NI Holdings, Inc. Files Results for Fourth Quarter and Year Ended December 31, 2020

About this update from Ni Holdings, Inc.

[{"type":"text","content":"FARGO, N.D., March 10, 2021 (GLOBE NEWSWIRE) -- NI Holdings, Inc. (NASDAQ: NODK) today reported its financial results for the fourth quarter and year ended December 31, 2020. The Company reported quarterly net income attributable to NI Holdings of $21,579 ($1.01 per share) compared to $17,129 ($0.77 per share) a year ago. For the year ended December 31, 2020, net income attributable to NI Holdings totaled $40,389 ($1.86 per share) compared to $26,401 ($1.19 per share) for the prior year, an increase of 53.0%. The Company reported an increase of 31.7% in direct written premiums for the quarter ended December 31, 2020. For the year ended December 31, 2020, direct written premiums increased by 19.9%. Total equity increased 12.6% from the prior year and stood at $348,872 as of December 31, 2020. NI Holdings Q4 2020 key financial details:Dollars in thousands, except earnings per share (unaudited) Three Months Ended December 31, Year Ended December 31, 2020 2019Change 20202019ChangeNet income attributable to NI Holdings$21,579$17,129+26.0% $40,389$26,401+53.0%Direct written premiums (1)$70,134$53,265+31.7% $314,187$262,145+19.9%Net earned premiums$69,541$63,702+9.2% $283,661$246,438+15.1%Loss and LAE ratio (2)45.8%52.9%-7.1 pts 59.4%68.9%-9.5 ptsExpense ratio (3)33.3%25.6%+7.7 pts 30.0%27.3%+2.7 ptsCombined ratio (4)79.1%78.6%+0.5 pts 89.4%96.2%-6.8 ptsReturn on average equity25.9%23.0%+2.9 pts 12.4%9.1%+3.3 ptsBasic earnings per share$1.01$0.77+$0.24 $1.86$1.19+$0.67Shareholders’ equity $348,872$309,803+12.6% (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: Full year combined ratio of 89.4% compared to 96.2% in the prior year, driven by fewer weather-related l...

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