Company: NODK
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001174947-25-000304
Chunk: 499

Company: NI Holdings, Inc.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 1B
Chunk 499
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 and cash equivalents (measured at fair value).
In addition, the increase in investments in high dividend yield equities resulted in relatively consistent year-over-year dividend income
despite a reduction in the average equities balance (measured at fair value). The increase in average cash and invested assets was driven
by additional investments in fixed income securities as a result of positive operating cash flows during 2024.

Gross and net return on average cash and invested assets increased
year-over-year from 2022 to 2023, driven by the higher net investment income and a higher proportion of the equity portfolio being invested
in high dividend yield equities in 2023, along with a decrease in average cash and invested assets (measured at fair value). This decrease
in average cash and invested assets was driven by challenging equity market conditions, particularly during the middle and later stages
of 2022, combined with investment sales as a result of an unusually high number of weather-related losses in 2022.

Net Investment Gains (Losses)

Net investment gains (losses) consisted of the following:

    Year Ended December 31, 

    2024  
    2023  
    2022 
  
    Gross realized gains 
    $1,341  
    $13,841  
    $7,083 
  
    Gross realized losses, excluding credit impairment losses 
     (790) 
     (1,745) 
     (5,099)
  
    Net realized gains 
     551  
     12,096  
     1,984 
  
    Change in net unrealized gain on equity securities 
     1,662  
     (10,167) 
     (13,959)
  
    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