The following is a summary of the Donegal Group Inc. (DGICA) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Donegal Group's net premiums increased by 5.8% to reach $227.7 million in Q1 2024.

• The company reported a combined ratio of 102.4% in Q1 2024, a slight increase from 101.2% in Q1 2023 largely due to higher fire losses.

• Weather-related losses decreased to $10.8 million or 4.7% of the loss ratio, down from $14.1 million or 6.5% in the same period of the previous year.

• Despite an underwriting loss in Q1 2024, the firm's financial performance was buttressed by $11 million of investment income and $2.1 million in net investment gains.

• Donegal reported an after-tax net income of $6 million for Q1 2024, marginally higher than the $5.2 million witnessed in Q1 2023.

Business Progress:

• Strategic nonrenewals in commercial policies in Georgia and Alabama were counterbalanced by higher levels of new business in other states.

• Donegal maintained its progress on software updates, a part of its systems modernization project, to include a new commercial package policy and modernize other commercial products.

• The company transitioned from six operating regions to four to achieve operational efficiency and economies of scale.

• Donegal noted positive trends with its launch in Arizona, with new quote activity and new premium written surpassing estimates.

• The firm is committed to the final releases of its five-year-long systems modernization project, expected to support future growth.

More details: Donegal Group-A IR

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