Results
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.
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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Dollars in thousands, except per share data (unaudited) |
2024 |
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2023 |
Change |
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2024 |
2023 |
Change |
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Direct written premiums |
$67,704 |
$67,917 |
(0.3%) |
$269,217 |
$261,865 |
2.8% |
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Net earned premiums |
$83,270 |
$76,418 |
9.0% |
$238,323 |
$218,124 |
9.3% |
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Loss and LAE ratio |
78.2% |
69.6% |
8.6 pts |
73.3% |
70.8% |
2.5 pts |
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Expense ratio |
32.8% |
31.2% |
1.6 pts |
33.7% |
32.5% |
1.2 pts |
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Combined ratio |
111.0% |
100.8% |
10.2 pts |
107.0% |
103.3% |
3.7 pts |
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Net income (loss) attributable to NI Holdings |
$(2,705) |
$231 |
NM |
$(15,908) |
$(12,101) |
31.5% |
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Continuing operations |
$(2,705) |
$738 |
NM |
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$(3,248) |
$379 |
NM |
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Discontinued operations |
- |
$(507) |
NM |
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$(1,512) |
$(12,480) |
NM |
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Loss on sale of discontinued operations |
- |
- |
NM |
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$(11,148) |
- |
NM |
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Return on average equity |
(4.5%) |
1.3% |
(5.8) pts |
(1.9%) |
Find an AgentNodak Insurance Company
1101 1st Ave N
877-814-5011
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