NI Holdings, Inc.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 8 May 2026: press release. The quarter’s numbers.

Key takeaways

Premiums fell on Non-Standard exit: Gross premiums written were $57.5 million against $67.8 million. The release attributes the decline mainly to Non-Standard Auto and Private Passenger Auto. Source
Combined ratio improved to 79.7%: Combined ratio was 79.7% against 94.4%, a 14.7-point change. Management cited higher earned premiums and favorable prior year reserve development in Home and Farm. Source
Earnings per share rose to $0.60: Net income was $12,508 thousand against $6,460 thousand. Basic EPS was $0.60 against $0.31, which the release attributes to underwriting profitability and operating performance. Source
Home and Farm premiums rose: Home and Farm premiums rose 7.3%. Management attributed this to rate increases, higher insured values and new business in North Dakota and South Dakota. Source
Segment loss ratios reported: Loss and LAE ratios were 40.3% for Home and Farm, 46.2% for Private Passenger Auto and 15.7% for All Other. Source
Non-Standard Auto premiums near zero: Non-Standard Auto premiums fell 99.8% as the company continued its decision to cease writing the business in Illinois, Arizona and South Dakota. Source

“2026 is off to a solid start, with disciplined underwriting performance across Private Passenger Auto, Home and Farm, and All Other”
Cindy Launer, President and Chief Executive Officer

What changed from last quarter

Ended: Westminster Insurance Company is no longer listed among the subsidiaries. The prior release listed it until the date of sale.

Results and growth drivers

Premiums fell on Non-Standard exit: Gross premiums written were $57.5 million against $67.8 million. The release attributes the decline mainly to Non-Standard Auto and Private Passenger Auto. Source
Combined ratio improved to 79.7%: Combined ratio was 79.7% against 94.4%, a 14.7-point change. Management cited higher earned premiums and favorable prior year reserve development in Home and Farm. Source
Earnings per share rose to $0.60: Net income was $12,508 thousand against $6,460 thousand. Basic EPS was $0.60 against $0.31, which the release attributes to underwriting profitability and operating performance. Source
Return on equity reached 20.4%: Return on average equity was 20.4% against 10.4% in the prior year quarter. Source

Segments and premiums

Home and Farm premiums rose: Home and Farm premiums rose 7.3%. Management attributed this to rate increases, higher insured values and new business in North Dakota and South Dakota. Source
Private Passenger Auto premiums fell: Private Passenger Auto premiums fell 7.0%. Management tied the decline to lower renewal premiums from underwriting actions taken in prior years. Source
All Other premiums rose: All Other premiums rose 60.0% from higher assumed premiums tied to catastrophe reinsurance programs of certain Farm Bureau companies. Source

“we were encouraged by growth in our North Dakota business and stability in our investment income results”
Cindy Launer, President and Chief Executive Officer

Loss ratios and reserve development

Segment loss ratios reported: Loss and LAE ratios were 40.3% for Home and Farm, 46.2% for Private Passenger Auto and 15.7% for All Other. Source
Consolidated loss ratio fell: The consolidated loss and LAE ratio was 42.4% against 57.1%. The expense ratio was 37.3% in both periods. Source
Private Passenger Auto reserve benefit: Management cited lower frequency and favorable prior year reserve development as drivers of the Private Passenger Auto result. Source

Investment income

Investment income declined 6.4%: Net investment income was $2.7 million. Management cited consistent yields on a lower average fixed income balance and lower short-term returns. Source
Full-year investment income rose: The prior release reported full-year net investment income up 6.9% to $11.7 million, with a larger average fixed income balance.
Cash yields were lower in 2025: The prior release said lower yields on cash and cash equivalents offset part of the full-year investment income gain.

“This quarter reflects early progress in refocusing the Company on its core strengths”
Cindy Launer, President and Chief Executive Officer

Non-Standard Auto exit and runoff

Non-Standard Auto premiums near zero: Non-Standard Auto premiums fell 99.8% as the company continued its decision to cease writing the business in Illinois, Arizona and South Dakota. Source
Runoff cited in combined ratio gain: Management listed the continued runoff of Non-Standard Auto among the factors behind the year-over-year improvement in the combined ratio. Source
Prior-year Non-Standard reserve development: The prior release said Non-Standard Auto continued to show unfavorable loss reserve development during 2025.

