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NI Holdings NODK All Other — Underwriting Expense Ratio

Other segment segments

Private Passenger Auto
34.3%+6.5%
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18.8%+24.5%

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Other financials

Income statement

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Revenue$70.2M-7.7%
Gross profit$15.7M-13.5%
Net income$146.0K+101%
EPS (diluted)$0.01+102%

Balance sheet

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Cash & equivalents$51.6M-9.1%
Total debt$1.4M-67.2%
Total equity$243.8M+1.0%
Total assets$543.1M-12.4%

Cash flow

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Operating cash flow-$1.9M-119%
CapEx$19.0K-88.3%
Free cash flow-$1.9M-119%

Valuation

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Market cap$313.01M+19.6%
P/E40×
P/S1.2×+0.3×

Profitability

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Gross margin30.2%-1.8pp
Net margin2.9%
FCF margin-2.4%

Returns & leverage

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Return on equity-5%-2.1pp
Debt / equity0.0×

Where this comes from

Reported directly by NI Holdings in its filing.

Tagged under the XBRL concept us-gaap:UnderwritingExpenseRatio.

The source filing: NI Holdings’s 10-Q, filed August 7, 2026.

Filed
Aug 7, 2026, 4:06 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001174947-26-000777
Line itemPrivate Passenger AutoNon-Standard AutoHome and FarmCropAll OtherTotal
Net income (loss)$146
Operating Ratios:
Loss and loss adjustment expense ratio57.4%(161.8%)108.5%73.0%23.3%74.5%
Expense ratio34.3%97.6%36.0%18.8%31.9%33.2%
Combined ratio91.7%(64.2%)144.5%91.8%55.2%107.7%
Balances at June 30, 2026:
Premiums and agents’ balances receivable$26,595$15$12,479$34,763$3,937$77,789
Deferred policy acquisition costs7,0991611,2761,8151,68921,895

Item 1. - Financial Statements

FAQ

What is NI Holdings's all other — underwriting expense ratio?
NI Holdings (NODK) reported all other — underwriting expense ratio of 31.9% in Q2 2026.
How has NI Holdings's all other — underwriting expense ratio changed year-over-year?
NI Holdings's all other — underwriting expense ratio increased by 31.8% year-over-year, from 24.2% to 31.9%.
What is the long-term trend for NI Holdings's all other — underwriting expense ratio?
Over 2 years (2022 to 2025), NI Holdings's all other — underwriting expense ratio has grown at a 18.6% compound annual growth rate (CAGR), from 76.4% to 107.5%.
What does all other — underwriting expense ratio mean?
Represents the ratio of underwriting expenses to net premiums earned, indicating the efficiency of the segment in managing its operating costs relative to its revenue generation. It highlights how much of each premium dollar is spent on administrative and acquisition activities.

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