NI Holdings, Inc.: Q3 FY2026 earnings call

What management said about Q3 FY2026, from the documents filed with the SEC on 6 November 2026: press release. The quarter’s numbers.

Key takeaways

Combined ratio improved to 93.6%: Combined ratio was 93.6%, against 109.1% a year earlier. The loss and LAE ratio fell to 64.1% from 78.2% in the quarter. Source
Non-Standard Auto reserve development helped: Management attributed the improvement mainly to prior-year loss reserve development in Non-Standard Auto, which was favorable this year and unfavorable a year earlier. Source
Basic EPS turned positive: Basic EPS was $0.27, against $(0.08) a year earlier, which the company described as reflecting improved profitability for the quarter. Source
Non-Standard Auto premiums ran off: Non-Standard Auto gross premiums fell 100.2%, which management tied to the continued impact of its strategic decision to exit the segment. Source
Crop losses rose on drought: Crop losses were higher because of drought conditions in North Dakota, which management said slightly offset the improvements. Source
Private Passenger Auto large losses and reserves: Private Passenger Auto had increased large loss activity and adverse prior-year development on loss reserves, which management said also offset part of the improvement. Source
Net investment income fell 10.7%: Net investment income was $2.7 million, down 10.7%, mainly because the average fixed income portfolio balance was lower. Source

“We delivered significantly improved underwriting results in the third quarter, reflecting continued progress on our strategic priorities,”
Cindy Launer, President and Chief Executive Officer

Quarter underwriting and earnings

Combined ratio improved to 93.6%: Combined ratio was 93.6%, against 109.1% a year earlier. The loss and LAE ratio fell to 64.1% from 78.2% in the quarter. Source
Non-Standard Auto reserve development helped: Management attributed the improvement mainly to prior-year loss reserve development in Non-Standard Auto, which was favorable this year and unfavorable a year earlier. Source
Basic EPS turned positive: Basic EPS was $0.27, against $(0.08) a year earlier, which the company described as reflecting improved profitability for the quarter. Source

Nine-month results

Nine-month combined ratio 94.4%: For the nine months, combined ratio was 94.4%, against 110.0%, a 15.6 point decline. Source
Nine-month gross premiums down 8.0%: Gross premiums written for the nine months were $219,049 thousand, against $238,180 thousand a year earlier. Source
Nine-month basic EPS of $0.87: Nine-month basic EPS was $0.87, against a loss of $(0.35) a year earlier. Source

“We are seeing strong performance in Home and Farm in North Dakota and continued progress in the runoff of Non-Standard Auto.”
Cindy Launer, President and Chief Executive Officer

Segments and premium lines

Non-Standard Auto premiums ran off: Non-Standard Auto gross premiums fell 100.2%, which management tied to the continued impact of its strategic decision to exit the segment. Source
Private Passenger Auto premiums declined: Private Passenger Auto premiums fell 8.4%, on lower new business and renewals in South Dakota and Nebraska and on rate decreases in North Dakota, South Dakota and Nebraska. Source
Home and Farm premiums rose: Home and Farm premiums rose 1.9%, which management tied to renewal premiums, rate increases and new business in North Dakota. Source
Assumed catastrophe reinsurance premiums rose: All Other premiums rose 50.6%, from assumed premiums under catastrophe reinsurance programs of certain farm bureau insurance companies. Source
Quarter net premiums earned fell: Net premiums earned fell 8.6% to $65,756 thousand, from $71,905 thousand a year earlier. Source

Losses, storms and expenses

Crop losses rose on drought: Crop losses were higher because of drought conditions in North Dakota, which management said slightly offset the improvements. Source
Private Passenger Auto large losses and reserves: Private Passenger Auto had increased large loss activity and adverse prior-year development on loss reserves, which management said also offset part of the improvement. Source
Storm reserves and weather losses improved: Management cited favorable development on loss reserves for current-year storms and lower weather-related losses in Home and Farm. Source
Expense ratio fell to 29.5%: The expense ratio was 29.5% in the quarter, against 30.9% a year earlier. Source

“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.”
Cindy Launer, President and Chief Executive Officer

Investment income and returns

Net investment income fell 10.7%: Net investment income was $2.7 million, down 10.7%, mainly because the average fixed income portfolio balance was lower. Source
Fixed income sold to fund operations: Proceeds from maturities and sales funded operating cash needs in the Non-Standard Auto segment, which lowered the portfolio balance. Source
Net investment losses in the quarter: Net investment losses were $(93) thousand, against gains of $1,362 thousand a year earlier; nine-month gains were $3,674 thousand. Source
Quarter return on equity 9.0%: Return on average equity was 9.0%, against (2.7%) a year earlier; for the nine months it was 10.0%, against (4.0%). Source

Strategy and management focus

Non-Standard Auto runoff continues: Management described continued progress in the runoff of Non-Standard Auto, which it tied to the exit decision. Source
Home and Farm in North Dakota cited: Management pointed to performance in Home and Farm in North Dakota when describing the quarter. Source
Crop and Private Passenger Auto flagged: Management said challenges remained in Crop and Private Passenger Auto, and that it was encouraged by its momentum. Source

Coming up, as management said on 6 November 2026

10-Q and financial supplement on website: The Form 10-Q and latest financial supplement are to be found on the company's website. Source

Figures management reported

Figure	Reported
Combined ratio Source	93.6% (prior year quarter 109.1%)
Investment income Source	$2,716 thousand, down 10.7%
Prior-year reserve development Source	Favorable in Non-Standard Auto; adverse in Private Passenger Auto

Risks management discussed

External: Drought conditions in North Dakota raised Crop losses in the quarter. Source
Operational: Large loss activity and adverse prior-year reserve development in Private Passenger Auto were discussed as pressures on results. Source
Financial: Using fixed income proceeds for operating cash needs lowered the average portfolio balance and investment income. Source
Demand: Rate decreases in three states were cited as reducing Private Passenger Auto premiums. Source

Earlier plans management reported on

Not stated: Management referred to the continued impact of its strategic decision to exit the segment. Source
Not stated: Management described continued progress on its strategic priorities; no status was given. Source

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 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,
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

Forward-looking statements notice

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