NI Holdings, Inc. Reports Results for Third Quarter Ended September 30, 2026

Underwriting returned to profitability despite lower premiums and investment income, with favorable loss-reserve development contributing.

Rhea-AI Summary

NI Holdings (NASDAQ: NODK) reported third-quarter 2026 net income of $5.528 million, reversing a loss in the prior-year quarter. Basic earnings per share were $0.27 versus a loss of $0.08. The combined ratio, measuring claims and expenses against earned premiums, improved to 93.6% from 109.1%. Favorable loss-reserve development and lower Home and Farm weather losses helped, while drought increased Crop losses.

Gross premiums written fell 7.2% to $54.346 million as the Non-Standard Auto exit and lower Private Passenger Auto premiums outweighed growth elsewhere. Net premiums earned declined 8.6%, and net investment income fell 10.7% to $2.716 million. For the first nine months, net income reached $18.182 million versus a $7.257 million loss, while the combined ratio improved to 94.4% from 110.0% and gross premiums written fell 8.0%.

15 points · 0 major

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0 major · 11 points

How the balance works

Positive

• Moderate pointThird-quarter net income reached $5.528 million versus a $1.666 million loss; basic EPS was $0.27 versus $(0.08).
• Moderate pointThird-quarter combined ratio improved 15.5 percentage points to 93.6% from 109.1%.
• Minor pointNine-month net income reached $18.182 million versus a $7.257 million loss; basic EPS was $0.87 versus $(0.35).
• Minor pointNine-month combined ratio improved 15.6 percentage points to 94.4% from 110.0%.
• Minor pointThird-quarter loss and loss adjustment expense ratio fell to 64.1% from 78.2%.

10 minor points

• Minor pointNine-month loss and loss adjustment expense ratio fell to 61.3% from 76.0%.
• Minor pointThird-quarter expense ratio declined to 29.5% from 30.9%.
• Minor pointNine-month expense ratio declined to 33.1% from 34.0%.
• Minor pointThird-quarter return on average equity rose to 9.0% from negative 2.7%.
• Minor pointNine-month return on average equity rose to 10.0% from negative 4.0%.
• Minor pointNine-month net investment gains increased to $3.674 million from $1.821 million.
• Minor pointAll Other gross premiums written increased 50.6%, supported by increased assumed catastrophe reinsurance premiums.
• Minor pointHome and Farm gross premiums written increased 1.9%, supported by renewals, rate increases and North Dakota new business.
• Minor pointNon-Standard Auto favorable prior-year loss-reserve development replaced unfavorable development in the prior-year quarter.
• Minor pointHome and Farm benefited from lower weather-related losses and favorable reserve development for current-year storms.

Negative

• Moderate pointThird-quarter gross premiums written fell 7.2% to $54.346 million from $58.586 million.
• Moderate pointThird-quarter net premiums earned declined 8.6% to $65.756 million from $71.905 million.
• Moderate pointThird-quarter net investment income fell 10.7% to $2.716 million as portfolio proceeds funded Non-Standard Auto operating cash needs.
• Minor pointNine-month gross premiums written fell 8.0% to $219.049 million from $238.180 million.
• Minor pointNine-month net premiums earned declined 12.5% to $185.886 million from $212.407 million.

6 minor points

• Minor pointNine-month net investment income declined 9.3% to $8.181 million from $9.024 million.
• Minor pointThird-quarter net investment results shifted to a $93 thousand loss from a $1.362 million gain.
• Minor pointNon-Standard Auto gross premiums written declined 100.2% amid the continuing segment exit.
• Minor pointPrivate Passenger Auto gross premiums written fell 8.4%, reflecting lower new business, renewals and rate decreases.
• Minor pointCrop losses increased because of drought conditions in North Dakota.
• Minor pointPrivate Passenger Auto experienced increased large losses and adverse prior-year loss-reserve development.

News Explained

In the third quarter, NI Holdings reports that proceeds from fixed-income maturities and sales funded operating cash needs in Non-Standard Auto, while the lower average fixed-income portfolio balance contributed to lower net investment income.

