Business
NI Holdings, Inc. Reports Results for Fourth Quarter and Year Ended December 31, 2022
FARGO, N.D., March 08, 2023 (GLOBE NEWSWIRE) -- NI Holdings, Inc. (NASDAQ: NODK) announced today results for the year ended December 31, 2022. Summary of
About this update from Ni Holdings, Inc.
[{"type":"text","content":"FARGO, N.D., March 08, 2023 (GLOBE NEWSWIRE) -- NI Holdings, Inc. (NASDAQ: NODK) announced today results for the year ended December 31, 2022. Summary of Year-End 2022 Results(All comparisons vs. year-end 2021, unless noted otherwise) Direct written premiums of $88.1 million, up 16.9% compared to prior year quarter and full year direct written premiums of $389.7 million, up 13.9% compared to prior yearDirect written premium growth across all segments compared to prior year, led by Non-Standard Auto up 26.8%, Crop up 22.2% and Commercial up 15.3%Net earned premiums of $84.7 million, up 8.6% compared to prior year quarter and full year net earned premiums of $328.3 million up 9.6% compared to prior yearCombined Ratio of 119.9% for full year 2022 versus 104.3% for prior year, driven by elevated loss costs as a result of higher inflation and an increase in catastrophe events in the current yearTotal pre-tax catastrophe losses, net of reinsurance, of $68.5 million year-to-date, which adversely impacted the year-to-date combined ratio by 21.2 percentage pointsNet investment losses of $13.1 million year-to-date, driven by unfavorable equity market conditionsEarnings per share of $0.04 compared to $0.29 for the quarter, and loss per share of $2.49 compared to earnings per share of $0.39 for the yearThe Company repurchased 95,741 shares of common stock at an average price of $13.68 per share for a total of $1.3 million during the quarter and 269,160 shares of common stock at an average price of $15.53 for a total of $4.1 million during the year Three Months Ended December 31, Year Ended December 31, Dollars in thousands, except per share data(unaudited)2022 2021 Change 2022 2021 Change Direct written premiums$88,064 $75,338 16.9% $389,706 $342,215 13.9% Net earned premiums$84,675 $78,000 8.6% $328,290 $299,589 9.6% Loss and LAE ratio78.9% 65.2% 13.7 pts 89.7% 72.2% 17.5 pts Expense ratio30.6% 33.5% (2.9 pts) 30.2% 32.1% (1.9 pts) Combined ratio109.4% 98.6% 10.8 pts 119.9% 104.3% 15.6 pts Net income (loss) attributable to NI Holdings$890 $6,128 (85.5%) ($53,096) $8,416 nm Return on average equity1.4% 7.2% (5.8 pts) (17.9%) 2.4% (20.3 pts) Basic earnings (loss) per share$0.04 $0.29 (86.2%) ($2.49) $0.39 nm nm = not meaningful Management Commentary “In the fourth quarter our Commercial segment continued to be challenged by increased frequen...