Tearsheet

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 13%, Dividend Yield is 3.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.1%, FCF Yield is 9.3%

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -69%

Low stock price volatility
Vol 12M is 24%

Weak multi-year price returns
3Y Excs Rtn is -23%

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.5%, Rev Chg QQuarterly Revenue Change % is -3.7%

Key risks
DGICA key risks include [1] a persistently high expense ratio significantly above the sector average and [2] potential volatility in its historically favorable reserve development and investment returns.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 13%, Dividend Yield is 3.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.1%, FCF Yield is 9.3%
1 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -69%
2 Low stock price volatility
Vol 12M is 24%
3 Weak multi-year price returns
3Y Excs Rtn is -23%
4 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.5%, Rev Chg QQuarterly Revenue Change % is -3.7%
5 Key risks
DGICA key risks include [1] a persistently high expense ratio significantly above the sector average and [2] potential volatility in its historically favorable reserve development and investment returns.

DGICA in ETFs

Weight = DGICA's share of each fund

VTI0.00%
ITOT0.00%
IWM0.01%
IWN0.02%
AVUV0.02%
DFAS0.01%
VTWO0.01%
SCHA0.01%
+3 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 7/1/2026

Donegal (DGICA) stock has gained about 10% since 3/31/2026 because of the following key factors:

1. Quarterly Dividend Increase

Donegal Group Inc. announced an increase in its quarterly dividend on April 16, 2026. The current quarterly dividend is $0.19 per share, contributing to an attractive dividend yield of approximately 4%. This move signals financial stability and enhances shareholder returns.

2. Substantial Insider Buying Activity

Donegal Mutual Insurance Co., a major shareholder, demonstrated significant confidence by purchasing approximately $6 million worth of Donegal Group Class A common stock over a six-month period, which includes the specified period since March 31, 2026. This substantial insider buying signals a positive outlook from a key stakeholder.

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Updated on 7/1/2026

Donegal (DGICA) stock has gained about 10% since 3/31/2026 because of the following key factors:

1. Quarterly Dividend Increase

Donegal Group Inc. announced an increase in its quarterly dividend on April 16, 2026. The current quarterly dividend is $0.19 per share, contributing to an attractive dividend yield of approximately 4%. This move signals financial stability and enhances shareholder returns.

2. Substantial Insider Buying Activity

Donegal Mutual Insurance Co., a major shareholder, demonstrated significant confidence by purchasing approximately $6 million worth of Donegal Group Class A common stock over a six-month period, which includes the specified period since March 31, 2026. This substantial insider buying signals a positive outlook from a key stakeholder.

3. Strong Net Investment Income Growth in Fiscal Q1 2026

The company reported a 19.2% increase in net investment income, reaching $14.3 million in fiscal Q1 2026 (ending March 31, 2026). This growth in investment income more than covered the quarterly dividend outlays, providing a solid financial underpinning despite a reported decline in net income for the same quarter.

4. Appeal as a Defensive and Value-Oriented Stock

Donegal Group's stock is perceived as a defensive asset due to its near-zero beta, indicating low volatility, and trades close to its book value. This characteristic, coupled with its attractive dividend yield, makes it a favored option for investors seeking stability and income, particularly during periods of broader market uncertainty.

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Stock Movement Drivers

Fundamental Drivers

The 10.5% change in DGICA stock from 3/31/2026 to 7/14/2026 was primarily driven by a 38.4% change in the company's P/E Multiple.
(LTM values as of)33120267142026Change
Stock Price ($)16.9818.7610.5%
Change Contribution By: 
Total Revenues ($ Mil)978969-0.9%
Net Income Margin (%)8.1%6.8%-16.5%
P/E Multiple7.610.638.4%
Shares Outstanding (Mil)3637-3.6%
Cumulative Contribution10.5%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 7/14/2026
ReturnCorrelation
DGICA10.5% 
Market (SPY)15.6%-25.9%
Sector (XLF)13.8%22.9%

Fundamental Drivers

The -4.1% change in DGICA stock from 12/31/2025 to 7/14/2026 was primarily driven by a -22.3% change in the company's Net Income Margin (%).
(LTM values as of)123120257142026Change
Stock Price ($)19.5618.76-4.1%
Change Contribution By: 
Total Revenues ($ Mil)988969-1.9%
Net Income Margin (%)8.7%6.8%-22.3%
P/E Multiple8.210.628.8%
Shares Outstanding (Mil)3637-2.3%
Cumulative Contribution-4.1%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 7/14/2026
ReturnCorrelation
DGICA-4.1% 
Market (SPY)10.6%-7.9%
Sector (XLF)3.1%34.8%

