What is NI Holdings's combined ratio?

NI Holdings (NODK) reported combined ratio of 109.1% in Q3 2025.

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

NI Holdings's combined ratio decreased by 1.7% year-over-year, from 111% to 109.1%.

What is the long-term trend for NI Holdings's combined ratio?

Over 2 years (2022 to 2024), NI Holdings's combined ratio has grown at a -6.9% compound annual growth rate (CAGR), from 483.3% to 419.3%.

NI Holdings NODK Combined Ratio

Discontinued — last reported Q3 '25

Combined Ratio at other companies

Axis Capital HoldersAXS

86.3%-0.4pp

Selective Insurance GroupSIGI

98.3%+2.2pp

SiriusPointSPNT

92%-2.0pp

Arch Capital GroupACGL

96.5%-3.6pp

Axis Capital HoldersAXS

92.7%+0.4pp

SiriusPointSPNT

84.2%-12.9pp

Segments

By segment

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Non Standard Auto162.4%+29.9%

Private Passenger Auto80.7%-12.5%

Home And Farm77.3%+4.0%

All Other48.1%-45.2%

Other financials

Income statement

See full

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

See full

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

See full

Operating cash flow-$1.9M-119%

CapEx$42.0K+110%

Free cash flow-$1.9M-119%

Valuation

See full

Market cap$324.43M+26.1%

P/S1.2×+0.4×

Profitability

See full

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 November 7, 2025, on SEC EDGAR. View the filing →

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Questions, answered.

What is NI Holdings's combined ratio?: NI Holdings (NODK) reported combined ratio of 109.1% in Q3 2025.
How has NI Holdings's combined ratio changed year-over-year?: NI Holdings's combined ratio decreased by 1.7% year-over-year, from 111% to 109.1%.
What is the long-term trend for NI Holdings's combined ratio?: Over 2 years (2022 to 2024), NI Holdings's combined ratio has grown at a -6.9% compound annual growth rate (CAGR), from 483.3% to 419.3%.