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BBB B. Nodak Insurance Company NI Holdings , Inc. Files Results for First Quarter Ended March 31 , 2021 May 5 , 2021 FARGO , N.D. , May 05 , 2021 ( GLOBE NEWSWIRE ) -- NI Holdings , Inc. ( NASDAQ : NODK ) today reported net income attributable to NI Holdings of $ 9,669 ( $ 0.45 per share ) and return on average equity of 11.2 % for the quarter ended March 31 , 2021 , compared to a loss of $ 3,587 ( - $ 0.16 per share ) and return on average equity of -4.7 % in the prior year quarter . The Company reported an increase of 15.0 % in direct written premiums for the quarter ended March 31 , 2021. Total equity increased 16.8 % from the prior year and stood at $ 352,590 as of March 31 , 2021 . NI Holdings Q1 2021 Financial Highlights : Dollars in thousands , except earnings per share ( unaudited ) Net income attributable to NI Holdings Direct written premiums ( 1 ) Net earned premiums Loss and LAE ratio ( 2 ) Expense ratio ( 3 ) Combined ratio ( 4 ) Return on average equity Basic earnings per share Shareholders ' equity 2021 $ 9,669 $ 72,420 $ 63,135 58.4 % - $ 3,587 Three Months Ended March 31 , 2020 Change + 369.6 % + 15.0 % $ 58,772 51.8 % + 7.4 % +6.6 pts $ 62,972 ITT 33.6 % 92.1 % 11.2 % $ 0.45 $ 352,590 34.3 % 86.1 % -0.7 pts +15.9 pts +6.0 pts -4.7 % - $ 0.16 $ 301,791 + $ 0.61 + 16.8 % ( 1 ) Direct written premiums is a non - GAAP financial measure , representing the amount of insurance premiums purchased by policyholders during the period . ( 2 ) Loss and LAE ratio is a non - GAAP financial measure . It equals losses and loss adjustment expenses , divided by net premiums earned . ( 3 ) Expense ratio is a non - GAAP financial measure . It equals amortization of deferred policy acquisition costs and other underwriting and general expenses , divided by net premiums earned . ( 4 ) Combined ratio is a non - GAAP financial measure . It equals losses and loss adjustment expenses , amortization of deferred policy acquisition costs , and other underwriting and general expenses , divided by net premiums earned . First quarter highlights included : • Combined ratio of 92.1 % compared to 86.1 % in the prior year , primarily as a result of higher weather - related losses along with increased private passenger automobile claims frequency . • Growth in direct written premiums of 15.0 % , driven primarily by growth in our commercial and non - standard auto segments . • After - tax increase of $ 1,509 in net unrealized gain in our equity securities portfolio compared to a decrease of $ 12,588 in the prior year , which increased earnings per share for the quarter by $ 0.64 . " While the combined ratio for the first quarter of 2021 is 6 points higher than the first quarter of 2020 , we consider a 92.1 % combined ratio a very strong start to the year , " said Michael J. Alexander , President and CEO . " Our results were impacted by a return to average weather - related losses in the home and farm and commercial segments , elevated fire losses in the commercial segment as a result of the winter weather conditions on the East Coast , and higher private passenger auto claims frequency . Overall , we are pleased with our premium growth , improved ROE , and increase in net income . " " We continue to benefit from the diversification provided by our commercial and non - standard auto segments . In the first quarter , the commercial segment continued its run of strong new business while also benefitting from a favorable rate environment . Our non - standard auto segment also experienced strong growth in the quarter while achieving a combined ratio of 69.5 % . " Shareholders ' equity increased $ 3,718 from December 31 , 2020 to March 31 , 2021. This increase was primarily due to consolidated net income of $ 9,782 , partially offset by a decrease in accumulated other comprehensive income from our fixed income portfolio . The Company repurchased 32,326 shares of common stock for $ 596 during the quarter . Earnings Conference Call The Company will not hold an earnings conference call for first quarter 2021. Our Quarterly Report on Form 10 - Q as filed with the SEC is available on the Company's website at http://www.niholdingsinc.com . Our latest Financial Supplement is also available on the Company's website .