Donegal Group Inc. (DGICA) 10-Year Financial Performance & Capital Metrics

DGICA • • Insurance & Managed Care

Financial ServicesProperty & Casualty InsurancePersonal Lines InsuranceRegional Personal Lines

AboutDonegal Group Inc., an insurance holding company, provides personal and commercial lines of property and casualty insurance to businesses and individuals. It operates through three segments: Investment Function, Personal Lines of Insurance, and Commercial Lines of Insurance. The company offers private passenger automobile policies that provide protection against liability for bodily injury and property damage arising from automobile accidents, as well as protection against loss from damage to automobiles; and homeowners policies, which provide coverage for damage to residences and their contents from a range of perils, including fire, lightning, windstorm, and theft, as well as liability of the insured arising from injury to other persons or their property. It also offers commercial automobile policies that provide protection against liability for bodily injury and property damage arising from automobile accidents and protection against loss from damage to automobiles owned by the insured; commercial multi-peril policies that provide protection to businesses against combining liability and physical damage coverages; and workers' compensation policies, which provide benefits to employees for injuries sustained during employment. The company markets its insurance products primarily to Mid-Atlantic, Midwestern, New England, Southern, and Southwestern regions through approximately 2,300 independent insurance agencies. Donegal Group Inc. was incorporated in 1986 and is headquartered in Marietta, Pennsylvania.Show more

Revenue $990M +6.7%
Combined Ratio 93.7% -5.8%
Net Income $51M +1049.3%
Return on Equity 9.92% +979.6%
Medical Cost Ratio 0%
Operating Margin 6.3% +1053.7%
Net Margin 5.14% +977.0%
ROA 2.21% +1026.0%
Equity / Assets 23.36% +10.4%
Book Value per Share 16.50 +14.0%
Tangible BV/Share 16.30 +14.2%
Debt/Equity 0.06 -12.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong Piotroski F-Score: 7/9
✓17 consecutive years of dividend growth
✓Healthy dividend yield of 3.5%
✓Trading at only 1.2x book value

✗Weaknesses

✗Weak 3Y average ROE of 3.5%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y5.39%

5Y4.03%

3Y6.62%

TTM0.93%

Profit (Net Income) CAGR

10Y13.34%

5Y1.53%

3Y26.29%

TTM246.14%

EPS CAGR

10Y10.77%

5Y-1.38%

3Y23.61%

TTM231.65%

ROCE

10Y Avg2.75%

5Y Avg1.45%

3Y Avg0.92%

Latest2.71%

Peer Comparison

Regional Personal Lines

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
NODKNI Holdings, Inc.	274.26M	13.31	55.46	6.97%	0.87%	1.06%	13.68%
HMNHorace Mann Educators Corporation	1.74B	42.88	17.29	8.21%	10.24%	11.39%	25.91%	0.42
SAFTSafety Insurance Group, Inc.	1.14B	76.49	16.00	19.85%	7.13%	9.7%	10.91%	0.06
UFCSUnited Fire Group, Inc.	912.14M	35.75	14.96	13.98%	8.22%	12.38%	36.01%	0.15
DGICADonegal Group Inc.	608.25M	19.58	12.80	6.71%	8.72%	13.73%	11.09%	0.06
MCYMercury General Corporation	5.06B	91.39	10.82	18.27%	7.55%	19.69%	19.58%	0.30
KINSKingstone Companies, Inc.	225.09M	15.91	10.75	7.6%	14.2%	0.02%	24.71%	0.17
KMPRKemper Corporation	2.26B	38.61	7.86	-5.74%	5.14%	9.14%	14.59%	0.50

