NI Holdings (NASDAQ: NODK) swings to Q2 profit as underwriting improves
Rhea-AI Filing Summary
NI Holdings, Inc. reported results for the quarter ended June 30, 2026. Second-quarter gross premiums written were $107,191, down 4.1% from 2025, and net premiums earned were $65,017, down 10.9%. The loss and LAE ratio improved to 74.5% from 91.2%, and the combined ratio improved to 107.7% from 125.1%. Net investment income was $2,810 versus $3,146, while net investment gains (losses) shifted to a gain of $2,063 from a loss of $(410). Net income was $146 compared with a net loss of $(12,051), and basic earnings per share were $0.01 versus $(0.57).
For the first six months of 2026, the combined ratio improved to 94.8% from 110.3%, and net income rose to $12,654 from a net loss of $(5,591), with basic earnings per share of $0.61. Management highlighted improved year-over-year results despite catastrophe events and increased non-catastrophe weather, citing favorable prior-year reserve development and lower losses from reduced exposure in Non-Standard Auto, as well as momentum in North Dakota, new assumed reinsurance business, and growth in the Crop segment.
Positive
- Profitability improved sharply, with second-quarter net income of $146 versus a net loss of $(12,051) a year earlier, and the combined ratio improving by 17.4 points in the quarter and 15.5 points year-to-date.
- Year-to-date net income reached $12,654 compared with a net loss of $(5,591) in the prior-year period, while the six-month combined ratio improved to 94.8% from 110.3%, indicating significantly better underwriting performance.
Negative
- Top-line metrics declined, with second-quarter gross premiums written down 4.1% and net premiums earned down 10.9%, and six-month gross premiums written and net premiums earned down 8.3% and 14.5%, respectively.
- Net investment income decreased to $2,810 in the quarter and $5,465 year-to-date, declines of 10.7% and 8.7% compared with the prior-year periods.
Filing Explained
This Form 8-K furnishes NI Holdings’ June 30, 2026 results through a press-release exhibit; the filing states that the information is not deemed “filed” under Section 18 or incorporated by reference, except by specific reference, so its legal filing status is narrower than the results’ public announcement.
8-K Event Classification
Key Figures
Key Terms
Loss and LAE ratio financial
Combined ratio financial
Non-Standard Auto financial
assumed reinsurance financial
prior-year reserve development financial
Earnings Snapshot
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FAQ
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
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| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||
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| (Former name or former address, if changed since last report.) | ||||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02. | Results of Operations and Financial Condition. |
On August 7, 2026, the Company issued a press release announcing its financial results for the quarter ended June 30, 2026. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein in its entirety by reference.
The information in this Item 2.02 and the exhibit attached hereto is furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such document or filing.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit Number | Description |
| 99.1 | Press Release dated August 7, 2026. |
| 104 | Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| NI Holdings, Inc. | ||
| Date: August 7, 2026 | By: | /s/ Cindy L. Launer |
| Cindy L. Launer | ||
| President and Chief Executive Officer | ||
‘
NI Holdings, Inc. Reports Results for Second Quarter Ended June 30, 2026
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. |
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||
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Dollars in thousands, except per share data (unaudited) |
2026 | 2025 | Change | 2026 | 2025 | Change | ||
| Gross premiums written | $107,191 | $111,828 | (4.1%) | $164,703 | $179,594 | (8.3%) | ||
| Net premiums earned | $65,017 | $73,005 | (10.9%) | $120,130 | $140,502 | (14.5%) | ||
| Loss and LAE ratio | 74.5% | 91.2% | (16.7) pts | 59.7% | 74.8% | (15.1) pts | ||
| Expense ratio | 33.2% | 33.9% | (0.7) pts | 35.1% | 35.5% | (0.4) pts | ||
| Combined ratio | 107.7% | 125.1% | (17.4) pts | 94.8% | 110.3% | (15.5) pts | ||
| Net investment income | $2,810 | $3,146 | (10.7%) | $5,465 | $5,984 | (8.7%) | ||
| Net investment gains (losses) | $2,063 | $(410) | NM | $3,767 | $459 | NM | ||
| Net income | $146 | $(12,051) | NM | $12,654 | $(5,591) | NM | ||
| Return on average equity | 0.2% | (19.4%) | 19.6 pts | 10.3% | (4.6%) | 14.9 pts | ||
| Basic earnings per share | $0.01 | $(0.57) | NM | $0.61 | $(0.27) | NM | ||
| NM = not meaningful | ||||||||
Management Commentary
“Our second quarter results are encouraging, especially given that the second quarter is historically our most challenging, a reality underscored by significant catastrophe events that impacted the company in both June 2025 and 2026,” said Cindy Launer, President and Chief Executive Officer. “Despite these catastrophe events and headwinds from increased non-catastrophe weather, we delivered improved year-over-year results, driven in part by favorable prior-year reserve development in Non-Standard Auto, alongside lower losses from our reduced exposure in the segment, validating our decision to strategically pivot away from that business. Furthermore, despite top-line declines tied to our strategic shifts, we are seeing strong momentum in our North Dakota business, solid contributions from our new assumed reinsurance business, and notable growth in our Crop segment.
These strong quarterly results reinforce our strategic trajectory, setting a solid foundation for the remainder of the year and keeping us on the path toward creating lasting value for our shareholders.”
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.
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