<p>Donegal ((DGICA)) 已召開其第四季度財報電話會議。請繼續閲讀會議的主要亮點。</p>
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<p>Donegal 以創紀錄的利潤、穩健的投資收益和顯著改善的全年綜合比率結束了這一年，突顯出更強的基礎盈利能力。管理層在傳達這一積極信息的同時，也坦誠地看到了挑戰，包括個人險保費縮減、第四季度的天氣和火災損失，以及對季度業績造成壓力的不利準備金發展。</p>
<h2>創紀錄的淨收入為強勁的一年畫上句號</h2>
<p>Donegal 報告稱，2025 年全年的淨收入為 7930 萬美元，創歷史新高，比 2024 年的 5090 萬美元增長了 56%。管理層將這一激增視為近期承保和投資組合行動對底線產生積極影響的證據，儘管短期季度波動仍然存在。</p>
<h2>投資引擎帶來更高的收入和賬面價值</h2>
<p>全年淨投資收入增長 17.2%，達到 5260 萬美元，第四季度增長 17.5%，達到 1420 萬美元，得益於更高的收益率和積極的投資組合管理。公司執行了 1.55 億美元的債券置換，重新投資收益率約為 5.17%，將平均投資組合收益率提升至 4.4%，並幫助每股賬面價值上升 12.8%，達到 17.33 美元。</p>
<h2>承保質量在整個投資組合中改善</h2>
<p>全年綜合比率從 98.6% 改善至 95.4%，主要得益於損失比率從 64.5% 降至 61.3% 以及核心損失比率的改善。個人險是一個關鍵貢獻者，個人險核心損失比率改善了 7.2 個百分點，第四季度和全年法定綜合比率均低於 90%。</p>
<h2>商業險在定價紀律下增長</h2>
<p>儘管市場競爭激烈，商業淨保費在第四季度增長 3.2%，全年增長 2.9%。不包括工傷賠償的費率和風險敞口增長在第四季度達到 9.7%，全年達到 10.6%，管理層將新業務集中在更高利潤率的類別和地區，以保護承保盈利能力。</p>
<h2>技術現代化達到關鍵里程碑</h2>
<p>Donegal 完成了其多年遺留系統替換的開發階段，目前正在執行政策的分階段自動轉換，計劃於 2027 年中旬完成。公司還計劃在 2027 年初將其 Guidewire 索賠、賬單和政策系統遷移到 Guidewire Cloud，以利用雲規模和新興的生成式人工智能工具。</p>
<h2>保留率增強，再保險成本降低</h2>
<p>第四季度實際保留率改善至 88.7%，儘管採取了費率措施，仍顯示出獨立代理力量的支持。公司在不改變覆蓋範圍的情況下續簽了再保險計劃，並預計 2026 年再保險成本將下降約 300 萬美元，從而增強盈利增長的槓桿效應。</p>
<h2>個人險保費面臨壓力</h2>
<p>第四季度淨保費收入下降 4.1%，至 2.269 億美元，淨保費書寫較去年下降 3.4%。主要拖累來自個人險，第四季度淨保費書寫下降 12.7%，全年下降 13.6%，因為 Donegal 收縮了低質量的新業務並執行了有針對性的非續保。</p>
<h2>季度盈利能力較去年下滑</h2>
<p>第四季度淨收入從一年前的 2400 萬美元下降至 1720 萬美元，下降約 28%，儘管全年表現更強。第四季度綜合比率惡化至 96.3%，高於 92.9%，費用比率上升至 34.9%，高於 32.8%，更高的損失成本對利潤率造成壓力。</p>
<h2>天氣和火災損失影響房主業績</h2>
<p>第四季度與天氣相關的損失總計 820 萬美元，損失比率增加 3.6 個百分點，而一年前為 3.3 個百分點，房主承受了主要壓力。大型火災損失使季度損失比率增加 6.2 個百分點，而去年為 4 個百分點，推動房主損失比率上升 12.1 個百分點，突顯出該領域持續的波動性。</p>
<h2>商業險中的不利準備金發展</h2>
<p>本季度包括 220 萬美元的淨不利準備金發展，約增加一個百分點的損失比率，抑制了全年改善。最顯著的壓力來自商業傘險和商業汽車，包括之前的事故年份，商業傘險的全年不利發展達 790 萬美元。</p>
<h2>更高的代理激勵提升費用比率</h2>
<p>第四季度更高的費用比率部分是由於基於業績的代理激勵和利潤分享增加了 310 萬美元，反映出合作伙伴業績的改善。較低的淨保費收入也在機械上推高了比率，掩蓋了核心費用基礎中的成本紀律和效率努力。</p>
<h2>戰略投資損失為未來收益鋪路</h2>
<p>Donegal 報告第四季度淨投資損失為 170 萬美元，涉及戰略債券銷售的實現損失，旨在重新配置投資組合。全年實現收益為 60 萬美元，而 2024 年為 500 萬美元，管理層接受了報告投資結果的短期衝擊，以換取更高的經常性收入。</p>
<h2>責任嚴重性趨勢仍需關注</h2>
<p>管理層指出，儘管整體核心損失比率有所改善，但商業汽車和一般責任的責任嚴重性在商業多險中上升。這些趨勢強調了在更具挑戰性的意外險領域中，持續的定價措施、謹慎的風險選擇和更嚴格的承保標準的必要性。</p>
<h2>前景：盈利增長和現代化推動 2026 年</h2>
<p>展望未來，Donegal 旨在將盈利增長與持續的技術升級相結合，重點通過其大約 2000 名獨立代理商的網絡在商業領域提高新業務提交量，同時保持定價紀律和強勁的客户保留率。公司預計將受益於再保險成本降低、持續的投資組合現金流以超過 5% 的收益率再投資，以及到 2027 年實現全面的遺留系統轉換和雲遷移的穩步進展。</p>
<p>Donegal 最近的財報電話會議描繪了一家恢復盈利並加強資產負債表的保險公司，同時仍在應對波動和增長壓力。投資者將關注管理層如何有效地重新點燃優質保費增長，特別是在個人險領域，同時在不斷變化的損失趨勢中保持承保紀律。</p>

多尼戈爾集團-A