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	635.11M	687.34M	737.4M	769.13M	812.16M	777.82M	816.47M	848.22M	927.34M	989.61M
Revenue Growth %	0.09%	0.08%	0.07%	0.04%	0.06%	-0.04%	0.05%	0.04%	0.09%	0.07%
Medical Costs & Claims+	0	0	0	0	0	0	0	0	0	0
Medical Cost Ratio %	-	-	-	-	-	-	-	-	-	-
Gross Profit+	635.11M	687.34M	737.4M	769.13M	812.16M	777.82M	816.47M	848.22M	927.34M	989.61M
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	0.09%	0.08%	0.07%	0.04%	0.06%	-0.04%	0.05%	0.04%	0.09%	0.07%
Operating Expenses+	607.52M	646.01M	725.29M	817.37M	755.08M	714.55M	786.13M	851.86M	922.27M	927.27M
OpEx / Revenue %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization	6.74M	6.59M	6.11M	6.61M	5.57M	6.72M	5.84M	4.84M	4.33M	3.87M
Combined Ratio %	-	-	-	-	-	-	-	-	-	-
Operating Income+	27.59M	41.33M	12.11M	-48.24M	57.08M	63.27M	30.34M	-3.64M	5.06M	62.34M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.69%	0.5%	-0.71%	-4.98%	2.18%	0.11%	-0.52%	-1.12%	2.39%	11.31%
EBITDA+	34.33M	47.92M	18.22M	-41.63M	62.65M	69.99M	36.18M	1.2M	9.39M	66.21M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense	1.11M	1.66M	1.59M	2.3M	1.58M	1.2M	895.61K	620.56K	619.81K	946.02K
Non-Operating Income	-1.11M	-1.66M	-1.59M	-2.3M	-1.58M	-1.2M	-895.61K	-620.56K	-619.81K	-946.02K
Pretax Income+	27.59M	41.33M	12.11M	-48.24M	57.08M	63.27M	30.34M	-3.64M	5.06M	62.34M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	6.6M	10.53M	5M	-15.48M	9.93M	10.46M	5.08M	-1.68M	637.97K	11.48M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	20.99M	30.8M	7.12M	-32.76M	47.15M	52.82M	25.25M	-1.96M	4.43M	50.86M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.44%	0.47%	-0.77%	-5.6%	2.44%	0.12%	-0.52%	-1.08%	3.26%	10.49%
EPS (Diluted)+	0.96	1.14	0.25	-1.16	1.64	1.83	0.81	-0.06	0.14	1.53
EPS Growth %	0.75%	0.19%	-0.78%	-5.64%	2.41%	0.12%	-0.56%	-1.08%	3.28%	9.93%
EPS (Basic)	0.97	1.16	0.26	-1.16	1.68	1.80	0.82	-0.06	0.14	1.54
Diluted Shares Outstanding	27.97M	27.11M	28.22M	28.6M	28.77M	29.46M	31.11M	31.99M	33.14M	33.08M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	1.54B	1.62B	1.74B	1.83B	1.92B	2.16B	2.26B	2.24B	2.27B	2.34B
Asset Growth %	0.05%	0.06%	0.07%	0.05%	0.05%	0.12%	0.04%	-0.01%	0.01%	0.03%
Total Investment Assets+	900.82M	945.52M	1.01B	1.03B	1.69B	1.22B	1.28B	1.3B	1.33B	1.38B
Long-Term Investments	900.82M	945.52M	1.01B	1.03B	1.11B	1.22B	1.28B	1.3B	1.33B	1.38B
Short-Term Investments	514.83M	524.45M	550M	543.31M	578.98M	576.04M	545.32M	581.11M	621.65M	348.99M
Total Current Assets+	65.4B	71.68B	88.46B	1.12B	1.16B	0	0	0	0	0
Cash & Equivalents	28.14M	24.59M	37.83M	52.59M	49.32M	103.09M	57.71M	25.12M	23.79M	52.93M
Receivables	0	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	0	0	0	0	265.36M	-1.43B	-1.43B	-1.41B	-1.45B	-1.19B
Goodwill & Intangibles+	6.58M	6.58M	6.58M	6.58M	6.58M	6.58M	6.58M	6.58M	6.58M	6.58M
Goodwill	5.63M	5.63M	5.63M	5.63M	5.63M	5.63M	5.63M	5.63M	5.63M	5.63M
Intangible Assets	958.01K	958.01K	958.01K	958.01K	958.01K	958.01K	958.01K	958.01K	958.01K	958.01K
PP&E (Net)	7.03M	6.67M	7.28M	4.69M	4.56M	4.39M	2.96M	2.76M	2.63M	2.48M
Other Assets	12.7B	12.29B	12.84B	-13.07B	-8.51B	-1.23B	-1.29B	-1.31B	-1.34B	-1.39B
Total Liabilities	1.13B	1.18B	1.29B	1.43B	1.47B	1.64B	1.72B	1.76B	1.79B	1.79B
Total Debt+	86M	74M	64M	65M	40M	90M	35M	35M	35M	35M
Net Debt	57.86M	49.41M	26.17M	12.41M	-9.32M	-13.09M	-22.71M	9.88M	11.21M	-17.93M
Long-Term Debt	86M	74M	64M	5M	5M	5M	0	0	0	0
Short-Term Debt	81M	69M	59M	0	35M	85M	35M	35M	35M	35M
