What is NI Holdings's crop — combined ratio?

NI Holdings (NODK) reported crop — combined ratio of 100.9% in Q1 2026.

How has NI Holdings's crop — combined ratio changed year-over-year?

NI Holdings's crop — combined ratio decreased by 20.1% year-over-year, from 126.3% to 100.9%.

What does crop — combined ratio mean?

The combined ratio is the sum of the loss ratio and the underwriting expense ratio, representing the total cost of insurance operations relative to premiums earned. It is the definitive measure of underwriting profitability, where a ratio below 100% indicates an underwriting profit. It provides a comprehensive view of the segment's operational performance.

NI Holdings NODK Crop — Combined Ratio

Other segment segments

Non Standard Auto

162.4%+29.9%

Private Passenger Auto

80.7%-12.5%

Home And Farm

77.3%+4.0%

All Other

48.1%-45.2%

Similar metrics at other companies

AXSInsurance — Combined Ratio

86.3%-0.4pp

AXSReinsurance — Combined Ratio

92.7%+0.4pp

SIGIInsurance Operations — Combined Ratio

98.3%+2.2pp

RNRProperty — Combined Ratio

34.1%-115pp

SPNTReinsurance — Combined Ratio

84.2%-12.9pp

PGRUnderwriting operations — Combined ratio

86.4%+0.4pp

Other financials

Income statement

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Revenue$59.6M-16.6%

Gross profit$15.7M-13.5%

Net income$12.5M+93.6%

EPS (diluted)$0.60+93.5%

Balance sheet

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Cash & equivalents$57.7M+0.9%

Total debt$1.4M-67.2%

Total equity$243.8M+1.0%

Total assets$492.1M-6.3%

Cash flow

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Operating cash flow-$1.9M-119%

CapEx$42.0K+110%

Free cash flow-$1.9M-119%

Valuation

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Market cap$324.43M+26.1%

P/S1.2×+0.4×

Profitability

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Gross margin30.2%-1.8pp

Net margin-1.6%—

FCF margin-2.4%—

Returns & leverage

See full

Return on equity-5%-2.1pp

Debt / equity0×0.0×

Where this comes from

Reported directly by NI Holdings in its filing.

Tagged under the XBRL concept us-gaap:CombinedRatio.

The official record: NI Holdings’s 10-Q, filed May 8, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is NI Holdings's crop — combined ratio?: NI Holdings (NODK) reported crop — combined ratio of 100.9% in Q1 2026.
How has NI Holdings's crop — combined ratio changed year-over-year?: NI Holdings's crop — combined ratio decreased by 20.1% year-over-year, from 126.3% to 100.9%.
What does crop — combined ratio mean?: The combined ratio is the sum of the loss ratio and the underwriting expense ratio, representing the total cost of insurance operations relative to premiums earned. It is the definitive measure of underwriting profitability, where a ratio below 100% indicates an underwriting profit. It provides a comprehensive view of the segment's operational performance.