NI Holdings, Inc. Reports Results for First Quarter Ended March 31, 2024

About this update from Ni Holdings, Inc.

[{"type":"text","content":"FARGO, N.D., May 09, 2024 (GLOBE NEWSWIRE) -- NI Holdings, Inc. (NASDAQ: NODK) announced today results for the quarter ended March 31, 2024. Summary of First Quarter 2024 Results(All comparisons vs. the first quarter of 2023, unless noted otherwise) Direct written premiums of $102.7 million, up 13.4%, driven by increases in Non-Standard Auto (23.2%), Home and Farm (13.1%) and Private Passenger Auto (7.9%).Net earned premiums of $85.6 million, up 10.2%.Combined ratio of 97.2% versus 112.2%, driven by the earned impact of prior period rate increases across all segments (excluding Crop) and lower weather-related losses in Private Passenger Auto and Commercial, partially offset by unfavorable development in Non-Standard Auto.Net investment gain of $1.8 million and net investment income of $3.6 million, driven by improved equity market conditions and higher fixed income reinvestment rates, respectively.Basic earnings per share of $0.31, compared to loss per share of $0.20. Three Months Ended March 31,Dollars in thousands, except per share data(unaudited)20242023ChangeDirect written premiums$102,657$90,55613.4%Net earned premiums$85,557$77,62710.2%Loss and LAE ratio61.0%75.8%(14.8 pts)Expense ratio36.2%36.4%(0.2 pts)Combined ratio97.2%112.2%(15.0 pts)Net income (loss) attributable to NI Holdings$6,419($4,210)NMReturn on average equity10.2%(6.7%)16.9 ptsBasic earnings (loss) per share$0.31($0.20)NMNM = not meaningful Management Commentary “I am pleased to begin the year with a second consecutive quarter of underwriting profitability, as we continue to build upon the success we have experienced from our recent strategic rate and underwriting actions,” said Michael J. Alexander, President and Chief Executive Officer. “While we continue to face headwinds from elevated loss costs across our personal lines segments, we benefited from lower weather activity in the quarter, improved underwriting risk selection and continued top-line growth. From an investments perspective, we once again benefited from higher average rates earning in our fixed income portfolio and from favorable equity market conditions. Overall, we are confident with the direction of the company and remain focused on evaluating our business to ensure we are taking the necessary actions to optimize long-term profitable growth and provide appropriate shareholder returns into th...

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