<p>Donegal (DGICA) 報告稱，2025 年的淨收入創下 79.3 百萬美元的記錄，比 2024 年增長了 56%，儘管面臨個人保險保費下降和天氣相關損失等增長阻力。公司的淨投資收入增長了 17.2%，達到 52.6 百萬美元，全年綜合比率改善至 95.4%。然而，第四季度淨收入降至 17.2 百萬美元，同比下降 28%，受到不利準備金變動和增加的損失成本的影響。Donegal 正在現代化其技術系統，並預計再保險成本將在 2026 年下降，從而提升盈利能力</p>

<p>Donegal ((DGICA)) has held its Q4 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>Donegal ((DGICA)) 已召開其第四季度財報電話會議。請繼續閲讀會議的主要亮點。</p>
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<div class="lb-trans"><h3>總統日促銷 - 70% 折扣</h3>
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<li>通過最新的新聞和分析保持市場領先，最大化您的投資組合潛力</li>
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</div><p>Donegal closed the year with a record profit, solid investment gains, and a meaningfully better full-year combined ratio, underscoring stronger underlying profitability. Management balanced this upbeat message with a candid view of headwinds, including shrinking personal lines premiums, weather and fire losses in the fourth quarter, and pockets of adverse reserve development that weighed on quarterly results.</p>
<div class="lb-trans"><p>Donegal 以創紀錄的利潤、穩健的投資收益和顯著改善的全年綜合比率結束了這一年，突顯出更強的基礎盈利能力。管理層在傳達這一積極信息的同時，也坦誠地看到了挑戰，包括個人險保費縮減、第四季度的天氣和火災損失，以及對季度業績造成壓力的不利準備金發展。</p>
</div><h2>Record Net Income Caps Strong Year</h2>
<div class="lb-trans"><h2>創紀錄的淨收入為強勁的一年畫上句號</h2>
</div><p>Donegal reported full-year 2025 net income of $79.3 million, the highest in its history and a 56% jump from $50.9 million in 2024. Management framed this surge as evidence that recent underwriting and portfolio actions are flowing through to the bottom line, even as near-term quarterly volatility remains.</p>
<div class="lb-trans"><p>Donegal 報告稱，2025 年全年的淨收入為 7930 萬美元，創歷史新高，比 2024 年的 5090 萬美元增長了 56%。管理層將這一激增視為近期承保和投資組合行動對底線產生積極影響的證據，儘管短期季度波動仍然存在。</p>
</div><h2>Investment Engine Delivers Higher Income and Book Value</h2>
<div class="lb-trans"><h2>投資引擎帶來更高的收入和賬面價值</h2>
</div><p>Net investment income climbed 17.2% for the year to $52.6 million, with the quarter up 17.5% to $14.2 million, helped by higher yields and active portfolio management. The company executed $155 million of bond swaps reinvested at about 5.17%, lifting average portfolio yield to 4.4% and helping book value per share rise 12.8% to $17.33.</p>
<div class="lb-trans"><p>全年淨投資收入增長 17.2%，達到 5260 萬美元，第四季度增長 17.5%，達到 1420 萬美元，得益於更高的收益率和積極的投資組合管理。公司執行了 1.55 億美元的債券置換，重新投資收益率約為 5.17%，將平均投資組合收益率提升至 4.4%，並幫助每股賬面價值上升 12.8%，達到 17.33 美元。</p>
</div><h2>Underwriting Quality Improves Across the Book</h2>
<div class="lb-trans"><h2>承保質量在整個投資組合中改善</h2>
