Form 8-K

8-K — DONEGAL GROUP INC

Accession: 0001171843-26-005048

Filed: 2026-07-30

Period: 2026-07-30

CIK: 0000800457

SIC: 6331 (FIRE, MARINE & CASUALTY INSURANCE)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — f8k_072926.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (exh_991.htm)

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8-K (Primary)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________

FORM 8-K

_____________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event Reported): July 30, 2026

Donegal Group Inc.

(Exact Name of Registrant as Specified in Charter)

Delaware

0-15341

23-2424711

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(I.R.S. Employer Identification Number)

1195 River Road, P.O. Box 302, Marietta, Pennsylvania 17547

(Address of Principal Executive Offices) (Zip Code)

(717) 426-1931

(Registrant's telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule

405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use

the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a)

of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbols

Name of Each Exchange on Which Registered

Class A Common Stock, $.01 par value

DGICA

The NASDAQ Global Select Market

Class B Common Stock, $.01 par value

DGICB

The NASDAQ Global Select Market

Item 2.02. Results of Operations

and Financial Condition.

On July 30, 2026, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

Exhibit 99.1

Press release dated July 30, 2026

Exhibit 104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly

caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Donegal Group Inc.

Date: July 30, 2026

By:

/s/ Jeffrey D. Miller

Jeffrey D. Miller

Executive Vice President & Chief Financial Officer

EXHIBIT INDEX

Exhibit Number

Description

Exhibit 99.1

Press release dated July 30, 2026

Exhibit 104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: exh_991.htm · Sequence: 2

EdgarFiling

EXHIBIT 99.1

Donegal Group Inc. Announces Second Quarter and First Half 2026 Results

MARIETTA, Pa., July 30, 2026 (GLOBE NEWSWIRE) -- Donegal Group Inc. (NASDAQ: DGICA) and (NASDAQ: DGICB) today reported its financial results for the second quarter and first half of 2026.

Significant Items for Second Quarter of 2026 (all comparisons to second quarter of 2025):

Net premiums earned decreased 4.0% to $222.6 million

Combined ratio of 95.6%, compared to 97.7%

Net income of $22.3 million, or 60 cents per diluted Class A share, compared to $16.9 million, or 46 cents per diluted Class A share

Net investment gains (after tax) of $2.6 million, or 7 cents per diluted Class A share, compared to $1.2 million, or 3 cents per diluted Class A share, are included in net income

Annualized return on average equity of 13.6%, compared to 11.3%

Book value per share of $17.98 at June 30, 2026, compared to $16.62 at June 30, 2025

Financial Summary

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 % Change 2026 2025 % Change

(dollars in thousands, except per share amounts)

Income Statement Data

Net premiums earned $ 222,574 $ 231,775 -4.0 % $ 443,932 $ 464,476 -4.4 %

Investment income, net 14,491 12,540 15.6 28,778 24,524 17.3

Net investment gains 3,267 1,544 111.6 2,788 1,073 159.8

Total revenues 241,119 247,148 -2.4 477,115 491,953 -3.0

Net income 22,306 16,866 32.3 33,816 42,071 -19.6

Non-GAAP operating income1 19,697 15,647 25.9 31,587 41,224 -23.4

Annualized return on average equity 13.6 % 11.3 % 2.3 pts 10.4 % 14.6 % -4.2 pts

Per Share Data

Net income – Class A (diluted) $ 0.60 $ 0.46 30.4 % $ 0.91 $ 1.17 -22.2 %

Net income – Class B 0.55 0.43 27.9 0.84 1.08 -22.2

Non-GAAP operating income – Class A (diluted) 0.53 0.43 23.3 0.85 1.14 -25.4

Non-GAAP operating income – Class B 0.49 0.40 22.5 0.79 1.06 -25.5

Book value 17.98 16.62 8.2 17.98 16.62 8.2

1The “Definitions of Non-GAAP Financial Measures” section of this release defines and reconciles data that we prepare on an accounting basis other than U.S. generally accepted accounting principles (“GAAP”).

Management Commentary

Kevin G. Burke, President and Chief Executive Officer of Donegal Group Inc., stated, “Our net premiums earned for the second quarter of 2026 reflected a continuation of challenging trends and market conditions we experienced last quarter. Against that backdrop, we are pleased to report solid quarterly results that provided further growth in our book value to $17.98 per share at June 30, 2026, compared to $17.54 at the end of the first quarter of 2026.

