Company: NODK
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001174947-25-001142
Chunk: 69

Company: NI Holdings, Inc.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 1
Chunk 69
---

  
    Underwriting and general expenses: 

    Amortization of deferred policy acquisition costs 
    $16,374  
    $19,290  
    $32,902  
    $36,107 
  
    Other underwriting and general expenses 
     8,400  
     8,229  
     17,032  
     16,934 
  
        Total underwriting and general expenses 
     24,774  
     27,519  
     49,934  
     53,041 

         Expense Ratio 
     33.9%  
     32.3%  
     35.5%  
     34.2% 

The expense ratio is calculated by dividing other underwriting and
general expenses and amortization of deferred policy acquisition costs by net premiums earned. The expense ratio measures a company’s
operational efficiency in producing, underwriting, and administering its insurance business. The overall expense ratio increased 1.6 percentage
points and 1.3 percentage points in the three-and six-month periods ended June 30, 2025, respectively, compared to the same periods in
2024. The decrease in the amortization of deferred policy acquisition costs is due to lower deferrable costs resulting from the strategic
reduction in premium for the Non-Standard Auto segment, which generally pays higher agent commissions than our other segments. Other underwriting
and general expenses are generally consistent year-over-year.

40 

Underwriting Gain (Loss) and Combined Ratio

    Three Months Ended June 30,  
    Six Months Ended June 30, 

    2025  
    2024  
    2025  
    2024 
  
    Underwriting gain (loss): 

    Private Passenger Auto 
    $1,832  
    $(4,294) 
    $3,617  
    $(506)
  
    Non-Standard Auto 
     (8,798) 
     (2,831) 
     (13,363) 
     (5,016)
  
    Home and Farm 
     (14,162) 
     (7,348) 
     (8,063) 
     (4,811)
  
    Crop 
     626  
     1,955  
     727