in Donegal Group Inc.” – CEO Kevin G. Burke.
