Form 8-K

8-K — DONEGAL GROUP INC

Accession: 0001171843-26-006950

Filed: 2026-10-29

Period: 2026-10-29

CIK: 0000800457

SIC: 6331 (FIRE, MARINE & CASUALTY INSURANCE)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — f8k_102926.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (exh_991.htm)

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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): October 29, 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 October 29, 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 October 29, 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: October 29, 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 October 29, 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 Third Quarter and First Nine Months

of 2026 Results

MARIETTA, Pa., Oct. 29, 2026 (GLOBE NEWSWIRE) -- Donegal Group Inc. (NASDAQ: DGICA) and (NASDAQ: DGICB) today reported

its financial results for the third quarter and first nine months of 2026.

Significant Items for third quarter of 2026 (all comparisons to third quarter of 2025):

Net premiums earned decreased 3.0% to $222.9 million

Combined ratio of 96.5%, compared to 95.9%

Net income of $18.2 million, or 49 cents per diluted Class A share, compared to $20.1

million, or 55 cents per diluted Class A share

Net income included after-tax net investment losses of $0.6 million, or 1 cent per

diluted Class A share, compared to after-tax net investment gains of $1.0 million, or 3 cents per diluted Class A share

Annualized return on average equity of 10.9%, compared to 13.0%

Book value per share of $17.70 at September 30, 2026, compared to $17.14 at September

30, 2025

Financial Summary

Three

Months Ended September 30,

Nine

Months Ended September 30,

2026

2025

Change

2026

2025

Change

(dollars in

thousands, except per share amounts)

Income Statement Data

Net

premiums earned

222,883

229,822

-3.0

666,814

694,299

-4.0

Investment income, net

14,689

13,943

5.4

43,468

38,466

13.0

Net investment (losses) gains

(701

)

1,272

NM2

2,087

2,345

-11.0

Total revenues

237,658

245,919

-3.4

714,773

737,872

-3.1

Net income

18,157

20,080

-9.6

51,973

62,152

-16.4

Non-GAAP operating income1

18,639

19,075

-2.3

50,225

60,299

-16.7

Annualized return on average

equity

10.9

13.0

-2.1 pts

10.6

14.1

-3.5 pts

Per Share Data

Net income – Class A

(diluted)

0.49

0.55

-10.9

1.40

1.72

-18.6

Net income – Class B

0.45

0.51

-11.8

1.29

1.58

-18.4

Non-GAAP operating income

– Class A (diluted)

0.50

0.52

-3.8

1.35

1.67

-19.2

Non-GAAP operating income

– Class B

0.46

0.48

-4.2

1.25

1.53

-18.3

Book value

17.70

17.14

3.3

17.70

17.14

3.3

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”).

2Not meaningful.

Management Commentary

Kevin G. Burke, President and Chief Executive Officer of Donegal Group Inc., stated, “As expected, we continued

to experience soft market conditions throughout our operating regions in the third quarter of 2026. Although those conditions continued

to impede our ability to achieve our premium growth plan, we were able to deliver solid profitability, as demonstrated by earnings per

diluted Class A share of $0.49 and an annualized return on equity of 10.9%.”

“Net premiums written1 declined modestly for both commercial and personal lines. We primarily attribute

the declines to higher-than-planned attrition that we believe resulted from our commitment to pricing discipline on policy renewals amid

increased rate competition, offset partially by incrementally higher new business writings as we have selectively enhanced our competitive

posture for desired accounts. Within our personal lines, our automobile new business growth benefited from the reintroduction of a 12-month

policy term that customers selected for the vast majority of new automobile policies written during the quarter. The increase from six-month

terms to 12-month terms effectively doubled the net premiums written related to those new policies.”

“Our underwriting results for the third quarter were generally favorable despite an increase in weather-related

losses compared to the prior-year quarter and a handful of unusually severe workers’ compensation claims during the quarter. We

were pleased with the relative consistency of our core loss ratio compared to the prior-year quarter.”

“As we close out 2026 and finalize our business plan for 2027, we continue to engage with our independent agency

partners in developing and deploying specific action plans with a goal of achieving profitable premium growth, albeit at a modest pace

in recognition of current market conditions. We remain confident in our team’s ability to successfully achieve our strategic objectives

that we believe will enhance stockholder value over time.”

Insurance Operations

Donegal Group 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 conduct business together as the Donegal Insurance Group.

