NI | 8-K: FY2025 Q3 Revenue: USD 71.91 M

Revenue: As of FY2025 Q3, the actual value is USD 71.91 M.

Direct Written Premiums

Direct written premiums for the third quarter of 2025 were $58.5 million, a decrease of 13.7% compared to $67.7 million in the same period of 2024. This decline was primarily due to an 80.0% reduction in Non-Standard Auto premiums, following the strategic decision to cease writing this business in Illinois, Arizona, and South Dakota. However, there was a 10.1% increase in Home and Farm premiums, driven by new business growth in North Dakota, rate increases, and increased insured property values.

Combined Ratio

The combined ratio for the third quarter of 2025 was 109.1%, compared to 111.0% in the prior year period. The elevated ratios in both periods were mainly due to unfavorable prior year loss reserve development in Non-Standard Auto, contributing 11.2 points and 7.2 points to the combined ratio, respectively.

Net Investment Income and Gains

Net investment income increased by 8.1% to $3.0 million, primarily driven by higher reinvestment rates in the fixed income portfolio. Net investment gains decreased by 43.5% to $1.4 million, due to lower unrealized gains on equity securities, partially offset by higher net realized gains.

Net Loss

Net loss attributable to NI Holdings for the third quarter of 2025 was - $1.666 million, a 38.4% improvement from - $2.705 million in the same period of 2024.

Basic Loss Per Share

Basic loss per share for the third quarter of 2025 was - $0.08, compared to - $0.13 in the prior year period, reflecting a 38.5% improvement.

Outlook / Guidance

The company has made a strategic decision to stop writing non-standard auto business in Illinois, Arizona, and South Dakota, which is expected to reduce future earned premiums but position the company for stronger underwriting performance and greater stability moving forward.