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B. Nodak BBB Insurance Company NI Holdings , Inc. Files Results for Third Quarter and Nine Months Ended September 30 , 2021 November 5 , 2021 FARGO , N.D. , Nov. 05 , 2021 ( GLOBE NEWSWIRE ) -- NI Holdings , Inc. ( NASDAQ : NODK ) today reported net loss attributable to NI Holdings of $ 4.7 million ( - $ 0.22 per share ) and return on average equity of -5.5 % for the quarter ended September 30 , 2021 , compared to net income of $ 3.7 million ( $ 0.17 per share ) and return on average equity of 4.6 % in the prior year quarter . For the nine months ended September 30 , 2021 , NI Holdings reported net income of $ 2.3 million ( $ 0.11 per share ) and return on average equity of 0.9 % , compared to net income of $ 18.8 million ( $ 0.86 per share ) and return on average equity of 8.0 % in the prior year nine months . The Company reported an increase of 0.9 % in direct written premiums for the quarter ended September 30 , 2021. Total equity increased 5.7 % from the prior year and stood at $ 344.0 million as of September 30 , 2021 . NI Holdings Q3 2021 Financial Highlights : Dollars in thousands , except earnings per share ( unaudited ) Three Months Ended September 30 , Nine Months Ended September 30 , 2021 2020 Change Net income ( loss ) attributable to NI Holdings - $ 4,737 $ 3,664 -229.3 % 2021 $ 2,288 2020 Change $ 18,810 -87.8 % Direct written premiums ( 1 ) $ 68,905 $ 68,322 + 0.9 % $ 266,877 $ 244,053 + 9.4 % Net earned premiums $ 82,173 $ 73,342 + 12.0 % $ 221,589 $ 214,120 + 3.5 % Loss and LAE ratio ( 2 ) 80.0 % 73.4 % +6.6 pts 74.7 % 63.8 % +10.9 pts Expense ratio ( 3 ) Combined ratio ( 4 ) 30.8 % 30.2 % +0.6 pts 31.7 % 28.9 % +2.8 pts 110.9 % 103.6 % +7.3 pts 106.4 % 92.7 % +13.7 pts Return on average equity Basic earnings ( loss ) per share Shareholders ' equity -5.5 % - $ 0.22 4.6 % -10.1 pts 0.9 % 8.0 % -7.1 pts $ 0.17 - $ 0.39 $ 0.11 $ 0.86 - $ 0.75 $ 343,976 $ 325,513 + 5.7 % ( 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 . Third quarter highlights included : • Growth in direct written premiums of 0.9 % , driven by our non - standard auto and home and farm segments . Net earned premiums increased by 12.0 % primarily as a result of growth in our commercial segment and incremental earning of multi - peril crop premiums . • After - tax decrease of $ 2.0 million in net unrealized gain in our equity securities portfolio compared to an increase of $ 3.5 million in the prior year quarter , which had a - $ 0.25 impact on earnings per share for the quarter when compared to the prior year . • Combined ratio of 110.9 % compared to 103.6 % in the prior year quarter , primarily due to higher weather - related losses , increased private passenger and non - standard automobile claims frequency driven by easing of COVID - 19 restrictions , and the extreme drought conditions impacting our crop segment . • Repurchased 49,862 shares of the Company's common stock and approved a new $ 5 million share repurchase authorization during the quarter . " We continue to see positive growth in our direct written and earned premiums as a result of the opportunities in our commercial multi - peril and non - standard auto segments , ” 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 are having a significant impact on our multi - peril crop business . Our results were also impacted by above average weather - related activity in the home and farm segment in Nebraska and South Dakota during the third quarter . We were pleased that our commercial multi - peril loss experience continued to improve compared to the first half of the year . Despite our year - to - date results , we anticipate improvement in both our combined ratio and ROE based on our historical fourth quarter results . " Shareholders ' equity decreased $ 4.9 million from December 31 , 2020 to September 30 , 2021. This decrease was primarily due to a decrease in