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

$271.38M

P/E (TTM)

-26.0

11.6

Dividend Yield

52W High

$14.70

52W Low

$12.01

52W Range

43%

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

Q4 2025 Data

Revenue

-$224.06M+0.00%

4-Quarter Trend

EPS

-$0.15+0.00%

4-Quarter Trend

FCF

$17.88M+0.00%

4-Quarter Trend

2025 Annual Earnings Highlights

Key Highlights

Net Premiums Declined Net premiums earned fell 12.7% to $270.66M, driven by strategic decisions to exit Non-Standard Auto business.

Profitability Reversed Sharply Consolidated entity reported net loss of ($10.41M) versus $6.60M income in the prior year period.

Underwriting Performance Worsened Combined ratio deteriorated to 109.9% in 2025, reflecting significant underwriting losses across continuing operations.

Business Restructuring Complete Westminster sale closed mid-2024; Battle Creek fully consolidated post-mutual conversion in January 2024.

Risk Factors

Underwriting Profitability Loss Combined ratio exceeding 100% (109.9%) signals sustained underwriting losses requiring immediate corrective pricing actions.

Catastrophe Loss Exposure Severe weather events, especially in North Dakota, materially affect financial condition and increase loss reserves.

Non-Standard Auto Exit Impact Strategic run-off of Non-Standard Auto caused premium decline of 47.5% and higher expense ratios temporarily.

Reinsurance Availability Risk Inability to secure favorable reinsurance coverage increases exposure to underwriting risks and potential material losses.

Outlook

Growth Focus on NDFB Strategy emphasizes continued relationship with NDFB and technology expansion for agency support and quoting efficiency.

Capital Deployment Priorities Excess capital available for profitable growth investment, strategic acquisitions, or shareholder returns via repurchases.

Share Repurchase Availability $4.55M remains available under the August 2025 authorization for common stock repurchases.

Climate Trend Monitoring Actively monitoring long-term climate trends impacting catastrophe modeling, reinsurance costs, and investment valuations.

Peer Comparison

Revenue (TTM)

NEWT

$344.43M

+8.0%

CIA

$255.62M

+4.3%

WSBF

$201.61M

+1.1%

Gross Margin (Latest Quarter)

KINS

130.2%

-2.6pp

WSBF

74.5%

+0.0pp

NEWT

72.5%

+0.7pp

Key Metrics

Symbol	Market Cap	P/E (TTM)	ROE (TTM)	Debt to Assets
CBAN	$347.27M	12.9	9.0%	7.2%
NEWT	$343.18M	4.9	17.3%	81.8%
WSBF	$325.76M	11.9	7.7%	18.2%

Long-Term Trends

Last 4 Quarters

Revenue

Net Income

Operating Cash Flow

4Q Revenue CAGR

N/M

Revenue Volatile

4Q Net Income CAGR

N/M

Profitability Shift

Cash Flow Stability

75%

Volatile Cash Flow

Deep Research

Next earnings:May 7, 2026

EPS:-

Revenue:-

Financials

Earnings Calls

Reports

News

Income Statement

Balance Sheet

Cash Flow Statement

Ratios

% Chg.

Income Statement	LTM

No Data