AI Earnings Predictions for NI Holdings Inc. (NODK)

NODK 20260306

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2026-03-06 2026-03-06

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  March 6, 2026

NI Holdings, Inc.

(Exact name of registrant as specified in its charter)

North Dakota

001-37973

81-2683619

(State or other jurisdiction of incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)

1101 First Avenue North

Fargo, North Dakota

(Address of principal executive offices)

58102

(Zip code)

(701) 298-4200

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock, $0.01 par value per share

NODK

Nasdaq Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 2.02.Results of Operations and Financial Condition.

On March 6, 2026, the Company issued a press release announcing its financial results for the quarter and year ended December 31, 2025. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein in its entirety by reference.

The information in this Item 2.02 and the exhibit attached hereto is furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such document or filing.

Item 9.01.Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number Description

99.1 Press Release dated March 6, 2026.

104 Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

NI Holdings, Inc.

Date: March 6, 2026 By: /s/ Cindy L. Launer

Cindy L. Launer

President and Chief Executive Officer

NODK 20251103

false 0001681206

0001681206

2025-11-07 2025-11-07

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iso4217:USD

xbrli:shares

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 7, 2025

NI Holdings, Inc.

(Exact name of registrant as specified in its charter)

North Dakota

001-37973

81-2683619

(State or other jurisdiction of incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)

1101 First Avenue North

Fargo, North Dakota

(Address of principal executive offices)

58102

(Zip code)

(701) 298-4200

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock, $0.01 par value per share

NODK

Nasdaq Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐

Item 2.02.Results of Operations and Financial Condition.

On November 7, 2025, the Company issued a press release announcing its financial results for the quarter ended September 30, 2025. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein in its entirety by reference.

The information in this Item 2.02 and the exhibit attached hereto is furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such document or filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit

Number Description

99.1 Press Release dated November 7, 2025.

104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

NI Holdings, Inc.

Date: November 7, 2025 By: /s/ Cindy L. Launer

Cindy L. Launer

President and Chief Executive Officer

8-K 1 ex99-1.htm 8-K

NI Holdings, Inc. Reports Results for Second Quarter Ended June 30, 2025

FARGO, North Dakota, August 8, 2025 – NI Holdings, Inc. (NASDAQ: NODK) announced today results for the quarter ended June 30, 2025.

Summary of Second Quarter 2025 Results – Continuing Operations

(All comparisons vs. continuing operations for the second quarter of 2024, unless noted otherwise)

·Direct written premiums of $109.5 million compared to $118.5 million. This reduction was driven by Non-Standard Auto (-56.4%) due to the continued impact of the strategic decision to significantly decrease our Non-Standard Auto premiums, partially offset by Home and Farm (8.1%) driven by higher rate and insured values along with new business growth in North Dakota.

·Combined ratio of 125.1% versus 113.7%, primarily driven by higher unfavorable development of liability loss claims in Non-Standard Auto, decreased net earned premiums in Non-Standard Auto and a significant catastrophe event in North Dakota that exceeded the Company’s $20M reinsurance retention.

·Total pre-tax catastrophe losses, net of reinsurance, of $20.0 million for the quarter and year-to-date, which adversely impacted the second quarter and year-to-date loss and loss adjustment expense ratios by 30.2 and 15.7 percentage points, respectively.

·Net investment income increased 40.8% to $2.7 million, primarily driven by higher reinvestment rates in our fixed income portfolio and higher net realized gains.

·Basic loss per share of ($0.57) compared to ($0.36).

Three Months Ended June 30,

Six Months Ended June 30,

Dollars in thousands, except per share data

(unaudited)

2025 2024 Change

2025 2024 Change

Direct written premiums $109,519 $118,472 (7.6%)

$177,247 $201.513 (12.0%)

Net earned premiums $73,005 $85,169 (14.3%)

$140,502 $155,053 (9.4%)

Loss and LAE ratio 91.2% 81.4% 9.8 pts

74.8% 70.6% 4.2 pts

Expense ratio 33.9% 32.3% 1.6 pts

35.5% 34.2% 1.3 pts

Combined ratio 125.1% 113.7% 11.4 pts

110.3% 104.8% 5.5 pts

Net loss attributable to NI Holdings $(12,051) $(19,622) (38.6%)

$(5,591) $(13,203) (57.7%)

Continuing operations $(12,051) $(7,478) 61.2%

$(5,591) $(543) NM

Discontinued operations - $(996) NM

- $(1,512) NM

Loss on sale of discontinued operations - $(11,148) NM

- $(11,148) NM

Return on average equity (19.4%) (12.8%) (6.6) pts

(4.6%) (0.5%) (4.1) pts

Basic loss per share $(0.57) $(0.94) (39.4%)

$(0.27) $(0.63) (57.1%)

Continuing operations $(0.57) $(0.36) 58.3%

$(0.27) $(0.03) NM

NM = not meaningful

Management Commentary

“I want to begin by acknowledging the impact the recent historic storms have had on our North Dakota communities,” said Seth Daggett, President and Chief Executive Officer. “We are committed to continuing to provide support to help our insureds navigate these difficult times, and together, we will rebuild stronger and move forward. Turning to results, the second quarter was negatively impacted by the catastrophe event in North Dakota, primarily in Home and Farm, offset by favorable weather conditions in South Dakota and Nebraska. The favorable results in South Dakota and Nebraska demonstrate the impact of underwriting changes and geographic diversification we have undertaken in recent years, and we continue to be pleased with the results of those actions.

Our high-quality investment portfolio continued

to provide positive returns, benefiting from the higher reinvestment rates in our fixed income portfolio. Although we faced a challenging quarter, including further unfavorable prior year reserve development in Non-Standard Auto, we remain confident in the strength of our core business and our ability to provide appropriate returns over time.”

Securities and Exchange Commission (SEC) Filings

The Company’s Quarterly Report on Form 10-Q and latest financial supplement can be found on the Company’s website at www.niholdingsinc.com. The Company’s filings with the SEC can also be found at www.sec.gov.

About the Company

NI Holdings, Inc. is an insurance holding company. The Company is a North Dakota business corporation that is the stock holding company of Nodak Insurance Company and became such in connection with the conversion of Nodak Mutual Insurance Company from a mutual to stock form of organization and the creation of a mutual holding company. The conversion was consummated on March 13, 2017. Immediately following the conversion, all of the outstanding shares of common stock of Nodak Insurance Company were issued to Nodak Mutual Group, Inc., which then contributed the shares to NI Holdings in exchange for 55% of the outstanding shares of common stock of NI Holdings. Nodak Insurance Company then became a wholly-owned stock subsidiary of NI Holdings. NI Holdings’ financial statements are the consolidated financial results of NI Holdings; Nodak Insurance, including Nodak’s wholly-owned subsidiaries American West Insurance Company, Primero Insurance Company, and Battle Creek Insurance Company; Dire