Key Figures

Gross premiums written: $54,346 thousand; down 7.2% Net premiums earned: $65,756 thousand; down 8.6% Combined ratio: 93.6% vs. 109.1% +3 more

Gross premiums written

$54,346 thousand; down 7.2%

Third quarter 2026 vs. third quarter 2025

Net premiums earned

$65,756 thousand; down 8.6%

Third quarter 2026 vs. third quarter 2025

Combined ratio

93.6% vs. 109.1%

Third quarter 2026 vs. third quarter 2025

Net income (loss)

$5,528 thousand vs. $(1,666) thousand

Third quarter 2026 vs. third quarter 2025

Basic earnings (loss) per share

$0.27 vs. $(0.08)

Third quarter 2026 vs. third quarter 2025

Net investment income

$2,716 thousand; down 10.7%

Third quarter 2026 vs. third quarter 2025

Previous Earnings Reports

2 past events · Latest: Aug 07

Same Type 2 events

1. Aug 07

   Quarterly earnings

   24h Move

   -1.8%

   Combined ratio improved to 107.7% from 125.1%, while premiums fell 4.1%.

2. Nov 07

   Quarterly earnings

   24h Move

   -0.8%

   Reported a $1.7 million net loss alongside declining premiums and a 109.1% combined ratio.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

gross premiums written, combined ratio, loss and loss adjustment expense ratio, loss reserves

4 terms

gross premiums written financial

"Gross premiums written of $54,346 compared to $58,586 in the prior year quarter."

Gross premiums written is the total dollar value of all insurance policies an insurer issues or renews over a period, measured before subtracting amounts passed on to other insurers (reinsurance) or cancellations. Think of it as a store’s total receipts from sales before returns and wholesaler fees; it shows how much business the company is generating but not how much it keeps as profit, so investors use it to gauge growth and market activity.

combined ratio financial

"Combined ratio of 93.6% versus 109.1% in the prior year quarter."

The combined ratio is a way insurance companies measure how well they are doing by adding up all their costs and claims and comparing them to the money they earn from premiums. If the ratio is below 100%, it means the company is making a profit; if it's above 100%, they are losing money. It helps see if an insurance company is financially healthy or not.

loss and loss adjustment expense ratio financial

"Loss and loss adjustment expense ratio | 64.1% | 78.2%"

The loss and loss adjustment expense (LAE) ratio measures how much of an insurer’s premium income is used to pay claims and the costs of handling those claims, expressed as a percentage of premiums earned. It tells investors how efficiently an insurer pays and manages claims — like seeing what share of a store’s sales is eaten by returns and the cost to process them — and helps assess underwriting profitability and risk before investment income is considered.

loss reserves financial

"favorable prior year development on loss reserves in Non-Standard Auto"

Loss reserves are money a company sets aside to cover expected losses from loans, insurance claims, or other customer defaults. They matter to investors because they directly reduce reported profits and act like an emergency fund for future bad outcomes: too small a reserve can lead to surprise losses, while too large a reserve can mask better underlying performance. Investors watch changes in reserves to gauge risk, management judgment, and the company’s financial resilience.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FARGO, N.D., Nov. 06, 2026 (GLOBE NEWSWIRE) -- NI Holdings, Inc. (NASDAQ: NODK) announced today results for the quarter ended September 30, 2026.

Summary of Third Quarter 2026 Results
(All comparisons vs. the third quarter of 2025, unless noted otherwise)

• Gross premiums written of $54,346 compared to $58,586 in the prior year quarter. This decrease was driven by Non-Standard Auto (-100.2%) due to the continued impact of the Company’s strategic decision to exit the segment. Also impacting the decrease was a decline in Private Passenger Auto (-8.4%) due to lower new business and renewal premiums in South Dakota and Nebraska and the impact of rate decreases in North Dakota, South Dakota and Nebraska. These declines were partially offset by All Other (+50.6%) due to continued increased assumed premiums from participation on catastrophe reinsurance programs of certain farm bureau insurance companies and Home and Farm (+1.9%) due to strong renewal premiums, rate increases and increased new business in North Dakota.
• Combined ratio of 93.6% versus 109.1% in the prior year quarter. The improvement was primarily driven by 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 as well as favorable development on loss reserves for current year storms and lower weather-related losses within the Home and Farm segment. These improvements were slightly offset by higher losses in Crop due to drought conditions in North Dakota as well as increased large loss activity and adverse prior year development on loss reserves in Private Passenger Auto.
• Net investment income of $2.7 million, down 10.7% from the prior year quarter, primarily due to a lower average fixed income portfolio balance as proceeds from maturities and sales were used to fund operating cash needs in the Non-Standard Auto segment.
• Basic earnings per share of $0.27, compared to basic loss per share of $(0.08) in the prior year quarter, reflecting improved profitability for the quarter.