“Net premiums written1 for our commercial lines business segment grew by 0.8% compared to the prior-year quarter, resulting primarily from improved new business production that was mostly offset by lower renewal premium increases and retention levels. As expected, we experienced a continuing decline in our personal lines net premiums written that we expect will gradually taper over the course of 2026 as actions we have taken to slow and eventually reverse the decline take effect. We remain committed to maintaining underwriting and pricing discipline as we pursue new, high-quality accounts and seek to retain existing accounts at adequate pricing levels.

“On the whole, our underwriting results for the second quarter of 2026 were solid, which we primarily attribute to favorable core loss ratios in both our commercial and personal lines segments, lower-than-average weather-related losses and favorable prior-year reserve development, offset partially by a moderate increase in large fire losses. Solid underwriting performance and enhanced investment income allowed us to continue growing our book value in the second quarter.

“While we face a softening phase of the insurance cycle, we have established a strong foundation over the past several years, and we continue to believe that the effective ongoing execution of our strategies will enhance stockholder value over time. For example, we are beginning to realize benefits from our ongoing emphasis on enhanced engagement with our independent agents as a means of attracting profitable growth opportunities.”

Insurance Operations

Donegal Group Inc. is an insurance holding company whose insurance subsidiaries and affiliates offer property and casualty lines of insurance in three Mid-Atlantic states (Delaware, Maryland and Pennsylvania), five Southern states (Georgia, North Carolina, South Carolina, Tennessee and Virginia), eight Midwestern states (Illinois, Indiana, Iowa, Michigan, Nebraska, Ohio, South Dakota and Wisconsin) and five Southwestern states (Arizona, Colorado, New Mexico, Texas and Utah). Donegal Mutual Insurance Company and the insurance subsidiaries of Donegal Group Inc. conduct business together as the Donegal Insurance Group.

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 % Change 2026 2025 % Change

(dollars in thousands)

Net Premiums Earned

Commercial lines $ 141,516 $ 138,527 2.2 % $ 280,480 $ 274,743 2.1 %

Personal lines 81,058 93,248 -13.1 163,452 189,733 -13.9

Total net premiums earned $ 222,574 $ 231,775 -4.0 % $ 443,932 $ 464,476 -4.4 %

Net Premiums Written

Commercial lines:

Automobile $ 54,608 $ 50,584 8.0 % $ 115,388 $ 107,109 7.7 %

Workers' compensation 20,573 24,243 -15.1 47,467 52,997 -10.4

Commercial multi-peril 53,980 56,478 -4.4 114,606 117,268 -2.3

Other 16,944 13,609 24.5 32,751 28,158 16.3

Total commercial lines 146,105 144,914 0.8 310,212 305,532 1.5

Personal lines:

Automobile 45,519 52,741 -13.7 91,436 107,933 -15.3

Homeowners 32,333 33,590 -3.7 59,272 62,378 -5.0

Other 2,455 2,568 -4.4 4,782 5,062 -5.5

Total personal lines 80,307 88,899 -9.7 155,490 175,373 -11.3

Total net premiums written $ 226,412 $ 233,813 -3.2 % $ 465,702 $ 480,905 -3.2 %

Net Premiums Written

The 3.2% decrease in net premiums written for the second quarter of 2026 compared to the second quarter of 2025, as shown in the table above, represents the net combination of a 0.8% increase in commercial lines net premiums written and a 9.7% decrease in personal lines net premiums written. The $7.4 million decrease in net premiums written for the second quarter of 2026 compared to the second quarter of 2025 included:

Commercial Lines: $1.2 million increase that we attribute primarily to new business writings, offset partially by a lower level of renewal premium increases and retention.

Personal Lines: $8.6 million decrease that we attribute primarily to modestly higher attrition, offset partially by more modest renewal premium rate increases and incremental growth in new business writings.

