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Get filing alertsNI Holdings returns to profitability with $0.01 EPS as combined ratio improves to 107.7%
Filed August 7, 2026 · Period ending August 7, 2026 · ~1 min read
Key Changes
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high
Combined ratio improved 17.4 percentage points to 107.7% from 125.1% prior year, driven by lower catastrophe losses ($15.0M vs $20.0M), favorable reserve development in Non-Standard Auto, and improved Crop conditions.
Exhibit 99.1 view on EDGAR → -
high
Returned to profitability with $0.01 EPS versus $(0.57) loss per share in Q2 2025; net income of $146,000 compared to $12.1 million net loss prior year quarter.
Exhibit 99.1 view on EDGAR → -
high
Gross premiums written declined 4.1% to $107.2M from $111.8M, primarily from strategic Non-Standard Auto exit (down 98.9%) and 8.0% decline in Private Passenger Auto from lower renewals in South Dakota and Nebraska.
Exhibit 99.1 view on EDGAR → -
medium
Catastrophe losses of $15.0M (below reinsurance retention) impacted quarterly loss ratio by 23.1 percentage points, an improvement from 30.2 percentage point impact in prior year quarter.
Exhibit 99.1 view on EDGAR → -
medium
Net investment income declined 10.7% to $2.8M from lower average fixed income portfolio balance, partially offset by $2.1M net investment gains versus $410,000 losses prior year.
Exhibit 99.1 view on EDGAR →
Summary
NI Holdings reported a return to profitability in Q2 2026 with earnings of $0.01 per share, reversing a $0.57 per share loss in the prior year quarter. The turnaround was driven by a 17.4 percentage point improvement in the combined ratio to 107.7%, reflecting lower catastrophe losses, favorable reserve development in the Non-Standard Auto segment the company is exiting, and improved growing conditions in Crop. Catastrophe losses of $15.0 million remained below the reinsurance retention but still impacted the quarterly loss ratio by 23.1 percentage points, down from a 30.2 percentage point impact in the prior year.
The improved underwriting results came despite a 4.1% decline in gross premiums written to $107.2 million, primarily from the strategic exit of Non-Standard Auto (down 98.9%) and an 8.0% decline in Private Passenger Auto from lower renewal premiums in South Dakota and Nebraska. While the combined ratio improvement is meaningful, the 107.7% level still indicates an underwriting loss for the quarter. The company's ability to sustain profitability will depend on continued improvement in underwriting performance and managing catastrophe exposure in its core property lines.
Section-by-Section Diff
Event · Exhibit 99.1
Added in current filing · view on EDGAR →
Gross premiums written of $107.2 million compared to $111.8 million in the prior year quarter. This decrease was driven by Non-Standard Auto (-98.9%) reflecting the continued impact of the Company’s strategic decision to exit the majority of the segment, as well as a decline in Private Passenger Auto (-8.0%) due to lower renewal premiums and new business in South Dakota and Nebraska, partially offset by increased new business in North Dakota.
Gross premiums written declined 4.1% to $107.2 million in Q2 2026 from $111.8 million in Q2 2025. The decrease was primarily driven by the company's strategic exit from Non-Standard Auto (down 98.9%) and an 8.0% decline in Private Passenger Auto due to lower renewal premiums and new business in South Dakota and Nebraska. These declines were partially offset by growth in All Other (up 46.7%) from assumed catastrophe reinsurance premiums and Crop (up 8.8%) from new business.
Added in current filing · view on EDGAR →
Total pre-tax catastrophe loss of $15.0 million for the quarter, which was below our reinsurance retention and adversely impacted the second quarter and year-to-date loss and loss adjustment expense ratios by 23.1 and 12.5 percentage points, respectively. This compares to total pre-tax catastrophe loss, net of reinsurance, of $20.0 million and $3.3 million of related reinstatement premiums in the prior year quarter, which adversely impacted the prior year quarter and prior year-to-date loss and loss adjustment expense ratios by 30.2 and 15.7 percentage points, respectively.
Q2 2026 catastrophe losses totaled $15.0 million pre-tax, below the reinsurance retention, impacting the quarterly loss ratio by 23.1 percentage points. This represents an improvement from Q2 2025 catastrophe losses of $20.0 million net of reinsurance plus $3.3 million in reinstatement premiums, which impacted the prior year quarter loss ratio by 30.2 percentage points. The lower catastrophe impact contributed to the improved combined ratio.
Added in current filing · view on EDGAR →
Basic earnings per share of $0.01, compared to basic loss per share of $(0.57) in the prior year quarter, reflecting improved profitability for the quarter.
The company returned to profitability with basic earnings per share of $0.01 in Q2 2026, compared to a loss of $0.57 per share in Q2 2025. Net income was $146,000 versus a net loss of $12.1 million in the prior year quarter. For the six months ended June 30, 2026, basic EPS was $0.61 compared to a loss of $0.27 per share in the prior year period.
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Figures/quotes linked to EDGAR · Narrative written by AI · Aug 10, 2026 · How we verify