NODK · NI Holdings, Inc.

Summary

NI Holdings, Inc. announced financial results for the fourth quarter and full year ended December 31, 2025, reporting direct written premiums of $289.8 million (down 15.3%), net earned premiums of $270.7 million (down 12.7%), combined ratio of 109.9% (up 9.2 points), and loss per share of $(0.50). The declines were driven by strategic reductions in Non-Standard Auto premiums and unfavorable reserve development, partially offset by Home and Farm growth.

Key takeaways

• Direct written premiums $54.1 million Q4 2025 (down 26.0% YoY), $289.8 million full year (down 15.3% YoY)
• Net earned premiums $58.2 million Q4 (down 18.9% YoY), $270.7 million full year (down 12.7% YoY)
• Combined ratio 109.6% Q4 (up 29.6 pts YoY), 109.9% full year (up 9.2 pts YoY)
• Net investment income $11.7 million full year (up 6.9% YoY)
• Loss per share $(0.15) Q4, $(0.50) full year vs. $0.47 and $0.31 prior year
• Exited Non-Standard Auto in Illinois, South Dakota, and Arizona