Fundamental Drivers

The -2.3% change in DGICA stock from 6/30/2025 to 7/14/2026 was primarily driven by a -4.0% change in the company's Net Income Margin (%).
(LTM values as of)63020257142026Change
Stock Price ($)19.2118.76-2.3%
Change Contribution By: 
Total Revenues ($ Mil)994969-2.5%
Net Income Margin (%)7.1%6.8%-4.0%
P/E Multiple9.810.68.1%
Shares Outstanding (Mil)3637-3.5%
Cumulative Contribution-2.3%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2025 to 7/14/2026
ReturnCorrelation
DGICA-2.3% 
Market (SPY)22.7%3.0%
Sector (XLF)8.6%36.9%

Fundamental Drivers

The 48.6% change in DGICA stock from 6/30/2023 to 7/14/2026 was primarily driven by a 49.8% change in the company's P/S Multiple.
(LTM values as of)63020237142026Change
Stock Price ($)12.6318.7648.6%
Change Contribution By: 
Total Revenues ($ Mil)86596912.0%
P/S Multiple0.50.749.8%
Shares Outstanding (Mil)3337-11.4%
Cumulative Contribution48.6%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2023 to 7/14/2026
ReturnCorrelation
DGICA48.6% 
Market (SPY)75.6%14.3%
Sector (XLF)74.1%37.2%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
DGICA Return6%4%3%16%35%-2%74%
Peers Return12%13%10%24%-4%8%80%
S&P 500 Return27%-19%24%23%16%10%100%

Monthly Win Rates [3]
DGICA Win Rate33%58%67%50%50%43% 
Peers Win Rate53%55%50%60%48%54% 
S&P 500 Win Rate75%42%67%75%67%57% 

Max Drawdowns [4]
DGICA Max Drawdown-15%-22%-10%-17%-19%-17% 
Peers Max Drawdown-17%-21%-20%-16%-23%-18% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: CINF, THG, ERIE, SIGI, RLI.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/14/2026 (YTD)

How Low Can It Go

EventDGICAS&P 500
2020 COVID-19 Crash
  % Loss-20.1%-33.7%
  % Gain to Breakeven25.2%50.9%
  Time to Breakeven4 days140 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-12.5%-12.2%
  % Gain to Breakeven14.3%13.9%
  Time to Breakeven13 days62 days
2014-2016 Oil Price Collapse
  % Loss-15.2%-6.8%
  % Gain to Breakeven18.0%7.3%
  Time to Breakeven41 days15 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-20.7%-15.4%
  % Gain to Breakeven26.2%18.2%
  Time to Breakeven106 days125 days
2008-2009 Global Financial Crisis
  % Loss-31.5%-53.4%
  % Gain to Breakeven45.9%114.4%
  Time to Breakeven68 days1085 days

Compare to CINF, THG, ERIE, SIGI, RLI

In The Past

Donegal's stock fell 0.0% during the 2025 US Tariff Shock. Such a loss loss requires a 0.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventDGICAS&P 500
2020 COVID-19 Crash
  % Loss-20.1%-33.7%
  % Gain to Breakeven25.2%50.9%
  Time to Breakeven4 days140 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-20.7%-15.4%
  % Gain to Breakeven26.2%18.2%
  Time to Breakeven106 days125 days
2008-2009 Global Financial Crisis
  % Loss-31.5%-53.4%
  % Gain to Breakeven45.9%114.4%
  Time to Breakeven68 days1085 days

Compare to CINF, THG, ERIE, SIGI, RLI

In The Past

Donegal's stock fell 0.0% during the 2025 US Tariff Shock. Such a loss loss requires a 0.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Donegal (DGICA)

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Donegal Group Inc. (DGICA) is an insurance holding company that provides property and casualty insurance solutions to both businesses and individuals. The company operates through three core segments: an Investment Function, Personal Lines of Insurance, and Commercial Lines of Insurance, focusing on comprehensive coverage against various financial risks.

Its main products include a variety of insurance policies. For individuals, Donegal offers private passenger automobile policies that cover liability, property damage, and damage to the insured vehicle, alongside homeowners policies providing protection for residences, contents, and personal liability. For its commercial clients, the company provides commercial automobile policies, commercial multi-peril policies which combine liability and physical damage coverages, and workers' compensation policies to safeguard employees against job-related injuries.

Donegal Group Inc. primarily serves customers located in the Mid-Atlantic, Midwestern, New England, Southern, and Southwestern regions of the United States. The company effectively distributes its diverse portfolio of insurance products through an extensive network of approximately 2,300 independent insurance agencies, reaching a broad base of individuals and businesses in its target markets.

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AI Analysis | Feedback

It's like a regional **Travelers**, offering a full range of property and casualty insurance for homes, cars, and businesses through independent agencies.

