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Financial Supplement as of June 30, 2024

NI Holdings, Inc. (NODK)

Financial Supplement

Second Quarter 2024

Prior to the sale of Westminster on June 30, 2024, the Company had six reportable segments as described below. The Commercial segment consisted primarily of Westminster's balances and results. As a result of the sale, Westminter's results have been removed from the Commercial segment for all 2024 amounts (as discontinued operations) and any remaining commercial business not associated with Westminster has been reclassified to All Other.

Private Passenger Auto: provides protection against liability for bodily injury and property damage arising from automobile accidents and protection against loss from damage to automobiles owned by the insured.

Non-Standard Auto: provides limited protection auto insurance for both bodily injury and property damage.

Home and Farm: provides coverage for damage to buildings, equipment, and contents for a variety of perils, including fire, lightning, wind, hail, and theft; also covers liability arising from injury to other persons or their property while on insured's premises.

Crop: provides multi-peril crop and crop hail insurance. Multi-peril crop is a federal insurance program to provide protection against a variety of potential damages to crops, including both weather and non-weather causes. Crop hail is private coverage to provide protection against losses to crops due primarily to hail damage.

Commercial: includes commercial liability and physical damage coverages for 2023 amounts.

All Other: includes excess liability and other coverages and assumed reinsurance pools for 2023 amounts. Commercial liability and physical damages coverages, excluding Westminster, are also included for 2024 amounts.

1

NI HOLDINGS, INC.

FINANCIAL SUPPLEMENT

(UNAUDITED)

Second Quarter 2024

INDEX TO SUPPLEMENT

 

Pages:

Consolidated Statements of Operations

3

Consolidated Selected Data

4

CONTACT INFORMATION

 

Corporate Headquarters Address:

Investor Relations Contact:

1101 First Avenue North

Seth Daggett

Fargo, ND 58102

Executive Vice President, Treasurer and Chief Financial Officer

701-298-4200

701-298-4348

 

IR@nodakins.com

Website Address:

www.niholdingsinc.com

About NI Holdings:

NI Holdings, Inc. (NASDAQ: NODK) is a U.S. insurance holding company, specializing in property and casualty insurance coverages. NI Holdings' financial statements are the consolidated financial results of NI Holdings; Nodak Insurance Company, including Nodak's wholly-owned subsidiaries American West Insurance Company, Primero Insurance Company, and Battle Creek Insurance Company; Direct Auto Insurance Company; and Westminster American Insurance Company (sold on June 30, 2024).

2

NI Holdings, Inc.

Consolidated Statements of Operations (Unaudited)

 

 

2024 (A)

 

 

 

2023 (B)

 

($ in thousands)

2Q

1Q

 

4Q

3Q

2Q

1Q

 

 

 

 

 

 

 

 

Revenues:

Net premiums earned Fee and other income Net investment income

Net realized gain (loss) on investments

Change in net unrealized gains (losses) on equity securities Total revenues

Components of net income:

Net premiums earned

Losses and loss adjustment expenses

Underwriting and general expenses (1)

Underwriting gain (loss) (2)

Fee and other income

Goodwill impairment charge (expense)

Net investment income

Net investment gains (losses)

Total investment and other income

Income (loss) before income taxes

Income taxes

Net income (loss)

Net income (loss) attributable to non-controlling interest

Net income (loss) from continuing operations attributable to NI Holdings, Inc.

Income (loss) from discontinued operations, net of tax

Loss on sale of discontinued operations, net of tax

Net income (loss)

Loss and loss adjustment expense ratio (3)

Expense ratio (4)

Combined ratio (5)

$ 85,169 695 2,523 9 (589)

87,807

$ 85,169 69,358 27,519

(11,708)

695

-

2,523

(580)

2,638

(9,070)

(1,592)

(7,478)

-

$ (7,478)

$ (996)

$ (7,762)

(16,236)

81.4%

32.3%

113.7%

$

69,884

$

88,594

$

 

404

 

 

 

750

 

 

 

2,755

 

 

 

2,961

 

 

 

(91)

 

 

 

53

 

 

 

1,547

 

 

 

2,056

 

 

 

74,499

 

 

 

94,414

 

 

 

69,884

 

 

 

88,594

 

 

 

40,144

 

 

 

44,517

 

 

 

25,522

 

 

 

31,615

 

 

 

4,218

 

 

 

12,462

 

 

 

404

 

 

 

750

 

 

 

-

 

 

 

(6,756)

 

 

 

2,755

 

 

 

2,961

 

 

 

1,456

 

 

 

2,109

 

