NI Holdings swings to $5.53M profit in Q3 2026
The quarterly combined ratio was 93.6%, compared with 109.1% a year earlier, while net premiums earned declined 8.6%.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
NI Holdings, Inc. reported third-quarter 2026 net income of $5.528 million, compared with a $1.666 million loss in the third quarter of 2025. Net premiums earned were $65.756 million, down 8.6% from $71.905 million, and gross premiums written were $54.346 million, down 7.2% from $58.586 million. The combined ratio was 93.6%, compared with 109.1%; the loss and loss adjustment expense ratio was 64.1% versus 78.2%, and the expense ratio was 29.5% versus 30.9%. Basic earnings per share were $0.27, compared with a $0.08 loss per share.
For the nine months ended September 30, 2026, net income was $18.182 million, compared with a $7.257 million loss, while net premiums earned were $185.886 million, down 12.5% from $212.407 million. Third-quarter net investment income was $2.716 million, down 10.7% from $3.040 million. President and Chief Executive Officer Cindy Launer cited performance in Home and Farm in North Dakota and progress in the runoff of Non-Standard Auto, while noting challenges in Crop and Private Passenger Auto.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointThird-quarter net income was $5.528 million, versus a $1.666 million loss.
- Moderate pointThe third-quarter combined ratio was 93.6%, compared with 109.1%.
Negative
- Moderate pointThird-quarter net premiums earned declined 8.6% to $65.756 million.
- Minor pointThird-quarter net investment income declined 10.7% to $2.716 million.
Filing Explained
The 8-K reports third-quarter results through an Item 2.02 release; that information is furnished, not deemed filed for Section 18, and is not incorporated by reference into Securities Act filings absent a specific reference.
8-K Event Classification
Key Figures
Key Terms
combined ratio financial
loss and loss adjustment expense ratio financial
return on average equity financial
runoff financial
Earnings Snapshot
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much net income did NODK report for the third quarter of 2026?
What was NODK's combined ratio in the third quarter of 2026?
AI-generated analysis. How Rhea-AI works. Not financial advice.
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):
| (Exact name of registrant as specified in its charter) | ||||
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||
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| (Address of principal executive offices) | ||||
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| (Registrant’s telephone number, including area code) | ||||
| N/A | ||||
| (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 |
| The |
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 November 6, 2026, the Company issued a press release announcing its financial results for the quarter ended September 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 November 6, 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: November 6, 2026 | By: | /s/ Cindy L. Launer |
| Cindy L. Launer | ||
| President and Chief Executive Officer | ||
NI Holdings, Inc. Reports Results for Third Quarter Ended September 30, 2026
FARGO, North Dakota, November 6, 2026 – 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, | |||||||
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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