Company: NODK
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001174947-25-001356
Chunk: 414

Company: NI Holdings, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 8
Chunk 414
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 general expenses (1) 
     8,640  
     6,948  
     8,454  
     1,150  
     1,466  
     26,658 
  
    Underwriting and general expenses 
     21,327  
     30,892  
     21,561  
     3,494  
     3,107  
     80,381 
  
    Underwriting gain (loss) 
     566  
     (12,846) 
     (10,974) 
     4,877  
     1,717  
     (16,660)

    Fee and other income 

     1,590 
  
    Net investment income 

     8,089 
  
    Net investment gains 

     3,288 
  
    Loss before income taxes 

     (3,693)
  
    Income tax benefit 

     (445)
  
    Net loss 

    $(3,248)

    Operating Ratios: 

    Loss and loss adjustment expense ratio 
     67.4%  
     75.9%  
     84.2%  
     58.8%  
     48.0%  
     73.3% 
  
    Expense ratio 
     31.7%  
     41.3%  
     32.3%  
     17.2%  
     33.5%  
     33.7% 
  
    Combined ratio 
     99.1%  
     117.2%  
     116.5%  
     76.0%  
     81.5%  
     107.0% 

(1) Other underwriting and general expenses for each segment include
expenses related to compensation, vendor services, and other administrative items.

36 

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