Company: NODK
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001174947-25-000304
Chunk: 1126

Company: NI Holdings, Inc.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 3
Chunk 1126
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 quarter.
Premiums in the crop hail insurance business are also generally written in the second quarter and earned ratably until the end of the
third quarter.

Premiums in our other lines of business are written and earned throughout
the year based on their coverage periods. Losses on this business are also incurred throughout the year but are usually more frequent
and/or severe during periods of elevated weather-related activity.

Property Claims Service (“PCS”), a division of the Insurance
Services Office, maintains industry loss data related to catastrophe loss events. PCS defines a catastrophe as an event that causes damage
of $25 million or more in insured property losses and affects a significant number of insureds. When reporting on our losses from catastrophe
events, we may include losses from those events that were defined as a catastrophe by PCS or those events which may include losses that
we believe are, or will be, material to our operations, either in amount or in number of claims made. The frequency and severity of catastrophic
losses we experience in any year may significantly affect our results of operations and financial position. In analyzing the underwriting
performance of our property and casualty insurance business, we evaluate performance both including and excluding catastrophe losses.
Portions of our catastrophe losses may be recoverable under our catastrophe reinsurance agreements.

For more information on the Company’s results of operations
by segment, see Part II, Item 8, Note 21 “Segment Information.”

29 

Years ended December 31, 2024, 2023, and 2022 

The consolidated net income from continuing operations for the Company
was $6,600 for the year ended December 31, 2024, compared to net income of $19,831 for the year ended December 31, 2023, and a net loss
of $38,685 for the year ended December 31, 2022.

The major components of our revenues and net income (loss) for the
three periods are shown below:

    Year Ended December 31, 

    2024  
    2023  
    2022 
  
    Revenues: 

    Net premiums earned 
    $310,110  
    $292,117  
    $271,740 
  
    Fee and other income 
     1,938  
     1,940  
     1,381 
  
    Net investment income 
     10,943  
     8,034  
     6