DONEGAL GROUP INC DGICA
Donegal Group Inc., or DGI, is an insurance holding company whose insurance subsidiaries and affiliates offer property and casualty insurance in 21 Mid-Atlantic, Midwestern, Southern and Southwestern states. DGI has no
significant business operations and is separate and distinct from its insurance subsidiaries. As used in this Form 10-K Report, the terms "we," "us" and "our" refer to Donegal Group Inc. and its insurance subsidiaries. Our Class A common stock and
our Class B common stock trade on the NASDAQ Global Select Market under the symbols "DGICA" and "DGICB," respectively.
Donegal Mutual Insurance Company, or Donegal Mutual, organized us as an insurance holding company on August 26, 1986. At December 31, 2025, Donegal Mutual held approximately 44% of our outstanding Class A common stock
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $978.0M | $989.6M | $927.3M | $848.2M | $816.5M | $777.8M | $812.5M | $771.8M | $739.0M | $688.4M |
| Interest expense | $1.4M | $946.0K | $619.8K | $620.6K | $895.6K | $1.2M | $1.6M | $2.3M | $1.6M | $1.7M |
| Pre-tax income | $97.6M | $62.3M | $5.1M | -$3.6M | $30.3M | $63.3M | $57.1M | -$48.2M | $12.1M | $41.3M |
| Income tax | $18.3M | $11.5M | $638.0K | $1.7M | $5.1M | $10.5M | $9.9M | $15.5M | $5.0M | $10.5M |
| Net income | $79.3M | $50.9M | $4.4M | -$2.0M | $25.3M | $52.8M | $47.2M | -$32.8M | $7.1M | $30.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $26.8M | $52.9M | $23.8M | $25.1M | $57.7M | $103.1M | $49.3M | $52.6M | — | — |
| Short-term investments | — | — | — | — | — | $20.9M | $14.0M | $16.7M | $11.0M | $9.4M |
| Property, plant and equipment | $2.3M | $2.5M | $2.6M | $2.8M | $3.0M | $4.4M | $4.6M | $4.7M | $7.3M | $6.7M |
| Goodwill | $5.6M | $5.6M | $5.6M | $5.6M | $5.6M | $5.6M | $5.6M | $5.6M | $5.6M | $5.6M |
| Other intangibles | $958.0K | $958.0K | $958.0K | $958.0K | $958.0K | $958.0K | $958.0K | $958.0K | $958.0K | $958.0K |
| Total assets | $2.39B | $2.34B | $2.27B | $2.24B | $2.26B | $2.16B | $1.92B | $1.83B | $1.74B | $1.62B |
| Total liabilities | $1.75B | $1.79B | $1.79B | $1.76B | $1.72B | $1.64B | $1.47B | $1.43B | $1.29B | $1.18B |
| Retained earnings | $297.7M | $245.1M | $217.8M | $240.6M | $263.7M | $258.4M | $223.3M | $192.8M | $236.9M | $244.9M |
| Total equity | $640.4M | $545.8M | $479.7M | $483.6M | $531.0M | $517.8M | $451.0M | $398.9M | $448.7M | $438.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $70.2M | $67.4M | $28.6M | $67.1M | $76.7M | $101.1M | $76.4M | $63.8M | $81.0M | $60.0M |
| Depreciation and amortisation | $150.1K | $153.5K | $166.4K | $173.5K | $208.6K | $257.4K | $282.2K | $479.6K | $478.8K | $742.9K |
| Investing cash flow | -$91.1M | -$48.0M | -$16.7M | -$98.5M | -$62.2M | -$99.7M | -$43.4M | -$37.6M | -$58.4M | -$51.3M |
| Financing cash flow | -$5.2M | $9.7M | -$13.2M | -$1.2M | -$59.9M | $52.3M | -$36.3M | -$11.4M | -$9.3M | -$12.3M |
| Dividends paid | $25.7M | $22.7M | $21.9M | $20.5M | $19.1M | $17.0M | $16.1M | $15.7M | $14.8M | $14.1M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-008268.
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