NI Holdings, Inc. Reports Results for Second Quarter Ended June 30, 2024

About this update from Ni Holdings, Inc.

[{"type":"text","content":"FARGO, N.D., Aug. 08, 2024 (GLOBE NEWSWIRE) -- NI Holdings, Inc. (NASDAQ: NODK) announced today results for the quarter ended June 30, 2024. Summary of Second Quarter 2024 Results – Continuing Operations(All comparisons vs. continuing operations for the second quarter of 2023, unless noted otherwise) Direct written premiums of $118.5 million compared to $121.6 million. This 2.6% reduction was driven by Crop as a result of lower commodity prices impacting multi-peril crop insurance premiums, partially offset by growth in Non-Standard Auto (26.4%) due to rate and new business increases, and Home and Farm (11.5%), driven by higher rate and insured values.Net earned premiums of $85.2 million, up 8.0%.Combined ratio of 113.7% versus 107.1%, driven by increased weather-related losses in Home and Farm and unfavorable prior year reserve development in Non-Standard Auto.Net investment loss of $0.6 million and net investment income of $2.5 million, up 31.2% driven by higher fixed income reinvestment rates.Closed on sale of Westminster American Insurance Company, resulting in a one-time loss on sale of $7.8 million, net of taxes.Basic loss per share of ($0.36) compared to ($0.12). Three Months Ended June 30, Six Months Ended June 30,Dollars in thousands, except per share data(unaudited)20242023Change 20242023ChangeDirect written premiums$118,472$121,576(2.6%) $201,513$193,9483.9%Net earned premiums$85,169$78,8358.0% $155,053$141,7069.4%Loss and LAE ratio81.4%76.2%5.2 pts 70.6%71.4%(0.8) ptsExpense ratio32.3%30.9%1.4 pts 34.2%33.2%1.0 ptsCombined ratio113.7%107.1%6.6 pts 104.8%104.6%0.2 ptsNet income (loss) attributable to NI Holdings$(16,236)$(8,122)NM $(9,817)$(12,332)(20.4%)Continuing operations(7,478)(2,463)NM (543)(359)51.3%Discontinued operations(996)(5,659)NM (1,512)(11,973)NMLoss on sale of discontinued operations(7,762)-NM (7,762)-NMReturn on average equity(12.7%)(4.5%)(8.2) pts (0.5%)(0.3%)(0.2) ptsBasic earnings (loss) per share$(0.77)$(0.38)NM $(0.47)$(0.58)(19.0%)Continuing operations$(0.36)$(0.12)NM $(0.03)$(0.02)50.0%NM = not meaningful Management Commentary “During the second quarter we closed on the strategic sale of Westminster American Insurance Company,” said Michael J. Alexander, President and Chief Executive Officer. “The sale has enabled us to refocus our efforts and resources on our core business and the actions nece...

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