What is NI Holdings's crop — combined ratio?

NI Holdings (NODK) reported crop — combined ratio of 91.8% in Q2 2026.

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

NI Holdings's crop — combined ratio decreased by 2.5% year-over-year, from 94.2% to 91.8%.

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

Screener

Other segment segments

Private Passenger Auto

91.7%-0.3%

All Other

55.2%+37.3%

Similar metrics at other companies

SPNTReinsurance — Combined Ratio

92.3%+2.5pp

SPNTInsurance & Services — Combined Ratio

90.7%+1.4pp

EIGInsurance Operations — Combined Ratio

107.1%+5.1pp

RDNMortgage Segment Operating — Combined Ratio

35.8%+5.4pp

RDNSpecialty Segment Operating — Combined Ratio

97.7%—

ESN

ESNTReinsurance — Combined ratio

77.9%+58.5pp

Other financials

Income statement

See full

Revenue$70.2M-7.7%

Gross profit$15.7M-13.5%

Net income$146.0K+101%

EPS (diluted)$0.01+102%

Balance sheet

See full

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

See full

Operating cash flow-$1.9M-119%

CapEx$19.0K-88.3%

Free cash flow-$1.9M-119%

Valuation

See full

Market cap$313.01M+19.6%

P/E40×—

P/S1.2×+0.3×

Profitability

See full

Gross margin30.2%-1.8pp

Net margin2.9%—

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 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 item	Private Passenger Auto	Non-Standard Auto	Home and Farm	Crop	All Other	Total
Operating Ratios:
Loss and loss adjustment expense ratio	57.4%	(161.8%)	108.5%	73.0%	23.3%	74.5%
Expense ratio	34.3%	97.6%	36.0%	18.8%	31.9%	33.2%
Combined ratio	91.7%	(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 costs	7,099	16	11,276	1,815	1,689	21,895
Reinsurance recoverables on losses	670	—	2,536	2,423	6,812	12,441

Item 1. - Financial Statements

FAQ

What is NI Holdings's crop — combined ratio?: NI Holdings (NODK) reported crop — combined ratio of 91.8% in Q2 2026.
How has NI Holdings's crop — combined ratio changed year-over-year?: NI Holdings's crop — combined ratio decreased by 2.5% year-over-year, from 94.2% to 91.8%.
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.