Three

Months Ended September 30,

Nine

Months Ended September 30,

2026

2025

Change

2026

2025

Change

(dollars in

thousands)

Net Premiums Earned

Commercial

lines

142,916

140,289

1.9

423,395

415,032

2.0

Personal lines

79,967

89,533

-10.7

243,419

279,267

-12.8

Total net premiums earned

222,883

229,822

-3.0

666,814

694,299

-4.0

Net Premiums Written

Commercial lines:

Automobile

46,089

45,621

1.0

161,477

152,730

5.7

Workers'

compensation

18,540

21,013

-11.8

66,007

74,010

-10.8

Commercial

multi-peril

47,391

51,800

-8.5

161,997

169,068

-4.2

Other

13,508

11,950

13.0

46,258

40,108

15.3

Total commercial lines

125,528

130,384

-3.7

435,739

435,916

-0.0

Personal lines:

Automobile

49,044

53,870

-9.0

140,480

161,803

-13.2

Homeowners

32,728

32,908

-0.5

92,000

95,286

-3.4

Other

2,433

2,453

-0.8

7,215

7,516

-4.0

Total personal lines

84,205

89,231

-5.6

239,695

264,605

-9.4

Total net premiums written

209,733

219,615

-4.5

675,434

700,521

-3.6

Net Premiums Written

The 4.5% decrease in net premiums written for the third quarter of 2026 compared to the third quarter of 2025, as shown

in the table above, represents the net combination of a 3.7% decrease in commercial lines net premiums written and a 5.6% decrease in

personal lines net premiums written. The $9.9 million decrease in net premiums written for the third quarter of 2026 compared to the third

quarter of 2025 reflected competitive market conditions and included:

Commercial Lines: $4.9 million decrease that we attribute primarily to modestly

higher attrition and a lower level of renewal premium increases, offset partially by incremental growth in new business writings.

Personal Lines: $5.0 million decrease that we attribute primarily to a lower

level of renewal premium increases, offset partially by incremental growth in new business writings that included the impact of our insurance

subsidiaries’ introduction during the third quarter of 2026 of a 12-month automobile policy term option for new business policies.

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 nine months ended September 30, 2026 and 2025:

Three

Months Ended

Nine

Months Ended

September

2026

2025

2026

2025

GAAP Combined Ratios

(Total Lines)

Loss

ratio - core losses

51.8

51.1

52.1

51.8

Loss ratio - weather-related

losses

8.6

6.2

7.2

7.0

Loss ratio - large fire losses

2.6

4.4

5.0

4.3

Loss ratio - net prior-year

reserve development

-1.5

0.4

-2.6

-1.8

Loss ratio

61.5

62.1

61.7

61.3

Expense ratio

34.8

33.5

35.3

33.4

Dividend ratio

0.2

0.3

0.4

Combined ratio

96.5

95.9

97.3

95.1

Statutory Combined

Ratios

Commercial lines:

Automobile

96.9

100.9

93.2

96.7

Workers'

compensation

128.1

103.9

115.1

108.7

Commercial

multi-peril

95.6

91.6

106.0

93.1

Other

93.3

87.5

97.8

96.2

Total commercial lines

100.7

96.6

101.9

97.3

Personal lines:

Automobile

89.3

91.2

84.4

85.1

Homeowners

91.7

102.1

89.4

100.0

Other

85.5

52.8

75.8

54.9

Total personal lines

90.1

94.1

86.0

89.6

Total lines

96.5

95.5

96.2

94.4

Loss Ratio

For the third quarter of 2026, the loss ratio decreased slightly to 61.5%, compared to 62.1% for the third 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 57.2% for the third quarter of 2026 increased from 54.0% for the third quarter

of 2025, due largely to higher workers’ compensation and casualty loss severity. For the personal lines segment, the core loss ratio

of 42.2% for the third quarter of 2026 decreased from 46.6% for the third quarter of 2025, with the improvement primarily attributable

to the homeowners line of business.

Weather-related losses were $19.1 million, or 8.6 percentage points of the loss ratio, for the third quarter of 2026,

compared to $14.3 million, or 6.2 percentage points of the loss ratio, for the third quarter of 2025. Weather-related loss activity for

the third quarter of 2026 was lower than our previous five-year average of $20.4 million, or 9.3 percentage points of the loss ratio,

for third-quarter weather-related losses. Our insurance subsidiaries incurred $4.2 million in losses from a July severe convective storm

in the third quarter of 2026.

