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Discontinued — last reported Q3 '25

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Axis Capital HoldersAXS
68.2%+1.6pp
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SiriusPointSPNT
54.5%-2.1pp
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Hamilton Insurance Group, Ltd.HG
57.6%+8.3pp

Segments

By segment

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Crop73%-7.7%
Private Passenger Auto57.4%-4.0%
All Other23.3%+45.6%

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:LossRatio.

The source filing: NI Holdings’s 10-Q, filed November 7, 2025.

Filed
Nov 7, 2025
Fiscal quarter
Q3 FY2025
Calendar quarter
Q3 2025
Accession
0001174947-25-001356
Line itemPrivate Passenger AutoNon-Standard AutoHome and FarmCropAll OtherTotal
Income tax benefit(192)
Net loss$(1,666)
Operating Ratios:
Loss and loss adjustment expense ratio60.8%141.6%78.5%51.5%73.2%78.2%
Expense ratio28.3%45.5%33.1%16.8%29.9%30.9%
Combined ratio89.1%187.1%111.6%68.3%103.1%109.1%
Balances at September 30, 2025:
Premiums and agents’ balances receivable$26,652$3,048$11,603$31,574$3,196$76,073

Item 1. - Financial Statements

FAQ

What is NI Holdings's loss ratio?
NI Holdings (NODK) reported loss ratio of 78.2% in Q3 2025.
How has NI Holdings's loss ratio changed year-over-year?
NI Holdings's loss ratio decreased by 0.0% year-over-year, from 78.2% to 78.2%.
What is the long-term trend for NI Holdings's loss ratio?
Over 2 years (2022 to 2024), NI Holdings's loss ratio has grown at a -11.6% compound annual growth rate (CAGR), from 363.3% to 283.9%.
What does loss ratio mean?
Loss Ratio

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