NI Holdings, Inc. Reports Results for Third Quarter Ended September 30, 2023

About this update from Ni Holdings, Inc.

[{"type":"text","content":"FARGO, N.D., Nov. 07, 2023 (GLOBE NEWSWIRE) -- NI Holdings, Inc. (NASDAQ: NODK) announced today results for the quarter ended September 30, 2023. Summary of Third Quarter 2023 Results(All comparisons vs. the third quarter of 2022, unless noted otherwise) Direct written premiums of $81.2 million, flat to prior year, driven by increases in Non-Standard Auto (17.9%), Private Passenger Auto (10.4%) and Home and Farm (7.1%), offset by a decrease in Crop.Net earned premiums of $90.8 million, up 1.4%.Combined Ratio of 102.0% versus 114.4%, driven by lower weather-related losses in Home and Farm, lower loss frequency in Private Passenger Auto, and favorable crop growing conditions, offset by further reserve strengthening in Non-Standard Auto and Commercial to address elevated liability loss severity and the continued impact of higher inflationary-related loss costs.Net investment income of $2.8 million versus $2.0 million and net investment loss of $1.2 million versus $2.9 million, driven by higher fixed income reinvestment rates and more favorable year-over-year equity market conditions.Earnings per share of $0.01, compared to loss per share of $0.47.The Company repurchased 310,385 shares of common stock at an average price of $12.86 per share for a total of $4.0 million. Three Months Ended September 30, Nine Months Ended September 30, Dollars in thousands, except per share data(unaudited) 2023 2022 Change 2023 2022 Change Direct written premiums$81,223$81,1470.1% $316,029$301,6424.8% Net earned premiums$90,770$89,5321.4% $262,543$243,6157.8% Loss and LAE ratio 70.0%88.1%(18.1 pts) 76.1%93.5%(17.4 pts) Expense ratio 32.0%26.3%5.7 pts 33.2%30.0%3.2 pts Combined ratio 102.0%114.4%(12.4 pts) 109.3%123.5%(14.2 pts) Net income (loss) attributable to NI Holdings$231($9,985)NM ($12,101)($53,986)NM Return on average equity 0.4%(15.4%)15.8 pts (6.7%)(24.3%)17.6 pts Basic earnings (loss) per share$0.01($0.47)NM ($0.57)($2.53)NM NM = Not meaningful Management Commentary “During the third quarter, we began to benefit from our significant rate and underwriting actions implemented earlier this year, with our profitability showing improvement over the prior year,” said Michael J. Alexander, President, and Chief Executive Officer. “We certainly benefited from avoiding catastrophe losses during 2023, which allowed our Home and Farm segment to return to...

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