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1. Company Snapshot

1.a. Company Description

NI Holdings, Inc.underwrites property and casualty insurance products in the United States.The company's products include private passenger auto, non-standard automobile, homeowners, farm owners, crop hail and multi-peril crop, and liability 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.

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1.b. Last Insights on NODK

NI Holdings, Inc.'s recent performance was marred by a decline in net income, which plummeted 34.4% year-over-year to $1.4 million. The company's net premiums written decreased 3.4% to $14.1 million, primarily due to a 4.5% decline in automobile premiums. Furthermore, the company's combined ratio worsened to 103.4%, indicating a significant increase in losses and expenses. Additionally, NI Holdings' cash and investments decreased by 12.1% to $24.8 million, likely due to increased operating expenses and reduced cash inflows.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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NI Holdings, Inc. Reports Results for Third Quarter Ended September 30, 2025

Nov -07

Source: globenewswire.com

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NI Holdings, Inc. Announces Leadership Change

Oct -10

Source: globenewswire.com

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NI Holdings, Inc. Announces $5M Repurchase Plan

Aug -25

Source: globenewswire.com

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NI Holdings, Inc. Reports Results for Second Quarter Ended June 30, 2025

Aug -08

Source: globenewswire.com

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NI Holdings, Inc. Announces Leadership Appointment

Jul -17

Source: globenewswire.com

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NI Holdings, Inc. Announces Executive Leadership Appointments

May -27

Source: globenewswire.com

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AM Best Downgrades Issuer Credit Ratings of Members of Nodak Insurance Group and NI Holdings, Inc.

May -20

Source: businesswire.com

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NI Holdings: Fully Demutualize, Remutualize, Or Neither, It's A Buy

May -20

Source: seekingalpha.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.55%)

6. Segments

Non-Standard Auto

Expected Growth: 4.5%

Growing demand for customized auto insurance policies, increasing number of high-risk drivers, and competitive rates drive growth in the Non-Standard Auto segment.

House and Farm

Expected Growth: 4.5%

Growing demand for insurance products, increasing awareness of financial protection, and expansion of rural areas drive the growth of House and Farm insurance segment.

Private Passenger Auto

Expected Growth: 4.5%

Growing demand for personal auto insurance, increasing vehicle sales, and rising disposable incomes are driving the private passenger auto insurance market. Additionally, the need for liability, collision, and comprehensive coverage options is expected to fuel growth.

Commercial

Expected Growth: 4.8%

Growing demand for commercial insurance products, increasing awareness of risk management, and expansion of businesses in the US are driving the growth of NI Holdings' commercial insurance segment.

Crop

Expected Growth: 4.5%

Growing demand for crop insurance due to increasing frequency of natural disasters, government subsidies, and rising adoption of precision farming practices drive the market growth.

All Other

Expected Growth: 4.5%

The All Other segment of NI Holdings, Inc. is expected to grow driven by increasing demand for agency operations and miscellaneous services. The growth is also fueled by the company's expansion into new markets and its focus on digitalization, leading to increased efficiency and cost savings.

7. Detailed Products

Private Passenger Auto

NI Holdings, Inc. offers private passenger auto insurance to individuals, providing financial protection against physical damage, bodily injury, and liability.

Commercial Auto

NI Holdings, Inc. offers commercial auto insurance to businesses, providing coverage for company-owned vehicles and liability protection.

Workers' Compensation

NI Holdings, Inc. offers workers' compensation insurance to businesses, providing coverage for employee injuries and illnesses on the job.

Umbrella Liability

NI Holdings, Inc. offers umbrella liability insurance, providing excess liability coverage beyond the limits of standard policies.

Homeowners

NI Holdings, Inc. offers homeowners insurance, providing financial protection against damage to homes and personal property.

8. NI Holdings, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for NI Holdings, Inc. is moderate due to the presence of alternative insurance providers and financial institutions that offer similar products and services.

Bargaining Power Of Customers

The bargaining power of customers is low due to the fragmented nature of the insurance industry, which makes it difficult for individual customers to negotiate prices or terms.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate due to the presence of a few large reinsurers and insurance companies that supply NI Holdings, Inc. with reinsurance and other services.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the insurance industry, including regulatory hurdles and capital requirements.

Intensity Of Rivalry

The intensity of rivalry is high due to the competitive nature of the insurance industry, with many established players competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 0.20%
Debt Cost 3.95%
Equity Weight 99.80%
Equity Cost 5.57%
WACC 5.57%
Leverage 0.20%

11. Quality Control: NI Holdings, Inc. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Kingstone

A-Score: 6.0/10

Value: 7.7

Growth: 6.4

Quality: 9.0

Yield: 1.0

Momentum: 9.5

Volatility: 2.7

1-Year Total Return ->

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Palomar Holdings

A-Score: 5.6/10

Value: 4.1

Growth: 9.4

Quality: 7.4

Yield: 0.0

Momentum: 7.5

Volatility: 5.0

1-Year Total Return ->

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Stock-Card
ProAssurance

A-Score: 5.2/10

Value: 6.1

Growth: 2.9

Quality: 7.1

Yield: 0.0

Momentum: 9.5

Volatility: 5.7

1-Year Total Return ->

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Hagerty

A-Score: 5.1/10

Value: 3.0

Growth: 8.4

Quality: 6.6

Yield: 0.0

Momentum: 7.0

Volatility: 5.3

1-Year Total Return ->

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Stock-Card
Donegal

A-Score: 5.0/10

Value: 8.9

Growth: 4.1

Quality: 3.5

Yield: 7.0

Momentum: 4.0

Volatility: 2.3

1-Year Total Return ->

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Stock-Card
NI Holdings

A-Score: 4.0/10

Value: 4.5

Growth: 4.1

Quality: 5.0

Yield: 0.0

Momentum: 2.0

Volatility: 8.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

13.36$

Current Price

13.36$

Potential

-0.00%

Expected Cash-Flows