NI Holdings, Inc. Files Results for Third Quarter and Nine Months Ended September 30, 2020

About this update from Ni Holdings, Inc.

[{"type":"text","content":"FARGO, N.D., Nov. 04, 2020 (GLOBE NEWSWIRE) -- NI Holdings, Inc. (NASDAQ: NODK) today reported its financial results for the third quarter and nine months ended September 30, 2020.\n The Company reported a 9.3 percent increase in net earned premiums for the three months ended September 30, 2020 compared to 2019. The Company reported quarterly net income attributable to NI Holdings of $3,664 compared to a loss of $6,979 a year ago. Total equity increased 11.4% from the prior year quarter and stood at $325,513 as of September 30, 2020. NI Holdings Q3 2020 key financial details:Dollars in thousands, except earnings per share (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 Change 2020 2019 Change Net income (loss) attributable to NI Holdings$3,664 ($6,979) +152.5% $18,810 $9,272 +102.9% Direct written premiums (1)$68,322 $49,984 +36.7% $244,053 $208,880 +16.8% Net earned premiums$73,342 $67,116 +9.3% $214,120 $182,736 +17.2% Loss and LAE ratio (2)73.4% 91.7% -18.3 pts 63.8% 74.4% -10.6 pts Expense ratio (3)30.2% 25.8% +4.4 pts 28.9% 27.9% +1.0 pts Combined ratio (4)103.6% 117.5% -13.9 pts 92.7% 102.3% -9.6 pts Return on average equity4.6% -9.6% +14.2 pts 8.0% 4.4% +3.6 pts Basic earnings per share$0.17 ($0.32) +$0.49 $0.86 $0.42 +$0.44 Shareholders’ equity $325,513 $292,307 +11.4% (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. Third quarter highlights included: Net income of $3,664 versus net loss of $6,979 in the prior year quarter. Underwriting loss of $2,638 versus underwriting loss of $11,733 for the prior year.Combined ratio of 103.6%, driven by fewer weather-related losses from the prior year quarter, partially offset by increased losses on multi-p...

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