NI (US:NODK)2024-11-07 21:07Premiums and Income - Direct written premiums for Q3 2024 were $67.7 million, a slight decrease of 0.3% compared to $67.9 million in Q3 2023, primarily due to a 35.8% decline in Non-Standard Auto[1][2] - Net earned premiums increased by 9.0% to $83.3 million, up from $76.4 million in the same quarter last year[1][2] - Net investment income surged by 32.5% to $2.8 million, driven by higher fixed income reinvestment rates[1][2] Financial Performance - The combined ratio rose to 111.0%, an increase of 10.2 percentage points from 100.8% in Q3 2023, attributed to higher non-catastrophe weather-related losses[1][2] - The company reported a basic loss per share of ($0.13), compared to earnings per share of $0.03 in Q3 2023[1][2] - Net income attributable to NI Holdings was $(2.7 million) for Q3 2024, a significant decline from a profit of $231,000 in Q3 2023[1][2] - The loss and LAE ratio increased to 78.2%, up 8.6 percentage points from 69.6% in the prior year[2] - The expense ratio rose to 32.8%, an increase of 1.6 percentage points compared to 31.2% in Q3 2023[2] Strategic Focus - Management indicated that the sale of Westminster American has allowed the company to refocus on its core business, aiming for a return to profitability over time[3] - The company is facing challenges from unfavorable prior year developments in the Non-Standard Auto segment and elevated costs related to CEO transition[3]