NI Holdings, Inc. Files Results for Third Quarter and Nine Months Ended September 30, 2021

About this update from Ni Holdings, Inc.

[{"type":"text","content":"FARGO, N.D., Nov. 05, 2021 (GLOBE NEWSWIRE) -- NI Holdings, Inc. (NASDAQ: NODK) today reported net loss attributable to NI Holdings of $4.7 million (-$0.22 per share) and return on average equity of -5.5% for the quarter ended September 30, 2021, compared to net income of $3.7 million ($0.17 per share) and return on average equity of 4.6% in the prior year quarter. For the nine months ended September 30, 2021, NI Holdings reported net income of $2.3 million ($0.11 per share) and return on average equity of 0.9%, compared to net income of $18.8 million ($0.86 per share) and return on average equity of 8.0% in the prior year nine months. The Company reported an increase of 0.9% in direct written premiums for the quarter ended September 30, 2021. Total equity increased 5.7% from the prior year and stood at $344.0 million as of September 30, 2021. NI Holdings Q3 2021 Financial Highlights:Dollars in thousands, except earnings per share (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2021 2020Change 20212020ChangeNet income (loss) attributable to NI Holdings-$4,737$3,664-229.3% $2,288$18,810-87.8%Direct written premiums (1)$68,905$68,322+0.9% $266,877$244,053+9.4%Net earned premiums$82,173$73,342+12.0% $221,589$214,120+3.5%Loss and LAE ratio (2)80.0%73.4%+6.6 pts 74.7%63.8%+10.9 ptsExpense ratio (3)30.8%30.2%+0.6 pts 31.7%28.9%+2.8 ptsCombined ratio (4)110.9%103.6%+7.3 pts 106.4%92.7%+13.7 ptsReturn on average equity-5.5%4.6%-10.1 pts 0.9%8.0%-7.1 ptsBasic earnings (loss) per share-$0.22$0.17-$0.39 $0.11$0.86-$0.75 Shareholders’ equity $343,976$325,513+5.7% (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: Growth in direct written pre...

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