NI Holdings, Inc. Reports Results for First Quarter Ended March 31, 2024

FARGO, N.D., May 09, 2024 (GLOBE NEWSWIRE) -- NI Holdings, Inc. (NASDAQ: NODK) announced today results for the quarter ended March 31, 2024.

Summary of First Quarter 2024 Results
(All comparisons vs. the first quarter of 2023, unless noted otherwise)

• Direct written premiums of $102.7 million, up 13.4%, driven by increases in Non-Standard Auto (23.2%), Home and Farm (13.1%) and Private Passenger Auto (7.9%).
• Net earned premiums of $85.6 million, up 10.2%.
• Combined ratio of 97.2% versus 112.2%, driven by the earned impact of prior period rate increases across all segments (excluding Crop) and lower weather-related losses in Private Passenger Auto and Commercial, partially offset by unfavorable development in Non-Standard Auto.
• Net investment gain of $1.8 million and net investment income of $3.6 million, driven by improved equity market conditions and higher fixed income reinvestment rates, respectively.
• Basic earnings per share of $0.31, compared to loss per share of $0.20.
  
  

	Three Months Ended March 31,
Dollars in thousands, except per share data (unaudited)	2024	2023	Change
Direct written premiums	$102,657	$90,556	13.4%
Net earned premiums	$85,557	$77,627	10.2%
Loss and LAE ratio	61.0%	75.8%	(14.8 pts)
Expense ratio	36.2%	36.4%	(0.2 pts)
Combined ratio	97.2%	112.2%	(15.0 pts)
Net income (loss) attributable to NI Holdings	$6,419	($4,210)	NM
Return on average equity	10.2%	(6.7%)	16.9 pts
Basic earnings (loss) per share	$0.31	($0.20)	NM
NM = not meaningful