Business
NI Holdings, Inc. Reports Results for Fourth Quarter and Year Ended December 31, 2023
FARGO, N.D., March 15, 2024 (GLOBE NEWSWIRE) -- NI Holdings, Inc. (NASDAQ: NODK) announced today results for the year ended December 31, 2023. Summary of
About this update from Ni Holdings, Inc.
[{"type":"text","content":"FARGO, N.D., March 15, 2024 (GLOBE NEWSWIRE) -- NI Holdings, Inc. (NASDAQ: NODK) announced today results for the year ended December 31, 2023. Summary of Year-End 2023 Results(All comparisons vs. year-end 2022, unless noted otherwise) Direct written premiums of $102.4 million, up 16.2% compared to the prior year quarter and full year direct written premiums of $418.4 million, up 7.4% compared to prior year. Growth in both periods was driven by Non-Standard Auto and Private Passenger Auto.Net earned premiums of $88.6 million, up 4.6% compared to prior year quarter and full year net earned premiums of $351.1 million, up 7.0% compared to prior year.Combined ratio of 85.9%, down 23.5 pts compared to the prior year quarter, driven by improved underwriting results across all segments. Combined ratio of 103.4% for full year 2023 versus 119.9% for the prior year, driven by lower catastrophe losses in Home and Farm and lower loss frequency in Private Passenger Auto, partially offset by reserve strengthening in the Non-Standard Auto and Commercial segments to address elevated loss costs due to the inflationary environment.Net investment income of $10.5 million for the year versus $7.8 million and net investment gain of $2.1 million versus net investment loss of $13.1 million, driven by higher fixed income reinvestment rates and more favorable equity market conditions, respectively.Earnings per share of $0.32 compared to $0.04 for the quarter, and loss per share of $0.26 compared to $2.49 for the year.The Company repurchased 548,549 shares of common stock at an average price of $13.15 per share for a total of $7.2 million during the year, excluding the effect from applicable excise taxes. Three Months Ended December 31, Year Ended December 31,Dollars in thousands, except per share data20232022Change 20232022ChangeDirect written premiums$102,370$88,06416.2% $418,399$389,7067.4%Net earned premiums$88,594$84,6754.6% $351,137$328,2907.0%Loss and LAE ratio50.2%78.9%(28.7 pts) 69.6%89.7%(20.1 pts)Expense ratio35.7%30.6%5.1 pts 33.8%30.2%3.6 ptsCombined ratio85.9%109.4%(23.5 pts) 103.4%119.9%(16.5 pts)Net income (loss) attributable to NI Holdings$6,625$890NM ($5,476)($53,096)NMReturn on average equity11.1%1.4%9.7 pts (2.2%)(17.9%)15.7 ptsBasic earnings (loss) per share$0.32$0.04NM ($0.26)($2.49)NMNM = not meaningful Management Commentary “In the ...