FARGO, North Dakota, August 7, 2026 – NI Holdings, Inc. (NASDAQ: NODK) announced today results for the quarter ended June 30, 2026.
Summary of Second Quarter 2026 Results
(All comparisons vs. the second quarter of 2025, unless noted otherwise)
· Gross premiums written of $107.2 million compared to $111.8 million in the prior year quarter. This decrease was driven by Non-Standard Auto (-98.9%) reflecting the continued impact of the Company’s strategic decision to exit the majority of the segment, as well as a decline in Private Passenger Auto (-8.0%) due to lower renewal premiums and new business in South Dakota and Nebraska, partially offset by increased new business in North Dakota. These declines were partially offset by All Other (+46.7%) due to increased assumed premiums from participation on catastrophe reinsurance programs of certain farm bureau insurance companies, and Crop (+8.8%) due to increased new business.
· Combined ratio of 107.7%, versus 125.1% in the prior year quarter. The improvement was primarily driven by lower catastrophe losses, favorable prior year development on loss reserves in Non-Standard Auto during the current year quarter compared to unfavorable prior year development in the prior year quarter, and improved growing conditions in Crop, partially offset by higher non-catastrophe weather-related losses in Home and Farm.
· Total pre-tax catastrophe loss of $15.0 million for the quarter, which was below our reinsurance retention and adversely impacted the second quarter and year-to-date loss and loss adjustment expense ratios by 23.1 and 12.5 percentage points, respectively. This compares to total pre-tax catastrophe loss, net of reinsurance, of $20.0 million and $3.3 million of related reinstatement premiums in the prior year quarter, which adversely impacted the prior year quarter and prior year-to-date loss and loss adjustment expense ratios by 30.2 and 15.7 percentage points, respectively.
· Net investment income of $2.8 million, down 10.7% from the prior year quarter, primarily due to a lower average fixed income portfolio balance.
· Basic earnings per share of $0.01, compared to basic loss per share of $(0.57) in the prior year quarter, reflecting improved profitability for the quarter.
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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Dollars in thousands, except per share data (unaudited) |
2026 |
2025 |
Change |
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2026 |
2025 |
Change |
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Gross premiums written |
$107,191 |
$111,828 |
(4.1%) |
|
$164,703 |
$179,594 |
(8.3%) |
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Net premiums earned |
$65,017 |
$73,005 |
(10.9%) |
|
$120,130 |
$140,502 |
(14.5%) |
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Loss and LAE ratio |
74.5% |
91.2% |
(16.7) pts |
|
59.7% |
74.8% |
(15.1) pts |
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Expense ratio |
33.2% |
33.9% |
(0.7) pts |
|
35.1% |
35.5% |
(0.4) pts |
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Combined ratio |
107.7% |
125.1% |
(17.4) pts |
|
94.8% |
110.3% |
(15.5) pts |
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Net investment income |
$2,810 |
$3,146 |
(10.7%) |
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$5,465 |
$5,984 |
(8.7%) |
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Net investment gains (losses) |
$2,063 |
$(410) |
NM |
|
$3,767 |
$459 |
NM |
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Net income |
$146 |
$(12,051) |
NM |
|
$12,654 |
$(5,591) |
NM |
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Return on average equity |
0.2% |
(19.4%) |
19.6 pts |
|
10.3% |
(4.6%) |
14.9 pts |
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Basic earnings per share |
$0.01 |
$(0.57) |
NM |
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