NI Holdings, Inc. Reports Results for Third Quarter Ended September 30, 2026

Three Months Ended September 30,

Nine Months Ended September 30,

Dollars in thousands, except per share data

(unaudited)

2026

2025

Change

2026

2025

Change

Gross premiums written

$54,346

$58,586

(7.2%)

$219,049

$238,180

(8.0%)

Net premiums earned

$65,756

$71,905

(8.6%)

$185,886

$212,407

(12.5%)

Loss and loss adjustment expense ratio

64.1%

78.2%

(14.1) pts

61.3%

76.0%

(14.7) pts

Expense ratio

29.5%

30.9%

(1.4) pts

33.1%

34.0%

(0.9) pts

Combined ratio

93.6%

109.1%

(15.5) pts

94.4%

110.0%

(15.6) pts

Net investment income

$2,716

$3,040

(10.7%)

$8,181

$9,024

(9.3%)

Net investment gains (losses)

$(93)

$1,362

NM

$3,674

$1,821

NM

Net income (loss)

$5,528

$(1,666)

NM

$18,182

$(7,257)

NM

Return on average equity

9.0%

(2.7%)

11.7 pts

10.0%

(4.0%)

14.0 pts

Basic earnings (loss) per share

$0.27

$(0.08)

NM

$0.87

$(0.35)

NM

NM = not meaningful