NI Holdings (NODK) Q3 2026 earnings summary

Executive summary

• Q3 net income was $5.528 million, or $0.27 per diluted share, versus a $1.666 million loss; 9M net income was $18.182 million versus a $7.257 million loss.

• Underwriting returned to profit, with Q3 underwriting gain of $4.191 million and a 93.6% combined ratio; 9M underwriting gain was $10.425 million and the combined ratio was 94.4%.

Financial highlights

• Q3 total revenue was $68.577 million versus $76.568 million; 9M revenue was $198.413 million versus $224.059 million.

• Net premiums earned declined 8.6% to $65.756 million in Q3 and 12.5% to $185.886 million in 9M, reflecting non-standard auto runoff; Q3 gross premiums written fell 7.2% to $54.346 million.

• Q3 losses and LAE were $42.138 million versus $56.197 million; 9M losses and LAE were $113.911 million versus $161.329 million.

• Net investment income was $2.716 million in Q3 and $8.181 million in 9M; Q3 net investment loss was $0.093 million, while 9M net investment gains were $3.674 million.

• Cash and investments were $347.888 million at September 30, 2026; shareholders’ equity was $244.521 million.

Outlook and guidance

• Further near-term declines in non-standard auto net premiums earned are expected as policies run off following underwriting exits.

• Operating and investment liquidity is expected to cover claims and operating costs for the foreseeable future; non-standard auto runoff may require securities sales to fund claims.

• Strategic priorities are progressing, with confidence in delivering more consistent, profitable performance and long-term shareholder value.