Donegal Group Inc. (DGICB)

Donegal Group Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net Income	86.15	50.86	4.43	-1.96	25.25	52.82
Depreciation & Amortization	3.65	3.87	4.33	4.84	5.84	6.72
Gain (Loss) on Sale of Investments	-2.6	-4.98	-3.17	10.18	-6.48	-2.78
Change in Accounts Receivable	1.36	-1.51	-5.75	-4.98	0.73	-3.86
Reinsurance Recoverable	30.31	20.69	13.96	-1.11	-46.5	-41.89
Change in Unearned Revenue	-23.92	13.06	21.76	4.69	35.77	27.04
Change in Income Taxes	-2.03	8.46	0.41	-3.22	-2.2	-3.17
Change in Deferred Taxes	-0.07	-0.48	0.23	-2.96	1.1	0.01
Change in Insurance Reserves / Liabilities	-20.55	-5.17	5.11	43.43	115.61	92.33
Change in Other Net Operating Assets	11.55	-14.64	-16.07	23.79	-44.23	-27.33
Operating Cash Flow	88.43	67.44	28.62	67.11	76.73	101.13
Operating Cash Flow Growth	111.39%	135.61%	-57.35%	-12.54%	-24.13%	32.45%
Capital Expenditures	-0	-	-0.04	-	-	-0.09
Sale of Property, Plant & Equipment	0	0	-	0.03	1.22	-
Investment in Securities	-96.23	-48.04	-16.66	-98.53	-63.42	-99.59
Investing Cash Flow	-96.23	-48.04	-16.71	-98.5	-62.2	-99.68
Long-Term Debt Issued	-	-	-	-	-	50
Total Debt Repaid	-	-	-	-	-55	-
Net Debt Issued (Repaid)	-	-	-	-	-55	50
Issuance of Common Stock	42.58	32.43	8.65	19.3	14.18	19.29
Common Dividends Paid	-24.86	-22.7	-21.89	-20.5	-19.1	-16.98
Financing Cash Flow	17.72	9.73	-13.25	-1.2	-59.92	52.32
Net Cash Flow	9.92	29.13	-1.33	-32.59	-45.38	53.78
Free Cash Flow	88.43	67.44	28.58	67.11	76.73	101.04
Free Cash Flow Growth	111.39%	135.98%	-57.42%	-12.54%	-24.06%	32.59%
Free Cash Flow Margin	8.95%	6.82%	3.08%	7.91%	9.40%	12.99%
Free Cash Flow Per Share	2.44	1.99	0.86	2.10	2.47	3.43
Cash Interest Paid	1.35	0.97	0.62	0.62	1.15	1.19
Cash Income Tax Paid	22.25	3.5	-	4.5	6.2	12.8
Levered Free Cash Flow	54.79	69.23	62.59	15.31	103.84	85.12
Unlevered Free Cash Flow	55.59	69.82	62.98	15.7	104.4	85.87
Change in Working Capital	1.24	17.69	23.04	54.04	52.12	44.38

Updated Oct 30, 2025. Source: S&P Global Market Intelligence. Insurance template. Financial Sources.

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