NI Holdings, Inc. Reports Results for Second Quarter Ended June 30, 2025

FARGO, N.D., Aug. 08, 2025 (GLOBE NEWSWIRE) -- NI Holdings, Inc. (NASDAQ:NODK) announced today results for the quarter ended June 30, 2025.

Summary of Second Quarter 2025 Results, Continuing Operations(All comparisons vs. continuing operations for the second quarter of 2024, unless noted otherwise)

Direct written premiums of $109.5 million compared to $118.5 million. This reduction was driven by Non-Standard Auto (-56.4%) due to the continued impact of the strategic decision to significantly decrease our Non-Standard Auto premiums, partially offset by Home and Farm (8.1%) driven by higher rate and insured values along with new business growth in North Dakota.

Combined ratio of 125.1% versus 113.7%, primarily driven by higher unfavorable development of liability loss claims in Non-Standard Auto, decreased net earned premiums in Non-Standard Auto and a significant catastrophe event in North Dakota that exceeded the Company's $20M reinsurance retention.

Total pre-tax catastrophe losses, net of reinsurance, of $20.0 million for the quarter and year-to-date, which adversely impacted the second quarter and year-to-date loss and loss adjustment expense ratios by 30.2 and 15.7 percentage points, respectively.

Net investment income increased 40.8% to $2.7 million, primarily driven by higher reinvestment rates in our fixed income portfolio and higher net realized gains.

Basic loss per share of ($0.57) compared to ($0.36).

 

Three Months Ended June 30,

 

Six Months Ended June 30,

Dollars in thousands, except per share data(unaudited)

2025

2024

Change

 

2025

2024

Change

Direct written premiums

$109,519

$118,472

(7.6%)

 

$177,247

$201.513

(12.0%)

Net earned premiums

$73,005

$85,169

(14.3%)

 

$140,502

$155,053

(9.4%)

Loss and LAE ratio

91.2%

81.4%

9.8 pts

 

74.8%