Company: NODK
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001174947-25-000304
Chunk: 916

Company: NI Holdings, Inc.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 2
Chunk 916
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 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 increases in the Chicago market.

Home and farm – Net premiums earned for 2024
increased $7,372, or 8.8%, from 2023. Results were driven by new business growth in North Dakota, rate increases, and increased insured
property values, which were primarily the result of higher inflationary factors. These increases were partially offset by lower retention
rates and new business levels in Nebraska and South Dakota as a result of underwriting actions taken to improve profitability. Net premiums
earned for 2023 increased $5,008, or 6.4%, from 2022. This increase was driven by rate increases along with increased insured property
values, which were primarily the result of higher inflationary factors. These premium increases were partially offset by lower levels
of new business production as a result of underwriting actions taken to improve profitability

Crop – Net premiums earned for 2024 decreased
$4,675, or 18.1%, from 2023. This decrease was driven by a reduction in acres insured and lower commodity prices, which are a key determinant
of premiums on a Federal multi-peril crop insurance policy, in the current year. Net premiums earned for 2023