</div><p>The full-year combined ratio improved to 95.4% from 98.6%, driven by a loss ratio that fell to 61.3% from 64.5% and a better core loss ratio. Personal lines were a key contributor, with a 7.2‑point improvement in the personal lines core loss ratio and a statutory combined ratio below 90% in both the fourth quarter and full year.</p>
<div class="lb-trans"><p>全年綜合比率從 98.6% 改善至 95.4%，主要得益於損失比率從 64.5% 降至 61.3% 以及核心損失比率的改善。個人險是一個關鍵貢獻者，個人險核心損失比率改善了 7.2 個百分點，第四季度和全年法定綜合比率均低於 90%。</p>
</div><h2>Commercial Lines Grow with Pricing Discipline</h2>
<div class="lb-trans"><h2>商業險在定價紀律下增長</h2>
</div><p>Commercial net premiums written increased 3.2% in the fourth quarter and 2.9% for the year, despite a competitive market. Rate and exposure gains excluding workers’ comp reached 9.7% in Q4 and 10.6% for the full year, as management focused new business on higher-margin classes and geographies to protect underwriting profitability.</p>
<div class="lb-trans"><p>儘管市場競爭激烈，商業淨保費在第四季度增長 3.2%，全年增長 2.9%。不包括工傷賠償的費率和風險敞口增長在第四季度達到 9.7%，全年達到 10.6%，管理層將新業務集中在更高利潤率的類別和地區，以保護承保盈利能力。</p>
</div><h2>Technology Modernization Reaches Key Milestones</h2>
<div class="lb-trans"><h2>技術現代化達到關鍵里程碑</h2>
</div><p>Donegal completed the development phase of its multiyear legacy system replacement and is now executing phased automated conversions of policies, scheduled to finish by mid‑2027. The company also plans to move its Guidewire claims, billing, and policy systems to Guidewire Cloud in early 2027 to tap cloud scale and emerging GenAI tools.</p>
<div class="lb-trans"><p>Donegal 完成了其多年遺留系統替換的開發階段，目前正在執行政策的分階段自動轉換，計劃於 2027 年中旬完成。公司還計劃在 2027 年初將其 Guidewire 索賠、賬單和政策系統遷移到 Guidewire Cloud，以利用雲規模和新興的生成式人工智能工具。</p>
</div><h2>Retention Strengthens, Reinsurance Costs Ease</h2>
<div class="lb-trans"><h2>保留率增強，再保險成本降低</h2>
</div><p>Real policy retention improved to 88.7% in the fourth quarter, signaling support from the independent agency force despite rate actions. The company renewed its reinsurance program without changing coverage and expects reinsurance costs to fall by about $3 million in 2026, enhancing earnings leverage on profitable growth.</p>
<div class="lb-trans"><p>第四季度實際保留率改善至 88.7%，儘管採取了費率措施，仍顯示出獨立代理力量的支持。公司在不改變覆蓋範圍的情況下續簽了再保險計劃，並預計 2026 年再保險成本將下降約 300 萬美元，從而增強盈利增長的槓桿效應。</p>
</div><h2>Personal Lines Premiums Under Pressure</h2>
<div class="lb-trans"><h2>個人險保費面臨壓力</h2>
</div><p>Net premiums earned in the fourth quarter declined 4.1% to $226.9 million, and net premiums written fell 3.4% from the prior year. The drag came mainly from personal lines, where net premiums written dropped 12.7% in Q4 and 13.6% for the year as Donegal pulled back on lower-quality new business and executed targeted nonrenewals.</p>