AI Analysis | Feedback

  • Personal Automobile Policies: These policies provide protection against liability for bodily injury and property damage arising from automobile accidents, along with coverage for damage to the insured's own vehicle.
  • Homeowners Policies: These policies offer coverage for damage to residences and their contents from various perils, as well as liability protection for injuries to other persons or their property.
  • Commercial Automobile Policies: These policies protect businesses against liability for bodily injury and property damage from automobile accidents, and cover damage to vehicles owned by the insured business.
  • Commercial Multi-Peril Policies: These policies provide comprehensive protection to businesses by combining liability and physical damage coverages into a single plan.
  • Workers' Compensation Policies: These policies provide benefits to employees for injuries or illnesses sustained during the course of their employment.

AI Analysis | Feedback

Donegal Group Inc. (DGICA) serves a broad customer base through its diverse insurance offerings. As an insurance company, it does not typically have "major customers" in the sense of a few large companies making up a significant portion of its revenue. Instead, its customers are the numerous policyholders it serves across various categories.

Based on the company description, Donegal provides insurance to both individuals and businesses. Its major customer categories can be described as follows:

  • Individuals seeking personal automobile insurance: These customers purchase private passenger automobile policies to protect against liability for bodily injury and property damage, as well as loss from damage to their own vehicles.
  • Individuals seeking homeowners insurance: This category includes individuals who purchase policies to cover damage to their residences and contents from perils such as fire, lightning, windstorm, and theft, as well as liability arising from injury to other persons or their property.
  • Businesses seeking commercial insurance: This broad category encompasses various businesses that purchase commercial automobile policies, commercial multi-peril policies (combining liability and physical damage coverages), and workers' compensation policies for their operations and employees.

AI Analysis | Feedback

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AI Analysis | Feedback

Here is the management team of Donegal Group Inc.:

Kevin G. Burke, President and Chief Executive Officer

Kevin G. Burke has served as President and Chief Executive Officer of Donegal Group Inc. since 2015 and has held the same position for Donegal Mutual Insurance Company since 2018. Prior to this, he served as Executive Vice President and Chief Operating Officer of Donegal Group Inc. from 2014 to 2015 and of Donegal Mutual from 2014 to 2018. He also held roles as Senior Vice President of Human Resources for both Donegal Mutual and Donegal Group Inc. from 2005 to 2014, and Vice President of Human Resources for Donegal Mutual from 2001 to 2005, having joined the company in 2000. Mr. Burke also serves as Chairman of the Board of Donegal Group Inc.

Jeffrey D. Miller, Executive Vice President and Chief Financial Officer

Jeffrey D. Miller was appointed Executive Vice President and Chief Financial Officer of Donegal Mutual Insurance Company and Donegal Group Inc. in 2014. Before this, he served as Senior Vice President and Chief Financial Officer for both Donegal Mutual and Donegal Group Inc. from 2005 to 2014.

W. Daniel DeLamater, Executive Vice President & Chief Operating Officer

W. Daniel DeLamater was named Executive Vice President & Chief Operating Officer in 2024. He previously served as Senior Vice President and Head of Field Operations & National Accounts of Donegal Mutual Insurance Company and Senior Vice President of Donegal Group Inc. starting in 2022. From 2020 to 2022, he was the Senior Vice President of National Accounts for Donegal Mutual Insurance Company. Mr. DeLamater has also served as President of Southern Mutual Insurance Company, a member of the Donegal Insurance Group, since 2016, and held various positions at Southern Mutual from 2000 to 2015.

Jeffery T. Hay, Executive Vice President and Chief Underwriting Officer

Jeffery T. Hay was appointed Executive Vice President and Chief Underwriting Officer of Donegal Mutual Insurance Company and Executive Vice President of Donegal Group Inc. in 2025. He served as Senior Vice President and Chief Underwriting Officer of Donegal Mutual Insurance Company and Senior Vice President of Donegal Group Inc. from 2021 to 2024.

Kristi S. Altshuler, Senior Vice President and Chief Analytics Officer

Kristi S. Altshuler has served as Senior Vice President and Chief Analytics Officer of Donegal Mutual Insurance Company since 2019 and Senior Vice President and Chief Analytics Officer of Donegal Group Inc. since 2020.

AI Analysis | Feedback

The key risks to Donegal Group Inc. (DGICA) primarily stem from its operational efficiency, exposure to catastrophic events and social inflation, and the challenges associated with its strategy to reduce personal lines business for profitability.