 

 

4,615

 

 

 

(936)

 

 

 

8,833

 

 

 

11,526

 

 

 

1,898

 

 

 

4,315

 

 

 

6,935

 

 

 

7,211

 

 

 

-

 

 

 

586

 

 

$

6,935

$

6,625

$

 

 

 

 

 

 

 

 

$

(516)

 

 

 

 

 

 

$

-

 

 

 

 

 

 

 

6,419

 

 

 

 

 

 

 

57.4%

 

 

 

50.2%

 

 

 

36.5%

 

 

 

35.7%

 

 

 

94.0%

 

 

 

85.9%

 

 

90,770

$

94,146

$

77,627

455

 

499

 

 

 

274

2,751

 

2,505

 

 

 

2,239

531

 

(119)

 

 

 

11,586

(1,758)

 

(55)

 

 

 

(10,170)

92,749

 

96,976

 

 

 

81,556

90,770

 

94,146

 

 

 

77,627

63,564

 

77,506

 

 

 

58,825

29,057

 

29,874

 

 

 

28,244

(1,851)

 

(13,234)

 

 

 

(9,442)

455

 

499

 

 

 

274

-

 

-

 

 

 

-

2,751

 

2,505

 

 

 

2,239

(1,227)

 

(174)

 

 

 

1,416

1,979

 

2,830

 

 

 

3,929

128

 

(10,404)

 

 

 

(5,513)

(170)

 

(2,169)

 

 

 

(1,013)

298

 

(8,235)

 

 

 

(4,500)

67

 

(113)

 

 

 

(290)

231

$

(8,122)

$

(4,210)

 

 

 

 

 

 

 

70.0%

82.3%

75.8%

32.0%

31.7%

36.4%

102.0%

114.0%

112.2%

Effective Tax Rate

17.6%

21.5%

37.4%

(132.8)%

20.8%

18.4%

Notes:

  1. Values exclude results of Westminster which are shown separately as discontinued operations for GAAP reporting purposes.
  2. Values include Westminster and are as disclosed in prior periods.
  1. Underwriting and general expenses include the deferral and amortization of policy acquisition costs.
  2. Underwriting gain (loss) equals net premiums earned less losses and loss adjustments expenses and underwriting and general expenses.
  3. The loss and loss adjustment expense ratio equals losses and loss adjustment expenses divided by net premiums earned.
  4. The expense ratio equals amortization of deferred policy acquisition costs and underwriting and general expenses, divided by net premiums earned.
  5. The combined ratio equals losses and loss adjustment expenses, amortization of deferred policy acquisition costs, and other underwriting and general expenses, divided by net premiums earned.

3

NI Holdings, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Selected Data

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2024 (A)

 

 

 

 

2023 (B)

 

 

 

($ in thousands)

 

2Q

 

1Q

 

4Q

 

3Q

 

2Q

 

1Q

Direct premiums written by state: (6)

 

 

 

 

 

 

 

 

 

 

 

 

North Dakota (7)

$

71,775

$

32,405

$

30,391

$

23,471

$

80,509

$

29,134

Illinois

 

17,625

 

28,179

 

27,371

 

21,805

 

14,054

 

23,118

Nebraska

 

14,997

 

12,578

 

12,308

 

12,799

 

13,920

 

11,671

South Dakota (7)

 

9,085

 

7,311

 

7,567

 

7,430

 

8,190

 

6,474

Minnesota (7)

 

2,834

 

76

 

213

 

417

 

3,242

 

136

Arizona

 

1,578

 

1,914

 

895

 

1,312

 

867

 

1,003

Nevada

 

578

 

578

 

624

 

685

 

793

 

836

New Jersey

 

-

 

-

 

2,763

 

2,231

 

2,514

 

4,031

North Carolina

 

-

 

-

 

4,684

 

2,513

 

2,415

 

2,211

Virginia

 

-

 

-

 

1,777

 

1,875

 

4,749

 

3,152

South Carolina

 

-

 

-

 

1,644

 

558

 

709

 

2,065

Pennsylvania

 

-

 

-

 

2,338

 

553

 

1,608

 

1,780

Maryland

 

-

 

-

 

4,830

 

2,400

 

4,960

 

1,199

Tennessee

 

-

 

-

 

276

 

151

 

1,218

 

907

District of Columbia

 

-

 

-

 

1,259

 

1,020

 

1,049

 

1,014

Georgia

 

-

 

-

 

2,115

 

1,966

 

2,316

 

1,180

Delaware

 

-

 

-

 

1,191

 

21

 

332

 

