NI Holdings, Inc. Reports Results for Second Quarter Ended June 30, 2023

About this update from Ni Holdings, Inc.

[{"type":"text","content":"FARGO, N.D., Aug. 08, 2023 (GLOBE NEWSWIRE) -- NI Holdings, Inc. (NASDAQ: NODK) announced today results for the quarter ended June 30, 2023. Summary of Second Quarter 2023 Results(All comparisons vs. the second quarter of 2022, unless noted otherwise) Direct written premiums of $144.3 million, flat to prior year, driven by a 10.4% increase in Private Passenger Auto, offset by a 13.8% decrease in Non-Standard Auto.Net earned premiums of $94.2 million, up 11.4%.Combined Ratio of 114.0% versus 159.6%, driven by lower weather-related losses, offset by elevated loss costs and further reserve strengthening due to continued high levels of inflation. Net investment income of $2.5 million versus $2.0 million and net investment loss of $0.2 million versus $11.1 million, driven by higher fixed income reinvestment rates and more favorable equity market conditions, respectively.Loss per share of $0.38 compared to $2.15.The Company repurchased 192,065 shares of common stock at an average price of $13.55 per share for a total of $2.6 million. Three Months Ended June 30, Six Months Ended June 30, Dollars in thousands, except per share data(unaudited)2023 2022 Change 2023 2022 Change Direct written premiums$144,250 $144,962 (0.5%) $234,806 $220,495 6.5% Net earned premiums$94,146 $84,496 11.4% $171,773 $154,083 11.5% Loss and LAE ratio82.3% 128.5% (46.2 pts) 79.4% 96.5% (17.1 pts) Expense ratio31.7% 31.1% 0.6 pts 33.8% 32.2% 1.6 pts Combined ratio114.0% 159.6% (45.6 pts) 113.2% 128.7% (15.5 pts) Net income (loss) attributable to NI Holdings($8,122) ($45,910) 82.3% ($12,332) ($44,001) 72.0% Return on average equity(13.3%) (61.4%) 48.1 pts (10.1%) (28.7%) 18.6 pts Basic earnings (loss) per share($0.38) ($2.15) 82.3% ($0.58) ($2.06) 71.8% Management Commentary “In the second quarter, we continued efforts to take significant rate increases and underwriting actions to improve our profitability,” said Michael J. Alexander, President and Chief Executive Officer. “While we benefited from experiencing no catastrophe losses, we continue to be challenged by elevated loss costs driven by the inflationary environment. Although our rate and underwriting actions slowed growth this quarter, our focus is on profitability and we believe these and other future measures will drive improved underwriting results over time. In regards to investments, higher reinvestme...

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