Company: NODK
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001174947-25-000721
Chunk: 1

Company: NI Holdings, Inc.
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 1
Chunk 1
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    $135,886  
    $137,288 
  
    Unearned premiums 
     122,063  
     126,498 
  
    Reinsurance premiums payable 
     232  
     — 
  
    Accrued expenses and other liabilities 
     13,183  
     18,128 
  
    Total liabilities 
     271,364  
     281,914 

    Shareholders’ equity: 

    Common stock, $0.01 par value, authorized: 25,000,000 shares; issued: 23,000,000 shares; and outstanding: 2025 – 20,698,574 shares, 2024 – 20,673,268 shares 
     230  
     230 
  
    Additional paid-in capital 
     95,783  
     95,796 
  
    Unearned employee stock ownership plan shares 
     (455) 
     (455)
  
    Retained earnings 
     207,997  
     201,584 
  
    Accumulated other comprehensive loss, net of income taxes 
     (15,671) 
     (18,231)
  
    Treasury stock, at cost, 2025 – 2,255,946 shares, 2024 – 2,281,252 shares 
     (33,884) 
     (34,293)
  
    Total shareholders’ equity 
     254,000  
     244,631 

    Total liabilities and shareholders’ equity 
    $525,364  
    $526,545 

The accompanying notes are an integral part of these consolidated financial
statements. 

3 

NI Holdings, Inc.

Consolidated Statements of Operations (Unaudited)

(dollar amounts in thousands, except per share data) 

    Three Months Ended March 31, 

    2025  
    2024 
  
    Revenues: 

    Net premiums earned 
    $67,497  
    $69,884 
  
    Fee and other income 
     230  
     404 
  
    Net investment income 
     2,838  
     2,755 
  
    Net investment gains 
     869  
     1,456 
  
    Total revenues 
     71,434  
     74,499 

    Expenses: