Company: NODK
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001174947-25-000304
Chunk: 1549

Company: NI Holdings, Inc.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 5
Chunk 1549
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3)The Inflation Reduction Act of 2022 imposed a 1% excise tax on the net value of certain share repurchases made after December 31,
2022. All dollar amounts presented exclude such excise taxes, as applicable.

Item 6.[Reserved]

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Item 7.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 consolidated financial
statements alone. Unless otherwise noted, the information in the following discussion is being presented for our continuing operations.
The discussion should be read in conjunction with the consolidated financial statements and the notes thereto included in Part II, Item
8, “Financial Statements and Supplementary Data.” Some of the information contained in this discussion and analysis or set
forth elsewhere in this 2024 Annual Report constitutes forward-looking information that involves risks and uncertainties. Please see “Forward-Looking
Statements” and Part I, Item 1A, “Risk Factors” 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.

Our Management’s Discussion and Analysis
of Financial Condition and Results of Operations included in this document discusses 2024 and 2023 items and year-over-year comparisons
between 2024 and 2023 as well as discussions of 2022 items and year-over-year comparisons between 2023 and 2022, which were included due
to the impacts of discontinued operations for those prior periods.

All dollar amounts, except per share amounts,
are in thousands.

Financial Highlights

2024 Consolidated Results of Continuing Operations

●Net income of $6,600, or $0.31 per share basic and diluted

●Net premiums earned of $310,110

●Net investment income of $10,943

●Net unfavorable prior year reserve development of $13,517

●Underwriting loss of $2,321

●Combined ratio of 100.7%

●Operating cash flows of $15,082

2024 Consolidated Financial Condition

●Total cash and investments of $385,094

●Total assets of $526,545

●Unpaid losses and loss adjustment expenses of $137,288

●Total liabilities of $281,914

●Shareholders’ equity of $244,631

28 

Results of Continuing Operations

Our consolidated financial statements are prepared in accordance
with GAAP