What is NI Holdings's crop — underwriting expense ratio?

NI Holdings (NODK) reported crop — underwriting expense ratio of -2.5% in Q1 2026.

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

NI Holdings's crop — underwriting expense ratio increased by 60.9% year-over-year, from -6.4% to -2.5%.

What does crop — underwriting expense ratio mean?

This ratio represents the operational costs of acquiring and servicing insurance policies relative to the net premiums earned. It highlights the efficiency of the company's administrative and distribution processes within the crop insurance segment. Lower ratios indicate better cost control and operational leverage.

NI Holdings NODK Crop — Underwriting Expense Ratio

Other segment segments

Non Standard Auto

63.2%+39.2%

Home And Farm

37%+12.1%

Private Passenger Auto

34.5%+5.8%

All Other

32.4%-36.1%

Similar metrics at other companies

RNRProperty — Underwriting expense ratio

24.8%+6.2pp

PGRUnderwriting operations — Combined ratio

86.4%+0.4pp

RNRCasualty and Specialty — Underwriting expense ratio

30.3%-4.7pp

SIGIInsurance Operations — Net underwriting expenses incurred (as a percent)

31.2%-0.4pp

ESN

ESNTReinsurance — Expense ratio

35.7%+18.7pp

ACGLInsurance — Acquisition expense ratio

20%+1.5pp

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

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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:UnderwritingExpenseRatio.

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 — underwriting expense ratio?: NI Holdings (NODK) reported crop — underwriting expense ratio of -2.5% in Q1 2026.
How has NI Holdings's crop — underwriting expense ratio changed year-over-year?: NI Holdings's crop — underwriting expense ratio increased by 60.9% year-over-year, from -6.4% to -2.5%.
What does crop — underwriting expense ratio mean?: This ratio represents the operational costs of acquiring and servicing insurance policies relative to the net premiums earned. It highlights the efficiency of the company's administrative and distribution processes within the crop insurance segment. Lower ratios indicate better cost control and operational leverage.