NI Holdings (NODK) Q2 2026 earnings summary

Executive summary

• Net income for Q2 2026 was $146,000, or $0.01 per share, reversing a net loss of $12.1 million in Q2 2025; net income for the first half of 2026 was $12,654, compared to a loss of $5,591 in the prior year period.

• Combined ratio improved to 107.7% from 125.1% year-over-year, reflecting lower catastrophe losses and favorable prior-year reserve development in Non-Standard Auto.

• Underwriting loss for Q2 2026 was $4,987, with operating cash flows negative at ($955).

• Gross premiums written declined 4.1% year-over-year to $107.2 million, mainly due to the strategic exit from Non-Standard Auto and lower Private Passenger Auto premiums, partially offset by growth in Crop and assumed reinsurance business.

• Favorable prior year reserve development of $6,077 contributed to improved results.

Financial highlights

• Net premiums earned for Q2 2026 were $65,017, down 10.9% year-over-year; for the first half, $120,130, down 14.5%.

• Net investment income for Q2 2026 was $2,810, down from $3,146 in Q2 2025; net investment gains were $2,063, up from a loss of $410.

• Total assets at June 30, 2026, were $543,134; shareholders' equity was $249,376.

• Return on average equity for Q2 2026 was 0.2%; for the first half, 10.3%.

Outlook and guidance

• Further reductions in net premiums earned are expected in the near term due to the runoff of non-standard auto operations.

• Management expects continued positive momentum in North Dakota, growth in Crop, and contributions from new assumed reinsurance business, despite top-line declines from strategic shifts.

• The company expects to generate sufficient funds from operations and maintain high liquidity to meet claim settlements and expenses.

• The company remains focused on creating lasting value for shareholders and improving performance for the remainder of the year.