Company: NODK
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001174947-25-000304
Chunk: 1653

Company: NI Holdings, Inc.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 5
Chunk 1653
---
 (benefit) 
    $(3,192) 
    $963  
    $(15,254)

We re-measure existing deferred income tax assets
(including loss carryforwards) and liabilities when a change in tax rate occurs and record an offset for the net amount of the change
as a component of income tax expense (benefit) from continuing operations in the period of enactment. We record any change to a previously
recorded valuation allowance as a result of re-measuring existing temporary differences and loss carryforwards as a component of income
tax expense (benefit) from continuing operations. The valuation allowance against certain deferred income tax assets was $2,506, $505, and
$694 at December 31, 2024, 2023, and 2022, respectively.

87 

The income tax effects of temporary differences
that give rise to significant portions of our deferred income tax assets and deferred income tax liabilities at December 31, 2024 and
2023, including both continuing and discontinued operations, were as follows:

    December 31,

    2024 
    2023
  
    Deferred income tax assets: 

    Unearned premium 
    $5,749  
    $7,371 
  
    Unpaid losses and loss adjustment expenses 
     1,286  
     1,681 
  
    Net unrealized losses on investments 
     4,762  
     6,421 
  
    Loss carryovers 
     2,506  
     851 
  
    Deferred compensation 
     603  
     579 
  
    Other 
     1,040  
     1,269 
  
    Total deferred income tax assets 
     15,946  
     18,172 

    Deferred income tax liabilities: 

    Deferred policy acquisition costs 
     5,976  
     7,693 
  
    Intangibles 
     —  
     1,243 
  
    Other 
     140  
     318 
  
    Total deferred income tax liabilities 
     6,116  
     9,254 

    Net deferred income tax asset 
     9,830  
     8,918 

    Valuation allowance 
     (2,506) 
     (505)
  
    Deferred income tax asset, net 
    $7,324  
    $8,