NODK · NI Holdings, Inc.

NI Holdings, Inc. delivered a strong start to 2026 with significant improvements in underwriting profitability, as evidenced by the combined ratio dropping to 79.7% from 94.4% in the prior-year quarter. This enhancement stemmed from higher earned premiums, favorable prior year reserve development in Home and Farm and Private Passenger Auto segments, robust results in All Other from catastrophe reinsurance participation, and the ongoing runoff of the exited Non-Standard Auto business. Despite a 15.1% decline in gross premiums written to $57.5 million—primarily due to the strategic cessation of Non-Standard Auto in Illinois, Arizona, and South Dakota, plus a 7.0% drop in Private Passenger Auto renewals—growth in Home and Farm (+7.3%) from rate increases, higher insured values, and new business in North Dakota and South Dakota provided partial offset, alongside a 60.0% rise in All Other. Net premiums earned fell 18.3% to $55.1 million, but the loss and LAE ratio improved sharply by 14.7 points to 42.4%, with expense ratio stable at 37.3%. Net investment income dipped 6.4% to $2.7 million amid lower average fixed income balances and short-term returns, yet overall net income surged 93.6% to $12.5 million, boosting basic EPS to $0.60 from $0.31 and return on average equity to 20.4% from 10.4%. CEO Cindy Launer emphasized disciplined underwriting across core lines, favorable reserve developments, and progress in refocusing on North Dakota strengths post-Non-Standard Auto exit, expressing confidence in sustained performance and long-term shareholder value. No forward guidance was provided in the release.