Total Current Liabilities+	83.07B	70.11B	69.94B	64.89M	35.09B	0	0	0	0	0
Accounts Payable	4.06M	4.37M	4.12M	4.89M	2.12M	3.23M	3.95M	3.5M	8.76M	4.35M
Deferred Revenue	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	82.96B	70B	69.83B	-45.15M	35.01B	-132.08M	-47.89M	-53.19M	-53.28M	-48.65M
Deferred Taxes	1000K	1000K	1000K	1000K	1000K	0	0	0	0	0
Other Liabilities	1.04B	1.11B	1.23B	1.43B	0	-5M	0	0	0	0
Total Equity+	408.39M	438.62M	448.7M	398.87M	451.02M	517.77M	531.04M	483.59M	479.75M	545.78M
Equity Growth %	-0.02%	0.07%	0.02%	-0.11%	0.13%	0.15%	0.03%	-0.09%	-0.01%	0.14%
Shareholders Equity	408.39M	438.62M	448.7M	398.87M	451.02M	517.77M	531.04M	483.59M	479.75M	545.78M
Minority Interest	0	0	0	0	0	0	0	0	0	0
Retained Earnings	234.8M	244.94M	236.89M	192.75M	223.27M	258.39M	263.75M	240.56M	217.79M	245.14M
Common Stock	291K	301K	312K	314K	318K	333.01K	344.05K	357.69K	364.14K	386.04K
Accumulated OCI	774K	-2.25M	-2.68M	-14.23M	504K	11.13M	3.28M	-41.7M	-32.88M	-28.2M
Return on Equity (ROE)	0.05%	0.07%	0.02%	-0.08%	0.11%	0.11%	0.05%	-0%	0.01%	0.1%
Return on Assets (ROA)	0.01%	0.02%	0%	-0.02%	0.03%	0.03%	0.01%	-0%	0%	0.02%
Equity / Assets	-	-	-	-	-	-	-	-	-	-
Debt / Equity	0.21x	0.17x	0.14x	0.16x	0.09x	0.17x	0.07x	0.07x	0.07x	0.06x
Book Value per Share	14.60	16.18	15.90	13.95	15.67	17.57	17.07	15.12	14.48	16.50
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	66.4M	60.03M	81M	63.78M	76.36M	101.13M	76.73M	67.11M	28.62M	67.44M
Operating CF Growth %	0.49%	-0.1%	0.35%	-0.21%	0.2%	0.32%	-0.24%	-0.13%	-0.57%	1.36%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	20.99M	30.8M	7.12M	-32.76M	14.15M	52.82M	25.25M	-1.96M	4.43M	50.86M
Depreciation & Amortization	6.74M	6.59M	6.11M	6.61M	5.57M	6.72M	5.84M	4.84M	4.33M	3.87M
Stock-Based Compensation	2.6M	2.5M	2M	1.7M	1.4M	0	0	818.85K	0	0
Deferred Taxes	168.4M	2.03B	11.89B	-4.18B	649.93M	0	0	-2.96M	0	0
Other Non-Cash Items	-3.21M	-2.02M	-6.29M	2.11M	-640.61M	-2.78M	-6.48M	12.32M	-3.17M	-4.98M
Working Capital Changes	41.89M	24.66M	74.06M	87.82M	45.91M	44.38M	52.12M	54.04M	23.04M	17.69M
Cash from Investing+	-74.28M	-51.32M	-58.44M	-37.61M	-43.38M	-99.68M	-62.2M	-98.5M	-16.71M	-48.04M
Capital Expenditures	-151.54K	-384.21K	-1.09M	-105.53K	-149.6K	-89.7K	1.22B	28.29M	-44.7K	743
Acquisitions	1.78M	39.77B	38.64B	20.5B	33.92M	0	0	28.29K	0	0
Purchase of Investments	-227.18M	-222M	-206.76M	-182.93M	-283.44M	-347.38M	-314.58M	-287.39M	-180.78M	-213.14M
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	-75.91M	-39.77B	-38.64B	-20.5B	0	0	-1.22B	-28.29M	0	-743
Cash from Financing+	437.03K	-12.26M	-9.31M	-11.41M	-36.26M	52.32M	-59.92M	-1.2M	-13.25M	9.73M
Dividends Paid	-14.46M	-14.09M	-14.82M	-15.66M	-16.09M	-16.98M	-19.1M	-20.5M	-21.89M	-22.7M
Share Repurchases	-28.12M	0	0	0	0	0	0	0	0	0
Stock Issued	15.52M	13.82M	15.51M	3.25M	4.83M	19.29M	14.18M	19.3M	8.65M	32.43M
Debt Issuance (Net)	1000K	-1000K	-1000K	1000K	-1000K	1000K	-1000K	0	0	0
Other Financing	15.52M	0	0	0	0	0	0	0	0	0
Net Change in Cash+	-7.44M	-3.55M	13.25M	14.76M	-3.28M	53.78M	-45.38M	-32.59M	-1.33M	29.13M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	35.58M	28.14M	24.59M	37.83M	52.59M	49.32M	103.09M	57.71M	25.12M	23.79M
Cash at End	28.14M	24.59M	37.83M	52.59M	49.32M	103.09M	57.71M	25.12M	23.79M	52.93M
Free Cash Flow+	66.25M	59.65M	79.91M	63.67M	76.21M	101.04M	76.73M	67.11M	28.58M	67.44M
FCF Growth %	0.56%	-0.1%	0.34%	-0.2%	0.2%	0.33%	-0.24%	-0.13%	-0.57%	1.36%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF per Share	2.37	2.2	2.83	2.23	2.65	3.43	2.47	2.1	0.86	2.04

