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B. Nodak BBB Insurance Company NI Holdings , Inc. Files Results for Second Quarter and Six Months Ended June 30 , 2021 August 4 , 2021 FARGO , N.D. , Aug. 04 , 2021 ( GLOBE NEWSWIRE ) -- NI Holdings , Inc. ( NASDAQ : NODK ) today reported net loss attributable to NI Holdings of $ 2.644 million ( - $ 0.12 per share ) and return on average equity of -3.0 % for the quarter ended June 30 , 2021 , compared to net income of $ 18.733 million ( $ 0.86 per share ) and return on average equity of 24.2 % in the prior year quarter . For the six months ended June 30 , 2021 , NI Holdings reported net income of $ 7.025 million ( $ 0.33 per share ) and return on average equity of 4.1 % , compared to net income of $ 15.146 million ( $ 0.69 per share ) and return on average equity of 9.7 % in the prior year six months . The Company reported an increase of 11.4 % in direct written premiums for the quarter ended June 30 , 2021. Total equity increased 8.1 % from the prior year and stood at $ 350.939 million as of June 30 , 2021 . NI Holdings Q2 2021 Financial Highlights : Dollars in thousands , except earnings per share ( unaudited ) Three Months Ended June 30 , Six Months Ended June 30 , 2021 Net income ( loss ) attributable to NI Holdings - $ 2,644 2020 $ 18,733 Change 2021 2020 Change -114.1 % $ 7,025 $ 15,146 -53.6 % Direct written premiums ( 1 ) $ 125,552 $ 112,759 + 11.4 % $ 197,972 $ 175,731 + 12.7 % Net earned premiums $ 76,281 $ 82,006 -7.0 % $ 139,416 $ 140,778 -1.0 % Loss and LAE ratio ( 2 ) 82.5 % 63.9 % +18.6 pts 71.6 % 58.8 % +12.8 pts Expense ratio ( 3 ) Combined ratio ( 4 ) 30.9 % 23.9 % +7.0 pts 32.2 % 28.3 % +3.9 pts 113.4 % 87.8 % +25.6 pts 103.7 % 87.1 % +16.6 pts Return on average equity Basic earnings ( loss ) per share Shareholders ' equity -3.0 % 24.2 % - $ 0.12 $ 0.86 -27.2 pts - $ 0.98 4.1 % 9.7 % -5.6 pts $ 0.33 $ 0.69 - $ 0.36 $ 350,939 $ 324,723 + 8.1 % ( 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 . Second quarter highlights included : • Growth in direct written premiums of 11.4 % , driven primarily by our commercial and non - standard auto segments . Net earned premiums declined due to increased ceding of multi - peril crop premium to the federal government . • After - tax increase of $ 1.442 million in net unrealized gain in our equity securities portfolio compared to an increase of $ 8.553 million in the prior year quarter , which had a $ 0.32 impact on earnings per share for the quarter when compared to the prior year . • Combined ratio of 113.4 % compared to 87.8 % in the prior year quarter , primarily as a result of higher weather - related losses , increased private passenger and non - standard automobile claims frequency , and the extreme drought conditions impacting our crop segment . " We continue to see positive growth in our direct written premium as a result of the opportunities in our commercial lines segment , " said Michael J. Alexander , President and CEO . " Our results were impacted by a return to average frequency of auto claims , a higher level of uninsured / underinsured motorist liability claims , and the extreme drought conditions in North and South Dakota that will have a significant impact on our multi - peril crop business . Our results were also impacted by weather - related activity in the home and farm segment . Commercial multi - peril loss experience improved compared to the prior year and prior quarter . Despite our second quarter results , we anticipate improvement in both our combined ratio and ROE based upon our historical second half results . " Shareholders ' equity increased $ 2.067 million from December 31 , 2020 to June 30 , 2021. This increase was primarily due to consolidated net income of $ 7.025 million , partially offset by a decrease in accumulated other comprehensive income from our fixed income portfolio . The Company repurchased 118,531 shares of common stock for $ 2.267 million during the first six months of 2021 . Earnings Conference Call The Company will not hold an earnings conference call for second quarter 2021. Our Quarterly Report on Form 10 - Q as filed with the SEC is available