FARGO, North Dakota, August 8, 2024 – NI Holdings, Inc. (NASDAQ: NODK) announced today results for the quarter ended June 30, 2024.

Summary of Second Quarter 2024 Results – Continuing Operations

(All comparisons vs. continuing operations for the second quarter of 2023, unless noted otherwise)

·         Direct written premiums of $118.5 million compared to $121.6 million.  This 2.6% reduction was driven by Crop as a result of lower commodity prices impacting multi-peril crop insurance premiums, partially offset by growth in Non-Standard Auto (26.4%) due to rate and new business increases, and Home and Farm (11.5%), driven by higher rate and insured values.  

·         Net earned premiums of $85.2 million, up 8.0%.

·        Combined ratio of 113.7% versus 107.1%, driven by increased weather-related losses in Home and Farm and unfavorable prior year reserve development in Non-Standard Auto. 

·         Net investment loss of $0.6 million and net investment income of $2.5 million, up 31.2% driven by higher fixed income reinvestment rates.

·        Closed on sale of Westminster American Insurance Company, resulting in a one-time loss on sale of $7.8 million, net of taxes.

·         Basic loss per share of ($0.36) compared to ($0.12).

	Three Months Ended June 30,				Six Months Ended June 30,
Dollars in thousands, except per share data (unaudited)	2024	2023	Change		2024	2023	Change
Direct written premiums	$118,472	$121,576	(2.6%)		$201,513	$193,948	3.9%
Net earned premiums	$85,169	$78,835	8.0%		$155,053	$141,706	9.4%
Loss and LAE ratio	81.4%	76.2%	5.2 pts		70.6%	71.4%	(0.8) pts
Expense ratio	32.3%	30.9%	1.4 pts		34.2%	33.2%	1.0 pts
Combined ratio	113.7%	107.1%	6.6 pts		104.8%	104.6%	0.2 pts
Net income (loss) attributable to NI Holdings	$(16,236)	$(8,122)	NM		$(9,817)	$(12,332)	(20.4%)
Continuing operations	(7,478)	(2,463)	NM		(543)	(359)	51.3%
Discontinued operations	(996)	(5,659)	NM		(1,512)	(11,973)	NM
Loss on sale of discontinued operations	(7,762)	-	NM		(7,762)	-	NM
Return on average equity	(12.7%)	(4.5%)	(8.2) pts		(0.5%)	Back to All News Find an Agent Overview News Community Giving Careers Nodak Insurance Company 1101 1st Ave N Fargo, ND 58102 877-814-5011   Home About News Contact Careers Investors Learning Center Become an Agent Nodak Ins Group Agent Login | Privacy & Security This website contains only a general description of coverage, and is not a policy contract. Coverage under a Nodak Insurance Company product is subject to terms, conditions and exclusions in the actual policy.