DONEGAL GROUP INC
For the period ended Dec 31, 2025. Filed Mar 6, 2026.
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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.
FY2025 · Filed Mar 6, 2026
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
Cash Flows
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash Flows from Operating Activities: | |||
| Net income | $79,340,740 | $50,862,252 | $4,425,504 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation, amortization and other non-cash items | 3,075,115 | 3,873,161 | 4,326,446 |
| Net investment gains | (619,342) | (4,981,072) | (3,172,807) |
| Changes in Assets and Liabilities: | |||
| Losses and loss expenses | (20,935,113) | (5,171,788) | 5,111,080 |
| Unearned premiums | (21,435,617) | 13,064,600 | 21,758,338 |
| Accrued expenses | (695,905) | (1,030,269) | (279,416) |
| Premiums receivable | 302,601 | (1,514,698) | (5,745,527) |
| Deferred policy acquisition costs | 4,676,985 | 1,696,437 | (1,873,174) |
| Deferred income taxes | 188,935 | (481,743) | 229,397 |
| Reinsurance receivable | 22,159,719 | 20,689,479 | 13,959,053 |
| Accrued investment income | (552,276) | (416,245) | (1,084,422) |
| Amounts due from affiliate | 5,110,902 | (6,502,563) | (7,080,816) |
| Reinsurance balances payable | (861,296) | (4,413,550) | 5,263,152 |
| Prepaid reinsurance premiums | 5,078,653 | (7,437,407) | (8,133,066) |
| Current income taxes | (4,384,137) | 8,458,424 | 408,576 |
| Other, net | (250,498) | 745,019 | 511,426 |
| Net adjustments | (9,141,274) | 16,577,785 | 24,198,240 |
| Net cash provided by operating activities | 70,199,466 | 67,440,037 | 28,623,744 |
| Cash Flows from Investing Activities: | |||
| Purchases of fixed maturities: | |||
| Held to maturity | (115,295,761) | (56,707,019) | (25,226,609) |
| Available for sale | (343,036,018) | (147,736,805) | (150,423,864) |
| Purchases of equity securities | (2,512,570) | (8,697,500) | (5,128,994) |
| Sales of fixed maturities: | |||
| Available for sale | 189,710,482 | 7,184,635 | 28,154,556 |
| Maturity of fixed maturities: | |||
| Held to maturity | 43,456,162 | 30,548,257 | 32,923,991 |
| Available for sale | 148,552,675 | 116,612,046 | 58,277,402 |
| Sales of equity securities | 2,145,314 | 3,010,413 | 19,745,875 |
| Net (purchases) sales of property and equipment | (425) | 743 | (44,701) |
| Net (purchases) sales of short-term investments | (14,153,597) | 7,746,664 | 25,015,703 |
| Net cash used in investing activities | (91,133,738) | (48,038,566) | (16,706,641) |
| Cash Flows from Financing Activities: | |||
| Issuance of common stock | 20,468,239 | 32,433,403 | 8,645,530 |
| Cash dividends paid | (25,674,053) | (22,701,216) | (21,893,692) |
| Net cash (used in) provided by financing activities | (5,205,814) | 9,732,187 | (13,248,162) |
| Net (decrease) increase in cash | (26,140,086) | 29,133,658 | (1,331,059) |
| Cash at beginning of year | 52,925,931 | 23,792,273 | 25,123,332 |
| Cash at end of year | $26,785,845 | $52,925,931 | $23,792,273 |
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Index
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