Underwriting Performance

We evaluate the performance of our commercial lines and personal lines segments primarily based upon the underwriting results of our insurance subsidiaries as determined under statutory accounting practices. The following table presents comparative details with respect to the GAAP and statutory combined ratios1 for the three and six months ended June 30, 2026 and 2025:

Three Months Ended Six Months Ended

June 30 June 30

2026 2025 2026 2025

GAAP Combined Ratios (Total Lines)

Loss ratio - core losses 51.0 % 50.1 % 52.3 % 52.1 %

Loss ratio - weather-related losses 5.3 11.1 6.5 7.4

Loss ratio - large fire losses 6.7 5.2 6.1 4.3

Loss ratio - net prior-year reserve development -3.5 -1.3 -3.1 -2.9

Loss ratio 59.5 65.1 61.8 60.9

Expense ratio 35.8 32.2 35.6 33.4

Dividend ratio 0.3 0.4 0.3 0.3

Combined ratio 95.6 % 97.7 % 97.7 % 94.6 %

Statutory Combined Ratios

Commercial lines:

Automobile 91.1 % 97.7 % 91.4 % 94.6 %

Workers' compensation 105.4 104.9 109.0 111.3

Commercial multi-peril 108.7 97.5 111.2 93.9

Other 100.2 119.8 100.4 100.6

Total commercial lines 100.9 101.0 102.7 97.8

Personal lines:

Automobile 83.6 79.3 82.0 82.2

Homeowners 81.8 115.1 88.2 99.0

Other 63.5 55.2 71.0 55.9

Total personal lines 82.3 91.7 84.0 87.5

Total lines 94.2 % 97.4 % 96.0 % 93.9 %

Loss Ratio

For the second quarter of 2026, the loss ratio decreased to 59.5%, compared to 65.1% for the second quarter of 2025. For the commercial lines segment, the core loss ratio, which excludes weather-related losses, large fire losses and net development of reserves for losses incurred in prior accident years, of 54.0% for the second quarter of 2026 remained relatively consistent with 54.5% for the second quarter of 2025. For the personal lines segment, the core loss ratio of 45.8% for the second quarter of 2026 increased modestly from 43.3% for the second quarter of 2025.

Weather-related losses were $11.9 million, or 5.3 percentage points of the loss ratio, for the second quarter of 2026, compared to $25.8 million, or 11.1 percentage points of the loss ratio, for the second quarter of 2025. Weather-related loss activity for the second quarter of 2026 was much lower than our previous five-year average of $20.3 million, or 9.4 percentage points of the loss ratio, for second-quarter weather-related losses.

Large fire losses, which we define as individual fire losses in excess of $50,000, for the second quarter of 2026 were $15.0 million, or 6.7 percentage points of the loss ratio. That amount was higher than the large fire losses of $12.1 million, or 5.2 percentage points of the loss ratio, for the second quarter of 2025. We experienced an increase in commercial property fire losses that was partially offset by a decrease in homeowners fire losses compared to the prior-year quarter.

Net favorable development of reserves for losses incurred in prior accident years reduced the loss ratio by 3.5 percentage points for the second quarter of 2026 compared to 1.3 percentage points for the second quarter of 2025. Our insurance subsidiaries experienced favorable development primarily in the personal automobile, workers’ compensation, commercial automobile and homeowners lines of business.

Expense Ratio

The expense ratio was 35.8% for the second quarter of 2026, compared to 32.2% for the second quarter of 2025. The increase in the expense ratio primarily reflected the impacts of higher underwriting-based incentive costs for agents and employees as well as higher technology-related expenses and a lower base of net premiums earned compared to the prior-year quarter.

Investment Operations

Our 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, we had invested 95.0% of our consolidated investment portfolio in diversified, highly rated and marketable fixed-maturity securities at June 30, 2026.

June 30, 2026 December 31, 2025

Amount % Amount %

(dollars in thousands)

Fixed maturities, at carrying value:

U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 94,269 6.2 % $ 103,619 6.9 %

Obligations of states and political subdivisions 512,924 33.8 485,710 32.4

Corporate securities 388,993 25.7 383,927 25.6

Mortgage-backed securities 444,935 29.4 445,227 29.7

Allowance for expected credit losses (1,306 ) -0.1 (1,313 ) -0.1

Total fixed maturities 1,439,815 95.0 1,417,170 94.5

Equity securities, at fair value 48,880 3.2 44,370 3.0

Short-term investments, at cost 26,530 1.8 38,713 2.5

Total investments $ 1,515,225 100.0 % $ 1,500,253 100.0 %

Average investment yield 3.8 % 3.6 %

Average tax-equivalent investment yield 4.0 % 3.7 %

Average fixed-maturity duration (years) 5.7 5.5

Net investment income of $14.5 million for the second quarter of 2026 increased 15.6% compared to $12.5 million for the second quarter of 2025. The increase in net investment income primarily reflected an increase in average investment yield and higher average invested assets relative to the prior-year second quarter.

