Condensed Financial Information of Parent Company (Tables)

12 Months Ended

Dec. 31, 2025

(in thousands)

December 31,	2025		2024
Assets
Investment in subsidiaries/affiliates (equity method)	$	653,075	$	559,452
Short-term investments		21,996		6,551
Cash		5,467		20,014
Property and equipment		270		385
Other		2,898		2,013
Total assets	$	683,706	$	588,415

Liabilities and Stockholders’ Equity
Liabilities
Cash dividends declared to stockholders	$	6,647	$	6,031
Notes payable to subsidiary		35,000		35,000
Other		1,641		1,608
Total liabilities		43,288		42,639
Stockholders’ equity		640,418		545,776
Total liabilities and stockholders’ equity	$	683,706	$	588,415

(in thousands)

Year Ended December 31,	2025			2024			2023
Statements of Income
Revenues
Dividends from subsidiaries	$	10,000		$	15,000		$	13,000
Other		1,299			669			638
Total revenues		11,299			15,669			13,638
Expenses
Operating expenses		1,265			1,314			1,202
Interest		1,529			1,120			787
Total expenses		2,794			2,434			1,989
Income before income tax benefit and equity in undistributed net income (loss) of subsidiaries		8,505			13,235			11,649
Income tax benefit		(1,559	)		(635	)		(375	)
Income before equity in undistributed net income (loss) of subsidiaries		10,064			13,870			12,024
Equity in undistributed net income (loss) of subsidiaries		69,277			36,992			(7,598	)
Net income	$	79,341		$	50,862		$	4,426
Statements of Comprehensive Income
Net income	$	79,341		$	50,862		$	4,426
Other comprehensive income, net of tax
Unrealized gain - subsidiaries		19,905			4,681			6,018
Other comprehensive income, net of tax		19,905			4,681			6,018
Comprehensive income	$	99,246		$	55,543		$	10,444

(in thousands)

Year Ended December 31,	2025			2024			2023
Cash flows from operating activities:
Net income	$	79,341		$	50,862		$	4,426
Adjustments:
Equity in undistributed net (income) loss of subsidiaries		(69,277	)		(36,992	)		7,598
Other		(738	)		3,159			(168	)
Net adjustments		(70,015	)		(33,833	)		7,430
Net cash provided		9,326			17,029			11,856
Cash flows from investing activities:
Net (purchase) sale of short-term investments		(15,445	)		(5,082	)		5,856
Net purchase of property and equipment		—			—			(45	)
Investment in subsidiaries		(4,441	)		(10,924	)		(819	)
Other		—			—			30
Net cash (used) received		(19,886	)		(16,006	)		5,022
Cash flows from financing activities:
Cash dividends paid		(25,674	)		(22,701	)		(21,894	)
Issuance of common stock		21,687			33,649			9,771
Net cash (used) received		(3,987	)		10,948			(12,123	)
Net change in cash		(14,547	)		11,971			4,755
Cash at beginning of year		20,014			8,043			3,288
Cash at end of year	$	5,467		$	20,014		$	8,043

DONEGAL GROUP INC 10-K