Company: NODK
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001174947-25-000304
Chunk: 1562

Company: NI Holdings, Inc.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 5
Chunk 1562
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)
  
    Net investment gains (losses) 
    $2,213  
    $1,929  
    $(11,975)

We had net realized gains of $551 for the year ended December 31,
2024, compared to $12,096 for the year ended December 31, 2023, and $1,984 for the year ended December 31, 2022. The elevated net realized
gains for the year ended December 31, 2023, were the result of a strategic liquidation of a portfolio of equity securities. The gross
realized gains from the sale of these securities were largely offset by the elimination of the unrealized gain position of these securities.
No credit impairment losses were reported during any of the periods presented.

We experienced an increase in net unrealized gains on equity securities
of $1,662 during the year ended December 31, 2024, attributable to overall favorable equity markets during the current year. The change
in net unrealized gains on equity securities for 2023 was driven by the equity portfolio liquidation noted above and the impact of changes
in fair value attributable to equity market volatility. The 2022 decreases were driven by the impact of changes in fair value attributable
to unfavorable equity markets. We had net realized gains on the sale of equity securities of $750, $12,619, and $2,051 during the years
ended December 31, 2024, 2023, and 2022, respectively.

35 

Our fixed income securities are classified as available for sale
because we will, from time to time, execute sales of securities that are not impaired, consistent with our investment goals and policies.
The fixed income portion of the portfolio experienced net unrealized losses of $191 during the year ended December 31, 2024, compared
to net unrealized gains of $9,168 during the year ended December 31, 2023. The changes were primarily the result of changes in U.S. interest
rates. The change in the fair value of fixed income securities is not reflected in net income; rather it is reflected as a separate component
(net of income taxes) of other comprehensive income. The fixed income portfolio experienced net unrealized losses of $39,971 during the
year ended December 31, 2022.

Income (Loss) before Income Taxes

We had pre-tax income of $10,145 for the year ended December 31,
2024, a