<div class="lb-trans"><p>第四季度淨保費收入下降 4.1%，至 2.269 億美元，淨保費書寫較去年下降 3.4%。主要拖累來自個人險，第四季度淨保費書寫下降 12.7%，全年下降 13.6%，因為 Donegal 收縮了低質量的新業務並執行了有針對性的非續保。</p>
</div><h2>Quarterly Profitability Slips from Prior Year</h2>
<div class="lb-trans"><h2>季度盈利能力較去年下滑</h2>
</div><p>Fourth-quarter net income fell to $17.2 million from $24 million a year earlier, a drop of about 28% despite the stronger full-year picture. The Q4 combined ratio deteriorated to 96.3% from 92.9%, with an expense ratio rising to 34.9% from 32.8% and higher loss costs weighing on margins.</p>
<div class="lb-trans"><p>第四季度淨收入從一年前的 2400 萬美元下降至 1720 萬美元，下降約 28%，儘管全年表現更強。第四季度綜合比率惡化至 96.3%，高於 92.9%，費用比率上升至 34.9%，高於 32.8%，更高的損失成本對利潤率造成壓力。</p>
</div><h2>Weather and Fire Losses Hit Homeowners Results</h2>
<div class="lb-trans"><h2>天氣和火災損失影響房主業績</h2>
</div><p>Weather-related losses in Q4 totaled $8.2 million, adding 3.6 points to the loss ratio versus 3.3 points a year earlier, with homeowners bearing the brunt. Large fire losses added 6.2 points to the quarterly loss ratio compared with 4 points last year, pushing the homeowners loss ratio up by 12.1 points and highlighting ongoing volatility in that line.</p>
<div class="lb-trans"><p>第四季度與天氣相關的損失總計 820 萬美元，損失比率增加 3.6 個百分點，而一年前為 3.3 個百分點，房主承受了主要壓力。大型火災損失使季度損失比率增加 6.2 個百分點，而去年為 4 個百分點，推動房主損失比率上升 12.1 個百分點，突顯出該領域持續的波動性。</p>
</div><h2>Adverse Reserve Development in Commercial Lines</h2>
<div class="lb-trans"><h2>商業險中的不利準備金發展</h2>
</div><p>The quarter included $2.2 million of net unfavorable reserve development, adding roughly one point to the loss ratio and tempering the full-year improvement. The most notable pressure came from commercial umbrella and commercial auto, including prior accident years, with full-year adverse development of $7.9 million in commercial umbrella alone.</p>
<div class="lb-trans"><p>本季度包括 220 萬美元的淨不利準備金發展，約增加一個百分點的損失比率，抑制了全年改善。最顯著的壓力來自商業傘險和商業汽車，包括之前的事故年份，商業傘險的全年不利發展達 790 萬美元。</p>
</div><h2>Higher Agency Incentives Lift Expense Ratio</h2>
<div class="lb-trans"><h2>更高的代理激勵提升費用比率</h2>
</div><p>The higher fourth-quarter expense ratio was driven partly by a $3.1 million increase in performance-based agency incentives and profit sharing, reflecting improved partner results. Lower net premiums earned also mechanically pushed the ratio higher, masking underlying cost discipline and efficiency efforts in the core expense base.</p>
<div class="lb-trans"><p>第四季度更高的費用比率部分是由於基於業績的代理激勵和利潤分享增加了 310 萬美元，反映出合作伙伴業績的改善。較低的淨保費收入也在機械上推高了比率，掩蓋了核心費用基礎中的成本紀律和效率努力。</p>
