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NI Holdings (NODK) investor relations material
NI Holdings Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Net loss attributable to shareholders improved to $1.7 million for Q3 2025 from $2.7 million in Q3 2024, but year-to-date net loss widened to $7.3 million compared to $3.2 million in the prior year period.
Net premiums earned declined 13.6% year-over-year to $71.9 million, primarily due to strategic exits from non-standard auto markets and lower premium volumes.
Direct written premiums fell 13.7% year-over-year to $58.5 million, mainly due to an 80% decline in Non-Standard Auto after ceasing business in Illinois, Arizona, and South Dakota.
Underwriting loss for Q3 2025 was $6.5 million, with a combined ratio of 109.1%, reflecting continued underwriting challenges, especially in the Non-Standard Auto segment.
Net investment income increased to $3.0 million for the quarter, benefiting from higher interest rates.
Financial highlights
Total revenues for Q3 2025 were $76.6 million, down from $89.0 million in Q3 2024.
Net investment gains were $1.4 million for the quarter, compared to $2.4 million in the prior year.
Operating cash flows for the nine months ended September 30, 2025, were negative $28.5 million, compared to positive $16.8 million in the prior year.
Shareholders’ equity stood at $243.8 million as of September 30, 2025.
Basic loss per share improved to $(0.08) from $(0.13) year-over-year.
Outlook and guidance
Further reductions in net earned premiums are expected over the next twelve months due to the run-off of non-standard auto operations.
Management anticipates improved underwriting performance from strategic exits but acknowledges potential short-term declines in premium volume and increased expense ratios.
What is the expected timeline for Non-Standard Auto underwriting profitability?
What is the outlook for Non-Standard Auto reserve development in remaining states?
What is the strategy to address Nebraska Home and Farm retention?
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Next NI Holdings earnings date
Q4 20254 Mar, 2026
Next NI Holdings earnings date
Q4 20254 Mar, 2026
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Frequently asked questions
NI Holdings, Inc. is a publicly held holding company primarily engaged in underwriting property and casualty insurance in the United States. Through its subsidiaries, including Nodak Insurance Company, the company offers a range of insurance products such as private passenger auto, non-standard automobile, homeowners, farm owners, crop hail, multi-peril crop, and liability insurance. Nodak Insurance distributes its products through captive agents, while other subsidiaries use independent agents for distribution. The company is headquartered in Fargo, North Dakota, and its shares are listed on the NASDAQ.
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