Company: NODK
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001174947-25-000304
Chunk: 500

Company: NI Holdings, Inc.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 1B
Chunk 500
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 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 pre-tax income of $20,547 for the year ended December 31, 2023, and pre-tax loss of $52,876 for the year ended December 31, 2022.
The year-over-year decrease in 2024 compared to 2023 was largely attributable to higher loss severity and non-catastrophe weather-related
losses for Home and Farm in the states of North Dakota and Nebraska, unfavorable prior year loss reserve development for Non-Standard
Auto, a goodwill impairment charge for Non-Standard Auto, and expenses incurred related to the separation agreements with our former Chief
Executive Officer and former Senior Vice President of Operations, partially offset by net earned premium growth, improved loss experience
for Private Passenger Auto