Overview
NI Holdings Q3 direct written premiums fell 13.7% due to strategic exit from non-standard auto
Combined ratio improved to 109.1% from 111.0%, despite prior year loss reserve impact
Basic loss per share improved to ($0.08) from ($0.13) in the prior period
Outlook
Company expects reduced future earned premiums due to strategic exit from non-standard auto
NI Holdings anticipates stronger underwriting performance post exit from non-standard auto
Result Drivers
NON-STANDARD AUTO EXIT - Co's decision to stop writing non-standard auto insurance in Illinois, Arizona, and South Dakota led to a decline in direct written premiums
INVESTMENT INCOME - Higher reinvestment rates in the fixed income portfolio drove an 8.1% increase in net investment income
COMBINED RATIO IMPROVEMENT - Combined ratio improved to 109.1% from 111.0%, despite unfavorable prior year loss reserve development in Non-Standard Auto
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Direct Written Premiums | $58.46 mln | ||
Q3 Net Income | -$1.67 mln | ||
Q3 Basic EPS | -$0.08 | ||
Q3 Combined Ratio | 109.1% | ||
Q3 Expense Ratio | 30.9% |
Press Release: ID:nGNX55smwr
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)