Donegal Group Inc. (NASDAQ:DGICA) Q4 2022 Earnings Conference Call February 23, 2023 8:30 AM ET
Company Participants
Karin Daly - Vice President, The Equity Group Inc.
Kevin Burke - President and Chief Executive Officer
Jeff Miller - Chief Financial Officer
Jeff Hay - Chief Underwriting Officer
Dan DeLamater - Senior Vice President, Field Operations
Tony Viozzi - Chief Investment Officer
Conference Call Participants
Karin Daly
Good morning and thank you for joining us today. This morning, Donegal Group issued its Fourth Quarter and Full-Year 2022 Earnings Release outlining its results. The release and a supplemental investor presentation are available in the Investor Relations section of Donegal’s website at www.donegalgroup.com. Please be advised that today’s conference was pre-recorded and all participants are in listen-only mode. After management remarks, there will be a question-and-answer session for questions submitted ahead of the call.
Speaking today will be President and Chief Executive Officer, Kevin Burke; Chief Financial Officer, Jeff Miller; Chief Underwriting Officer, Jeff Hay; Senior Vice President, Field Operations, Dan DeLamater; and Chief Investment Officer, Tony Viozzi. Please be aware that statements made during this call, that are not historical facts, are forward-looking statements and necessarily involve risks and uncertainties that could cause actual results to vary materially.
These factors can be found in Donegal Group’s filings with the Securities and Exchange Commission, including its annual report on Form 10-K and quarterly reports on Form 10-Q. The company disclaims any obligation to update or publicly announce the results of any revisions that they may make to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.
With that, it’s my pleasure to turn it over to Mr. Kevin Burke. Kevin?
Kevin Burke
Thank you Karin, and welcome everyone. From a growth and profitability perspective, our performance in the fourth quarter of 2022 largely reflected a continuation of the trends we experienced throughout the year. Anyone following the insurance industry knows how impactful the current inflationary environment has been for insurance carriers.
The historically unprecedented spike in loss costs has caused particularly harsh impacts to carriers with substantial volumes of personal lines business, where the process of obtaining regulatory approvals extends the timeline for implementing rate actions that are necessary to respond to the rapid increases in loss costs and generate profit improvement.
While our 2022 financial results did not meet our long-term profitability target, I am proud of the diligent efforts of the entire Donegal team as we continued to navigate through the inflationary challenges and took aggressive actions to position our company for future growth and success.