The sharp profitability improvement validates the strategic exit from Non-Standard Auto. Monitor upcoming 10-Q for reserve development details and any guidance on premium stabilization. The revenue decline remains a headwind, but the combined ratio below 80% signals strong core underwriting.
Price Chart
Executive Summary
NI Holdings reported a strong Q1 2026 with net income surging 93.6% to $12.5M and EPS of $0.60, compared to $0.31 a year ago, driven by a sharp improvement in underwriting performance (combined ratio 79.7% vs 94.4%). However, net earned premiums declined 18.3% due to the strategic exit from Non-Standard Auto, creating a mixed picture of strong profitability against shrinking top line.
Key Financial Metrics
Key Facts
- Basic EPS of $0.60, up 93.5% YoY from $0.31
- Combined ratio improved to 79.7% from 94.4%, a 14.7 point decrease
- Net income of $12.5M, up 93.6% from $6.5M
- Net premiums earned down 18.3% to $55.1M due to Non-Standard Auto exit
- Gross premiums written down 15.1% to $57.5M; Home and Farm grew 7.3%
Financial Impact
Net income doubled to $12.5M; EPS doubled to $0.60; combined ratio fell below 80% for first time in quarters
Risk Factors
- Continued premium contraction as Non-Standard Auto runoff persists
- Potential adverse reserve development in Private Passenger Auto or Home and Farm
- Reinsurance costs and catastrophe exposure in North Dakota
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001174947-26-000571 |
| Exhibit: ex99-1.htm | 0001174947-26-000571 |
| Document: 0001174947-26-000571-index-headers.html | 0001174947-26-000571 |
| Document: 0001174947-26-000571-index.html | 0001174947-26-000571 |
| Document: 0001174947-26-000571.txt | 0001174947-26-000571 |
| 8-K Data (Synthetic) | 0001174947-26-000571 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 7, 2026 11w ago | Press Release | $15.34 | awaiting T+60 | — | $14.90 (−2.87%) |
May 26, 2026 21w ago | 8-K | $14.04 $15.29 | ▲ +8.87% | ▲ +6.99% | $14.90 (+6.13%) |
May 8, 2026 24w ago | Press Release | $13.37 $15.36 | ▲ +14.88% | ▲ +10.49% | $14.90 (+11.44%) |
May 8, 2026 24w ago | 8-K | $13.37 $15.36 | ▲ +14.88% | ▲ +10.49% | $14.90 (+11.44%) |
Apr 8, 2026 28w ago | DEFA14A | $13.14 $15.77 | ▲ +20.02% | ▲ +9.23% | $14.90 (+13.39%) |
Mar 6, 2026 33w ago | Press Release | $12.92 $14.49 | ▼ −12.16% | ▼ −0.17% | $14.90 (−15.37%) |
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