Company: NODK
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001174947-25-001142
Chunk: 168

Company: NI Holdings, Inc.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 8
Chunk 168
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     3.9%  
     3.8% 
  
    Net return on average cash and invested assets 
     3.1%  
     2.7%  
     3.0%  
     2.9% 

Net investment income increased $623 for the three months ended June
30, 2025, compared to the three months ended June 30, 2024. Net investment income increased $706 for the six months ended June 30, 2025,
compared to the six months ended June 30, 2024. These increases were primarily driven by the higher interest rate environment which resulted
in higher reinvestment rates in our fixed income portfolio.

41 

Gross and net return on average cash and invested assets increased
year-over-year, primarily driven by the favorable interest rate environment that resulted in higher net investment income on an increased
average fixed income securities balance (measured at fair value), partially offset by lower interest rates in the current year periods
for cash and cash equivalents. The increase in average cash and invested assets was driven by changes in the fair value of fixed income
securities due to the interest rate environment as well as positive operating cash flows during the first six months of 2025.

Net Investment Gains (Losses) 

Net investment gains (losses) consisted of the following:

    Three Months Ended June 30,  
    Six Months Ended June 30, 

    2025  
    2024  
    2025  
    2024 
  
    Gross realized gains 
    $246  
    $191  
    $749  
    $390 
  
    Gross realized losses, excluding credit impairment losses 
     (139) 
     (182) 
     (316) 
     (472)
  
    Net realized gains (losses) 
     107  
     9  
     433  
     (82)
  
    Change in net unrealized gains on equity securities 
     (517) 
     (589) 
     26  
     958 
  
    Net investment gains (losses) 
    $(410) 
    $(580) 
    $459  
    $876 

We had net realized gains of $107 and $433 for the three and six months
ended June 30, 2025, respectively, compared to net