NI Holdings, Inc. Files Results for First Quarter Ended March 31, 2021

About this update from Ni Holdings, Inc.

[{"type":"text","content":"FARGO, N.D., May 05, 2021 (GLOBE NEWSWIRE) -- NI Holdings, Inc. (NASDAQ: NODK) today reported net income attributable to NI Holdings of $9,669 ($0.45 per share) and return on average equity of 11.2% for the quarter ended March 31, 2021, compared to a loss of $3,587 (-$0.16 per share) and return on average equity of -4.7% in the prior year quarter. The Company reported an increase of 15.0% in direct written premiums for the quarter ended March 31, 2021. Total equity increased 16.8% from the prior year and stood at $352,590 as of March 31, 2021. NI Holdings Q1 2021 Financial Highlights:Dollars in thousands, except earnings per share (unaudited) Three Months Ended March 31, 20212020ChangeNet income attributable to NI Holdings $9,669-$3,587+369.6%Direct written premiums (1) $72,420$62,972+15.0%Net earned premiums $63,135$58,772+7.4%Loss and LAE ratio (2) 58.4%51.8%+6.6 ptsExpense ratio (3) 33.6%34.3%-0.7 ptsCombined ratio (4) 92.1%86.1%+6.0 ptsReturn on average equity 11.2%-4.7%+15.9 ptsBasic earnings per share $0.45-$0.16+$0.61Shareholders’ equity $352,590$301,791+16.8% (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: Combined ratio of 92.1% compared to 86.1% in the prior year, primarily as a result of higher weather-related losses along with increased private passenger automobile claims frequency.Growth in direct written premiums of 15.0%, driven primarily by growth in our commercial and non-standard auto segments.After-tax increase of $1,509 in net unrealized gain in our equity securities portfolio compared to a decrease of $12,588 in the prior year, which increased earnings per share for the quarter by $0.64. “While the combined ratio for the first quarter...

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