多尼戈尔股份-A 2024年度报告

☑ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year endedDecember 31, 2024 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934For the transition period from _________________ to _________________ Commission file number0-15341DONEGAL GROUP INC. (Exact name of registrant as specified in its charter) Delaware23-2424711(State or other jurisdiction ofincorporation or organization)(I.R.S. EmployerIdentification No.) 1195 River Road,Marietta,Pennsylvania17547(Address of principal executive offices)(Zip code) Registrant’s telephone number, including area code:(800)877-0600 Securities registered pursuant to Section 12(b) of the Act: Securities registered pursuant to Section 12(g) of the Act: None. Indicate by check mark whether the registrant is a well-known seasoned issuer as defined in Rule 405 of the Securities Act: Yes☐.No☑. Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes☐.No☑. Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports)and (2) has been subject to such filing requirements for the past 90 days.Yes☑. No☐. Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit such files).Yes☑. No☐. Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reportingcompany” and “emerging growth company” in Rule 12b-2 of the Act. (Check one): Smaller reporting company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectivenessof its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registeredpublic accounting firm that prepared or issued its audit report. Yes☑. No☐. If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of theregistrant included in the filing reflect the correction of an error to previously issued financial statements.☐. Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to Section 240.10D-1(b).☐. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes☐. No☑. State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to theprice at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business dayof the registrant’s most recently completed second fiscal quarter. $207,861,925. Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date:30,062,059shares of Class A common stock and5,576,775shares of Class B common stock outstanding on March 3, 2025. Documents Incorporated by Reference The registrant incorporates by reference portions of the registrant’s definitive proxy statement relating to registrant’s annualmeeting of stockholders to be held April 17, 2025 into Part III of this report. DONEGAL GROUP INC.INDEXTO FORM 10-K REPORT PagePART IItem 1.Business1Item 1A.Risk Factors26Item 1B.Unresolved Staff Comments40Item 1C.Cybersecurity40Item 2.Properties41Item 3.Legal Proceedings41Item 4.Mine Safety Disclosures41PART IIItem 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of EquitySecurities41Item 6.[Reserved]43Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations44Item 7A.Quantitative and Qualitative Disclosures About Market Risk60Item 8.Financial Statements and Supplementary Data62Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure107Item 9A.Controls and Procedures107Item 9B.Other Information107Item 9C.Disclosure Regarding Foreign Jurisdiction that Prevent Inspections.107PART IIIItem 1