Company: NODK
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001174947-25-001142
Chunk: 161

Company: NI Holdings, Inc.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 8
Chunk 161
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 Other 
     3,555  
     3,053  
     6,797  
     5,981 
  
    Total net premiums earned 
    $73,005  
    $85,169  
    $140,502  
    $155,053 

38 

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

Private Passenger Auto – Net premiums earned for
the second quarter of 2025 increased $452, or 2.0%, compared to the same period in 2024. Net premiums earned for the first six months
of 2025 increased $1,008, or 2.3% from the first six months of 2024. Results were driven by new business growth in North Dakota as well
as significant rate increases in 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.

Non-Standard Auto – Net premiums earned for the
second quarter of 2025 decreased $12,238, or 45.8%, compared to the same period in 2024. Net premiums earned for the first six months
of 2025 decreased $18,973, or 36.7% from the first six months of 2024. These decreases were driven by strategic decisions to exit Nevada
and significantly reduce written premium in the Chicago market in recent periods to improve profitability. We anticipate further continued
reductions in net earned premiums as a result of these decisions.

Home and Farm – Net premiums earned for the second
quarter of 2025 decreased $613, or 2.8%, compared to the same period in 2024. Net premiums earned for the first six months of 2025 increased
$1,692, or 3.9% from the first six months of 2024. Results were driven by new business growth in North Dakota, rate increases, and increased
insured property values, partially offset by lower retention rates and new business levels in Nebraska as a result of underwriting actions
taken to improve profitability. In addition, net premiums earned for the second quarter of 2025 were impacted by the recognition of higher
ceded premiums earned as a result of a significant catastrophe event in North Dakota during the second quarter of 2025.

Crop – Net premiums earned for the second quarter
of 2025, decreased $267, or 2.4%, compared to the