</div><h2>Strategic Investment Losses for Future Yield</h2>
<div class="lb-trans"><h2>戰略投資損失為未來收益鋪路</h2>
</div><p>Donegal reported a $1.7 million net investment loss in Q4, tied to realized losses on strategic bond sales aimed at repositioning the portfolio. For the full year, realized gains were $0.6 million versus $5 million in 2024, as management accepted near-term hits to reported investment results in exchange for higher recurring income.</p>
<div class="lb-trans"><p>Donegal 報告第四季度淨投資損失為 170 萬美元，涉及戰略債券銷售的實現損失，旨在重新配置投資組合。全年實現收益為 60 萬美元，而 2024 年為 500 萬美元，管理層接受了報告投資結果的短期衝擊，以換取更高的經常性收入。</p>
</div><h2>Liability Severity Trends Remain a Watch Point</h2>
<div class="lb-trans"><h2>責任嚴重性趨勢仍需關注</h2>
</div><p>Management flagged rising liability severity in commercial auto and general liability within commercial multiperil, even as overall core loss ratios improved. These trends reinforce the need for ongoing pricing actions, careful risk selection, and tighter underwriting standards in the more challenging casualty segments of the portfolio.</p>
<div class="lb-trans"><p>管理層指出，儘管整體核心損失比率有所改善，但商業汽車和一般責任的責任嚴重性在商業多險中上升。這些趨勢強調了在更具挑戰性的意外險領域中，持續的定價措施、謹慎的風險選擇和更嚴格的承保標準的必要性。</p>
</div><h2>Outlook: Profitable Growth and Modernization Drive 2026</h2>
<div class="lb-trans"><h2>前景：盈利增長和現代化推動 2026 年</h2>
</div><p>Looking ahead, Donegal aims to pair profitable growth with ongoing tech upgrades, focusing on higher new-business submissions in commercial lines via its network of roughly 2,000 independent agents while keeping pricing discipline and strong retention. The company expects to benefit from lower reinsurance costs, continued investment portfolio cash flow redeployed at yields above 5%, and steady progress toward full legacy conversion and cloud migration by 2027.</p>
<div class="lb-trans"><p>展望未來，Donegal 旨在將盈利增長與持續的技術升級相結合，重點通過其大約 2000 名獨立代理商的網絡在商業領域提高新業務提交量，同時保持定價紀律和強勁的客户保留率。公司預計將受益於再保險成本降低、持續的投資組合現金流以超過 5% 的收益率再投資，以及到 2027 年實現全面的遺留系統轉換和雲遷移的穩步進展。</p>
</div><p>Donegal’s latest earnings call painted a picture of a carrier that has restored profitability and strengthened its balance sheet while still working through pockets of volatility and growth pressure. Investors will watch how effectively management can reignite quality premium growth, particularly in personal lines, while sustaining underwriting discipline amid evolving loss trends.</p>
<div class="lb-trans"><p>Donegal 最近的財報電話會議描繪了一家恢復盈利並加強資產負債表的保險公司，同時仍在應對波動和增長壓力。投資者將關注管理層如何有效地重新點燃優質保費增長，特別是在個人險領域，同時在不斷變化的損失趨勢中保持承保紀律。</p>
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多尼戈爾集團-A 創下歷史利潤新高，但表示面臨增長阻力