NI Holdings, Inc. reported a net loss of $12.1 million, or $0.57 per share, for the second quarter of 2025, a decline from a net loss of $7.5 million in the same period last year. For the first half of 2025, the company recorded a net loss of $5.6 million compared to a loss of $0.5 million in the first half of 2024. The decrease in financial performance was attributed to increased losses from continuing operations, particularly in the Home and Farm segment due to a significant catastrophe event in North Dakota, as well as unfavorable prior year loss reserve developments in the Non-Standard Auto segment.
Total revenues for the second quarter of 2025 were $76.1 million, down from $87.8 million in the prior year, primarily driven by a 14.3% decrease in net premiums earned, which totaled $73 million compared to $85.2 million in the second quarter of 2024. The decline in premiums was influenced by strategic decisions to exit certain markets, particularly in the Non-Standard Auto segment, which saw a 45.8% drop in net premiums earned. In contrast, the Private Passenger Auto segment experienced a slight increase in premiums, reflecting growth in North Dakota and rate increases in South Dakota and Nebraska.
Operationally, NI Holdings reported total assets of $620.1 million as of June 30, 2025, an increase from $526.5 million at the end of 2024. The company’s total liabilities also rose to $376.7 million, up from $281.9 million, largely due to an increase in unpaid losses and loss adjustment expenses, which reached $203.5 million. The company’s shareholders' equity decreased slightly to $243.3 million from $244.6 million at the end of 2024.
In terms of strategic developments, NI Holdings continues to focus on improving profitability through underwriting actions and market exits. The company has also maintained a strong liquidity position, with total cash and investments amounting to $406.1 million. Looking ahead, NI Holdings anticipates that ongoing strategic decisions will further impact premium collections and operational performance, while also managing the effects of market conditions and regulatory changes on its business operations. The company remains committed to enhancing its operational efficiency and capitalizing on growth opportunities in its core segments.
About NI Holdings, Inc.
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