Company: NODK
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001174947-25-000304
Chunk: 1768

Company: NI Holdings, Inc.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 6
Chunk 1768
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 in producing, underwriting, and administering its insurance business. The overall expense ratio increased 0.6 percentage
points in the year ended December 31, 2024, compared to the same period in 2023. The increase in the amortization of deferred policy acquisition
costs is due to higher deferrable costs resulting from significant earned premium growth compared to the prior year, including significant
growth in the Non-Standard Auto segment which generally pays higher agent commissions than our other segments. The increase in the other
underwriting and general expenses is due to the costs incurred in the current year associated with the execution of separation agreements
with our former Chief Executive Officer and former Senior Vice President of Operations. The overall expense ratio increased 4.2 percentage
points in the year ended December 31, 2023, compared to the same period in 2022. The increase in amortization of deferred policy acquisition
costs was driven by higher deferrable costs resulting from overall premium growth compared to the prior year, including significant growth
in the non-standard auto segment which generally pays higher agent commissions than our other segments. The increase in other underwriting
and general expenses was due to the impact of continued high levels of inflation and 2022 expenses being favorably impacted by multi-peril
crop insurance final settlements.

33 

Underwriting Gain (Loss) and Combined Ratio

    Year Ended December 31, 

    2024  
    2023  
    2022 
  
    Underwriting gain (loss): 

    Private passenger auto 
    $10,407  
    $(1,536) 
    $(9,548)
  
    Non-Standard auto 
     (17,637) 
     (12,860) 
     508 
  
    Home and farm 
     (2,373) 
     7,557  
     (52,644)
  
    Crop 
     7,189  
     8,702  
     12,236 
  
    All other 
     93  
     6,781  
     530 
  
    Total underwriting gain (loss) 
    $(2,321) 
    $8,644  
    $(48,918)

    Year Ended December 31, 

    2024  
    2023  
    2022 
  
    Combined ratio: 

    Private passenger auto