---
schema_version: "secwatch.filing_event.v1"
accession: "0001174947-23-000738"
form_type: "8-K"
ticker: "NODK"
cik: "0001681206"
company_name: "NI Holdings, Inc."
filed_at: "2023-05-08T23:59:59+00:00"
generated_at: "2026-06-15T13:36:50.689715+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# NI Holdings reports Q1 net loss of $4.2M; combined ratio deteriorates to 112.2%

## Summary
- Direct written premiums rose 19.9% to $90.6M, led by Non-Standard Auto (+52%).
- Net loss per share of $0.20 vs EPS of $0.09 in prior year; combined ratio 112.2% vs 91.3%.
- Elevated loss severity, winter storm impacts, and unfavorable prior-year reserve development drove underwriting loss.
- Net investment income increased over 35% YoY to $2.2M; company repurchased $0.6M of stock.

## SEC filing metadata
- accession: 0001174947-23-000738
- form_type: 8-K
- ticker: NODK
- cik: 0001681206
- company_name: NI Holdings, Inc.
- filed_at: 2023-05-08T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1681206/000117494723000738/0001174947-23-000738-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1681206/000117494723000738/form8k-30060_nodk.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001174947-23-000738
- JSON: https://secwatch.observer/filing/0001174947-23-000738.json
- Plain text: https://secwatch.observer/filing/0001174947-23-000738.txt

## Key facts
- Earnings Releases
  NI Holdings, Inc. reported the quarter ended March 31, 2023 results: revenue $77.6 million, net income ($4,210), EPS ($0.20).
  - Period: the quarter ended March 31, 2023
  - Revenue: $77.6 million
  - Net income: ($4,210)
  - EPS: ($0.20)
  - Result: reported results
  source text: · Direct written premiums of $90.6 million, up 19.9%, driven by Non-Standard Auto up 52.0%, Commercial up 19.9% and Private Passenger Auto up 10.7% · Net earned premiums of $77.6 million, up 11.6% · Combined ratio of 112.2% versus 91.3%, driven by elevated loss severity and unfavorable prior year reserve development in Non-Standard Auto and Commercial · Net
  evidence_url: https://www.sec.gov/Archives/edgar/data/1681206/000117494723000738/0001174947-23-000738-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.