NI Holdings, Inc. Reports Results for Third Quarter Ended September 30, 2025
NI Holdings (NASDAQ: NODK) reported results for the quarter ended September 30, 2025, showing direct written premiums of $58.5M (down 13.7% vs. Q3 2024) and net earned premiums of $71.9M (down 13.6%).
The company recorded a combined ratio of 109.1% (vs. 111.0%), driven by adverse prior-year loss reserve development in Non-Standard Auto. Net investment income rose 8.1% to $3.0M, while net investment gains fell 43.5% to $1.4M. NI reported a net loss of $1.7M and basic loss per share of ($0.08), an improvement vs. prior year.
Management disclosed a strategic decision to stop writing Non-Standard Auto in Illinois, Arizona, and South Dakota to improve underwriting stability.
NI Holdings (NASDAQ: NODK) ha riportato i risultati per il trimestre chiuso al 30 settembre 2025, mostrando premi diretti scritti di 58,5 milioni di dollari (in calo del 13,7% rispetto al Q3 2024) e premi netti guadagnati di 71,9 milioni di dollari (in calo del 13,6%).
La società ha registrato un indice combinato del 109,1% (rispetto al 111,0%), trainato dallo sviluppo sfavorevole delle riserve di attacchi pregressi nel Non-Standard Auto. Il reddito netto da investimenti è salito dell'8,1% a 3,0 milioni di dollari, mentre i guadagni netti da investimenti sono diminuiti del 43,5% a 1,4 milioni di dollari. NI ha riportato una perdita netta di 1,7 milioni di dollari e una perdita base per azione di (0,08), un miglioramento rispetto all'anno precedente.
La direzione ha comunicato una decisione strategica di interrompere la written Non-Standard Auto in Illinois, Arizona e South Dakota per migliorare la stabilità della sottoscrizione.
NI Holdings (NASDAQ: NODK) presentó los resultados del trimestre terminado el 30 de septiembre de 2025, mostrando primas directas suscritas de $58.5M (cerca un 13,7% respecto al Q3 2024) y primas netas devengadas de $71.9M (cerca un 13,6%).
La compañía registró una tasa combinada del 109.1% (frente al 111.0%), impulsada por un desarrollo adverso de reservas de pérdidas del año anterior en Non-Standard Auto. Los ingresos netos por inversiones subieron un 8.1% a $3.0M, mientras que las ganancias netas por inversiones cayeron un 43.5% a $1.4M. NI reportó una pérdida neta de $1.7M y una pérdida básica por acción de ($0.08), una mejora respecto al año anterior.
La dirección divulgó una decisión estratégica de dejar de escribir Non-Standard Auto en Illinois, Arizona y Dakota del Sur para mejorar la estabilidad de sus suscripciones.
NI Holdings (NASDAQ: NODK)는 2025년 9월 30일 종료 분기에 대한 실적을 발표했고, 직접 서면 보험료가 5,850만 달러 (2024년 3분기 대비 -13.7%), 순보험료 수익은 7,190만 달러 ( -13.6%)를 기록했다.
회사는 종합손익률 109.1%을 기록했으며(전년 대비 111.0%), 비표준 자동차(NON-Standard Auto)에서의 전년 대비 손실충당금 개발로 악화되었다. 순투자소득은 300만 달러로 8.1% 증가했고, 순투자손익은 140만 달러로 43.5% 감소했다. NI는 순손실 170만 달러와 주당 기본손실 -0.08달러를 보고했으며, 전년 대비 개선되었다.
경영진은 서브스크립션의 안정성을 높이기 위해 일리노이주, 애리조나주, 사우스다코타주에서 비표준 자동차 보험 작성 중단이라는 전략적 결정을 밝혔습니다.
NI Holdings (NASDAQ : NODK) a publié les résultats du trimestre clos au 30 septembre 2025, montrant des primes directes écrites de 58,5 M$ (en baisse de 13,7 % par rapport au T3 2024) et des primes nettes gagnées de 71,9 M$ (en baisse de 13,6 %).
