FARGO, N.D., Aug. 08, 2025 (GLOBE NEWSWIRE) — NI Holdings, Inc. (NASDAQ:NODK) announced today results for the quarter ended June 30, 2025.
Summary of Second Quarter 2025 Results – Continuing Operations
(All comparisons vs. continuing operations for the second quarter of 2024, unless noted otherwise)
- Direct written premiums of $109.5 million compared to $118.5 million. This reduction was driven by Non-Standard Auto (-56.4%) due to the continued impact of the strategic decision to significantly decrease our Non-Standard Auto premiums, partially offset by Home and Farm (8.1%) driven by higher rate and insured values along with new business growth in North Dakota.
- Combined ratio of 125.1% versus 113.7%, primarily driven by higher unfavorable development of liability loss claims in Non-Standard Auto, decreased net earned premiums in Non-Standard Auto and a significant catastrophe event in North Dakota that exceeded the Company’s $20M reinsurance retention.
- Total pre-tax catastrophe losses, net of reinsurance, of $20.0 million for the quarter and year-to-date, which adversely impacted the second quarter and year-to-date loss and loss adjustment expense ratios by 30.2 and 15.7 percentage points, respectively.
- Net investment income increased 40.8% to $2.7 million, primarily driven by higher reinvestment rates in our fixed income portfolio and higher net realized gains.
- Basic loss per share of ($0.57) compared to ($0.36).
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||
| Dollars in thousands, except per share data (unaudited) |
2025 | 2024 | Change | 2025 | 2024 | Change | |
| Direct written premiums | $109,519 | $118,472 | (7.6%) | $177,247 | $201.513 | (12.0%) | |
| Net earned premiums | $73,005 | $85,169 | (14.3%) | $140,502 | $155,053 | (9.4%) | |
| Loss and LAE ratio | 91.2% | 81.4% | 9.8 pts | 74.8% | |||