NI Holdings reports Q1 net loss of $4.2M; combined ratio deteriorates to 112.2%

NI Holdings, Inc.

2023-Q1 EPS reported -$0.20 revenue$81,556,000

Direct written premiums rose 19.9% to $90.6M, led by Non-Standard Auto (+52%).
Net loss per share of $0.20 vs EPS of $0.09 in prior year; combined ratio 112.2% vs 91.3%.
Elevated loss severity, winter storm impacts, and unfavorable prior-year reserve development drove underwriting loss.
Net investment income increased over 35% YoY to $2.2M; company repurchased $0.6M of stock.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

NI Holdings, Inc. reported the quarter ended March 31, 2023 results: revenue $77.6 million, net income ($4,210), EPS ($0.20).

Period: the quarter ended March 31, 2023
Revenue: $77.6 million
Net income: ($4,210)
EPS: ($0.20)
Result: reported results

Exact text from the filing

· Direct written premiums of $90.6 million, up 19.9%, driven by Non-Standard Auto up 52.0%, Commercial up 19.9% and Private Passenger Auto up 10.7% · Net earned premiums of $77.6 million, up 11.6% · Combined ratio of 112.2% versus 91.3%, driven by elevated loss severity and unfavorable prior year reserve development in Non-Standard Auto and Commercial · Net

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Source: SEC EDGAR

accession 0001174947-23-000738

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