Net investment gains of $3.3 million for the second quarter of 2026 were primarily related to unrealized gains in the fair value of equity securities held at June 30, 2026, offset partially by net realized investment losses on the sale of available-for-sale fixed-maturity securities. Net investment gains of $1.5 million for the second quarter of 2025 were primarily related to unrealized gains in the fair value of equity securities held at June 30, 2025, offset partially by net realized investment losses on the sale of available-for-sale fixed-maturity securities.

Our book value per share was $17.98 at June 30, 2026, compared to $17.33 at December 31, 2025, with the increase related to net income, offset partially by cash dividends declared as well as $3.3 million of after-tax unrealized losses within our available-for-sale fixed-maturity portfolio during 2026 that decreased our book value by $0.09 per share.

Definitions of Non-GAAP Financial Measures

We prepare our consolidated financial statements on the basis of GAAP. Our 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, we also utilize certain non-GAAP financial measures that we believe provide value in managing our business and for comparison to the financial results of our peers. These non-GAAP measures are net premiums written, operating income or loss and statutory combined ratio.

Net premiums written and operating income or loss are non-GAAP financial measures investors in insurance companies commonly use. We define net premiums written as the amount of full-term premiums our insurance subsidiaries record for policies effective within a given period less premiums our insurance subsidiaries cede to reinsurers. We define operating income or loss as net income or loss excluding after-tax net investment gains or losses, after-tax restructuring charges and other significant non-recurring items. Because our calculation of operating income or loss may differ from similar measures other companies use, investors should exercise caution when comparing our measure of operating income or loss to the measure of other companies.

The following table provides a reconciliation of net premiums earned to net premiums written for the periods indicated:

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 % Change 2026 2025 % Change

(dollars in thousands)

Reconciliation of Net Premiums

Earned to Net Premiums Written

Net premiums earned $ 222,574 $ 231,775 -4.0 % $ 443,932 $ 464,476 -4.4 %

Change in net unearned premiums 3,838 2,038 88.3 21,770 16,429 32.5

Net premiums written $ 226,412 $ 233,813 -3.2 % $ 465,702 $ 480,905 -3.2 %

The following table provides a reconciliation of net income to operating income for the periods indicated:

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 % Change 2026 2025 % Change

(dollars in thousands, except per share amounts)

Reconciliation of Net Income

to Non-GAAP Operating Income

Net income $ 22,306 $ 16,866 32.3 % $ 33,816 $ 42,071 -19.6 %

Investment gains (after tax) (2,609 ) (1,219 ) 114.0 (2,229 ) (847 ) 163.2

Non-GAAP operating income $ 19,697 $ 15,647 25.9 % $ 31,587 $ 41,224 -23.4 %

Per Share Reconciliation of Net Income

to Non-GAAP Operating Income

Net income – Class A (diluted) $ 0.60 $ 0.46 30.4 % $ 0.91 $ 1.17 -22.2 %

Investment gains (after tax) (0.07 ) (0.03 ) 133.3 (0.06 ) (0.03 ) 100.0

Non-GAAP operating income – Class A $ 0.53 $ 0.43 23.3 % $ 0.85 $ 1.14 -25.4 %

Net income – Class B $ 0.55 $ 0.43 27.9 % $ 0.84 $ 1.08 -22.2 %

Investment gains (after tax) (0.06 ) (0.03 ) 100.0 (0.05 ) (0.02 ) 150.0

Non-GAAP operating income – Class B $ 0.49 $ 0.40 22.5 % $ 0.79 $ 1.06 -25.5 %

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.

Dividend Information

On July 16, 2026, we declared a regular quarterly cash dividend of $0.1925 per share for our Class A common stock and $0.175 per share for our Class B common stock, which are payable on August 14, 2026 to stockholders of record as of the close of business on July 31, 2026.

Pre-Recorded Webcast

At approximately 8:30 am ET on Thursday, July 30, 2026, we will make available in the Investors section of our website a pre-recorded audio webcast featuring management commentary on our quarterly results and general business updates. You may listen to the pre-recorded webcast by accessing the link on our website at http://investors.donegalgroup.com. A supplemental investor presentation is also available via our website.

