Company: NODK
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001174947-25-000721
Chunk: 54

Company: NI Holdings, Inc.
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 1
Chunk 54
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    2025  
    2024 
  
    Underwriting and general expenses: 

    Amortization of deferred policy acquisition costs 
    $16,528  
    $16,817 
  
    Other underwriting and general expenses 
     8,632  
     8,705 
  
    Total underwriting and general expenses 
     25,160  
     25,522 

    Expense ratio 
     37.3%  
     36.5% 

The expense ratio is calculated by dividing other underwriting and
general expenses and amortization of deferred policy acquisition costs by net premiums earned. The expense ratio measures a company’s
operational efficiency in producing, underwriting, and administering its insurance business. The overall expense ratio increased 0.8 percentage
points in the three-month period ended March 31, 2025, compared to the same period in 2024. The increase was driven by generally consistent
expenses compared to lower net premiums earned in the current quarter as a result of the strategic reduction of written premium in our
Non-Standard Auto segment.

Underwriting Gain (Loss) and Combined Ratio

    Three Months Ended March 31, 

    2025  
    2024 
  
    Underwriting gain (loss): 

    Private Passenger Auto 
    $1,785  
    $3,789 
  
    Non-Standard Auto 
     (4,566) 
     (2,183)
  
    Home and Farm 
     6,101  
     2,537 
  
    Crop 
     99  
     10 
  
    All Other 
     393  
     65 
  
    Total underwriting gain (loss) 
    $3,812  
    $4,218 

    Three Months Ended March 31, 

    2025  
    2024 
  
    Combined ratio: 

    Private Passenger Auto 
     92.2%  
     82.9% 
  
    Non-Standard Auto 
     125.0%  
     108.7% 
  
    Home and Farm 
     74.3%  
     88.2% 
  
    Crop 
     126.3%  
     100.6% 
  
    All Other 
     87.8%  
     97