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NI Holdings, Inc.

NI Holdings, Inc.

NASDAQ•NODK
CEO: Mr. Seth Christopher Daggett C.P.A.
Sector: Financial Services
Industry: Insurance - Property & Casualty
Listing Date: 2017-03-16
NI Holdings, Inc. underwrites property and casualty insurance products in the United States. Its products include private passenger auto, non-standard automobile, homeowners, farm owners, crop hail and multi-peril crop, and liability insurance policies. The company was founded in 1946 and is headquartered in Fargo, North Dakota. NI Holdings, Inc. operates as a subsidiary of Nodak Mutual Group, Inc.
Contact Information
1101 First Avenue North, Fargo, ND, 58102, United States
701-298-4200
www.niholdingsinc.com
Market Cap
$274.06M
P/E (TTM)
107.8
13.2
Dividend Yield
--
52W High
$15.41
52W Low
$12.01
52W Range
38%
Rank25Top 11.9%
5.6
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Average • 5.6 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2016-2025

Financial Dashboard

Q3 2025 Data

Revenue

$76.57M-13.95%
4-Quarter Trend

EPS

-$0.08-38.46%
4-Quarter Trend

FCF

-$44.84M+147.34%
4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

Investment Income Rises Net investment income reached 9,024 K USD for nine months, up due to higher interest rate environment and reinvestment.
Net Premiums Decline Net premiums earned totaled 212,407 K USD for nine months, down 10.9% following Non-Standard Auto run-off decisions.
Auto Segment Profitability Improves Private Passenger Auto combined ratio improved to 91.1% for nine months, driven by rate increases and better loss severity.
Cash Position Maintained Total cash and investments stood at 365,238 K USD at period end, supporting liquidity needs for operations.

Risk Factors

Underwriting Loss Widens Total underwriting loss reached (21,085 K USD) YTD, driven by significant premium reduction outpacing loss control efforts.
Non-Standard Auto Weakness Non-Standard Auto segment combined ratio hit 152.3% YTD due to unfavorable prior year development on liability reserves.
Strategic Decisions Risk Strategic adjustments carry timing and execution risks; anticipated benefits from exiting certain lines may not be fully realized.
Catastrophe Loss Impact Home and Farm segment experienced significant North Dakota catastrophe event losses exceeding $20,000 retention during Q2 2025.

Outlook

Non-Standard Auto Run-off Strategic decision made to stop writing Non-Standard Auto business in three states; existing policies will be non-renewed.
Liquidity Maintained $3,000 K USD line of credit available until December 13, 2025, supporting liquidity needs for operations and expenses.
Share Repurchase Capacity Total share repurchase capacity stands at approximately $5,900 K USD available following recent Board authorization approvals.
Evaluating Tax Disclosure Updates Currently evaluating impact of new FASB guidance on income tax disclosures, effective for annual periods beginning after December 15, 2024.

Peer Comparison

Revenue (TTM)

NI Holdings, Inc.NODK
$297.97M
-9.7%
Citizens, Inc.CIA
$247.02M
-0.5%
Kingstone Companies, Inc.KINS
$195.62M
+30.7%

Gross Margin (Latest Quarter)

Waterstone Financial, Inc.WSBF
71.6%
+5.5pp
The First Bancorp, Inc.FNLC
52.4%
+2.5pp
Kingstone Companies, Inc.KINS
43.3%
-56.7pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
WSBF$323.00M13.27.0%20.7%
FNLC$304.82M9.612.0%4.8%
JMSB$280.96M19.26.0%7.9%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
1.2%
Moderate Growth
4Q Net Income CAGR
N/M
Profitability Shift
Cash Flow Stability
75%
Volatile Cash Flow

Research & Insights

Next earnings:Mar 5, 2026
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EPS:-
|
Revenue:-
Reports
All Years

  • Form 10-Q - Q3 2025

    Period End: Sep 30, 2025|Filed: Nov 7, 2025|
    Revenue: $76.57M-14.0%
    |
    EPS: $-0.08-38.5%
    N/A

  • Form 10-Q - Q2 2025

    Period End: Jun 30, 2025|Filed: Aug 8, 2025|
    Revenue: $76.06M-13.4%
    |
    EPS: $-0.57+42.5%
    N/A

  • Form 10-Q - Q1 2025

    Period End: Mar 31, 2025|Filed: May 9, 2025|
    Revenue: $71.43M-4.1%
    |
    EPS: $0.31+0.0%
    N/A

  • Form 10-K - FY 2024

    Period End: Dec 31, 2024|Filed: Mar 7, 2025|
    Revenue: $325.20M+7.0%
    |
    EPS: $0.24+192.3%
    N/A

  • Form 10-Q - Q3 2024

    Period End: Sep 30, 2024|Filed: Nov 7, 2024|
    Revenue: $88.98M+14.0%
    |
    EPS: $-0.13-1292.7%
    Miss

  • Form 10-Q/A - Q2 2024

    Period End: Jun 30, 2024|Filed: Nov 5, 2024|
    Revenue: $87.81M+8.3%
    |
    EPS: $-0.40+5.3%
    Miss

  • Form 10-Q - Q2 2024

    Period End: Jun 30, 2024|Filed: Aug 8, 2024|Refer to amended data

  • Form 10-Q - Q1 2024

    Period End: Mar 31, 2024|Filed: May 9, 2024|
    Revenue: $74.50M-8.7%
    |
    EPS: $0.31-255.0%
    N/A