NI Holdings, Inc. reported its financial results for the first quarter of 2025, revealing a net income of $6.46 million, or $0.31 per share, compared to $6.94 million, or $0.33 per share, in the same period of 2024. The company experienced a decrease in net premiums earned, which totaled $67.50 million, down from $69.88 million year-over-year. The decline in revenue was attributed to strategic decisions affecting the Non-Standard Auto segment, which saw a significant reduction in written premiums as the company exited certain markets to improve profitability.
The company's total revenues for the quarter were $71.43 million, a decrease from $74.50 million in the prior year. This decline was primarily driven by lower net premiums earned and a reduction in fee and other income, which fell to $230,000 from $404,000. Despite these challenges, NI Holdings reported an underwriting gain of $3.81 million, although this was lower than the $4.22 million gain recorded in the first quarter of 2024. The combined ratio for the quarter was 94.4%, slightly up from 93.9% in the previous year, indicating a marginal increase in underwriting expenses relative to premiums earned.
Operationally, the company noted a decrease in losses and loss adjustment expenses, which totaled $38.53 million, down from $40.14 million in the prior year. The decrease was attributed to improved loss experience in the Home and Farm segment, which saw a reduction in large loss frequency. However, the Non-Standard Auto segment experienced an increase in its loss ratio, reflecting the impact of strategic reductions in premium volume and unfavorable prior year reserve development.
In terms of financial position, NI Holdings reported total assets of $525.36 million and total liabilities of $271.36 million as of March 31, 2025. Shareholders' equity increased to $254 million from $244.63 million at the end of 2024, driven by retained earnings and comprehensive income. The company maintained a strong liquidity position with total cash and investments amounting to $398.90 million. Looking ahead, NI Holdings anticipates continued challenges in the Non-Standard Auto segment but remains focused on strategic growth opportunities and operational efficiency to enhance profitability.
About NI Holdings, Inc.
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