NI Holdings Q1 EPS soars on improved underwriting profitability
NI Holdings, Inc. NODK | 0.00 |
Overview
U.S. insurance holding company reported Q1 gross premiums written down 15% yr/yr
Basic EPS for Q1 rose 94% yr/yr, reflecting improved underwriting profitability
Combined ratio improved to 79.7% from 94.4% on favorable reserve development and core business strength
Outlook
Company did not provide specific guidance for the current or future periods
Result Drivers
NON-STANDARD AUTO EXIT - Premiums fell sharply due to the company's decision to stop writing Non-Standard Auto business in Illinois, Arizona and South Dakota
HOME AND FARM GROWTH - Home and Farm segment grew due to rate increases, higher insured values, and new business in North Dakota and South Dakota
CATASTROPHE REINSURANCE - All Other segment grew as a result of increased assumed premiums from participation on catastrophe reinsurance programs
Company press release: ID:nGNX7QzZY
Key Details
Metric |
Beat/Miss |
Actual |
Consensus Estimate |
Q1 Gross Written Premiums |
|
$57.51 mln |
|
Q1 Net Income |
|
$12.51 mln |
|
Q1 Basic EPS |
|
$0.60 |
|
Q1 Combined Ratio |
|
79.7% |
|
Q1 Expense Ratio |
|
37.3% |
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