NI Holdings, Inc. Reports Results for Fourth Quarter and Year Ended December 31, 2025

FARGO, N.D., March 06, 2026 (GLOBE NEWSWIRE) — NI Holdings, Inc. ((“NI Holdings, ” or the “Company, NASDAQ:NODK) announced today results for the year ended December 31, 2025.

Summary of Year-End 2025 Results
(All comparisons vs. continuing operations for the year-end 2024, unless noted otherwise)

• Direct written premiums were $54.1 million for the quarter, down 26% compared to the prior year quarter, and $289.8 million for the full year, down 15.3% compared to the prior year. The declines in both periods were primarily driven by the strategic decision to reduce written premiums in the Non-Standard Auto segment. This was partially offset by growth in the Home and Farm segment from new business, rate increases, and higher property values in North Dakota, South Dakota, and Nebraska, though results in South Dakota were tempered by lower retention rates.
• Net earned premiums of $58.2 million, down 18.9% compared to prior year quarter, and full year net earned premiums of $270.7 million, down 12.7% compared to prior year.
• Combined ratio was 109.6% for the quarter, up 29.6 points compared to the prior year quarter, driven by unfavorable prior year reserve development in the Non-Standard Auto segment, lower net earned premiums in Non-Standard Auto following the strategic decision to exit Illinois, South Dakota, and Arizona, as well as increased severity on liability claims and related current year reserve strengthening in the Private Passenger Auto segment.
• Combined ratio was 109.9% for full year 2025, up 9.2 points compared to the prior year, primarily driven by unfavorable prior year development on liability loss reserves and lower net earned premiums in the Non-Standard Auto segment. Results in the Home and Farm segment were adversely affected by the historic second-quarter catastrophe event in North Dakota, which exceeded the Company’s $20 million reinsurance retention and triggered related reinstatement premiums, partially offset by favorable weather experience in South Dakota and Nebraska. The Private Passenger Auto segment continued to perform well overall, though results reflected increased severity on liability claims and related reserve strengthening, which contributed to the combined ratio deterioration.
• Net investment income increased 6.9% to $11.7 million, driven by the favorable interest rate environment and increased average fixed income securities balance, offset by lower interest rates earned on cash and cash equivalents.
• Loss per share of $(0.15) for the current year quarter compared to earnings per share of $0.47 for the prior year quarter, and loss per share of $(0.50) for the current year compared to earnings per share of $0.31 for the prior year.