NI Holdings Q2 net loss of $16.2M; combined ratio 113.7%; closed sale of Westminster

NI Holdings, Inc.

2024-Q2 EPS reported -$0.47 revenue$162,306,000

Basic loss per share from continuing ops ($0.36) vs ($0.12) YoY; net loss $16.2M vs $8.1M.
Combined ratio 113.7% (107.1% prior year) on weather losses and unfavorable reserve development.
Direct written premiums down 2.6% to $118.5M; Non-Standard Auto grew 26.4%, Home & Farm up 11.5%.
Closed sale of Westminster American Insurance, one-time after-tax loss of $7.8M.
Net investment income rose 31.2% to $2.5M on higher reinvestment rates.

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