NI Holdings, Inc. Reports Results for Fourth Quarter and Year Ended December 31, 2023

FARGO, N.D., March 15, 2024 (GLOBE NEWSWIRE) -- NI Holdings, Inc. (NASDAQ: NODK) announced today results for the year ended December 31, 2023.

Summary of Year-End 2023 Results
(All comparisons vs. year-end 2022, unless noted otherwise)

• Direct written premiums of $102.4 million, up 16.2% compared to the prior year quarter and full year direct written premiums of $418.4 million, up 7.4% compared to prior year. Growth in both periods was driven by Non-Standard Auto and Private Passenger Auto.
• Net earned premiums of $88.6 million, up 4.6% compared to prior year quarter and full year net earned premiums of $351.1 million, up 7.0% compared to prior year.
• Combined ratio of 85.9%, down 23.5 pts compared to the prior year quarter, driven by improved underwriting results across all segments. Combined ratio of 103.4% for full year 2023 versus 119.9% for the prior year, driven by lower catastrophe losses in Home and Farm and lower loss frequency in Private Passenger Auto, partially offset by reserve strengthening in the Non-Standard Auto and Commercial segments to address elevated loss costs due to the inflationary environment.
• Net investment income of $10.5 million for the year versus $7.8 million and net investment gain of $2.1 million versus net investment loss of $13.1 million, driven by higher fixed income reinvestment rates and more favorable equity market conditions, respectively.
• Earnings per share of $0.32 compared to $0.04 for the quarter, and loss per share of $0.26 compared to $2.49 for the year.
• The Company repurchased 548,549 shares of common stock at an average price of $13.15 per share for a total of $7.2 million during the year, excluding the effect from applicable excise taxes.

	Three Months Ended December 31,				Year Ended December 31,
Dollars in thousands, except per share data	2023	2022	Change		2023	2022	Change
Direct written premiums	$102,370	$88,064	16.2%		$418,399	$389,706	7.4%
Net earned premiums	$88,594	$84,675	4.6%		$351,137	$328,290	7.0%
Loss and LAE ratio	50.2%	78.9%	(28.7 pts)		69.6%	89.7%	(20.1 pts)
Expense ratio	35.7%	30.6%	5.1 pts		33.8%	30.2%	3.6 pts
Combined ratio	85.9%	109.4%	(23.5 pts)		103.4%	119.9%	(16.5 pts)
Net income (loss) attributable to NI Holdings	$6,625	$890	NM		($5,476)	($53,096)	NM
Return on average equity	11.1%	1.4%	9.7 pts		(2.2%)	(17.9%)	15.7 pts
Basic earnings (loss) per share	$0.32	$0.04	NM		($0.26)	($2.49)	NM
NM = not meaningful

Management Commentary