NI Holdings, Inc.

Listed Company

NODKCIK 0001681206NasdaqAcceleratedFire, Marine & Casualty InsuranceFY ends Dec 31

Period

FY 2025

Revenue

$285.05M

Net Income

$-10.41M

Total Assets

$506.00M

Equity

$240.34M

Shares Out

20.48M

Op. Cash Flow

$-15.27M

NODK$15.95+19.03% · past yearDBEQ Basic

Daily closing prices

Business

NI Holdings, Inc. is a stock holding company and the parent of Nodak Insurance Company and other property and casualty insurance subsidiaries. The company offers private passenger auto, homeowners, farmowners, commercial multi-peril, crop hail, and federal crop insurance through captive and independent agents. It operates through multiple subsidiaries in the upper Midwest and select western states, with Nodak Insurance as its largest segment serving North Dakota through an exclusive agent network affiliated with the North Dakota Farm Bureau.

Summary from 10-K filed 2026-03-06

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net premiums earned	271	310	292	272	300
Fee and other income	997,000	2	2	1	2
Net investment income	12	11	8	7	7
Net investment gains (losses)	2	2	2	−12	—
Total revenues	285	325	304	268	324
Losses and loss adjustment expenses	201	207	187	242	216
Amortization of deferred policy acquisition costs	60	71	68	54	65
Other underwriting and general expenses	37	34	29	25	32
Goodwill impairment charge	—	3	—	—	—
Total expenses	297	315	283	321	313
Total income (loss) before income taxes	−12	10	21	−53	11
Income tax expense (benefit)	−2	4	716,000	−14	3
Net income (loss) from continuing operations	−10	7	20	−39	8
Net income attributable to non-controlling interest	—	—	250,000	−679,000	−84,000
Net income (loss) attributable to NI Holdings, Inc.	−10	7	20	−38	—
Loss from discontinued operations, net of income taxes	—	−2	−25	−15	—
Loss on sale of discontinued operations, net of income taxes	—	−11	—	—	—
Net loss	−10	−6	−5	−53	8
Basic (in Dollars per share)	−0.5	0.31	0.93	−1.78	—
Diluted (in Dollars per share)	−0.5	0.31	0.92	−1.78	—
Basic (in Dollars per share)	−0.5	−0.29	−0.26	−2.49	0.39
Diluted (in Dollars per share)	−0.5	−0.29	−0.26	−2.49	0.39
Weighted average common share outstanding used in basic per common share calculations (in Shares)	21	21	21	21	21
Dilutive securities (in Shares)	—	120,626	76,532	—	232,366
Weighted average common shares used in diluted per common share calculations (in Shares)	21	21	21	21	22

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	52	51	41	47	71
Fixed income securities, at fair value (net of allowance for expected credit losses of $0 at December 31, 2025 and 2024)	301	308	289	303	—
Equity securities, at fair value	24	25	22	52	78
Other investments	2	2	2	2	2
Total cash and investments	379	385	354	405	515
Premiums and agents' balances receivable (net of allowance for expected credit losses of $334 at December 31, 2025 and $337 at December 31, 2024)	42	53	56	62	—
Deferred policy acquisition costs	19	26	27	—	—
Reinsurance premiums receivable	—	746,000	−1	2	—
Reinsurance recoverables on losses (net of allowance for expected credit losses of $0 at December 31, 2025 and 2024)	12	13	6	9	21
Income tax recoverable	11	7	—	—	—
Accrued investment income	2	3	2	2	3
Property and equipment, net	7	8	10	10	10
Deferred income taxes	6	7	9	9	—
Receivable from Federal Crop Insurance Corporation	16	13	17	—	—
Goodwill and other intangibles	—	100,000	3	3	18
Other assets	12	11	11	—	—
Total assets	506	527	655	614	652
Unpaid losses and loss adjustment expenses	138	137	119	114	140
Unearned premiums	106	126	126	111	128
Reinsurance premiums payable	878,000	—	—	—	—
Accrued expenses and other liabilities	20	18	18	—	—
Total liabilities	266	282	404	361	304
Common stock, $0.01 par value, authorized 25,000,000 shares, issued: 23,000,000 shares; and outstanding: 2025 20,554,144 shares, 2024 20,673,268 shares	230,000	230,000	230,000	230,000	230,000
Additional paid-in capital	96	96	96	—	—
Unearned employee stock ownership plan shares	−212,000	−455,000	−698,000	−941,000	—
Retained earnings	191	202	208	214	267
Accumulated other comprehensive loss, net of income taxes	−11	−18	−21	−29	5
Treasury stock, at cost, 2025 2,424,691 shares, 2024 2,281,252 shares	−36	−34	−35	−29	−26
Total shareholders equity	240	245	250	253	347
Total liabilities and shareholders equity	506	527	655	614	652

