Form 8-K

8-K — NI Holdings, Inc.

Accession: 0001174947-26-000571

Filed: 2026-05-08

Period: 2026-05-08

CIK: 0001681206

SIC: 6331 (FIRE, MARINE & CASUALTY INSURANCE)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — form8k-35852_nodk.htm (Primary)

EX-99.1 (ex99-1.htm)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities

Exchange Act of 1934

Date of Report (Date of earliest event reported): May

8, 2026

NI Holdings, Inc.

(Exact name of registrant as specified in its charter)

North Dakota

001-37973

81-2683619

(State or other jurisdiction of incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)

1101 First Avenue North

Fargo, North Dakota

(Address of principal executive offices)

58102

(Zip code)

(701) 298-4200

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended

to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction

A.2 below):

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b)

of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.01 par value per share

NODK

Nasdaq Capital Market

Indicate by check mark whether the registrant is an emerging growth

company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange

Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant

has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant

to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On May 8, 2026, the Company issued a press release announcing its financial

results for the quarter ended March 31, 2026. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein

in its entirety by reference.

The information in this Item 2.02 and the exhibit attached hereto

is furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended,

nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly

set forth by specific reference in such document or filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number

Description

99.1

Press Release dated May 8, 2026.

104

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934,

the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

NI Holdings, Inc.

Date: May 8, 2026

By:

/s/ Cindy L. Launer

Cindy L. Launer

President and Chief Executive Officer

EX-99.1

Filename: ex99-1.htm · Sequence: 2

NI Holdings, Inc. Reports Results for First

Quarter Ended March 31, 2026

FARGO, North Dakota, May 8, 2026 –

NI Holdings, Inc. (NASDAQ: NODK) announced today results for the quarter ended March 31, 2026.

Summary of First Quarter 2026 Results

(All comparisons vs. the first quarter of 2025,

unless noted otherwise)

· Gross premiums written of $57.5 million compared

to $67.8 million in the prior year quarter. This decrease was driven by Non-Standard Auto (-99.8%) reflecting the continued impact of

the Company’s strategic decision to cease writing this business in Illinois, Arizona and South Dakota, as well as a decline in Private

Passenger Auto (-7.0%) due to lower renewal premiums resulting from underwriting actions in prior years. These declines were partially

offset by growth in Home and Farm (+7.3%) driven by rate increases, higher insured values, and new business in North Dakota and South

Dakota, as well as growth in All Other (+60.0%) due to increased assumed premiums from participation on catastrophe reinsurance programs

of certain Farm Bureau insurance companies.

· Combined ratio of 79.7% reflecting strong underwriting

performance for Home and Farm, Private Passenger Auto, and All Other, with loss and loss adjustment expense ratios of 40.3%, 46.2%, and

15.7%, respectively. The year-over-year improvement in the combined ratio was driven by higher earned premiums and favorable prior year

reserve development in Home and Farm, lower frequency and favorable prior year reserve development in Private Passenger Auto, strong results

in All Other due to participation on catastrophe reinsurance programs of certain Farm Bureau insurance companies, as well as the continued

runoff of Non-Standard Auto.

· Net investment income of $2.7 million, down 6.4%

from the prior year quarter, reflecting consistent yields on a lower average fixed income portfolio balance and lower returns on short-term

investments.

· Basic earnings per share of

$0.60, compared to $0.31 in the prior year quarter, reflecting improved underwriting profitability and overall operating performance.

Three Months Ended March 31,

Dollars in thousands, except per share data

(unaudited)

2026

2025

Change

Gross premiums written

$57,512

$67,766

(15.1%)

Net premiums earned

$55,113

$67,497

(18.3%)

Loss and LAE ratio

42.4%

57.1%

(14.7 pts)

Expense ratio

37.3%

0.0 pts

Combined ratio

79.7%

94.4%

(14.7 pts)

Net investment income

$2,655

$2,838

(6.4%)

Net income

$12,508

$6,460

93.6%

Return on average equity

20.4%

10.4%

10.0 pts

Basic earnings per share

$0.60

$0.31

93.5%

Management Commentary

“2026

is off to a solid start, with disciplined underwriting performance across Private Passenger Auto, Home and Farm, and All Other,”

said Cindy Launer, President and Chief Executive Officer. “Strong underlying results, with favorable prior year reserve development

in Home and Farm and Private Passenger Auto, drove meaningful underwriting profitability in the quarter. While premiums declined as expected

due to our exit from Non-Standard Auto, we were encouraged by growth in our North Dakota business and stability in our investment income

results.

This quarter reflects early progress in refocusing the Company on its

core strengths, and we are confident this disciplined approach will continue to improve performance and drive long-term shareholder value.”

Securities and Exchange Commission (SEC) Filings

The Company’s Quarterly Report on Form

10-Q and latest financial supplement can be found on the Company’s website at www.niholdingsinc.com. The Company’s

filings with the SEC can also be found at www.sec.gov.

About the Company

NI Holdings, Inc. is an insurance holding company.

The Company is a North Dakota business corporation that is the stock holding company of Nodak Insurance Company and became such in connection

with the conversion of Nodak Mutual Insurance Company from a mutual to stock form of organization and the creation of a mutual holding

company. The conversion was consummated on March 13, 2017. Immediately following the conversion, all of the outstanding shares of common

stock of Nodak Insurance Company were issued to Nodak Mutual Group, Inc., which then contributed the shares to NI Holdings in exchange

for 55% of the outstanding shares of common stock of NI Holdings. Nodak Insurance Company then became a wholly-owned stock subsidiary

of NI Holdings. NI Holdings’ financial statements are the consolidated financial results of NI Holdings; Nodak Insurance, including

Nodak’s wholly-owned subsidiaries American West Insurance Company, Primero Insurance Company, and Battle Creek Insurance Company;

and Direct Auto Insurance Company.

Safe Harbor Statement

Some of the statements included in this news

release, particularly those anticipating future financial performance, including investment performance and yields, business prospects,

growth and operating strategies, the impact of exiting the Non-Standard Auto segment and other strategic actions on operating results,

our ability to continue to improve performance, our ability to create long-term value for our shareholders, and similar matters, are

forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Actual results could vary

materially. Factors that could cause actual results to vary materially include: our ability to maintain profitable operations, the adequacy

of the loss and loss adjustment expense reserves, business and economic conditions, the changes in the international trade policies and

the potential impact of such changes, interest rates, competition from various insurance and other financial businesses, terrorism, the

availability and cost of reinsurance, adverse and catastrophic weather events, including the impacts of climate change, legal and judicial

developments, changes in regulatory requirements, our ability to integrate and manage successfully the insurance companies we may acquire

from time to time, the impact of inflation on our operating results, and other risks we describe in the periodic reports we file with

the SEC. You should not place undue reliance on any such forward-looking statements. We disclaim any obligation to update such statements

or to announce publicly the results of any revisions that we may make to any forward-looking statements to reflect the occurrence of

anticipated or unanticipated events or circumstances after the date of such statements.

For a detailed discussion of the risk factors

that could affect our actual results, please refer to the risk factors identified in our SEC reports, including, but not limited to our

Annual Report on Form 10-K, as filed with the SEC.

Investor Relations Contact:

Matt Maki

Executive Vice President, Treasurer and Chief Financial Officer

701-212-5976

IR@nodakins.com

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