NI Holdings Q2 net loss of $2.6M vs profit $18.7M a year ago; combined ratio worsens

NI Holdings, Inc.

2022-Q2 EPS reported $0.32 revenue$154,011,000

Net loss of $2.644M (-$0.12 per share) vs net income of $18.733M ($0.86) in Q2 2020.
Direct written premiums grew 11.4% to $125.6M, driven by commercial and non-standard auto.
Combined ratio deteriorated to 113.4% from 87.8% on higher weather losses, auto frequency, and drought.
Shareholders' equity up 8.1% to $350.9M; 118,531 shares repurchased for $2.267M in H1 2021.
No earnings conference call held; management cites expected improvement in second half.

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