DONEGAL GROUP INC
For the period ended Dec 31, 2023. Filed Mar 6, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Mar 6, 2024
DGICB$27.35+6.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Cash Flows
| Years Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash Flows from Operating Activities: | |||
| Net income (loss) | $4,425,504 | $(1,959,405) | $25,254,174 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Depreciation, amortization and other non-cash items | 4,326,446 | 4,841,559 | 5,837,809 |
| Net investment (gains) losses | (3,172,807) | 10,184,797 | (6,477,286) |
| Changes in Assets and Liabilities: | |||
| Losses and loss expenses | 5,111,080 | 43,425,457 | 115,612,864 |
| Unearned premiums | 21,758,338 | 4,694,708 | 35,768,824 |
| Accrued expenses | (279,416) | 197,731 | (25,086,539) |
| Premiums receivable | (5,745,527) | (4,983,714) | 733,752 |
| Deferred policy acquisition costs | (1,873,174) | (5,141,857) | (8,871,415) |
| Deferred income taxes | 229,397 | (2,958,735) | 1,095,306 |
| Reinsurance receivable | 13,959,053 | (1,111,214) | (46,502,159) |
| Accrued investment income | (1,084,422) | (646,321) | (278,092) |
| Amounts due to affiliate | (7,080,816) | 7,096,006 | (12,216,212) |
| Reinsurance balances payable | 5,263,152 | (450,281) | 712,582 |
| Prepaid reinsurance premiums | (8,133,066) | 16,344,443 | (7,517,509) |
| Current income taxes | 408,576 | (3,219,959) | (2,201,569) |
| Other, net | 511,426 | 796,805 | 867,438 |
| Net adjustments | 24,198,240 | 69,069,425 | 51,477,794 |
| Net cash provided by operating activities | 28,623,744 | 67,110,020 | 76,731,968 |
| Cash Flows from Investing Activities: | |||
| Purchases of fixed maturities: | |||
| Held to maturity | (25,226,609) | (74,902,605) | (125,630,220) |
| Available for sale | (150,423,864) | (151,994,462) | (163,593,018) |
| Purchases of equity securities | (5,128,994) | (15,862,888) | (25,354,790) |
| Sales of fixed maturities: | |||
| Available for sale | 28,154,556 | 24,381,244 | 6,281,963 |
| Maturity of fixed maturities: | |||
| Held to maturity | 32,923,991 | 53,747,886 | 44,211,076 |
| Available for sale | 58,277,402 | 75,759,806 | 165,867,395 |
| Sales of equity securities | 19,745,875 | 34,973,196 | 26,585,663 |
| Net (purchases) sales of property and equipment | (44,701) | 28,290 | 1,224,806 |
| Net sales (purchases) of short-term investments | 25,015,703 | (44,628,770) | 8,207,814 |
| Net cash used in investing activities | (16,706,641) | (98,498,303) | (62,199,311) |
| Cash Flows from Financing Activities: | |||
| Issuance of common stock | 8,645,530 | 19,304,956 | 14,181,702 |
| Cash dividends paid | (21,893,692) | (20,502,716) | (19,099,220) |
| Payments on subordinated debentures | — | — | (5,000,000) |
| Payments on lines of credit | — | — | (50,000,000) |
| Net cash used in financing activities | (13,248,162) | (1,197,760) | (59,917,518) |
| Net decrease in cash | (1,331,059) | (32,586,043) | (45,384,861) |
| Cash at beginning of year | 25,123,332 | 57,709,375 | 103,094,236 |
| Cash at end of year | $23,792,273 | $25,123,332 | $57,709,375 |
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