Nodak Insurance Company

11/07/2024 | Press release | Distributed by Public on 11/07/2024 16:01

NI Holdings, Inc. Reports Results for Third Quarter Ended September 30, 2024

NOVEMBER 07, 2024

FARGO, North Dakota, November 7, 2024- NI Holdings, Inc. (NASDAQ: NODK) announced today results for the quarter ended September 30, 2024.

Summary of Third Quarter 2024 Results - Continuing Operations

(All comparisons vs. continuing operations for the third quarter of 2023, unless noted otherwise)

· Direct written premiums of $67.7 million compared to $67.9 million. This slight reduction was driven by Non-Standard Auto (-35.8%) due to lower new business and retention, partially offset by Home and Farm (11.6%) driven by higher rate and insured values along with new business growth in North Dakota.

· Net earned premiums of $83.3 million, up 9.0%.

· Combined ratio of 111.0% versus 100.8%, driven by increased non-catastrophe weather-related losses in Home and Farm, partially offset by improved performance in Private Passenger Auto. The current period was also impacted by a one-time charge related to the CEO transition. Both periods were impacted by unfavorable prior year development in Non-Standard Auto.

· Net investment income increased 32.5% to $2.8 million, driven by higher fixed income reinvestment rates.

· Basic loss per share of ($0.13) compared to basic earnings per share of $0.03.

Three Months Ended September 30,

Nine Months Ended September 30,

Dollars in thousands, except per share data

(unaudited)

2024



2023

Change

2024

2023

Change

Direct written premiums

$67,704

$67,917

(0.3%)

$269,217

$261,865

2.8%

Net earned premiums

$83,270

$76,418

9.0%

$238,323

$218,124

9.3%

Loss and LAE ratio

78.2%

69.6%

8.6 pts

73.3%

70.8%

2.5 pts

Expense ratio

32.8%

31.2%

1.6 pts

33.7%

32.5%

1.2 pts

Combined ratio

111.0%

100.8%

10.2 pts

107.0%

103.3%

3.7 pts

Net income (loss) attributable to NI Holdings

$(2,705)

$231

NM

$(15,908)

$(12,101)

31.5%

Continuing operations

$(2,705)

$738

NM

$(3,248)

$379

NM

Discontinued operations

-

$(507)

NM

$(1,512)

$(12,480)

NM

Loss on sale of discontinued operations

-

-

NM

$(11,148)

-

NM

Return on average equity

(4.5%)

1.3%

(5.8) pts

(1.9%)

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