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

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 ratio	82.3%		128.5%		(46.2 pts)		79.4%		96.5%		(17.1 pts)
Expense ratio	31.7%		31.1%		0.6 pts		33.8%		32.2%		1.6 pts
Combined ratio	114.0%		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