	Three Months Ended September 30,				Nine Months Ended September 30,
Dollars in thousands, except per share data (unaudited)	2026	2025	Change		2026	2025	Change
Gross premiums written	$54,346	$58,586	(7.2%)		$219,049	$238,180	(8.0%)
Net premiums earned	$65,756	$71,905	(8.6%)		$185,886	$212,407	(12.5%)
Loss and loss adjustment expense ratio	64.1%	78.2%	(14.1) pts		61.3%	76.0%	(14.7) pts
Expense ratio	29.5%	30.9%	(1.4) pts		33.1%	34.0%	(0.9) pts
Combined ratio	93.6%	109.1%	(15.5) pts		94.4%	110.0%	(15.6) pts
Net investment income	$2,716	$3,040	(10.7%)		$8,181	$9,024	(9.3%)
Net investment gains (losses)	$(93)	$1,362	NM		$3,674	$1,821	NM
Net income (loss)	$5,528	$(1,666)	NM		$18,182	$(7,257)	NM
Return on average equity	9.0%	(2.7%)	11.7 pts		10.0%	(4.0%)	14.0 pts
Basic earnings (loss) per share	$0.27	$(0.08)	NM		$0.87	$(0.35)	NM
NM = not meaningful

Management Commentary

“We delivered significantly improved underwriting results in the third quarter, reflecting continued progress on our strategic priorities,” said Cindy Launer, President and Chief Executive Officer. “We are seeing strong performance in Home and Farm in North Dakota and continued progress in the runoff of Non-Standard Auto. Despite challenges in Crop and Private Passenger Auto, we are encouraged by our momentum and believe we are well positioned to deliver more consistent, profitable performance and long-term shareholder value.”

Securities and Exchange Commission (SEC) Filings

The Company’s Quarterly Report on Form 10-Q and latest financial supplement can be found on the Company’s website at www.niholdingsinc.com. The Company’s filings with the SEC can also be found at www.sec.gov.

About the Company
NI Holdings, Inc. is an insurance holding company. The Company is a North Dakota business corporation that is the stock holding company of Nodak Insurance Company and became such in connection with the conversion of Nodak Mutual Insurance Company from a mutual to stock form of organization and the creation of a mutual holding company. The conversion was consummated on March 13, 2017. Immediately following the conversion, all of the outstanding shares of common stock of Nodak Insurance Company were issued to Nodak Mutual Group, Inc., which then contributed the shares to NI Holdings in exchange for 55% of the outstanding shares of common stock of NI Holdings. Nodak Insurance Company then became a wholly-owned stock subsidiary of NI Holdings. NI Holdings’ financial statements are the consolidated financial results of NI Holdings; Nodak Insurance, including Nodak’s wholly-owned subsidiaries American West Insurance Company, Primero Insurance Company, and Battle Creek Insurance Company; and Direct Auto Insurance Company.

Safe Harbor Statement
Some of the statements included in this news release, particularly those anticipating future financial performance, business prospects, growth and operating strategies, the impact of exiting the Non-Standard Auto segment and other strategic actions on operating results, our ability to continue to improve performance, our ability to create long-term value for our shareholders, and similar matters, are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Actual results could vary materially. Factors that could cause actual results to vary materially include: our ability to maintain profitable operations, the adequacy of the loss and loss adjustment expense reserves, business and economic conditions, the changes in the international trade policies and the potential impact of such changes, interest rates, competition from various insurance and other financial businesses, terrorism, the availability and cost of reinsurance, adverse and catastrophic weather events, including the impacts of climate change, legal and judicial developments, changes in regulatory requirements, our ability to integrate and manage successfully the insurance companies we may acquire from time to time, the impact of inflation on our operating results, and other risks we describe in the periodic reports we file with the SEC. You should not place undue reliance on any such forward-looking statements. We disclaim any obligation to update such statements or to announce publicly the results of any revisions that we may make to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements, except as required by applicable securities law.

For a detailed discussion of the risk factors that could affect our actual results, please refer to the risk factors identified in our SEC reports, including, but not limited to our Annual Report on Form 10-K, as filed with the SEC.

Investor Relations Contact:
Matt Maki
Executive Vice President, Treasurer and Chief Financial Officer
701-212-5976
IR@nodakins.com 

FAQ

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What were NI Holdings' third-quarter 2026 earnings?

NI Holdings reported $5.528 million in net income and basic earnings per share of $0.27 for the quarter ended September 30, 2026. The prior-year quarter had a $1.666 million net loss and a basic loss per share of $0.08.

How did NI Holdings' third-quarter 2026 underwriting results change?

NI Holdings' combined ratio improved to 93.6% from 109.1% in the prior-year quarter. Favorable prior-year loss-reserve development in Non-Standard Auto, favorable reserve development for current-year storms and lower Home and Farm weather losses helped. Higher Crop losses and Private Passenger Auto loss activity partly offset those improvements.