  1. Operational Inefficiency and High Expense Ratio: Donegal Group Inc. faces a significant challenge with its operational inefficiency, particularly evidenced by its high expense ratio which consistently remains above the industry average. In late 2025, the company's expense ratio was around 33.5% to 34.9%, substantially higher than the sector median of 25-27%. This elevated expense ratio often leads to underwriting losses, even when the company achieves favorable loss ratios, thus hindering overall profitability and return on equity. While the company is investing in IT modernization, these efforts are projected to add to the expense ratio in the short term, with long-term efficiency improvements yet to be fully realized.
  2. Exposure to Catastrophic Events and Social Inflation: As a property and casualty insurer, Donegal Group Inc. is inherently vulnerable to significant financial losses arising from catastrophic events such as natural disasters like hurricanes, floods, and wildfires. The company's geographic concentration in certain regions further increases this vulnerability. Beyond natural events, the business is also impacted by "social inflation," which includes increasing loss severity due to higher rates of litigation, expanding covered causes of loss by courts, rising jury awards, and escalating medical and repair costs. These factors contribute to higher claim costs that can exceed reserves, directly pressuring loss ratios and overall profitability.
  3. Revenue Shrinkage from Strategic Underwriting Changes and Competition: Donegal Group Inc. has intentionally pursued a strategy of pruning its unprofitable personal lines business to improve its combined ratio and achieve greater profitability. This has resulted in a decline in net premiums earned, with the personal insurance segment experiencing a significant drop (e.g., 13.9% in Q4 2025 and 9.9% in Q1 2025). While this strategy aims to enhance margins, it leads to overall revenue shrinkage and limits growth potential, especially amidst intense competition from both regional and national insurers. The ongoing reduction in personal lines premiums constrains the company's overall growth prospects and signals uncertainty regarding its ability to deliver consistent revenue expansion.

AI Analysis | Feedback

The emergence of direct-to-consumer digital insurance platforms and Insurtech companies. These platforms leverage advanced technology, data analytics, and user-friendly online and mobile interfaces to offer insurance policies directly to consumers, often with streamlined processes for quotes, policy management, and claims. This model directly challenges Donegal's traditional reliance on independent insurance agencies for distribution and customer acquisition, potentially disrupting its market share and competitive positioning across its personal and commercial lines by offering a different customer experience, efficiency, and potentially lower-cost alternatives.

AI Analysis | Feedback

Donegal Group Inc. (DGICA) operates within the U.S. property and casualty insurance market, offering a range of personal and commercial insurance products. The addressable markets for their main products and services in the United States are as follows:
  • Private Passenger Automobile Insurance: The U.S. private passenger automobile insurance market recorded direct premiums written of approximately $359.51 billion in 2024.
  • Homeowners Insurance: The United States homeowners insurance market size was estimated at $175.60 billion in 2025 and is projected to reach $184.59 billion in 2026.
  • Commercial Automobile Insurance: The U.S. commercial auto insurance market size was valued at $79.3 billion in 2024, with direct written premiums recorded at approximately $61.6 billion in 2024. The market size was $80.1 billion in 2025.
  • Commercial Multi-Peril Insurance: The direct premiums written year-to-date for commercial multiple peril insurance in the U.S. was $16.80 billion, showing a 4% year-over-year growth.
  • Workers' Compensation Insurance: The market size of the Workers' Compensation Insurance industry in the United States is projected to be $51.2 billion in 2026. In 2024, the total direct premiums written in the workers' compensation market were approximately $57.48 billion.

AI Analysis | Feedback

Here are the expected drivers of future revenue growth for Donegal (DGICA) over the next 2-3 years:

  1. Sustained Premium Rate Increases: Donegal has emphasized "rate achievement" and "aggressive renewal rate increases" across its lines of business, particularly in segments where profitability has been challenging. This strategy aims to drive premium growth and improve underwriting results.
  2. Profitable Commercial Lines Expansion: The company is strategically focused on achieving "profitable, controlled commercial lines growth" by targeting quality mid-market and small business accounts. While personal lines have seen intentional contraction for profitability, commercial lines have shown modest premium growth and are a key area for future expansion.
  3. Operational Efficiency and Enhanced Agent Engagement through Technology Modernization: Donegal has completed a multi-year systems transformation project and is rolling out new commercial lines systems, along with GenAI initiatives. These efforts are expected to "enhance operational efficiency and customer service," "unlock" productivity and growth, and improve agency engagement, ultimately facilitating new business acquisition and retention.
  4. Targeted New Business Acquisition: Despite a focus on profitability that has led to a reduction in overall new business in certain areas, Donegal's 2026 business plan includes "numerous strategies and action plans to enhance agency engagement" and leverage system enhancements to generate "higher levels of new business" in profitable segments and targeted geographies.

AI Analysis | Feedback

Capital Allocation Decisions of Donegal Group Inc. (DGICA)

Share Repurchases

  • Donegal Group Inc. primarily focuses on dividend payments rather than share repurchase programs for shareholder returns.

Share Issuance

  • Donegal Mutual Insurance Co. purchased 9,000 shares of Donegal Group Inc. Class A Common Stock on March 3, 2026, for approximately $158,652.

Inbound Investments

  • Donegal Mutual Insurance Co., an affiliate, made an investment by purchasing 9,000 shares of Donegal Group Inc. Class A Common Stock totaling approximately $158,652 on March 3, 2026.

