FARGO, North Dakota, August 8, 2025 – NI Holdings, Inc. (NASDAQ: NODK) announced today results for the quarter ended June 30, 2025.

Summary of Second Quarter 2025 Results – Continuing Operations

(All comparisons vs. continuing operations for the second quarter of 2024, unless noted otherwise)

·         Direct written premiums of $109.5 million compared to $118.5 million. This reduction was driven by Non-Standard Auto (-56.4%) due to the continued impact of the strategic decision to significantly decrease our Non-Standard Auto premiums, partially offset by Home and Farm (8.1%) driven by higher rate and insured values along with new business growth in North Dakota.

·         Combined ratio of 125.1% versus 113.7%, primarily driven by higher unfavorable development of liability loss claims in Non-Standard Auto, decreased net earned premiums in Non-Standard Auto and a significant catastrophe event in North Dakota that exceeded the Company’s $20M reinsurance retention.

·         Total pre-tax catastrophe losses, net of reinsurance, of $20.0 million for the quarter and year-to-date, which adversely impacted the second quarter and year-to-date loss and loss adjustment expense ratios by 30.2 and 15.7 percentage points, respectively.   

·         Net investment income increased 40.8% to $2.7 million, primarily driven by higher reinvestment rates in our fixed income portfolio and higher net realized gains.

·         Basic loss per share of ($0.57) compared to ($0.36).

	Three Months Ended June 30,				Six Months Ended June 30,
Dollars in thousands, except per share data (unaudited)	2025	2024	Change		2025	2024	Change
Direct written premiums	$109,519	$118,472	(7.6%)		$177,247	$201.513	(12.0%)
Net earned premiums	$73,005	$85,169	(14.3%)		$140,502	$155,053	(9.4%)
Loss and LAE ratio	91.2%	81.4%	9.8 pts		74.8%	70.6%	4.2 pts
Expense ratio	33.9%	32.3%	1.6 pts		35.5%	34.2%	1.3 pts
Combined ratio	125.1%	113.7%	11.4 pts		110.3%	104.8%	5.5 pts
Net loss attributable to NI Holdings	$(12,051)	$(19,622)	(38.6%)		$(5,591)	$(13,203)	(57.7%)
Continuing operations	$(12,051)	$(7,478)	61.2%		$(5,591)	$(543)	NM
Discontinued operations	-	$(996)	NM		-	$(1,512)	NM
Loss on sale of discontinued operations	-	$(11,148)	NM		-	$(11,148)	NM
Return on average equity	(19.4%)	(12.8%)	(6.6) pts		(4.6%)	<spa Back to All News Find an Agent Overview News Community Giving Careers Nodak Insurance Company 1101 1st Ave N Fargo, ND 58102 877-814-5011   Home About News Contact Careers Investors Learning Center Become an Agent Nodak Ins Group Agent Login | Privacy & Security This website contains only a general description of coverage, and is not a policy contract. Coverage under a Nodak Insurance Company product is subject to terms, conditions and exclusions in the actual policy.