Form 8-K

8-K — NI Holdings, Inc.

Accession: 0001174947-26-000778

Filed: 2026-08-07

Period: 2026-08-07

CIK: 0001681206

SIC: 6331 (FIRE, MARINE & CASUALTY INSURANCE)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — form8k-36157_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): August

7, 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 August 7, 2026, the Company issued a press release announcing its

financial results for the quarter ended June 30, 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 August 7, 2026.

104

Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document.

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: August 7, 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 Second

Quarter Ended June 30, 2026

FARGO, North Dakota, August 7, 2026 –

NI Holdings, Inc. (NASDAQ: NODK) announced today results for the quarter ended June 30, 2026.

Summary of Second Quarter 2026 Results

(All comparisons vs. the second quarter of

2025, unless noted otherwise)

· Gross premiums written of $107.2 million compared

to $111.8 million in the prior year quarter. This decrease was driven by Non-Standard Auto (-98.9%) reflecting the continued impact of

the Company’s strategic decision to exit the majority of the segment, as well as a decline in Private Passenger Auto (-8.0%) due

to lower renewal premiums and new business in South Dakota and Nebraska, partially offset by increased new business in North Dakota. These

declines were partially offset by All Other (+46.7%) due to increased assumed premiums from participation on catastrophe reinsurance programs

of certain farm bureau insurance companies, and Crop (+8.8%) due to increased new business.

· Combined ratio of 107.7%, versus 125.1% in the

prior year quarter. The improvement was primarily driven by lower catastrophe losses, favorable prior year development on loss reserves

in Non-Standard Auto during the current year quarter compared to unfavorable prior year development in the prior year quarter, and improved

growing conditions in Crop, partially offset by higher non-catastrophe weather-related losses in Home and Farm.

· Total pre-tax catastrophe loss of $15.0 million

for the quarter, which was below our reinsurance retention and adversely impacted the second quarter and year-to-date loss and loss adjustment

expense ratios by 23.1 and 12.5 percentage points, respectively. This compares to total pre-tax catastrophe loss, net of reinsurance,

of $20.0 million and $3.3 million of related reinstatement premiums in the prior year quarter, which adversely impacted the prior year

quarter and prior year-to-date loss and loss adjustment expense ratios by 30.2 and 15.7 percentage points, respectively.

· Net investment income of $2.8 million, down 10.7%

from the prior year quarter, primarily due to a lower average fixed income portfolio balance.

· Basic earnings per share of

$0.01, compared to basic loss per share of $(0.57) in the prior year quarter, reflecting improved profitability for the quarter.

Three Months Ended June 30,

Six Months Ended June 30,

Dollars in thousands, except per share data

(unaudited)

2026

2025

Change

2026

2025

Change

Gross premiums written

$107,191

$111,828

(4.1%)

$164,703

$179,594

(8.3%)

Net premiums earned

$65,017

$73,005

(10.9%)

$120,130

$140,502

(14.5%)

Loss and LAE ratio

74.5%

91.2%

(16.7) pts

59.7%

74.8%

(15.1) pts

Expense ratio

33.2%

33.9%

(0.7) pts

35.1%

35.5%

(0.4) pts

Combined ratio

107.7%

125.1%

(17.4) pts

94.8%

110.3%

(15.5) pts

Net investment income

$2,810

$3,146

(10.7%)

$5,465

$5,984

(8.7%)

Net investment gains (losses)

$2,063

$(410)

$3,767

$459

Net income

$146

$(12,051)

$12,654

$(5,591)

Return on average equity

0.2%

(19.4%)

19.6 pts

10.3%

(4.6%)

14.9 pts

Basic earnings per share

$0.01

$(0.57)

$0.61

$(0.27)

NM = not meaningful

Management Commentary

“Our second quarter results are encouraging, especially given

that the second quarter is historically our most challenging, a reality underscored by significant catastrophe events that impacted the

company in both June 2025 and 2026,” said Cindy Launer, President and Chief Executive Officer. “Despite these catastrophe

events and headwinds from increased non-catastrophe weather, we delivered improved year-over-year results, driven in part by favorable

prior-year reserve development in Non-Standard Auto, alongside lower losses from our reduced exposure in the segment, validating our decision

to strategically pivot away from that business. Furthermore, despite top-line declines tied to our strategic shifts, we are seeing strong

momentum in our North Dakota business, solid contributions from our new assumed reinsurance business, and notable growth in our Crop segment.

These strong quarterly results reinforce our strategic trajectory,

setting a solid foundation for the remainder of the year and keeping us on the path toward creating lasting value for our shareholders.”

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, 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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