Donegal Group Inc. (NASDAQ:DGICA) Q3 2022 Results Conference Call October 27, 2022 8:30 AM ET
Company Participants
Karin Daly - VP, The Equity Group Inc.
Kevin Burke - President and CEO
Jeff Miller - CFO
Jeff Hay - Chief Underwriting Officer
Tony Viozzi - Chief Investment Officer
Karin Daly
Good morning, and thank you for joining us today. This morning, Donegal Group issued its Third Quarter 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. [Operator Instructions]
Speaking today will be President and Chief Executive Officer, Kevin Burke; Chief Financial Officer, Jeff Miller; Chief Underwriting Officer, Jeff Hay; 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 is my pleasure to turn it over to Mr. Kevin Burke. Kevin?
Kevin Burke
Thank you Karin, and welcome everyone. I will start the call with an update on our strategic initiatives and then ask Jeff Miller to provide details on our financial results for the third quarter of 2022. Jeff Hay will then highlight our commercial and personal lines segment results; followed by Tony Viozzi with an update on activities and results within our investment portfolio. I will then provide a few closing remarks before we address questions that were submitted to us.
As part of our ongoing state strategy initiatives, we continue to evaluate market opportunities, industry performance and outlook to refine our state strategy in each state and line of business. We are pleased with the successful execution of this strategy during the third quarter of 2022, as premiums in states we have identified for profit improvement have, as planned, declined, while premiums in growth-targeted states increased by more than twice our overall average growth rate while generating loss ratios that were well below our average loss ratio.