NI Holdings, Inc. Reports Results for First Quarter Ended March 31, 2023

About this update from Ni Holdings, Inc.

[{"type":"text","content":"FARGO, N.D., May 08, 2023 (GLOBE NEWSWIRE) -- NI Holdings, Inc. (NASDAQ: NODK) announced today results for the quarter ended March 31, 2023. Summary of First Quarter 2023 Results(All comparisons vs. the first quarter of 2022, unless noted otherwise) Direct written premiums of $90.6 million, up 19.9%, driven by Non-Standard Auto up 52.0%, Commercial up 19.9% and Private Passenger Auto up 10.7%Net earned premiums of $77.6 million, up 11.6%Combined ratio of 112.2% versus 91.3%, driven by elevated loss severity and unfavorable prior year reserve development in Non-Standard Auto and CommercialNet investment gain of $1.4 million and net investment income of $2.2 million, driven by improved equity market conditions and higher fixed income reinvestment rates, respectivelyLoss per share of $0.20 compared to earnings per share of $0.09The Company repurchased 46,099 shares of common stock at an average price of $13.46 per share for a total of $0.6 million during the quarter Three Months Ended March 31,Dollars in thousands, except per share data(unaudited)20232022ChangeDirect written premiums$90,556$75,53319.9%Net earned premiums$77,627$69,58711.6%Loss and LAE ratio75.8%57.7%18.1 ptsExpense ratio36.4%33.6%2.8 ptsCombined ratio112.2%91.3%20.9 ptsNet income (loss) attributable to NI Holdings($4,210)$1,909nmReturn on average equity(6.7%)2.3%(9.0 pts)Basic earnings (loss) per share($0.20)$0.09nm nm = not meaningful Management Commentary “The first quarter proved to be challenging as the company continued to experience elevated loss costs, winter weather-related property losses, and unfavorable prior year reserve development in both our Non-Standard Auto and Commercial segments,” said Michael J. Alexander, President and Chief Executive Officer. “Losses from winter storms that occurred in late 2022, including Winter Storm Elliott, developed more than we initially expected and impacted our results in early 2023. However, we continue to take significant rate and underwriting actions, especially in the Commercial segment, to improve our profitability. In our Home/Farm segment, we continued to benefit from the actions we took throughout 2022 to drive improved profitability in that segment. Overall, the company achieved strong top-line growth this quarter, led by the Non-Standard Auto segment, driven by the rate increases implemented in 2022. From an ...

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