NI Holdings reports Q4 loss $0.15/sh; combined ratio 109.6% on reserve strengthening

NI Holdings, Inc.

Direct written premiums fell 26% to $54.1M in Q4; full year down 15.3% to $289.8M.
Combined ratio 109.6% in Q4 (+29.6 pts), 109.9% FY 2025, on non-standard auto reserve strengthening.
Net loss of $3.2M in Q4 vs. income $9.8M prior year; full year net loss $10.4M, loss per share $0.50.
Strategic exit of Non-Standard Auto in IL, AZ, SD; historic ND Q2 catastrophe impacted Home and Farm segment.
Net investment income up 6.9% to $11.7M for full year; core lines remained solid per management.

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