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Donegal Q4 Revenues Up 5.9% To $101.53m

IBR Staff Writer Published 17 February 2010

Donegal Group has reported revenues of $101.53m for the fourth quarter of 2009, an increase of 5.9%, compared to $95.9m for the same period last year.

The company has earned net premiums of $91.14m for the fourth quarter, an increase of 2.3%, compared to $89.1m for the same period last year. Net premiums written ware up 12% to $88.02m from $78.6m in the year ago quarter.

For the fourth quarter ended December 31, 2009, the company posted a net income of $7.53m or $0.3 per share for the fourth quarter of 2009, compared to $6.4m or $0.26 per share for the fourth quarter of 2008.

For the full year 2009, the company has reported revenues of $386.7m, an increase compared to $372.4m in 2008. Net premiums earned increased to $355.02 from $346.6m in 2008. Net written premiums were $363.23 a marginal decrease from $364.9m in 2008. Net income for the year ended December 31, 2009, decreased to $18.83m or $0.76 per share from $25.5m or $1.02 per share in 2008.

Donald Nikolaus, president and CEO of Donegal, said: We are pleased to report increased premium writings during the fourth quarter of 2009 and are working diligently to return our underwriting profitability to our historical levels.

“Our continuing focus on book value growth led to a solid increase in our book value during 2009. Our underlying fundamentals remain strong, and we believe Donegal Group is financially well positioned to move forward in 2010.”