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DONEGAL GROUP INC (DGICA)
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| Income Statement |
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Annual | Quarterly | TTM |
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| In millions, except per share items | Dec-31-21 | Dec-31-20 | Dec-31-19 | Dec-31-18 | Dec-31-17 | Dec-31-16 | Dec-31-15 | Dec-31-14 |
| | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K |
| Revenues: |
| Commercial Lines | 468.4 | 412.9 | 385.5 | 337.9 | 318.4 | 295.1 | 261.3 | 231.1 |
| Personal Lines | 307.6 | 329.2 | 370.6 | 403.4 | 384.1 | 361.1 | 344.4 | 325.4 |
| Other | 40.5 | 35.8 | 56.4 | 30.5 | 36.5 | 32.2 | 30.7 | 30.0 |
| Total revenues | 816.5 | 777.8 | 812.5 | 771.8 | 739.0 | 688.4 | 636.4 | 586.5 |
| Revenue growth | 5.0% | -4.3% | 5.3% | 4.4% | 7.4% | 8.2% | 8.5% | 7.2% |
| Loss and loss adjustment expenses | 520.7 | 459.8 | 506.4 | 576.5 | 487.3 | 423.3 | 398.4 | 388.4 |
| Policy acquisition costs | 128.7 | 119.1 | 122.4 | 121.0 | 115.1 | 107.9 | 99.5 | 90.1 |
| Other underwriting costs | 129.4 | 125.9 | 114.6 | 113.3 | 116.5 | 108.5 | 97.7 | 84.7 |
| Investment expenses | 3.0 | 3.1 | 3.0 | 2.9 | 4.1 | 3.8 | 3.6 | 5.3 |
| Other operating expenses | 3.4 | 5.6 | 7.4 | 4.2 | 2.4 | 1.9 | 8.5 | 0.3 |
| Equity in earnings | | | | | | | | |
| EBITDA | 37.1 | 71.2 | 64.2 | -39.3 | 19.8 | 49.6 | 35.4 | 21.3 |
| EBITDA margin | 4.5% | 9.2% | 7.9% | -5.1% | 2.7% | 7.2% | 5.6% | 3.6% |
| Depreciation | 5.8 | 6.7 | 5.6 | 6.6 | 6.1 | 6.6 | 6.7 | 3.5 |
| EBIT | 31.2 | 64.5 | 58.7 | -45.9 | 13.7 | 43.0 | 28.7 | 17.8 |
| EBIT margin | 3.8% | 8.3% | 7.2% | -6.0% | 1.9% | 6.2% | 4.5% | 3.0% |
| Interest expense | 0.9 | 1.2 | 1.6 | 2.3 | 1.6 | 1.7 | 1.1 | 1.5 |
| Interest expense | 0.9 | 1.2 | 1.6 | 2.3 | 1.6 | 1.7 | 1.1 | 1.5 |
| Pre-tax income | 30.3 | 63.3 | 57.1 | -48.2 | 12.1 | 41.3 | 27.6 | 16.3 |
| Income taxes | 5.1 | 10.5 | 9.9 | -15.5 | 5.0 | 10.5 | 6.6 | 1.7 |
| Tax rate | 16.8% | 16.5% | 17.4% | 32.1% | 41.3% | 25.5% | 23.9% | 10.7% |
| Net income | 25.3 | 52.8 | 47.2 | -32.8 | 7.1 | 30.8 | 21.0 | 14.5 |
| Net margin | 3.1% | 6.8% | 5.8% | -4.2% | 1.0% | 4.5% | 3.3% | 2.5% |
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| Basic EPS | $0.99 | $2.21 | $2.03 | ($1.44) | $0.31 | $1.43 | $0.94 | |
| Diluted EPS | $0.82 | $1.80 | $1.65 | ($1.16) | $0.26 | $1.16 | $0.76 | |
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| Shares outstanding (basic) | 25.5 | 23.9 | 23.2 | 22.7 | 22.6 | 21.5 | 22.4 | |
| Shares outstanding (diluted) | 31.0 | 29.3 | 28.6 | 28.3 | 27.4 | 26.5 | 27.6 | |
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| EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges. |
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