Company: NODK
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001174947-25-001142
Chunk: 212

Company: NI Holdings, Inc.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 2
Chunk 212
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. 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 increased $6,668 for the three-month period
ended June 30, 2025, compared to the same period in 2024. The total underwriting loss increased $7,074 for the six-month period ended
June 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 increased 11.4 percentage points in the
three-month period ended June 30, 2025, compared to the same period in 2024. The overall combined ratio increased 5.5 percentage points
in the six-month period ended June 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 $316 and $546 for the three and six
months ended June 30, 2025, respectively, compared to $695 and $1,099 for the three and six months ended June 30, 2024, respectively.
These decreases were driven by strategic reductions in the premiums that generate fee income and write-offs of uncollectable premiums
receivable during the second quarter of 2025.

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 June 30,  
    Six Months Ended June 30, 

    2025  
    2024  
    2025  
    2024 
  
    Average cash and invested assets 
    $402,499  
    $371,313  
    $396,697  
    $365,684 
  
    Net investment income 
    $3,146  
    $2,523  
    $5,984  
    $5,278 

    Gross return on