Corporate structure and filings

Westminster no longer listed: The subsidiary list in this release omits Westminster Insurance Company, which the prior release listed until its sale date.
10-Q and supplement posted: The company said its Quarterly Report on Form 10-Q and latest financial supplement can be found on its website. Source
Company described as holding company: The release describes the company as an insurance holding company and the stock holding company of Nodak Insurance Company. Source

Coming up, as management said on 8 May 2026

Continued performance improvement expected: Management said it is confident the approach will keep improving performance and creating long-term shareholder value. No dated event was given. Source

Figures management reported

Figure	Reported
Combined ratio Source	79.7% (94.4% in prior year quarter)
Prior-year reserve development Source	favorable in Home and Farm and Private Passenger Auto; amount not stated
Investment income Source	$2.7 million (down 6.4%)

Risks management discussed

Demand: Private Passenger Auto premiums declined because of lower renewal premiums from prior-year underwriting actions. Source
Financial: Investment income fell with a lower average fixed income balance and lower short-term returns. Source

Earlier plans management reported on

Met: Management described the premium decline as expected, linked to the exit from Non-Standard Auto. Source
Not stated: The prior release described the 2025 exit from Illinois, Arizona and South Dakota as prudent and necessary.

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

NI Holdings, Inc. Reports Results for First Quarter Ended March 31, 2026

FARGO, North Dakota, May 8, 2026 - NI Holdings, Inc. (NASDAQ: NODK) announced today results for the quarter ended March 31, 2026.

Summary of First Quarter 2026 Results

(All comparisons vs. the first quarter of 2025, unless noted otherwise)

Gross premiums written of $57.5 million compared to $67.8 million in the prior year quarter. This decrease was driven by Non-Standard Auto (-99.8%) reflecting the continued impact of the Company’s strategic decision to cease writing this business in Illinois, Arizona and South Dakota, as well as a decline in Private Passenger Auto (-7.0%) due to lower renewal premiums resulting from underwriting actions in prior years. These declines were partially offset by growth in Home and Farm (+7.3%) driven by rate increases, higher insured values, and new business in North Dakota and South Dakota, as well as growth in All Other (+60.0%) due to increased assumed premiums from participation on catastrophe reinsurance programs of certain Farm Bureau insurance companies.
Combined ratio of 79.7% reflecting strong underwriting performance for Home and Farm, Private Passenger Auto, and All Other, with loss and loss adjustment expense ratios of 40.3%, 46.2%, and 15.7%, respectively. The year-over-year improvement in the combined ratio was driven by higher earned premiums and favorable prior year reserve development in Home and Farm, lower frequency and favorable prior year reserve development in Private Passenger Auto, strong results in All Other due to participation on catastrophe reinsurance programs of certain Farm Bureau insurance companies, as well as the continued runoff of Non-Standard Auto.
Net investment income of $2.7 million, down 6.4% from the prior year quarter, reflecting consistent yields on a lower average fixed income portfolio balance and lower returns on short-term investments.
Basic earnings per share of $0.60, compared to $0.31 in the prior year quarter, reflecting improved underwriting profitability and overall operating performance.

	Three Months Ended March 31,
Dollars in thousands, except per share data (unaudited)	2026	2025	Change
Gross premiums written	$57,512	$67,766	(15.1%)
Net premiums earned	$55,113	$67,497	(18.3%)
Loss and LAE ratio	42.4%	57.1%	(14.7 pts)
Expense ratio	37.3%	37.3%	0.0 pts
Combined ratio	79.7%	94.4%	(14.7 pts)
Net investment income	$2,655	$2,838	(6.4%)
Net income	$12,508	$6,460	93.6%
Return on average equity	20.4%	10.4%	10.0 pts
Basic earnings per share	$0.60	$0.31	93.5%

Management Commentary

“2026 is off to a solid start, with disciplined underwriting performance across Private Passenger Auto, Home and Farm, and All Other,” said Cindy Launer, President and Chief Executive Officer. “Strong underlying results, with favorable prior year reserve development in Home and Farm and Private Passenger Auto, drove meaningful underwriting profitability in the quarter. While premiums declined as expected due to our exit from Non-Standard Auto, we were encouraged by growth in our North Dakota business and stability in our investment income results.

This quarter reflects early progress in refocusing the Company on its core strengths, and we are confident this disciplined approach will continue to improve performance and drive 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

Forward-looking statements notice

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 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