578

Kentucky

 

-

 

-

 

124

 

18

 

805

 

67

West Virginia

 

-

 

-

 

-

 

-

 

-

 

-

Total

$

118,472

$

83,041

$

102,370

$

81,223

$

144,250

$

90,556

Direct premiums written by segment: (6)

 

 

 

 

 

 

 

 

 

 

 

 

Private passenger auto

$

25,982

$

23,952

$

23,312

$

22,119

$

24,446

$

22,199

Non-standard auto

 

20,350

 

31,273

 

29,476

 

24,338

 

16,101

 

25,381

Home and farm

 

30,402

 

24,788

 

23,628

 

23,608

 

27,239

 

21,921

Crop (7)

 

37,780

 

(204)

 

(113)

 

(4,900)

 

50,296

 

(10)

Commercial

 

-

 

-

 

24,790

 

14,767

 

24,647

 

19,651

All other (8)

 

3,958

 

3,232

 

1,277

 

1,291

 

1,521

 

1,414

Total

$

118,472

$

83,041

$

102,370

$

81,223

$

144,250

$

90,556

Net premiums earned by segment:

 

 

 

 

 

 

 

 

 

 

 

 

Private passenger auto

$

22,471

$

22,102

$

21,929

$

21,235

$

20,543

$

19,653

Non-standard auto

 

26,743

 

24,988

 

24,005

 

21,231

 

21,645

 

20,879

Home and farm

 

21,924

 

21,415

 

21,674

 

21,309

 

20,415

 

19,991

Crop (7)

 

10,978

 

(1,549)

 

3,460

 

9,746

 

13,336

 

(725)

Commercial

 

-

 

-

 

16,067

 

15,751

 

16,641

 

16,017

All other (8)

 

3,053

 

2,928

 

1,459

 

1,498

 

1,566

 

1,812

Total

$

85,169

$

69,884

$

88,594

$

90,770

$

94,146

$

77,627

Loss and loss adjustment expenses by segment:

 

 

 

 

 

 

 

 

 

 

 

 

Private passenger auto

$

19,929

$

11,293

$

9,110

$

16,603

$

18,866

$

15,625

Non-standard auto

 

19,313

 

16,869

 

13,026

 

18,838

 

14,139

 

17,038

Home and farm

 

22,026

 

12,181

 

10,249

 

14,052

 

17,915

 

8,719

Crop (7)

 

7,311

 

(1,557)

 

(334)

 

3,690

 

8,210

 

(773)

Commercial

 

-

 

-

 

12,230

 

10,272

 

18,129

 

18,114

All other (8)

 

779

 

1,358

 

236

 

109

 

247

 

102

Total

$

69,358

$

40,144

$

44,517

$

63,564

$

77,506

$

58,825

Loss and loss adjustment expense ratios by segment: (3)

 

 

 

 

 

 

 

 

 

 

 

 

Private passenger auto

 

88.7%

 

51.1%

 

41.5%

 

78.2%

 

91.8%

 

79.5%

Non-standard auto

 

72.2%

 

67.5%

 

54.3%

 

88.7%

 

65.3%

 

81.6%

Home and farm

 

100.5%

 

56.9%

 

47.3%

 

65.9%

 

87.8%

 

43.6%

Crop (7)

 

66.6%

 

n/a

 

-9.7%

 

37.9%

 

61.6%

 

n/a

Commercial

 

n/a

 

n/a

 

76.1%

 

65.2%

 

108.9%

 

n/a

All other (8)

 

25.5%

 

46.4%

 

16.2%

 

7.3%

 

15.8%

 

5.6%

Total

 

81.4%

 

57.4%

 

50.2%

 

70.0%

 

82.3%

 

75.8%

Notes:

  1. Values exclude results of Westminster which are shown separately as discontinued operations for GAAP reporting purposes.
  2. Values include Westminster and are as disclosed in prior periods.
  1. The loss and loss adjustment expense ratio equals losses and loss adjustment expenses divided by net premiums earned.
  1. Direct premiums written represents the amount of insurance premiums purchased by policyholders during the period.
  2. Multi-perilcrop and crop hail insurance premiums are generally written in the second quarter and earned ratably over the remainder of the calendar year. First quarter activity is the result of minor prior crop year adjustments which typically occur annually during first quarter.
  3. All other includes primarily excess liability and other insurance coverages, as well as assumed domestic and international reinsurance programs which are intended to diversify the risk exposure of the company.

4

Disclaimer

NI Holdings Inc. published this content on 09 August 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 August 2024 06:09:54 UTC.

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