La société a enregistré un ratio combiné de 109,1 % (contre 111,0 %), tiré par un développement défavorable des réserves de pertes de l'année précédente dans l'Auto Non Standard. Le revenu net des investissements a augmenté de 8,1 % pour atteindre 3,0 M$, tandis que les gains nets sur investissements ont chuté de 43,5 % à 1,4 M$. NI a affiché une perte nette de 1,7 M$ et une perte par action de base de (0,08 $), une amélioration par rapport à l'année précédente.
La direction a révélé une décision stratégique d'arrêter d'écrire l'Auto Non Standard dans l'Illinois, l'Arizona et le Dakota du Sud afin d'améliorer la stabilité de la souscription.
NI Holdings (NASDAQ: NODK) hat die Ergebnisse für das im Zeitraum bis zum 30. September 2025 abgeschlossene Quartal veröffentlicht und verzeichnete direkt versicherte Brutto premiens von 58,5 Mio. $ (rückläufig um 13,7% gegenüber Q3 2024) und netto verdiente Prämien von 71,9 Mio. $ (rückläufig um 13,6%).
Das Unternehmen meldete eine Combined Ratio von 109,1% (gegenüber 111,0%), getrieben durch eine ungünstige Vorjahresentwicklung der Verlustreserven im Non-Standard Auto. Das Nettoinvestitionsergebnis stieg um 8,1% auf 3,0 Mio. $, während die Nettoinvestitionserträge um 43,5% auf 1,4 Mio. $ sanken. NI meldete einen Nettoverlust von 1,7 Mio. $ und einen Grundverlust je Aktie von (0,08 $), eine Verbesserung gegenüber dem Vorjahr.
Das Management kündigte eine strategische Entscheidung an, das Schreiben von Non-Standard Auto in Illinois, Arizona und South Dakota zu stoppen, um die underwriting-Stabilität zu verbessern.
NI Holdings (NASDAQ: NODK) أصدرت نتائج الربع المنتهي في 30 سبتمبر 2025، حيث وصلت الأقساط المباشرة المكتوبة إلى 58.5 مليون دولار (بانخفاض 13.7% مقارنةً بالربع الثالث من 2024) والأقساط المكتسبة الصافية إلى 71.9 مليون دولار (بانخفاض 13.6%).
سجلت الشركة نسبة الجمع الإجمالية 109.1% (مقابل 111.0%)، مدفوعة بتطور سلبي في مخصص خسائر العام السابق في تأمين السيارات غير القياسي. ارتفع دخل الاستثمار الصافي بنسبة 8.1% ليصل إلى 3.0 ملايين دولار، بينما انخفضت أرباح الاستثمار الصافية بنسبة 43.5% إلى 1.4 مليون دولار. أبلغت NI عن خسارة صافية قدرها 1.7 مليون دولار و خسارة أساس للسهم قدرها (0.08 دولار)، وهو تحسن مقارنة بالعام السابق.
أعلنت الإدارة عن قرار استراتيجي بوقف كتابة تأمين السيارات غير القياسي في إلينوي وأريزونا وداكوتا الجنوبية لتحسين استقرار الاكتتاب.
- Combined ratio improved by 1.9 points to 109.1%
- Net loss narrowed 38.4% to $(1.7)M
- Basic loss per share improved to $(0.08) from $(0.13)
- Strategic exit from three states to strengthen underwriting
- Direct written premiums down 13.7% to $58.5M
- Net earned premiums down 13.6% to $71.9M
- Net investment gains down 43.5% to $1.4M
- Combined ratio remains elevated above 100% at 109.1%
Insights
Third-quarter results show shrinking premium base and continued underwriting loss, partly offset by lower net loss and higher investment income.
The company reported direct written premiums of
Underwriting mechanics show reliance on pricing, mix and reserve development: adverse prior-year loss reserve development in Non-Standard Auto contributed
FARGO, N.D., Nov. 07, 2025 (GLOBE NEWSWIRE) -- NI Holdings, Inc. (NASDAQ: NODK) announced today results for the quarter ended September 30, 2025.