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net investment gains	−2	−2	−2	—	—
Deferred income tax expense (benefit)	−1	2	−2	−4	−1
Depreciation of property and equipment	694,000	681,000	692,000	604,000	694,000
Amortization/impairment of intangibles	100,000	—	33,000	50,000	472,000
Distribution of employee stock ownership plan shares	329,000	365,000	322,000	380,000	460,000
Share-based compensation	828,000	238,000	1	−40,000	2
Deferral of policy acquisition costs	−53	−71	−72	−57	−66
Net amortization of premiums and discounts on investments	393,000	607,000	928,000	1	2
Gain on sale of property and equipment	−64,000	−64,000	−52,000	−164,000	31,000
Premiums and agents balances receivable	11	3	−9	−9	−3
Reinsurance premiums receivable / payable	2	−2	−424,000	936,000	419,000
Reinsurance recoverables on losses	604,000	−6	2	4	−12
Income tax recoverable / payable	−4	−7	14	−13	−1
Accrued investment income	167,000	−304,000	−179,000	109,000	−383,000
Federal Crop Insurance Corporation receivable / payable	−2	4	−2	−20	12
Other assets	−1	−231,000	−2	938,000	−4
Unpaid losses and loss adjustment expenses	567,000	18	5	6	34
Unearned premiums	−20	398,000	15	15	8
Accrued expenses and other liabilities	2	469,000	−215,000	7	−1
Net cash flows from operating activities continuing operations	−5	15	19	−2	—
Net cash flows from operating activities discontinued operations	—	10	13	25	—
Net cash flows from operating activities loss on sale of discontinued operations	—	17	—	—	—
Total adjustments	−5	43	31	23	—
Net cash flows from operating activities	−15	39	51	−15	29
Proceeds from maturities and sales of fixed income securities	43	44	34	75	73
Proceeds from sales of equity securities	11	8	39	25	45
Purchases of fixed income securities	−27	−63	−56	−48	−128
Purchases of equity securities	−8	−8	−12	−13	−37
Purchases of property and equipment	−217,000	−991,000	−661,000	−878,000	−739,000
Proceeds from sales of property and equipment	374,000	280,000	147,000	—	43,000
Proceeds from disposition of Westminster	—	12	—	—	—
Other	191,000	194,000	—	—	—
Net cash flows from investing activities continuing operations	19	−7	4	39	—
Net cash flows from investing activities discontinued operations	—	3	−13	−14	—
Net cash flows from investing activities	19	−5	−9	25	−48
Purchase of treasury stock	−3	—	−7	—	—
Pooling (payments) receipts	—	−10	−28	4	—
Principal repayments of finance leases	−108,000	−99,000	−16,000	—	—
Issuance of vested award shares	−157,000	−158,000	−172,000	−768,000	−488,000
Net cash flows from financing activities continuing operations	−3	−11	−36	−14	—
Net cash flows from financing activities discontinued operations	—	7	28	−4	—
Net cash flows from financing activities	−3	−4	−7	−18	−11
Net change in cash and cash equivalents	785,000	30	35	−9	−30
(Increase) decrease in cash and cash equivalents discontinued operations	—	−20	−28	−7	—
Net increase (decrease) in cash and cash equivalents continuing operations	785,000	10	7	−15	—
Federal and state income taxes paid (net of refunds received)	4	3	−11	2	4

Filings

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Frequently asked questions

What is NI Holdings, Inc.'s CIK number?

NI Holdings, Inc.'s SEC CIK number is 0001681206 (1681206). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

Where can I find NI Holdings, Inc.'s SEC filings?

All of NI Holdings, Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.

When did NI Holdings, Inc. last report earnings?

NI Holdings, Inc. (NODK) most recently filed an earnings 8-K with the SEC on May 8, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001174947-26-000571). This is NI Holdings, Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.

What is NI Holdings, Inc.'s most recent earnings 8-K?

NI Holdings, Inc.'s latest earnings 8-K (Item 2.02) was filed May 8, 2026 under accession 0001174947-26-000571. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.

View NI Holdings, Inc.'s latest earnings 8-K →
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