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Combined Ratio	95.66%	93.99%	98.36%	106.27%	92.97%	91.87%	96.28%	100.43%	99.45%	93.7%
Medical Cost Ratio	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
Return on Equity (ROE)	5.09%	7.27%	1.6%	-7.73%	11.1%	10.9%	4.82%	-0.39%	0.92%	9.92%
Return on Assets (ROA)	1.4%	1.95%	0.42%	-1.84%	2.51%	2.59%	1.14%	-0.09%	0.2%	2.21%
Equity / Assets	26.56%	27.02%	25.82%	21.77%	23.45%	23.97%	23.55%	21.56%	21.17%	23.36%
Book Value / Share	14.6	16.18	15.9	13.95	15.67	17.57	17.07	15.12	14.48	16.5
Debt / Equity	0.21x	0.17x	0.14x	0.16x	0.09x	0.17x	0.07x	0.07x	0.07x	0.06x
Revenue Growth	8.51%	8.22%	7.28%	4.3%	5.59%	-4.23%	4.97%	3.89%	9.33%	6.71%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Commercial Lines	-	-	-	-	-	-	-	-	-	539.68M
Commercial Lines Growth	-	-	-	-	-	-	-	-	-	-
Personal Lines	-	-	-	-	-	-	-	-	-	396.97M
Personal Lines Growth	-	-	-	-	-	-	-	-	-	-
Property and Casualty, Commercial Insurance	-	-	-	-	-	-	468.43M	510.15M	533.03M	-
Property and Casualty, Commercial Insurance Growth	-	-	-	-	-	-	-	8.91%	4.48%	-
Property and Casualty, Personal Insurance	-	-	-	-	-	-	307.58M	312.34M	349.04M	-
Property and Casualty, Personal Insurance Growth	-	-	-	-	-	-	-	1.55%	11.75%	-
Property and Casualty, Commercial Insurance Product Line	261.29M	295.08M	318.39M	337.92M	385.46M	412.88M	-	-	-	-
Property and Casualty, Commercial Insurance Product Line Growth	-	12.93%	7.90%	6.13%	14.07%	7.11%	-	-	-	-
Property and Casualty, Personal Insurance Product Line	344.36M	361.13M	384.12M	403.37M	370.61M	329.16M	-	-	-	-
Property and Casualty, Personal Insurance Product Line Growth	-	4.87%	6.37%	5.01%	-8.12%	-11.18%	-	-	-	-

Frequently Asked Questions

Valuation & Price

Donegal Group Inc. (DGICA) has a price-to-earnings (P/E) ratio of 12.8x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Donegal Group Inc. (DGICA) grew revenue by 6.7% over the past year. This is steady growth.

Yes, Donegal Group Inc. (DGICA) is profitable, generating $86.2M in net income for fiscal year 2024 (5.1% net margin).

Dividend & Returns

Yes, Donegal Group Inc. (DGICA) pays a dividend with a yield of 3.51%. This makes it attractive for income-focused investors.

Donegal Group Inc. (DGICA) has a return on equity (ROE) of 9.9%. This is below average, suggesting room for improvement.

Industry Metrics

Donegal Group Inc. (DGICA) has a combined ratio of 0.0%. A ratio below 100% indicates underwriting profitability.

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