Company: NODK
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001174947-25-000721
Chunk: 49

Company: NI Holdings, Inc.
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 1
Chunk 49
---
 intangibles 
     —  
     2,728  
     —  
     —  
     —  
     2,728 
  
    Unpaid losses and loss adjustment expenses 
     25,610  
     65,228  
     20,124  
     92  
     9,477  
     120,531 
  
    Unearned premiums 
     36,095  
     42,641  
     48,751  
     —  
     6,240  
     133,727 

(1) Other underwriting and general expenses for each segment include
expenses related to compensation, vendor services, and other administrative items.

32 

Item 2. - Management’s Discussion and
Analysis of Financial Condition and Results of Operations

The following discussion is intended to provide a more comprehensive
review of our operating results and financial condition than can be obtained from reading the unaudited consolidated financial statements
alone. Unless otherwise noted, the information in the following discussion is being presented for our continuing operations. This discussion
should be read in conjunction with the unaudited consolidated financial statements and the notes thereto included in Part I, Item 1, “Financial
Statements.” Some of the information contained in this discussion and analysis or set forth elsewhere in this Form 10-Q constitutes
forward-looking statements that involve risks and uncertainties. Please see “Forward-Looking Statements” included elsewhere
in this Form 10-Q. Part I, Item 1A, “Risk Factors” included in our 2024 Annual Report should also be reviewed for a discussion
of important factors that could cause actual results to differ materially from the results described, or implied by, the forward-looking
statements contained herein.

All dollar amounts included in Item 2 herein, except per share data,
are in thousands.

Financial Highlights

2025 First Quarter Consolidated Results of Operations

●Net income of $6,460, or $0.31 per share basic and $0.31 per share diluted

●Net premiums earned of $67,497

●Net investment income of $2,838

●Net unfavorable prior year reserve development of $1,418

●Underwriting gain of $3,812

●Combined ratio of 94.4%

●Operating cash flows of $9,888

2025 First Quarter Consolidated Financial Condition

●Total cash and investments of $398