NI Holdings, Inc. Reports Results for Second Quarter Ended June 30, 2026

NI Holdings, Inc. (NASDAQ: NODK) announced today results for the quarter ended June 30, 2026. Summary of Second Quarter 2026 Results (All comparisons vs. the second quarter of 2025, unless noted otherwise) Gross premiums written of $107.2 million compared to $111.8 million in the prior year quarter. This decrease was driven by Non-Standard Auto (-98.9%) reflecting the continued impact of the Company’s strategic decision to exit the majority of the segment, as well as a decline in Private Passenger Auto (-8.0%) due to lower renewal premiums and new business in South Dakota and Nebraska, partially offset by increased new business in North Dakota. These declines were partially offset by All Other (+46.7%) due to increased assumed premiums from participation on catastrophe reinsurance programs of certain farm bureau insurance companies, and Crop (+8.8%) due to increased new business. Combined ratio of 107.7%, versus 125.1% in the prior year quarter. The improvement was primarily driven by lower catastrophe losses, favorable prior year development on loss reserves in Non-Standard Auto during the current year quarter compared to unfavorable prior year development in the prior year quarter, and improved growing conditions in Crop, partially offset by higher non-catastrophe weather-related losses in Home and Farm. Total pre-tax catastrophe loss of $15.0 million for the quarter, which was below our reinsurance retention and adversely impacted the second quarter and year-to-date loss and loss adjustment expense ratios by 23.1 and 12.5 percentage points, respectively. This compares to total pre-tax catastrophe loss, net of reinsurance, of $20.0 million and $3.3 million of related reinstatement premiums in the prior year quarter, which adversely impacted the prior year quarter and prior year-to-date loss and loss adjustment expense ratios by 30.2 and 15.7 percentage points, respectively. Net investment income of $2.8 million, down 10.7% from the prior year quarter, primarily due to a lower average fixed income portfolio balance. Basic earnings per share of $0.01, compared to basic loss per share of $(0.57) in the prior year quarter, reflecting improved profitability for the quarter. Three Months Ended June 30, Six Months Ended June 30, Dollars in thousands, except per share data (unaudited) 2026 2025 Change 2026 2025 Change Gross premiums written $107,191 $111,828 (4.1%) $164,703 $179,594 (8.3%) Net premiums earned $65,017 $73,005 (10.9%) $120,130 $140,502 (14.5%) Loss and LAE ratio 74.5% 91.2% (16.7) pts 59.7% 74.8% (15.1) pts Expense ratio 33.2% 33.9% (0.7) pts 35.1% 35.5% (0.4) pts Combined ratio 107.7% 125.1% (17.4) pts 94.8% 110.3% (15.5) pts Net investment income $2,810 $3,146 (10.7%) $5,465 $5,984 (8.7%) Net investment gains (losses) $2,063 $(410) NM $3,767 $459 NM Net income $146 $(12,051) NM $12,654 $(5,591) NM Return on average equity 0.2% (19.4%) 19.6 pts 10.3% (4.6%) 14.9 pts Basic earnings per share $0.01 $(0.57) NM $0.61 $(0.27) NM NM = not meaningful Management Commentary “Our second quarter results are encouraging, especially given that the second quarter is historically our most challenging, a reality underscored by significant catastrophe events that impacted the company in both June 2025 and 2026,” said Cindy Launer, President and Chief Executive Officer. “Despite these catastrophe events and headwinds from increased non-catastrophe weather, we delivered improved year-over-year results, driven in part by favorable prior-year reserve development in Non-Standard Auto, alongside lower losses from our reduced exposure in the segment, validating our decision to strategically pivot away from that business. Furthermore, despite top-line declines tied ...