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NI Holdings, Inc., together with its subsidiaries, underwrites property and casualty insurance products in the United States. Its products include private passenger auto, homeowners, farm owners, commercial multi-peril, crop hail, excess liability, dwelling, and federal multi-peril crop insurance policies, as well as non-standard automobile insurance policies. The company was founded in 1946 and is headquartered in Fargo, North Dakota. NI Holdings, Inc. is a subsidiary of Nodak Mutual Group, Inc.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $285M | - | $-10M | $-15M | -4.3% | -12.3% | - |
| 2024 | $325M | - | $-6M | $38M | -2.5% | 7.0% | - |
| 2023 | $304M | - | $-5M | $50M | -2.2% | 13.5% | - |
| 2022 | $268M | - | $-53M | $-16M | -21.0% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 267.78 | 304.02 | 325.20 | 285.05 |
| Pretax Income | -52.88 | 20.55 | 10.14 | -12.33 |
| Tax Provision | -14.19 | 0.72 | 3.54 | -1.92 |
| Net Income | -53.10 | -5.48 | -6.06 | -10.41 |
| Net Income Common Stockholders | -53.10 | -5.48 | -6.06 | -10.41 |
| Total Expenses | 320.66 | 283.47 | 315.06 | 297.38 |
| Normalized Income | -38.01 | 19.58 | 8.30 | -10.41 |
| Basic EPS | -2.49 | -0.26 | -0.29 | 0 |
| Diluted EPS | -2.49 | -0.26 | -0.29 | 0 |
| Tax Effect Of Unusual Items | 0 | 0 | -0.93 | 0 |
| Tax Rate For Calcs | 0.22 | 0.23 | 0.35 | 0.15 |
| Total Unusual Items | 0 | 0 | -2.63 | 0 |
| Total Unusual Items Excluding Goodwill | 0 | 0 | -2.63 | 0 |
| Net Income From Continuing Operation Net Minority Interest | -38.01 | 19.58 | 6.60 | -10.41 |
| Reconciled Depreciation | 0.65 | 0.72 | 0.68 | 0.79 |
| Net Income From Continuing And Discontinued Operation | -53.10 | -5.48 | -6.06 | -10.41 |
| Diluted Average Shares | 21.33 | 21.24 | 21.09 | 0 |
| Basic Average Shares | 21.33 | 21.16 | 20.97 | 0 |
| Diluted NI Availto Com Stockholders | -53.10 | -5.48 | -6.06 | -10.41 |
| Minority Interests | 0.68 | -0.25 | 0 | 0 |
| Net Income Including Noncontrolling Interests | -53.77 | -5.23 | -6.06 | -10.41 |
| Net Income Discontinuous Operations | -15.09 | -25.06 | -12.66 | 0 |
| Net Income Continuous Operations | -38.69 | 19.83 | 6.60 | -10.41 |
| Special Income Charges | 0 | 0 | -2.63 | 0 |
| Impairment Of Capital Assets | 0 | 0 | 2.63 | 0 |
| Operating Revenue | 267.78 | 304.02 | 325.20 | 285.05 |
| Loss Adjustment Expense | 241.75 | 186.52 | 207.47 | 200.79 |
| Net Policyholder Benefits And Claims | 241.75 | 186.52 | 207.47 | 200.79 |
| Policyholder Benefits Gross | 257.56 | 196.28 | 221.78 | 248.04 |
| Policyholder Benefits Ceded | 15.81 | 9.76 | 14.31 | 47.25 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| NI Holdings, Inc.this co. | NODK | $267M | - | 1.11 | -4.3% | -18.82 |
| FVCBankcorp, Inc. | FVCB | $280M | 12.16 | 1.10 | 8.7% | - |
| Oak Valley Bancorp | OVLY | $279M | 11.51 | 1.32 | 11.5% | - |
| First Community Corporation | FCCO | $278M | 11.62 | 1.36 | 11.5% | - |
| Citizens, Inc. | CIA | $278M | 19.75 | 1.18 |
| 6.2% |
| 14.50 |
| First Western Financial, Inc. | MYFW | $270M | 18.01 | 0.99 | 5.0% | - |
| Fidelity D & D Bancorp, Inc. | FDBC | $258M | 8.70 | 1.05 | 11.8% | - |
| Oportun Financial Corporation | OPRT | $258M | 10.92 | 0.66 | 6.5% | - |
| First National Corporation | FXNC | $253M | 14.26 | 1.35 | 9.5% | - |
| Peer Median | - | 11.89 | 1.14 | 9.1% | 14.50 | |