Summary of Third Quarter 2025 Results – Continuing Operations
(All comparisons vs. continuing operations for the third quarter of 2024, unless noted otherwise)
- Direct written premiums of
$58.5 million compared to$67.7 million in the prior period. The decrease was primarily driven by an80.0% decline in Non-Standard Auto, reflecting the Company’s strategic decision during the quarter to stop writing this business in Illinois, Arizona and South Dakota. This decline was partially offset by a10.1% increase in Home and Farm premiums, driven by new business growth in North Dakota, rate increases, and increased insured property values, partially offset by lower retention and new business in Nebraska. - Combined ratio of
109.1% versus111.0% , with the elevated ratios in both periods primarily driven by unfavorable prior year loss reserve development in Non-Standard Auto contributing 11.2 pts and 7.2 pts to the combined ratio, respectively. - Net investment income increased
8.1% to$3.0 million in the current period, primarily driven by higher reinvestment rates in the fixed income portfolio. - Net investment gains decreased
43.5% to$1.4 million in the current period, driven by lower unrealized gains on equity securities, partially offset by higher net realized gains. - Basic loss per share of (
$0.08) compared to ($0.13) in the prior period.
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||
| Dollars in thousands, except per share data (unaudited) | 2025 | 2024 | Change | 2025 | 2024 | Change | ||||||||||||
| Direct written premiums | ( | ( | ||||||||||||||||
| Net earned premiums | ( | ( | ||||||||||||||||
| Loss and LAE ratio | 0.0 pts | 2.7 pts | ||||||||||||||||
| Expense ratio | (1.9) pts | 0.3 pts | ||||||||||||||||
| Combined ratio | (1.9) pts | 3.0 pts | ||||||||||||||||
| Net loss attributable to NI Holdings | ( | ( | ||||||||||||||||
| Continuing operations | $(1,666) | $(2,705) | (38.4%) | $(7,257) | $(3,248) | NM | ||||||||||||
| Discontinued operations | - | - | NM | - | $(1,512) | NM | ||||||||||||
| Loss on sale of discontinued operations | - | - | NM | - | $(11,148) | NM | ||||||||||||
| Return on average equity | ( | ( | 1.8 pts | ( | ( | (2.1) pts | ||||||||||||
| Basic loss per share | ( | ( | ||||||||||||||||
| Continuing operations | $(0.08) | $(0.13) | (38.5%) | $(0.35) | $(0.15) | NM | ||||||||||||
| NM = not meaningful | ||||||||||||||||||
Management Commentary
“First, I am thrilled to rejoin the company as CEO,” said Cindy Launer, President and Chief Executive Officer. “I look forward to collaborating with our exceptional agents, employees and board to continue delivering outstanding service and products to our customers and communities. Turning to our third quarter results, our Non-Standard Auto segment was again impacted by adverse prior year development. In response, we made the strategic decision to stop writing non-standard auto business in Illinois, Arizona and South Dakota. While this will reduce future earned premiums, we believe this shift positions us for stronger underwriting performance and greater stability moving forward.”
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
Safe Harbor Statement
Some of the statements included in this news release, particularly those anticipating future financial performance, including investment performance and yields, business prospects, growth and operating strategies, the impact of underwriting changes and other strategic actions on operating results, our plans to increase investments in people and technology, enhance distribution management efforts, and focus on expense management initiatives, our ability to generate consistent profitable growth and create lasting 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.
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
What were NI Holdings (NODK) direct written premiums in Q3 2025?
Why did NODK’s premiums decline in Q3 2025?
What is NODK’s combined ratio for Q3 2025 and what does it mean?
How did NI Holdings’ investment results affect Q3 2025 earnings?
What strategic change did NI Holdings announce on November 7, 2025?
What was NI Holdings’ basic loss per share for Q3 2025 (NODK)?
