NI Holdings swings to Q2 profit as combined ratio improves
NODK•Outlook
- Company did not provide specific guidance for the current qtr or full yr
Overview
- US insurance holding company's Q2 gross premiums written fell 4.1% yr/yr
- Basic EPS for Q2 shifted to profit from loss in prior-year quarter
- Combined ratio improved to 107.7% from 125.1%, driven by lower catastrophe losses
Key details
| Metric | Actual |
|---|---|
| Q2 Direct Written Premiums | $107.19 mln |
| Q2 Net Income | $146,000 |
| Q2 Basic EPS | $0.01 |
| Q2 Combined Ratio | 107.7% |
| Q2 Expense Ratio | 33.2% |
Result drivers
- Segment exit - Decline in gross premiums written mainly due to exit from Non-Standard Auto and lower Private Passenger Auto business, partially offset by growth in assumed reinsurance and Crop segments
- Catastrophe losses - Lower catastrophe losses and favorable prior-year reserve development in Non-Standard Auto improved combined ratio, though higher non-catastrophe weather-related losses in Home and Farm partially offset gains
- - Net investment income declined 10.7% due to a lower average fixed income portfolio balance
