Company: NODK
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001174947-25-000304
Chunk: 1553

Company: NI Holdings, Inc.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 5
Chunk 1553
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 2023 increased
$20,377, or 7.5%, to $292,117, compared to $271,740 for the year ended December 31, 2022.

    Year Ended December 31, 

    2024  
    2023  
    2022 
  
    Net premiums earned: 

    Private passenger auto 
    $90,314  
    $83,360  
    $77,605 
  
    Non-Standard auto 
     95,225  
     87,760  
     66,911 
  
    Home and farm 
     90,761  
     83,389  
     78,381 
  
    Crop 
     21,142  
     25,817  
     34,721 
  
    All other 
     12,668  
     11,791  
     14,122 
  
    Total net premiums earned 
    $310,110  
    $292,117  
    $271,740 

Below are comments regarding significant changes in net premiums
earned by business segment:

Private passenger auto – Net premiums earned
for 2024 increased $6,954, or 8.3%, from 2023. Results were driven by new business growth in North Dakota as well as significant rate
increases in North Dakota, South Dakota, and Nebraska, partially offset by lower new business and retention levels in South Dakota and
Nebraska as a result of underwriting actions taken to improve profitability. Net premiums earned for 2023 increased $5,755, or 7.4%, from
2022. This increase was driven by significant rate increases in North Dakota, South Dakota, and Nebraska, partially offset by lower new
business production as a result of underwriting actions taken to improve profitability.

Non-Standard auto – Net premiums earned for
2024 increased $7,465, or 8.5%, from 2023. Results were driven by prior period new business growth in Illinois and Arizona as well as
significant rate increases in the Chicago market where our non-standard auto business is concentrated, partially offset by lower retention
compared to the prior year and the decision to exit Nevada. Net premiums earned for 2023 increased $20,849, or 31.2%, from 2022. This
increase was driven by new business growth, improved retention, and significant rate