Company: NODK
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001174947-25-001356
Chunk: 111

Company: NI Holdings, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 2
Chunk 111
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Item 2. - Management’s Discussion
and Analysis of Financial Condition and Results of Operations

The following discussion is intended to provide a more comprehensive
review of our operating results and financial condition than can be obtained from reading the unaudited consolidated financial statements
alone. Unless otherwise noted, the information in the following discussion is being presented for our continuing operations. This discussion
should be read in conjunction with the unaudited consolidated financial statements and the notes thereto included in Part I, Item 1, “Financial
Statements.” Some of the information contained in this discussion and analysis or set forth elsewhere in this Form 10-Q constitutes
forward-looking statements that involve risks and uncertainties. Please see “Forward-Looking Statements” included elsewhere
in this Form 10-Q. Part I, Item 1A, “Risk Factors” included in our 2024 Annual Report and Part II, Item 1A “Risk Factors”
included in this Form 10-Q, should also be reviewed for a discussion of important factors that could cause actual results to differ materially
from the results described, or implied by, the forward-looking statements contained herein.

All dollar amounts included in Item 2 herein, except per share
data, are in thousands.

Financial Highlights

2025 Third Quarter Consolidated Results of Operations

●Net loss of $1,666, or ($0.08) per share basic and ($0.08) per share diluted

●Net premiums earned of $71,905

●Net investment income of $3,040

●Net unfavorable prior year reserve development of $8,554

●Underwriting loss of $6,521

●Combined ratio of 109.1%

●Operating cash flows of ($28,511)

2025 Third Quarter Consolidated Financial Condition

●Total cash and investments of $365,238

●Total assets of $543,815

●Unpaid losses and loss adjustment expenses of $157,383

●Total liabilities of $300,015

●Shareholders’ equity of $243,800

37 

Results of Continuing Operations

Our consolidated net loss from continuing operations was $1,666
for the three months ended September 30, 2025, compared to net loss from continuing operations of $2,705 for the three months ended September
30, 2024. Our consolidated net loss from continuing operations was $7,257 for the nine months ended September 30, 2025, compared to net
loss from continuing operations of $