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Donegal Reports Increase In Q3 Revenues

Revenues for Q3 2009 increased by 2.3% over revenues for the Q3 2008

Donegal Group has reported a net income of $6.74m for the quarter ended September 30, or $.27 per share of Class A common stock on a diluted basis whereas the company has posted a net income of $6.27m or $.25 per share of Class A common stock on a diluted basis, for the third quarter of 2008. 

The revenues for the third quarter of 2009 were $94.88m, an increase of 2.3% over revenues for the third quarter of 2008, with net premiums earned of $88m a decrease of $0.17m from net premiums earned for the year-earlier period. 

The net premiums written for the third quarter of 2009 were $93.62m representing a 1.6% increase over net premiums written of $92.18m for the third quarter of 2008. 

The net income for the nine months ended September 30, 2009 was $11.3m or $.45 per share of Class A common stock on a diluted basis, compared to $19.15m or $.76 per share of Class A common stock on a diluted basis, for the nine months ended September 30, 2008. 

The total stockholders’ equity, or book value, increased 7.7% to $391.53m a per common share amount of $15.36, at September 30, 2009, compared to $363.58m a per common share amount of $14.29, at December 31, 2008. 

Donald H. Nikolaus, president and CEO of Donegal Group, said: We are pleased to report an increase in our quarterly net income relative to the first two quarters of the year. We are also pleased to report a significant increase in our book value in the current quarter and year to date, continuing the favorable trend of book value growth we achieved in 2008.”