Donegal Group has reported total revenues of $97.9m for the first quarter of 2010, an increase of 2.5% compared to $95.5m for the same quarter in 2009.
Donegal’s net premiums earned for the quarter ended March 31, 2010, were $91.3m, as compared to $88.3m for the same period last year. Net premiums written for the quarter were $92.9m, an increase of 5.6% compared to $88m for the same quarter last year.
The company reported net investment income of $4.93m for the first quarter of 2010, compared to $5.35m for the same quarter in 2009.
Net income for the first quarter ended March 31, 2010, was $0.23m, or $.01 per diluted share compared $0.16m, or $.01 per diluted share for the same period last year.
Donald Nikolaus, president and CEO of Donegal Group, said: We are disappointed to report that our quarterly results reflect the impact of elevated fire losses and severe winter weather events that included record-breaking snowstorms in a number of our operating regions.
On a positive note, we are pleased to report an increase in net premiums written during the quarter, which is no small task in the current environment and reflects ongoing efforts to obtain a combination of profitable organic and affiliation growth.