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

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			$81,147			0.1%			$316,029			$301,642			4.8%
Net earned premiums	$90,770			$89,532			1.4%			$262,543			$243,615			7.8%
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