NI Holdings (NODK) Q4 2025 earnings summary

Executive summary

• Strategic focus in 2025 was on core insurance businesses in North Dakota, South Dakota, and Nebraska, with a deliberate exit from the Non-Standard Auto segment in Illinois, Arizona, and South Dakota.

• Financial results for 2025 were disappointing, but management highlighted progress in repositioning for future growth and profitability.

• The company responded effectively to a historic catastrophe event in North Dakota, demonstrating resilience in core lines.

Financial highlights

• Direct written premiums fell 26% for Q4 and 15.3% for the full year, mainly due to the Non-Standard Auto exit.

• Net earned premiums declined 18.9% for Q4 and 12.7% for the year.

• Combined ratio rose to 109.6% for Q4 (up 29.6 pts) and 109.9% for the year (up 9.2 pts), reflecting reserve development and catastrophe losses.

• Net investment income increased 6.9% to $11.7 million for the year.

• Net loss attributable to shareholders was $10.4 million for 2025, compared to a $6.1 million loss in 2024.

• Loss per share was $(0.50) for 2025, compared to earnings per share of $0.31 in 2024.

Outlook and guidance

• Management expects investments in business, employees, technology, and products to support a return to profitability and long-term value creation in 2026.