NI Holdings, Inc. reports insurance-company developments tied to its property and casualty subsidiaries, including underwriting results, loss reserve development, catastrophe activity, and investment income. The company distributes homeowners, farmowners, crop, private passenger auto, and related insurance products through exclusive and independent agents, with reportable activity that includes Private Passenger Auto, Non-Standard Auto, Home and Farm, Crop, and other commercial, reinsurance, and excess liability business.
Recurring updates cover quarterly and annual operating results, segment profitability, weather-driven losses in its Upper Midwest markets, the company's exit from selected Non-Standard Auto business, leadership changes, and common-stock repurchase authorizations.
NI Holdings reported a 9.3% increase in net earned premiums for Q3 2020 compared to the previous year, reaching $73,342. The company recorded a net income of $3,664, a significant recovery from a loss of $6,979 in Q3 2019. Total equity rose 11.4% to $325,513. Key metrics include a combined ratio of 103.6%, improved from 117.5% last year, driven by fewer weather-related losses. Shareholders' equity increased by $15,710 since December 2019, supported by net income and unrealized gains in equity securities.
NI Holdings, Inc. (NASDAQ: NODK) reported strong financial results for Q2 2020, achieving a 25.9% increase in net earned premiums year-over-year. Net income surged to $18,733 from $2,478 in the previous year, while total equity rose to $324,723. Key metrics included a combined ratio of 87.8% and a 656% increase in underwriting gain, totaling $10,017. Despite challenges from COVID-19, the commercial segment's growth stemmed from the Westminster acquisition. However, non-standard auto premium writings saw a decline as cancellations outpaced new business.