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NI Holdings NODK Direct policyholders’ benefits

Discontinued — last reported Q3 '25

Direct policyholders’ benefits at other companies

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Segments

By segment

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Private Passenger Auto$12.76M-12.7%
Crop$8.32M-20.5%
All Other$1.15M-24.5%

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:PolicyholderBenefitsAndClaimsIncurredGross.

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
Assumed premiums earned1,6041371,741
Ceded premiums earned(1,036)(15)(4,866)(5,400)(338)(11,655)
Net premiums earned23,20610,85923,64210,3643,83471,905
Direct losses and loss adjustment expenses15,66415,38015,0296,8374,91857,828
Assumed losses and loss adjustment expenses50419523
Ceded losses and loss adjustment expenses(1,550)3,527(2,002)(2,129)(2,154)
Net losses and loss adjustment expenses14,11415,38018,5565,3392,80856,197
Gross margin9,092(4,521)5,0865,0251,02615,708

Item 1. - Financial Statements

FAQ

What is NI Holdings's direct policyholders’ benefits?
NI Holdings (NODK) reported direct policyholders’ benefits of $57.83M in Q3 2025.
How has NI Holdings's direct policyholders’ benefits changed year-over-year?
NI Holdings's direct policyholders’ benefits decreased by 17.0% year-over-year, from $69.69M to $57.83M.
What is the long-term trend for NI Holdings's direct policyholders’ benefits?
Over 3 years (2021 to 2024), NI Holdings's direct policyholders’ benefits has grown at a -7.7% compound annual growth rate (CAGR), from $281M to $220.99M.
What does direct policyholders’ benefits mean?
Direct policyholders’ benefits

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