Donegal Group Inc. (DGICA) stock soared 5.47% in the pre-market trading session on Thursday, following the company's impressive fourth-quarter and full-year 2024 financial results. The strong performance and optimistic outlook from management fueled investor confidence, driving the stock higher.
For the fourth quarter, Donegal Group reported net income of $24.0 million, or $0.70 per diluted Class A share, a significant improvement from a net loss of $2.0 million in the same period last year. The company's combined ratio, a key measure of underwriting profitability, stood at an impressive 92.9%, compared to 106.8% in the prior-year quarter.
The company's full-year 2024 results were equally impressive, with net income of $50.9 million, or $1.53 per diluted Class A share, compared to $4.4 million in 2023. Donegal Group's net premiums earned increased by 6.2% year-over-year, driven by growth in both commercial and personal lines. The company's book value per share also rose to $15.36 at the end of 2024, up from $14.39 a year earlier.