Donegal Group
Writes commercial and personal P&C policies through independent agents across regional U.S. markets.
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Profile
Writes commercial and personal property-and-casualty coverage through independent agents in a 21-state regional footprint. Commercial lines anchor the book, while public-company economics and voting control are shaped by pooling, reinsurance, and personnel arrangements with Donegal Mutual.
Writes property-and-casualty insurance through subsidiaries and affiliates that operate as Donegal Insurance Group. Commercial lines include commercial auto, commercial multi-peril and workers' compensation; personal lines center on private passenger auto and homeowners coverage.
Distribution runs exclusively through independent insurance agencies in Mid-Atlantic, Midwestern, Southern and Southwestern states. The model relies on agency relationships, consistent product offerings, base commissions, growth incentives and profit-sharing programs.
The public company sits under Donegal Mutual, which keeps voting control and employs the personnel serving the insurance subsidiaries. Underwriting results depend on the Atlantic States pooling arrangement, reinsurance with Donegal Mutual, rate and reserve adequacy, weather losses, loss-cost inflation and reinsurance availability.
Company facts
Key statistics
Year to date −1.1% · Average volume (30d) 122.2K
Analysts
No analyst consensus on record.
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 30, 2026Q2 FY26 | $0.42 | $0.53 | +26.2% | $231.5M | $226.4M | −2.2% | +2.33% |
| Apr 30, 2026Q1 FY26 | $0.40 | $0.32 | −20.0% | $247.8M | $239.3M | −3.4% | −2.44% |
| Feb 19, 2026Q4 FY25 | $0.54 | $0.50 | −7.2% | $216.2M | $204.3M | −5.5% | −0.97% |
| Oct 30, 2025Q3 FY25 | $0.51 | $0.52 | +2.0% | $242.5M | $245.9M | +1.4% | +2.01% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $245.2M | $247.1M | $245.9M | $240.1M | $236.0M | $241.1M | |
| Gross profit | $73.9M | $56.7M | $66.0M | $64.6M | $57.7M | $72.4M | |
| Operating income | $31.2M | $20.4M | $25.0M | $21.0M | $14.1M | $27.5M | |
| Net income | $25.2M | $16.9M | $20.1M | $17.2M | $11.5M | $22.3M | |
| Diluted EPS | $0.70 | $0.46 | $0.60 | $0.47 | $0.31 | $0.60 | |
| Gross margin | 30.1% | 23.0% | 26.8% | 26.9% | 24.4% | 30.0% | |
| Operating margin | 12.7% | 8.3% | 10.2% | 8.7% | 6.0% | 11.4% |
Fiscal years (4-quarter sums)FY21 $816.5M · FY22 $848.2M · FY23 $927.3M · FY24 $989.6M · FY25 $978.4M
Revenue by product · FY24
Balance sheet, Jun 30, 2026Cash & short-term investments $492.6M · Total debt $35.0M · Total assets $2.48B · Shareholders' equity $666.1M
Dividends
Raised for 21 straight years — most recently to $0.1925 from $0.1825 in May 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jul 31, 2026 | Jul 31 | Aug 14 | $0.1925 | |
| May 1, 2026 | May 1 | May 15 | $0.1925 | raised from $0.1825 |
| Feb 3, 2026 | Feb 3 | Feb 17 | $0.1825 | |
| Nov 3, 2025 | Nov 3 | Nov 17 | $0.1825 | |
| Aug 1, 2025 | Aug 1 | Aug 15 | $0.1825 | |
| May 1, 2025 | May 1 | May 15 | $0.1825 | raised from $0.1725 |
| Feb 4, 2025 | Feb 4 | Feb 18 | $0.1725 | |
| Nov 1, 2024 | Nov 1 | Nov 15 | $0.1725 |
Ownership
Shares outstanding 36.85M · Float 17.62M · 47.8% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Donegal Mutual Insurance Co · 10 percent owner | 18.99M | 51.53% | Form 4 | Aug 27, 2026 |
| Dimensional Fund Advisors LP | 1.81M | 4.91% | 13F | Aug 11, 2026 |
| BlackRock, Inc. | 1.61M | 5.10% | 13G | Jul 28, 2026 |
| Vanguard Capital Management LLC | 706.7K | 1.92% | 13F | Aug 13, 2026 |
| Geode Capital Management, LLC | 596.5K | 1.62% | 13F | Aug 12, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 26, 2026 | Donegal Mutual Insurance Co | 10 percent owner | +9,508 | $19.11 |
| Aug 25, 2026 | Donegal Mutual Insurance Co | 10 percent owner | +10,000 | $19.00 |
| Aug 24, 2026 | Donegal Mutual Insurance Co | 10 percent owner | +10,000 | $19.06 |
| Aug 21, 2026 | Donegal Mutual Insurance Co | 10 percent owner | +10,000 | $18.68 |
| Aug 20, 2026 | Donegal Mutual Insurance Co | 10 percent owner | +9,815 | $18.66 |
Peers
- Cincinnati Financial
Independent-agent commercial, personal and E&S P&C overlap
- Selective Insurance Group
Super-regional P&C overlap in independent-agent standard lines
- The Hanover Insurance Group
Independent-agent commercial, specialty and personal P&C overlap
- Erie Indemnity
Mid-Atlantic agency carrier with personal and commercial overlap
- Travelers
Large independent-agent P&C carrier across business, home and auto
- Progressive
Personal auto scale and agency/direct distribution pressure
- United Fire Group
Commercial-lines agency carrier with smaller personal-line overlap
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Donegal Group | $19.24 | +0.10% | $708.9M | 9.7 | 10.2 | 0.7 | −8.4% |
| Cincinnati Financial | $171.97 | 0.00% | $26.39B | 8.1 | 19.6 | 1.9 | −18.9% |
| Selective Insurance Group | $92.46 | −0.08% | $5.51B | 11.5 | 10.9 | 1.0 | −8.0% |
| The Hanover Insurance Group | $227.67 | −0.02% | $7.93B | 10.9 | 12.0 | 1.2 | +0.4% |
| Erie Indemnity | $260.40 | +0.01% | $12.03B | 23.7 | — | 2.9 | +2.8% |
| Travelers | $372.15 | +0.62% | $77.15B | 9.9 | 12.4 | 1.6 | −4.8% |
| Progressive | $217.33 | −0.61% | $127.12B | 11.0 | 13.3 | 1.4 | −4.2% |
| United Fire Group | $53.98 | 0.00% | $1.38B | 10.0 | 12.0 | 0.9 | +5.2% |
| Median | 10.9 | 12.2 | 1.4 | −4.2% |