Company: NODK
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001174947-25-001142
Chunk: 61

Company: NI Holdings, Inc.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 1
Chunk 61
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     13,943  
     1,711  
     2,965  
     53,041 
  
    Underwriting gain (loss) 
     (506) 
     (5,016) 
     (4,811) 
     1,964  
     879  
     (7,490)

    Fee and other income 

     1,099 
  
    Net investment income 

     5,278 
  
    Net investment gains 

     876 
  
    Loss before income taxes 

     (237)
  
    Income tax expense (benefit) 

     306 
  
    Net loss 

    $(543)

    Operating Ratios: 

    Loss and loss adjustment expense ratio 
     70.0%  
     69.9%  
     78.9%  
     61.0%  
     35.7%  
     70.6% 
  
    Expense ratio 
     31.1%  
     39.8%  
     32.2%  
     18.1%  
     49.6%  
     34.2% 
  
    Combined ratio 
     101.1%  
     109.7%  
     111.1%  
     79.1%  
     85.3%  
     104.8% 

(1) Other underwriting and general expenses for each segment include
expenses related to compensation, vendor services, and other administrative items.

36 

Item 2. - Management’s Discussion and
Analysis of Financial Condition and Results of Operations

The following discussion is intended to provide a more comprehensive
review of our operating results and financial condition than can be obtained from reading the unaudited consolidated financial statements
alone. Unless otherwise noted, the information in the following discussion is being presented for our continuing operations. This discussion
should be read in conjunction with the unaudited consolidated financial statements and the notes thereto included in Part I, Item 1, “Financial
Statements.” Some of the information contained in this discussion and analysis or set forth elsewhere in this Form 10-Q constitutes
forward-looking statements that involve risks and uncertainties. Please see “Forward-Looking Statements” included elsewhere
in this Form 10-Q. Part I, Item