Capital Expenditures

  • As of September 30, 2025, Donegal Group Inc. had no material commitments for capital expenditures.
  • The company is undergoing a multi-year systems modernization project.
  • Costs related to the systems modernization project, allocated by Donegal Mutual Insurance Company to Donegal Group's insurance subsidiaries, peaked at approximately 1.3 percentage points of the full-year 2024 expense ratio and are expected to gradually subside.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

DGICACINFTHGERIESIGIRLIMedian
NameDonegal Cincinna.Hanover .Erie Ind.Selectiv.RLI  
Mkt Price18.76180.03214.16238.4796.3460.14138.19
Mkt Cap0.728.07.512.55.85.56.7
Rev LTM96912,9286,6624,1645,4111,8994,787
Op Inc LTM-------
FCF LTM653,4391,249-1,1345481,134
FCF 3Y Avg622,720806-1,027532806
CFO LTM653,4581,258-1,1705541,170
CFO 3Y Avg622,740816-1,059537816

Growth & Margins

DGICACINFTHGERIESIGIRLIMedian
NameDonegal Cincinna.Hanover .Erie Ind.Selectiv.RLI  
Rev Chg LTM-2.5%17.9%6.2%4.3%8.6%9.5%7.4%
Rev Chg 3Y Avg4.0%20.5%6.3%10.3%13.5%2.3%8.3%
Rev Chg Q-3.7%11.6%5.9%1.2%5.7%4.0%4.9%
QoQ Delta Rev Chg LTM-0.9%2.4%1.4%0.4%1.4%0.9%1.1%
Op Inc Chg LTM-------
Op Inc Chg 3Y Avg-------
Op Mgn LTM-------
Op Mgn 3Y Avg-------
QoQ Delta Op Mgn LTM-------
CFO/Rev LTM6.7%26.7%18.9%-21.6%29.2%21.6%
CFO/Rev 3Y Avg6.4%23.5%12.7%-21.3%30.9%21.3%
FCF/Rev LTM6.7%26.6%18.7%-21.0%28.9%21.0%
FCF/Rev 3Y Avg6.4%23.4%12.5%-20.6%30.6%20.6%

Valuation

DGICACINFTHGERIESIGIRLIMedian
NameDonegal Cincinna.Hanover .Erie Ind.Selectiv.RLI  
Mkt Cap0.728.07.512.55.85.56.7
P/S0.72.21.13.01.12.91.6
P/Op Inc-------
P/EBIT8.58.07.8-9.211.08.5
P/E10.610.110.521.812.714.011.6
P/CFO10.78.16.0-4.910.08.1
Total Yield13.2%11.8%11.3%6.7%9.5%11.5%11.4%
Dividend Yield3.8%1.9%1.7%2.1%1.7%4.4%2.0%
FCF Yield 3Y Avg10.0%12.1%13.6%-19.3%8.4%12.1%
D/E0.10.00.10.00.20.10.1
Net D/E-0.7-0.0-0.2-0.0-0.0-0.3-0.1

Returns

DGICACINFTHGERIESIGIRLIMedian
NameDonegal Cincinna.Hanover .Erie Ind.Selectiv.RLI  
1M Rtn6.5%7.1%8.4%5.8%4.3%10.7%6.8%
3M Rtn10.7%10.8%20.6%-3.8%19.7%8.6%10.7%
6M Rtn-0.7%13.1%29.1%-14.3%18.8%7.4%10.3%
12M Rtn4.2%23.3%31.6%-29.8%12.0%-7.8%8.1%
3Y Rtn50.9%98.0%109.6%21.1%7.6%3.3%36.0%
1M Excs Rtn5.4%5.5%7.7%4.1%2.8%9.1%5.5%
3M Excs Rtn0.1%1.0%10.4%-17.8%8.9%-2.7%0.6%
6M Excs Rtn-11.5%3.4%16.7%-22.3%6.9%-3.6%-0.1%
12M Excs Rtn-13.5%4.4%13.2%-49.7%-6.5%-27.4%-10.0%
3Y Excs Rtn-23.2%26.0%31.7%-49.6%-63.9%-71.7%-36.4%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Commercial Lines556540533521468
Personal Lines365397349301308
Investments535044  
Other43123
Investment gains   -106
Net investment income   3431
Total978990927848816


Operating Income by Segment
$ Mil2015201420042003
Net investment income2118  
Commerical Lines9-967
GAAP Adjustments36  
Realized investment gains23  
Equity in earnings of Donegal Financial Services Corporation (DFSC)11  
Other-33  
Personal Lines-6-6102
Total2816169


