Business
NI Holdings, Inc. Files Results for Fourth Quarter and Year Ended December 31, 2019
FARGO, N.D., March 11, 2020 (GLOBE NEWSWIRE) -- NI Holdings, Inc. (NASDAQ: NODK) today reported its financial results for the quarter and year ended December
About this update from Ni Holdings, Inc.
[{"type":"text","content":"FARGO, N.D., March 11, 2020 (GLOBE NEWSWIRE) -- NI Holdings, Inc. (NASDAQ: NODK) today reported its financial results for the quarter and year ended December 31, 2019.\n The Company reported a 25.9 percent increase in net earned premiums for the year ended December 31, 2019 compared to 2018, although net income attributable to NI Holdings dropped to $26,401 compared to $31,081 a year ago. The total equity for NI Holdings stood at $309,803 as of December 31, 2019. NI Holdings 12M and Q4 2019 key financial details:Dollars in thousands, except earnings per share (unaudited) 12M 201912M 2018ChangeQ4 2019Q4 2018ChangeNet income (loss) attributable to NI Holdings$26,401$31,081-15.1%$17,129$14,889+15.1%Direct written premiums (1)$262,145$225,223+16.4%$53,265$51,149+4.1%Net earned premiums$246,438$195,720+25.9%$63,702$54,795+16.3%Loss and LAE ratio (2)68.9%60.8%+8.1 pts52.9%40.3%+12.6 ptsExpense ratio (3)27.3%27.7%-0.4 pts25.6%28.7%-3.1 ptsCombined ratio (4)96.2%88.5%+7.7 pts78.6%68.9%+9.7 ptsReturn on average equity9.1%11.8%-2.7 pts23.0%22.1%+0.9 ptsBasic earnings per share$1.19$1.39-$0.20$0.77$0.67+$0.10Shareholders’ equity$309,803$275,753+12.4% (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. Fourth quarter highlights included: Annualized return on equity of 23.0%.Growth in direct written premiums of 4.1% primarily in our private passenger auto and home and farm segments.For the quarter, earnings per share was $0.77, up $0.10 compared to the prior year.Cooler and wetter weather extended into the fall harvest season causing an increase in the expected loss ratio for our multi-peril crop business.Reported combined ratio of 78.6% for the quarter and 96.2% for the full year of 2019.After-tax additio...