NI Holdings, Inc. Files Results for First Quarter Ended March 31, 2020

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[{"type":"text","content":"FARGO, N.D., May 06, 2020 (GLOBE NEWSWIRE) -- NI Holdings, Inc. (NASDAQ: NODK) today reported its financial results for the quarter ended March 31, 2020.\n The Company reported a 16.4 percent increase in net earned premiums for the three months ended March 31, 2020 compared to 2019. The Company reported a net loss attributable to NI Holdings of $3,587 compared to net income of $13,773 a year ago. The total equity for NI Holdings stood at $301,791 as of March 31, 2020. NI Holdings Q1 2020 key financial details:Dollars in thousands, except earnings per share (unaudited) Q1 2020Q1 2019Change Net income (loss) attributable to NI Holdings $(3,587)$13,773 -126.0% Direct written premiums (1) $62,972 $55,653 +13.2% Net earned premiums $58,772 $50,506 +16.4% Loss and LAE ratio (2) 51.8% 51.9%-0.1 pts Expense ratio (3) 34.3% 33.1%+1.2 pts Combined ratio (4) 86.1% 85.0%+1.1 pts Return on average equity -4.7% 19.6%-24.3 pts Basic earnings per share $(0.16)$0.62 -$0.78 Shareholders' equity $301,791 $293,455 +2.8% (1) Direct written premiums is a non-GAAP financial measure, representing the amount of insurance premiums purchased by policyholders during the period.(2) Loss and LAE ratio is a non-GAAP financial measure. It equals losses and loss adjustment expenses, divided by net premiums earned.(3) Expense ratio is a non-GAAP financial measure. It equals amortization of deferred policy acquisition costs and other underwriting and general expenses, divided by net premiums earned.(4) Combined ratio is a non-GAAP financial measure. It equals losses and loss adjustment expenses, amortization of deferred policy acquisition costs, and other underwriting and general expenses, divided by net premiums earned. First quarter highlights included: Net loss of $3,587 versus net income of $13,773 prior year. Underwriting gain of $8,191 versus $7,578 prior year.Reported combined ratio of 86.1% for the quarter.Growth in direct written premiums of 13.2% due to Westminster commercial business.After-tax decline of $12,588 in net unrealized gain in our equity securities portfolio versus $5,767 increase prior year. Earnings per share impact of -$0.83. \"With a combined ratio on our underwriting results of 86.1% and 13% growth in direct written premiums, we are pleased with the start to the new year,\" said Michael J. Alexander, President and CEO. \"We completed th...

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