Net Income by Segment
$ Mil2015
Net investment income21
Total21


Price Behavior

Price Behavior
Market Price$18.76 
Market Cap ($ Bil)0.7 
First Trading Date07/03/2003 
Distance from 52W High-8.5% 
   50 Days200 Days
DMA Price$17.64$18.18
DMA Trendindeterminateup
Distance from DMA6.4%3.2%
 3M1YR
Volatility24.2%23.6%
Downside Capture-100.62-3.82
Upside Capture-24.361.89
Correlation (SPY)-32.8%2.6%
DGICA Betas & Captures as of 6/30/2026

 1M2M3M6M1Y3Y
Beta-0.77-0.59-0.36-0.100.080.23
Up Beta-0.110.160.240.170.400.28
Down Beta-1.30-1.17-1.40-0.36-0.230.10
Up Capture-14%-4%-2%-11%5%10%
Bmk +ve Days11244067140429
Stock +ve Days14253568131373
Down Capture-137%-122%-91%-7%15%43%
Bmk -ve Days10172358112321
Stock -ve Days7162756118362

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with DGICA
DGICA7.0%23.7%0.23-
Sector ETF (XLF)9.0%14.7%0.3736.7%
Equity (SPY)21.7%12.6%1.282.3%
Gold (GLD)20.5%27.9%0.65-18.6%
Commodities (DBC)27.3%18.9%1.14-22.4%
Real Estate (VNQ)13.0%13.9%0.6428.6%
Bitcoin (BTCUSD)-47.0%42.7%-1.37-1.6%

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Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with DGICA
DGICA9.8%23.3%0.36-
Sector ETF (XLF)10.9%18.6%0.4636.6%
Equity (SPY)13.1%17.1%0.5920.6%
Gold (GLD)17.2%18.4%0.76-6.1%
Commodities (DBC)8.6%19.5%0.33-3.5%
Real Estate (VNQ)2.7%18.9%0.0429.2%
Bitcoin (BTCUSD)12.8%53.4%0.424.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with DGICA
DGICA5.8%25.4%0.24-
Sector ETF (XLF)13.8%22.1%0.5745.2%
Equity (SPY)15.4%17.9%0.7338.2%
Gold (GLD)11.2%16.1%0.570.6%
Commodities (DBC)6.3%18.0%0.276.8%
Real Estate (VNQ)5.0%20.7%0.2139.7%
Bitcoin (BTCUSD)57.3%66.2%0.979.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date6302026
Short Interest: Shares Quantity0.8 Mil
Short Interest: % Change Since 615202619.5%
Average Daily Volume0.2 Mil
Days-to-Cover Short Interest3.6 days
Basic Shares Quantity37.0 Mil
Short % of Basic Shares2.2%

Earnings Returns History

Updated 6/3/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
4/30/2026-4.6%-4.9%-2.6%
2/19/2026-5.6%-4.9%-9.2%
7/24/2025-6.2%-6.4%-4.4%
4/24/20255.4%4.3%8.2%
2/20/20252.7%12.0%21.3%
10/24/20248.6%6.3%10.9%
7/25/20245.6%5.0%5.4%
4/25/2024-1.1%-3.6%-5.7%
...
SUMMARY STATS   
# Positive131312
# Negative101011
Median Positive2.0%3.7%4.7%
Median Negative-3.0%-4.2%-4.4%
Max Positive8.6%12.0%21.3%
Max Negative-10.2%-10.6%-9.2%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
4/30/2026-4.6%-4.9%-2.6%
2/19/2026-5.6%-4.9%-9.2%
7/24/2025-6.2%-6.4%-4.4%
4/24/20255.4%4.3%8.2%
2/20/20252.7%12.0%21.3%
10/24/20248.6%6.3%10.9%
7/25/20245.6%5.0%5.4%
4/25/2024-1.1%-3.6%-5.7%
2/22/2024-0.3%-4.1%-3.5%
10/26/20231.7%0.7%2.5%
7/27/20230.3%0.1%-1.4%
4/27/20232.0%1.2%2.1%
2/23/20230.7%3.0%-3.4%
10/27/2022-2.8%-0.3%4.0%
7/28/2022-10.2%-10.6%-6.8%
4/28/20222.0%4.6%18.4%
2/17/2022-2.1%-4.2%-7.0%
10/27/2021-2.2%-0.1%-3.1%
7/27/20212.6%2.5%1.3%
4/26/2021-3.2%-3.4%-5.4%
2/23/20212.0%3.7%3.7%
10/28/20205.0%1.5%2.7%
7/27/20201.7%4.5%8.3%
SUMMARY STATS   
# Positive131312
# Negative101011
Median Positive2.0%3.7%4.7%
Median Negative-3.0%-4.2%-4.4%
Max Positive8.6%12.0%21.3%
Max Negative-10.2%-10.6%-9.2%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/07/202610-Q
12/31/202503/06/202610-K
09/30/202511/04/202510-Q
06/30/202508/05/202510-Q
03/31/202505/06/202510-Q
12/31/202403/10/202510-K
09/30/202411/06/202410-Q
06/30/202408/07/202410-Q
03/31/202405/03/202410-Q
12/31/202303/06/202410-K
09/30/202311/03/202310-Q
06/30/202308/04/202310-Q
03/31/202305/05/202310-Q
12/31/202203/06/202310-K
09/30/202211/04/202210-Q
06/30/202208/05/202210-Q
Collapse to Preview
Report DateFiling DateFiling
03/31/202605/07/202610-Q
12/31/202503/06/202610-K
09/30/202511/04/202510-Q
06/30/202508/05/202510-Q
03/31/202505/06/202510-Q
12/31/202403/10/202510-K
09/30/202411/06/202410-Q
06/30/202408/07/202410-Q
03/31/202405/03/202410-Q
12/31/202303/06/202410-K
09/30/202311/03/202310-Q
06/30/202308/04/202310-Q
03/31/202305/05/202310-Q
12/31/202203/06/202310-K
09/30/202211/04/202210-Q
06/30/202208/05/202210-Q
03/31/202205/05/202210-Q
12/31/202103/07/202210-K
09/30/202111/05/202110-Q
06/30/202108/06/202110-Q
03/31/202105/07/202110-Q
12/31/202003/05/202110-K
09/30/202011/05/202010-Q
06/30/202008/05/202010-Q
03/31/202005/08/202010-Q
12/31/201903/06/202010-K
09/30/201911/08/201910-Q
06/30/201908/08/201910-Q

