Donegal Group has reported total revenues of $101.5m for the second quarter of 2010, an increase of 7.1% compared to $94.8m for the same quarter in 2009.
The company’s net premiums earned for the quarter were $93m which is an increase of 6.2% compared to $87.5m for the same period last year.
The company posted income before income taxes of $1.8m for the second quarter of 2010 compared to $5.1m for the same quarter in 2009.
For the quarter ended June 30, 2010, the company posted net income of $1.7m, or $0.07 per diluted share, compared to $4.3m, or $0.18 per share, for the same period last year.
Donald Nikolaus, president and CEO of Donegal Group, said: “We are disappointed to report that catastrophes, severe weather and increased fire losses impacted our quarterly earnings. However, we are pleased to report an increase in premium writings, particularly in commercial lines, and an increase in our book value.
“We are realizing profitable premium growth from our acquisition strategy, and we have expanded our commercial lines product offerings in several Midwest states where companies we acquired have previously offered primarily personal lines products.”