About the Company

Donegal Group Inc. is an insurance holding company whose insurance subsidiaries and affiliates offer property and casualty lines of insurance in certain Mid-Atlantic, Midwestern, Southern and Southwestern states. Donegal Mutual Insurance Company and the insurance subsidiaries of Donegal Group Inc. conduct business together as the Donegal Insurance Group. The Donegal Insurance Group has an A.M. Best rating of A (Excellent).

The Class A common stock and Class B common stock of Donegal Group Inc. trade on the NASDAQ Global Select Market under the symbols DGICA and DGICB, respectively. We are focused on several primary strategies, including achieving sustained excellent financial performance, advancing our operational and digital capabilities, capitalizing on opportunities to grow profitably and providing superior experiences to our agents, policyholders and employees.

Safe Harbor

We base all statements contained in this release that are not historic facts on our current expectations. Such statements are forward-looking in nature (as defined in the Private Securities Litigation Reform Act of 1995) and necessarily involve risks and uncertainties. Forward-looking statements we make may be identified by our use of words such as “will,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “seek,” “estimate” and similar expressions. Our actual results could vary materially from our forward-looking statements. The factors that could cause our actual results to vary materially from the forward-looking statements we have previously made include, but are not limited to, adverse litigation and other industry trends that could increase our loss costs (including distracted driving, higher rates of litigation, higher judicial awards and escalating medical, automobile and property repair costs, including due to tariffs), adverse and catastrophic weather events and other natural disasters (including from changing climate conditions), man-made disasters (such as terrorism), our ability to maintain profitable operations (including our ability to underwrite risks effectively and charge adequate premium rates), the adequacy of the loss and loss expense reserves of our insurance subsidiaries, the successful operation (including cost, security and availability) of the information technology systems our insurance subsidiaries utilize, the successful development and deployment of new technologies (including artificial intelligence, data modernization and cloud migration) to allow our insurance subsidiaries to compete effectively, the loss or significant restriction of the use of specific rating attributes, analytical models or technologies our insurance subsidiaries use in their pricing and underwriting, increases in assessments pursuant to guaranty fund laws, business and economic conditions in the areas in which we and our insurance subsidiaries operate (including from pandemics), interest rates and other factors impacting the investment portfolios of our insurance subsidiaries, competition from various insurance and other financial businesses (including changes in consumer preferences for insurance distribution channels), the availability and cost of reinsurance, legal and judicial developments, changes in regulatory requirements, our ability to attract and retain independent insurance agents (and their ability to maintain adequate levels of premium volume and quality), changes in our A.M. Best rating and the other risks that we describe from time to time in our filings with the Securities and Exchange Commission. 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.

Investor Relations Contacts

Jeremy Hellman, Vice President, The Equity Group Inc.

Phone: (212) 836-9626

E-mail: jhellman@theequitygroup.com

Jeffrey D. Miller, Executive Vice President & Chief Financial Officer

Phone: (717) 426-1931

E-mail: investors@donegalgroup.com

Financial Supplement

Donegal Group Inc.

Consolidated Statements of Income

(unaudited; in thousands, except share data)

Quarter Ended June 30,

2026 2025

Net premiums earned $ 222,574 $ 231,775

Investment income, net of expenses 14,491 12,540

Net investment gains 3,267 1,544

Lease income 74 76

Installment payment fees 713 844

Other income, net - 369

Total revenues 241,119 247,148

Net losses and loss expenses 132,556 150,917

Amortization of deferred acquisition costs 36,123 39,501

Other underwriting expenses 43,562 35,150

Policyholder dividends 560 819

Interest 337 337

Other expenses, net 433 -

Total expenses 213,571 226,724

Income before income tax expense 27,548 20,424

Income tax expense 5,242 3,558

Net income $ 22,306 $ 16,866

Net income per common share:

Class A - basic $ 0.61 $ 0.47

Class A - diluted $ 0.60 $ 0.46

Class B - basic and diluted $ 0.55 $ 0.43

Supplementary Financial Analysts' Data

Weighted-average number of shares outstanding:

Class A - basic 31,472,806 30,678,158

Class A - diluted 31,891,385 31,336,862

Class B - basic and diluted 5,576,775 5,576,775

Net premiums written $ 226,412 $ 233,813

Book value per common share at end of period

$ 17.98 $ 16.62

Annualized return on average equity 13.6 % 11.3 %

Donegal Group Inc.

