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

FARGO, N.D., Nov. 07, 2024 (GLOBE NEWSWIRE) -- 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