Large fire losses, which we define as individual fire losses in excess of $50,000, for the third quarter of 2026 were

$5.8 million, or 2.6 percentage points of the loss ratio. That amount compared to large fire losses of $10.0 million, or 4.4 percentage

points of the loss ratio, for the third quarter of 2025. We experienced decreases in both commercial property and homeowners fire losses

compared to the prior-year quarter.

Net favorable development of reserves for losses incurred in prior accident years of $3.5 million decreased the loss

ratio for the third quarter of 2026 by 1.5 percentage points, compared to net unfavorable development of $1.0 million that increased the

loss ratio for the third quarter of 2025 by 0.4 percentage points. For the third quarter of 2026, we attribute the net favorable development

primarily to lower-than-expected emergence that our insurance subsidiaries experienced for the workers’ compensation and commercial

automobile lines of business.

Expense Ratio

The expense ratio was 34.8% for the third quarter of 2026, compared to 33.5% for the third quarter of 2025. The increase

in the expense ratio primarily reflected the impact of a lower base of net premiums earned compared to the prior-year quarter.

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, we had invested 95% of our consolidated

investment portfolio in diversified, highly rated and marketable fixed-maturity securities at September 30, 2026.

September

30, 2026

December

31, 2025

Amount

(dollars in

thousands)

Fixed maturities, at carrying

value:

U.S.

Treasury securities and obligations of U.S.

government

corporations and agencies

97,279

6.5

103,619

6.9

Obligations

of states and political subdivisions

516,109

34.6

485,710

32.4

Corporate

securities

381,926

25.6

383,927

25.6

Mortgage-backed

securities

424,471

28.4

445,227

29.7

Allowance

for expected credit losses

(1,203

)

-0.1

(1,313

)

-0.1

Total fixed maturities

1,418,582

95.0

1,417,170

94.5

Equity securities, at fair

value

51,055

3.4

44,370

3.0

Short-term investments, at

cost

23,235

1.6

38,713

2.5

Total investments

1,492,872

100.0

1,500,253

100.0

Average investment yield

3.9

3.6

Average tax-equivalent investment

yield

4.0

3.7

Average fixed-maturity duration

(years)

6.1

5.5

Net investment income of $14.7 million for the third quarter of 2026 increased 5.4% compared to $13.9 million

for the third quarter of 2025. The increase in net investment income primarily reflected an increase in average investment yield relative

to the prior-year third quarter.

Net investment losses of $0.7 million for the third quarter of 2026 were primarily related to net realized investment

losses on the strategic sales of available-for-sale fixed-maturity securities, offset partially by net unrealized gains in the fair value

of equity securities held at September 30, 2026. Net investment gains of $1.3 million for the third quarter of 2025 were primarily related

to net unrealized gains in the fair value of equity securities held at September 30, 2025, offset partially by net realized investment

losses on the strategic sales of available-for-sale fixed-maturity securities.

Our book value per share was $17.70 at September 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 $24.1 million of after-tax net unrealized losses within our available-for-sale

fixed-maturity portfolio during 2026 that decreased our book value by $0.65 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 September 30,

Nine

Months Ended September 30,

2026

2025

Change

2026

2025

Change

(dollars in

thousands)

Reconciliation of

Net Premiums

Earned to Net Premiums

Written

Net

premiums earned

222,883

229,822

-3.0

666,814

694,299

-4.0

Change in net unearned premiums

(13,150

)

(10,207

)

28.8

8,620

6,222

38.5

Net premiums written

209,733

219,615

-4.5

675,434

700,521

-3.6

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

Three

Months Ended September 30,

Nine

Months Ended September 30,

2026

2025

Change

2026

2025

Change

(dollars

in thousands, except per share amounts)

Reconciliation

of Net Income

Non-GAAP Operating Income

Net

income

18,157

20,080

-9.6

51,973

62,152

-16.4

Investment

losses (gains) (after tax)

554

(1,005

)

(1,649

)

(1,853

)

-11.0

Other, net

(72

)

(99

)

Non-GAAP operating

income

18,639

19,075

-2.3

50,225

60,299

-16.7

Per

Share Reconciliation of Net Income

Non-GAAP Operating Income

Net income

– Class A (diluted)

0.49

0.55

-10.9

1.40

1.72

-18.6

Investment

losses (gains) (after tax)

0.01

(0.03

)

(0.05

)

(0.05

)

0.0

Other, net

Non-GAAP operating

income – Class A

0.50

0.52

-3.8

1.35

1.67

-19.2

Net income

– Class B

0.45

0.51

-11.8

1.29

1.58

-18.4

Investment

losses (gains) (after tax)

0.01

(0.03

)

(0.04

)

(0.05

)

-20.0

Other, net

Non-GAAP operating

income – Class B

0.46

0.48

-4.2

1.25

1.53

-18.3

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 October 15, 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 November 16, 2026 to stockholders of record as of the close of

business on November 2, 2026.

