多尼戈尔股份-A 2025年季度报告

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the quarterly period endedSeptember 30,2025 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period fromto. Commission file number0-15341 Donegal Group Inc. (Exact name of registrant as specified in its charter) Delaware(State or other jurisdiction of incorporation or organization) 1195 River Road,P.O. Box 302,Marietta,PA17547(Address of principal executive offices) (Zip code) (717)426-1931(Registrant’s telephone number, including area code) Not applicable(Former name, former address and former fiscal year, if changed since last report) Indicate by check mark whether 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 submittedand posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorterperiod that the registrant was required to submit and post such files).Yes☒No☐ 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 is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No Securities registered pursuant to Section 12(b) of the Act: Name of Each Exchange on WhichRegistered Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:31,064,786shares of Class A Common Stock, par value $0.01 per share, and5,576,775shares of Class B Common Stock, par value$0.01 per share, outstanding on October 31, 2025. DONEGAL GROUP INC.INDEX TO FORM 10-Q REPORT PagePART IFINANCIAL INFORMATIONItem 1.Financial Statements1Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations26Item 3.Quantitative and Qualitative Disclosures About Market Risk37Item 4.Controls and Procedures37PART IIOTHER INFORMATIONItem 1.Legal Proceedings39Item 1A.Risk Factors39Item 2.Unregistered Sales of Equity Securities and Use of Proceeds39Item 3.Defaults upon Senior Securities39Item 4.Mine Safety Disclosure39Item 5.Other Information39Item 6.Exhibits40Signatures41 Donegal Group Inc. and SubsidiariesConsolidated Statements of Income(Unaudited) Donegal Group Inc. and SubsidiariesConsolidated Statements of Comprehensive Income(Unaudited) Donegal Group Inc. and SubsidiariesConsolidated Statements of Income(Unaudited) DONEGAL GROUP INC. AND SUBSIDIARIES(Unaudited)Notes to Consolidated Financial Statements 1 -Organization Donegal Mutual Insurance Company (“Donegal Mutual”) organized us as an insurance holding company on August 26, 1986.Our insurance subsidiaries are Atlantic States Insurance Company (“Atlantic States”), Michigan Insurance Company (“MICO”), thePeninsula Insurance Group (“Peninsula”), which consists of The Peninsula Insurance Company and its wholly owned subsidiaryPeninsula Indemnity Company, and Southern Insurance Company of Virginia (“Southern”). Our insurance subsidiaries and theiraffiliates write property and casualty insurance exclusively through a network of independent insurance agents in certain Mid-Atlantic,Midwestern, Southern and Southwestern states. At September 30, 2025, we hadthreesegments: our investment function, our commercial lines of insurance and our personallines of insurance. The commercial lines products of our insurance subsidiaries consist primarily of commercial automobile,commercial multi-peril and workers’ compensation policies. The personal lines products of our insurance subsidiaries consist primarilyof homeowners and private passenger automobile policies. At September 30, 2025, Donegal Mutual held approximately44% of our outstanding Class A common stock and approximately84% of our outstanding Class B common stock. This ownership provides Donegal Mutual with approximately70% of the total votingpower of our common stock. Our insurance subsidiaries and Donegal Mutual have interrelated operations due to a pooling agreementand other intercompany agreements and transactions. While each company maintains its separate corporate existence, our insurancesubsidiaries and Donegal Mutual conduct business together as the Donegal Insurance Group. As such, Donegal Mutual and ourinsurance subsidiaries share the same business philosophy, the same management, the same employees and the same facilities andoffer the same types of insurance products. Atlantic States, o