Company: NODK
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001174947-25-001356
Chunk: 424

Company: NI Holdings, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 8
Chunk 424
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     77.4%  
     81.5% 
  
    Combined ratio 
     109.1%  
     111.0%  
     110.0%  
     107.0% 

Underwriting gain (loss) measures the pre-tax profitability of our
insurance operations. It is derived by subtracting losses and loss adjustment expenses, amortization of deferred policy acquisition costs,
and other underwriting and general expenses from net premiums earned. The combined ratio represents the sum of these losses and expenses
as a percentage of net premiums earned and measures our overall underwriting profit.

The total underwriting loss decreased $2,649 for the three-month
period ended September 30, 2025, compared to the same period in 2024. The total underwriting loss increased $4,425 for the nine-month
period ended September 30, 2025, compared to the same period in 2024. These results were driven by the factors discussed in the Loss and
Loss Adjustment Expenses as well as the Underwriting and General Expenses and Expense Ratio sections above.

The overall combined ratio decreased 1.9 percentage points in the
three-month period ended September 30, 2025, compared to the same period in 2024. The overall combined ratio increased 3.0 percentage
points in the nine-month period ended September 30, 2025, compared to the same period in 2024. These results were driven by the factors
discussed in the Loss and Loss Adjustment Expenses as well as the Underwriting and General Expenses and Expense Ratio sections above.

Fee and Other Income

We had fee and other income of $261 and $807 for the three and
nine months ended September 30, 2025, respectively, compared to $491 and $1,590 for the three and nine months ended September 30, 2024,
respectively. These decreases were driven by strategic reductions in the premiums that generate fee income and write-offs of uncollectable
premiums receivable.

41 

Net Investment Income

The following table shows our average cash and invested assets,
net investment income, and return on average cash and invested assets for the reported periods for continuing operations:

    Three Months Ended September 30,  
    Nine Months Ended September 30, 

    2025  
    2024  
    2025  
    2024 
  
    Average cash and invested assets