Pre-Recorded Webcast

At approximately 8:30 am ET on Thursday, October 29, 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

September 30,

2026

2025

Net premiums earned

222,883

229,822

Investment income, net of expenses

14,689

13,943

Net investment (losses) gains

(701

)

1,272

Lease income

Installment payment fees

713

807

Total revenues

237,658

245,919

Net losses and loss expenses

137,007

142,715

Amortization of deferred acquisition costs

35,881

37,218

Other underwriting expenses

41,724

39,688

Policyholder dividends

490

731

Interest

343

341

Other expenses, net

168

177

Total expenses

215,613

220,870

Income before income tax expense

22,045

25,049

Income tax expense

3,888

4,969

Net income

18,157

20,080

Net income per common share:

Class A - basic

0.49

0.56

Class A - diluted

0.49

0.55

Class B - basic and diluted

0.45

0.51

Supplementary Financial Analysts' Data

Weighted-average number of shares

outstanding:

Class A - basic

31,658,439

30,953,696

Class A - diluted

32,166,249

31,439,953

Class B - basic and diluted

5,576,775

Net premiums written

209,733

219,615

Book value per common share

at end of period

17.70

17.14

Annualized return on average equity

10.9

13.0

Donegal Group Inc.

Consolidated Statements of Income

(unaudited; in thousands, except share data)

Nine Months

Ended September 30,

2026

2025

Net premiums earned

666,814

694,299

Investment income, net of expenses

43,468

38,466

Net investment gains

2,087

2,345

Lease income

222

228

Installment payment fees

2,182

2,534

Total revenues

714,773

737,872

Net losses and loss expenses

411,562

425,666

Amortization of deferred acquisition costs

108,301

115,950

Other underwriting expenses

127,300

116,033

Policyholder dividends

1,702

2,309

Interest

1,013

1,010

Other expenses, net

1,179

269

Total expenses

651,057

661,237

Income before income tax expense

63,716

76,635

Income tax expense

11,743

14,483

Net income

51,973

62,152

Net income per common share:

Class A - basic

1.42

1.74

Class A - diluted

1.40

1.72

Class B - basic and diluted

1.29

1.58

Supplementary Financial Analysts' Data

Weighted-average number of shares

outstanding:

Class A - basic

31,520,696

30,587,219

Class A - diluted

31,996,127

31,071,583

Class B - basic and diluted

5,576,775

Net premiums written

675,434

700,521

Book value per common share

at end of period

17.70

17.14

Annualized return on average equity

10.6

14.1

Donegal Group Inc.

Consolidated Balance Sheets

(in thousands)

September 30,

December 31,

2026

2025

(unaudited)

ASSETS

Investments:

Fixed maturities:

Held to maturity, at amortized cost

804,647

776,447

Available for sale, at fair value

613,935

640,723

Equity securities, at fair value

51,055

44,370

Short-term investments, at cost

23,235

38,713

Total investments

1,492,872

1,500,253

Cash

32,503

26,786

Premiums receivable

220,719

180,804

Reinsurance receivable

410,095

398,582

Deferred policy acquisition costs

69,145

68,670

Prepaid reinsurance premiums

205,818

171,083

Other assets

41,388

40,451

Total assets

2,472,540

2,386,629

LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities:

Losses and loss expenses

1,127,476

1,100,050

Unearned premiums

634,396

591,040

Borrowings under lines of credit

35,000

Other liabilities

14,384

20,121

Total liabilities

1,811,256

1,746,211

Stockholders' equity:

Class A common stock

348

344

Class B common stock

Additional paid-in capital

399,253

391,811

Accumulated other comprehensive loss

(32,400

)

(8,296

)

Retained earnings

335,253

297,729

Treasury stock

(41,226

)

(41,226

)

Total stockholders' equity

661,284

640,418

Total liabilities and stockholders' equity

2,472,540

2,386,629

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