Recent Forward Guidance

Updated 7/12/2026

Latest: Q1 2026 Earnings Reported 4/30/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Expense Ratio Impact 0.01  0.1%RaisedGuidance: 0.01 for 2026

Prior: Q4 2025 Earnings Reported 2/19/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Expense Ratio Impact (Systems Modernization) 0.01  0.3%Higher NewGuidance: 0.01 for 2025

Insider Activity

Updated 6/15/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Donegal, Mutual Insurance CO DirectBuy615202617.629,682170,615249,115,355Form
2Donegal, Mutual Insurance CO DirectBuy615202617.569,900173,830248,050,500Form
3Donegal, Mutual Insurance CO DirectBuy604202616.6210,000166,223234,658,821Form
4Donegal, Mutual Insurance CO DirectBuy604202617.038,500144,766240,262,406Form
5Donegal, Mutual Insurance CO DirectBuy602202616.768,500142,453236,281,408Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Donegal, Mutual Insurance CO DirectBuy615202617.629,682170,615249,115,355Form
2Donegal, Mutual Insurance CO DirectBuy615202617.569,900173,830248,050,500Form
3Donegal, Mutual Insurance CO DirectBuy604202616.6210,000166,223234,658,821Form
4Donegal, Mutual Insurance CO DirectBuy604202617.038,500144,766240,262,406Form
5Donegal, Mutual Insurance CO DirectBuy602202616.768,500142,453236,281,408Form
6Donegal, Mutual Insurance CO DirectBuy602202617.108,500145,353240,946,500Form
7Donegal, Mutual Insurance CO DirectBuy529202616.988,500144,356239,149,374Form
8Donegal, Mutual Insurance CO DirectBuy528202617.158,500145,761241,331,302Form
9Donegal, Mutual Insurance CO DirectBuy528202617.338,500147,307243,742,487Form
10Donegal, Mutual Insurance CO DirectBuy526202617.408,500147,938244,639,549Form
11Donegal, Mutual Insurance CO DirectBuy526202617.488,500148,572245,538,158Form
12Donegal, Mutual Insurance CO DirectBuy519202617.338,500147,304243,004,728Form
13Donegal, Mutual Insurance CO DirectBuy519202617.168,500145,878240,505,911Form
14Donegal, Mutual Insurance CO DirectBuy515202617.168,500145,849240,312,415Form
15Donegal, Mutual Insurance CO DirectBuy515202616.868,500143,274235,926,941Form
16Donegal, Mutual Insurance CO DirectBuy513202616.988,500144,288237,452,469Form
17Donegal, Mutual Insurance CO DirectBuy513202617.188,500146,027240,168,444Form
18Donegal, Mutual Insurance CO DirectBuy511202617.138,077138,367239,342,015Form
19Donegal, Mutual Insurance CO DirectBuy511202617.068,500145,025238,237,394Form
20Donegal, Mutual Insurance CO DirectBuy507202616.658,500141,566232,412,804Form
21Donegal, Mutual Insurance CO DirectBuy507202616.508,500140,290230,177,913Form
22Delamater, William DanielEVP & Chief Oper OfficerDirectSell305202617.639,000158,65235,468Form
23Donegal, Mutual Insurance CO DirectBuy305202617.639,000158,652245,693,846Form
24Bawel, David BenjaminSVP & CHIEF ACCOUNTING OFFICERDirectSell1215202520.3967413,745435,105Form
25Donegal, Mutual Insurance CO DirectBuy1212202520.0522,819457,473278,940,546Form
26Donegal, Mutual Insurance CO DirectBuy1210202519.8128,000554,719275,197,879Form
27Donegal, Mutual Insurance CO DirectBuy1210202519.5327,524537,643270,792,050Form
28Donegal, Mutual Insurance CO DirectBuy1203202519.9515,000299,184275,954,576Form
29Donegal, Mutual Insurance CO DirectBuy1203202520.2015,000303,075279,240,394Form
