NI Holdings, Inc. Reports Second Quarter 2022 Results
Second Quarter 2022 Financial Highlights:
- Net loss of
$45.9 million , compared to$2.6 million in the prior year quarter. - Direct written premiums grew 15.5% from prior year quarter, driven by our Crop, Commercial and Non-Standard Auto segments.
- Underwriting loss of
$50.3 million , compared to$10.2 million in the prior year quarter, driven by net pre-tax catastrophe losses of$49.1 million compared to$10.0 million in the prior year quarter. - Net investment losses of
$11.1 million , compared to net investment gains of$4.7 million in the prior year quarter, driven by unfavorable equity market conditions. - Total shareholders’ equity decreased 21.5% from year-end 2021 to
$272.6 million , driven by the impact of rising interest rates on our fixed income portfolio, net unrealized losses in our equity portfolio and the year-to-date underwriting loss. - The Company repurchased 56,372 shares of common stock at an average price of
$16.58 per share for a total of$0.9 million during the quarter.
Dollars in thousands, except earnings per share (unaudited) | |||||||||||
Three Months Ended |
Six Months Ended |
||||||||||
2022 | 2021 | Change | 2022 | 2021 | Change | ||||||
Net income (loss) attributable to |
( |
( |
(1,636.4%) | ( |
(726.3%) | ||||||
Direct written premiums(1) | 15.5% | 11.4% | |||||||||
Net earned premiums | 10.8% | 10.5% | |||||||||
Loss and LAE ratio(2) | 128.5% | 82.5% | 46.0 pts | 96.5% | 71.6% | 24.9 pts | |||||
Expense ratio(3) | 31.1% | 30.9% | 0.2 pts | 32.2% | 32.2% | - | |||||
Combined ratio(4) | 159.6% | 113.4% | 46.2 pts | 128.7% | 103.7% | 25.0 pts | |||||
Return on average equity | (61.4%) | (3.0%) | (58.4 pts) | (28.7%) | 4.3% | (33.0 pts) | |||||
Basic earnings (loss) per share | ( |
( |
( |
( |
( |
||||||
(1) Direct written premiums represents the amount of insurance premiums purchased by policyholders during the period. | |||||||||||
(2) Loss and LAE ratio equals losses and loss adjustment expenses, divided by net premiums earned. | |||||||||||
(3) Expense ratio equals amortization of deferred policy acquisition costs and other underwriting and general expenses, divided by net premiums earned. | |||||||||||
(4) 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. | |||||||||||
“The Midwest was hit with significant weather losses this quarter, including four severe weather events that each resulted in over
The Company’s Quarterly Report on Form 10-Q and latest financial supplement can be found on the Company’s website at www.niholdingsinc.com. The Company’s filings with the
About the Company
NI Holdings’ financial statements are the consolidated financial results of
Safe Harbor Statement
Some of the statements included in this news release, particularly those anticipating future financial performance, business prospects, growth and operating strategies, the impact of pricing and underwriting changes on operating results, and similar matters, are forward-looking statements within the meaning of the
For a detailed discussion of the risk factors that could affect our actual results, please refer to the risk factors identified in our
Investor Relations Contact:
Vice President,
(212) 836-9623
[email protected]
Media Contact:
(701) 298-4282
[email protected]
Source:
Reinsurance Group of America Reports Second Quarter Results
DOMA HOLDINGS, INC. FILES (8-K) Disclosing Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing, Regulation FD Disclosure, Financial Statements and Exhibits
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