Business
NI Holdings, Inc. Files Results for Fourth Quarter and Year Ended December 31, 2021
FARGO, N.D., March 09, 2022 (GLOBE NEWSWIRE) -- NI Holdings, Inc. (NASDAQ: NODK) today reported net income attributable to NI Holdings of $6.1 million ($0.29
About this update from Ni Holdings, Inc.
[{"type":"text","content":"FARGO, N.D., March 09, 2022 (GLOBE NEWSWIRE) -- NI Holdings, Inc. (NASDAQ: NODK) today reported net income attributable to NI Holdings of $6.1 million ($0.29 per share) and return on average equity of 7.2% for the quarter ended December 31, 2021, compared to net income of $21.6 million ($1.01 per share) and return on average equity of 25.9% in the prior year quarter. For the year ended December 31, 2021, NI Holdings reported net income of $8.4 million ($0.39 per share) and return on average equity of 2.4%, compared to net income of $40.4 million ($1.86 per share) and return on average equity of 12.4% in the prior year. The Company reported an increase of 7.4% in direct written premiums for the quarter ended December 31, 2021, and an increase of 8.9% year-over-year. NI Holdings Q4 2021 Financial Highlights:Dollars in thousands, except earnings per share (unaudited) Three Months Ended December 31, Year Ended December 31, 2021 2020 Change 2021 2020 ChangeNet income attributable to NI Holdings$6,128 $21,579 -71.6% $8,416 $40,389 -79.2%Direct written premiums(1)$75,338 $70,134 +7.4% $342,215 $314,187 +8.9%Net earned premiums$78,000 $69,541 +12.2% $299,589 $283,661 +5.6%Loss and LAE ratio(2)65.2% 45.8% +19.4 pts 72.2% 59.4% +12.8 ptsExpense ratio(3)33.5% 33.3% +0.2 pts 32.1% 30.0% +2.1 ptsCombined ratio(4)98.6% 79.1% +19.5 pts 104.4% 89.4% +15.0 ptsReturn on average equity7.2% 25.9% -18.7 pts 2.4% 12.4% -10.0 ptsBasic earnings per share$0.29 $1.01 -$0.72 $0.39 $1.86 -$1.47Shareholders’ equity $347,413 $348,872 -0.4% (1)Direct written premiums represents the amount of insurance premiums purchased by policyholders during the period.(2)Loss and LAE ratio equals losses and loss adjustment expenses, divided by net premiums earned.(3)Expense ratio equals amortization of deferred policy acquisition costs and other underwriting and general expenses, divided by net premiums earned.(4)Combined ratio equals losses and loss adjustment expenses, amortization of deferred policy acquisition costs, and other underwriting and general expenses, divided by net premiums earned. Financial highlights included: Direct written premiums grew 7.4% for the quarter and 8.9% for the year, driven by our commercial and non-standard auto segments. Net earned premiums increased by 12.2% in the fourth quarter primarily as a result of growth in our commercial and non-s...