NI Holdings, Inc. Files Results for Second Quarter and Six Months Ended June 30, 2020

About this update from Ni Holdings, Inc.

[{"type":"text","content":"FARGO, N.D., Aug. 05, 2020 (GLOBE NEWSWIRE) -- NI Holdings, Inc. (NASDAQ: NODK) today reported its financial results for the second quarter and six months ended June 30, 2020.\n The Company reported a 25.9 percent increase in net earned premiums for the three months ended June 30, 2020 compared to 2019. The Company reported net income attributable to NI Holdings of $18,733 compared to $2,478 a year ago. The total equity for NI Holdings stood at $324,723 as of June 30, 2020. NI Holdings Q2 2020 key financial details:Dollars in thousands, except earnings per share (unaudited) 6M 20206M 2019ChangeQ2 2020Q2 2019ChangeNet income attributable to NI Holdings$15,146$16,251-6.8%$18,733$2,478+656.0%Direct written premiums (1)$175,731$158,896+10.6%$112,759$103,243+9.2%Net earned premiums$140,778$115,620+21.8%$82,006$65,114+25.9%Loss and LAE ratio (2)58.8%64.4%-5.6 pts63.9%74.0%-10.1 ptsExpense ratio (3)28.3%29.1%-0.8 pts23.9%26.0%-2.1 ptsCombined ratio (4)87.1%93.5%-6.4 pts87.8%100.0%-12.2 ptsReturn on average equity9.7%11.5%-1.8 pts24.2%3.4%+20.8 ptsBasic earnings per share$0.69$0.73-$0.04$0.86$0.11+$0.75Shareholders’ equity$324,723$297,314+9.2% (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. Second quarter highlights included: Net income of $18,733 versus net income of $2,478 for the prior year. Underwriting gain of $10,017 versus underwriting loss of $19 for the prior year.Reported combined ratio of 87.8% for the quarter.Growth in direct written premiums of 9.2% due to the addition of the Westminster commercial business.After-tax benefit of $8,553 in net unrealized gain in our equity securities portfolio versus a $1,056 increase for the prior year. Earnings per share impact of +$0.40.After-tax inc...

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