Company: NODK
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001174947-25-001356
Chunk: 425

Company: NI Holdings, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 8
Chunk 425
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    $385,668  
    $376,594  
    $388,833  
    $367,614 
  
    Net investment income 
    $3,040  
    $2,811  
    $9,024  
    $8,089 

    Gross return on average cash and invested assets 
     4.0%  
     3.9%  
     4.0%  
     3.9% 
  
    Net return on average cash and invested assets 
     3.2%  
     3.0%  
     3.1%  
     2.9% 

Net investment income increased $229 for the three months ended
September 30, 2025, compared to the three months ended September 30, 2024. Net investment income increased $935 for the nine months ended
September 30, 2025, compared to the nine months ended September 30, 2024. These increases were primarily driven by the higher interest
rate environment which resulted in higher reinvestment rates in our fixed income portfolio.

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 

Net investment gains consisted of the following:

    Three Months Ended September 30,  
    Nine Months Ended September 30, 

    2025  
    2024  
    2025  
    2024 
  
    Gross realized gains 
    $1,151  
    $272  
    $1,900  
    $662 
  
    Gross realized losses, excluding credit impairment losses 
     (340) 
     (227) 
     (656) 
     (699)
  
    Net realized gains (losses) 
     811  
     45  
     1,244  
     (37)
  
    Change in net unrealized gains on equity securities