earnings
confidence high
sentiment negative
materiality 0.65
NI Holdings Q1 net income drops 80% to $1.9M ($0.09/sh) on investment losses
NI Holdings, Inc.
2022-Q1 EPS reported
$0.09
revenue$66,140,000
- Net income of $1.9M ($0.09/sh) vs $9.7M ($0.45/sh) prior-year, down 80.3%.
- Combined ratio improved to 91.3% from 92.1%; underwriting gain up 20.9% to $6.1M.
- ROE fell to 2.3% from 11.2% due to unrealized investment losses from rising rates and equity markets.
- Direct written premiums grew 4.3% to $75.5M; shareholders' equity down 4.4% to $332.3M.
- Repurchased 54,872 shares at avg $18.17 for $1.0M during the quarter.