Consolidated Statements of Income

(unaudited; in thousands, except share data)

Six Months Ended June 30,

2026 2025

Net premiums earned $ 443,932 $ 464,476

Investment income, net of expenses 28,778 24,524

Net investment gains 2,788 1,073

Lease income 148 153

Installment payment fees 1,469 1,727

Total revenues 477,115 491,953

Net losses and loss expenses 274,555 282,950

Amortization of deferred acquisition costs 72,420 78,732

Other underwriting expenses 85,576 76,345

Policyholder dividends 1,212 1,578

Interest 670 670

Other expenses, net 1,011 93

Total expenses 435,444 440,368

Income before income tax expense 41,671 51,585

Income tax expense 7,855 9,514

Net income $ 33,816 $ 42,071

Net income per common share:

Class A - basic $ 0.93 $ 1.19

Class A - diluted $ 0.91 $ 1.17

Class B - basic and diluted $ 0.84 $ 1.08

Supplementary Financial Analysts' Data

Weighted-average number of shares outstanding:

Class A - basic 31,450,682 30,400,944

Class A - diluted 31,909,925 30,884,992

Class B - basic and diluted 5,576,775 5,576,775

Net premiums written $ 465,702 $ 480,905

Book value per common share at end of period

$ 17.98 $ 16.62

Annualized return on average equity 10.4 % 14.6 %

Donegal Group Inc.

Consolidated Balance Sheets

(in thousands)

June 30, December 31,

2026 2025

(unaudited)

ASSETS

Investments:

Fixed maturities:

Held to maturity, at amortized cost $ 803,295 $ 776,447

Available for sale, at fair value 636,520 640,723

Equity securities, at fair value 48,880 44,370

Short-term investments, at cost 26,530 38,713

Total investments 1,515,225 1,500,253

Cash

23,722 26,786

Premiums receivable 217,819 180,804

Reinsurance receivable 413,119 398,582

Deferred policy acquisition costs 71,900 68,670

Prepaid reinsurance premiums 197,964 171,083

Other assets 42,337 40,451

Total assets $ 2,482,086 $ 2,386,629

LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities:

Losses and loss expenses $ 1,129,135 $ 1,100,050

Unearned premiums 639,692 591,040

Borrowings under lines of credit 35,000 35,000

Other liabilities 12,150 20,121

Total liabilities 1,815,977 1,746,211

Stockholders' equity:

Class A common stock 345 344

Class B common stock 56 56

Additional paid-in capital 394,280 391,811

Accumulated other comprehensive loss (11,616 ) (8,296 )

Retained earnings 324,270 297,729

Treasury stock (41,226 ) (41,226 )

Total stockholders' equity 666,109 640,418

Total liabilities and stockholders' equity $ 2,482,086 $ 2,386,629

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Jul. 30, 2026

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Entity File Number

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Entity Registrant Name

Donegal Group Inc.

Entity Central Index Key

0000800457

Entity Tax Identification Number

23-2424711

Entity Incorporation, State or Country Code

Entity Address, Address Line One

1195 River Road

Entity Address, Address Line Two

P.O. Box 302

Entity Address, City or Town

Marietta

Entity Address, State or Province

Entity Address, Postal Zip Code

17547

City Area Code

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Local Phone Number

426-1931

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Class A Common Stock, $.01 par value

Title of 12(b) Security

Class A Common Stock, $.01 par value

Trading Symbol

DGICA

Security Exchange Name

NASDAQ

Class B Common Stock, $.01 par value

Title of 12(b) Security

Class B Common Stock, $.01 par value

Trading Symbol

DGICB

Security Exchange Name

NASDAQ

- Definition

Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.

+ References

No definition available.

+ Details

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- Definition

Area code of city

+ References

No definition available.

+ Details

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Data Type:

xbrli:normalizedStringItemType

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- Definition

For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

+ References

No definition available.

+ Details

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dei_DocumentPeriodEndDate

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xbrli:dateItemType

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- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

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Data Type:

dei:submissionTypeItemType

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- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

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- Definition

Address Line 2 such as Street or Suite number

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No definition available.

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- Definition

Name of the City or Town

+ References

No definition available.

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xbrli:normalizedStringItemType

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- Definition

Code for the postal or zip code

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No definition available.

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- Definition

Name of the state or province.

+ References

No definition available.

+ Details

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Data Type:

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- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

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dei:fileNumberItemType

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- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

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- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

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xbrli:normalizedStringItemType

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

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- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

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- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

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- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

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dei_TradingSymbol

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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- Details

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