30Altshuler, Kristi SpencerSr. Vice PresidentDirectSell1203202520.2512,000  Form
31Donegal, Mutual Insurance CO DirectBuy1201202520.255,000101,270279,612,401Form
32Kraft, Kevin Michael SR DirectSell1126202520.024,50090,081268,963Form
33Donegal, Mutual Insurance CO DirectBuy1126202520.188,000161,417278,451,264Form
34Donegal, Mutual Insurance CO DirectBuy1126202519.778,000158,130272,622,566Form
35Donegal, Mutual Insurance CO DirectBuy1124202519.808,000158,378272,891,752Form
36Donegal, Mutual Insurance CO DirectBuy1124202517.5043,404759,57083,159,545Form
37Donegal, Mutual Insurance CO DirectBuy1124202519.498,000155,898268,462,702Form
38Donegal, Mutual Insurance CO DirectBuy1120202519.627,587148,845270,113,213Form
39Donegal, Mutual Insurance CO DirectBuy1120202519.847,104140,953273,031,645Form
40Donegal, Mutual Insurance CO DirectBuy1118202519.918,000159,262273,803,936Form
41Donegal, Mutual Insurance CO DirectBuy1118202519.928,000159,357273,808,248Form
42Szady, Annette Brookens DirectSell1114202519.734,50088,76749,315Form
43Hecker, Rick JosephSVP & GENERAL COUNSELDirectSell1114202519.74900  Form
44Wagner, Daniel JSr. VP & TreasurerDirectSell1114202519.769,617190,0131,884,597Form
45Moore, Sewell Trezevant JR DirectSell1114202519.704,50088,671515,376Form
46Donegal, Mutual Insurance CO DirectBuy1114202519.5329,000566,300268,263,725Form
47Wagner, Daniel JSr. VP & TreasurerDirectSell1114202519.778,383165,6981,885,360Form
48Donegal, Mutual Insurance CO DirectBuy1114202519.746,794134,107270,595,437Form
49Donegal, Mutual Insurance CO DirectBuy1112202519.667,297143,460269,381,623Form
50Donegal, Mutual Insurance CO DirectBuy1112202519.368,000154,907265,173,611Form
51Donegal, Mutual Insurance CO DirectBuy1112202519.218,000153,650262,868,542Form
52Donegal, Mutual Insurance CO DirectBuy1107202519.138,000153,034261,660,273Form
53Donegal, Mutual Insurance CO DirectBuy1107202519.118,000152,847261,188,715Form
54Mahan, Jon Marshall DirectSell1105202519.074,50085,810180,927Form
55Donegal, Mutual Insurance CO DirectBuy1105202518.718,000149,704255,667,841Form
56Donegal, Mutual Insurance CO DirectBuy915202519.5320,000390,654266,710,795Form
57Donegal, Mutual Insurance CO DirectBuy912202519.4516,573322,424265,258,008Form
58Donegal, Mutual Insurance CO DirectBuy912202518.9920,000379,896258,671,300Form
59Donegal, Mutual Insurance CO DirectBuy910202519.2419,352372,292261,597,080Form
60Donegal, Mutual Insurance CO DirectBuy910202519.1019,025363,417259,380,807Form
61Donegal, Mutual Insurance CO DirectBuy908202519.2219,212369,339260,675,732Form
62Donegal, Mutual Insurance CO DirectBuy904202518.3720,000367,356248,707,671Form
63Donegal, Mutual Insurance CO DirectBuy904202518.2719,440355,136246,995,034Form
64Donegal, Mutual Insurance CO DirectBuy902202517.8420,000356,724240,806,126Form
65Donegal, Mutual Insurance CO DirectBuy902202517.618,032141,417237,355,518Form
66Donegal, Mutual Insurance CO DirectBuy828202517.4915,509271,325235,705,131Form
67King, David Charles DirectSell828202517.514,50078,78243,768Form
68Donegal, Mutual Insurance CO DirectBuy828202517.4515,815275,951234,814,764Form
69Sponic, David WayneSenior Vice President401(k) AccountBuy825202517.754716,603Form
Core Cache Last Updated: 7/14/2026