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Donegal Group reports 2Q profit

300 days ago

(AP:MARIETTA, Pa.) Insurance holding company Donegal Group Inc. on Friday posted a second-quarter profit, lifted by higher premiums.

The company reported net income of $2 million, or 8 cents per share, in the April-June quarter, compared with a loss of $1.7 million, or 7 cents per share, in the same quarter last year. Total revenue rose 8.8 percent to $127.3 million.

Net premiums earned rose to $117.6 million from $105 million. Premiums written for personal lines like auto and homeowner insurance, rose 8.5 percent. Commercial lines were up about 16 percent.

The company sells property and casualty insurance in the Mid-Atlantic, New England, the Southeast and the Midwest.

Donald Nikolaus, Donegal's president and CEO, said the company's focus on managing risk helped it reduce losses from weather in the second quarter from a year earlier.

Donegal shares rose 42 cents, or 3.2 percent, to close at $13.73.

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